{"id":74,"date":"2017-02-09T00:40:35","date_gmt":"2017-02-09T00:40:35","guid":{"rendered":"http:\/\/ceo.com.pl\/en\/?p=74"},"modified":"2017-02-10T00:45:26","modified_gmt":"2017-02-10T00:45:26","slug":"bank-pekao-achieved-consolidated-net-profit-2016-amounted-pln-2279-bln-76971","status":"publish","type":"post","link":"https:\/\/ceo.com.pl\/en\/bank-pekao-achieved-consolidated-net-profit-2016-amounted-pln-2279-bln-76971\/","title":{"rendered":"Bank Pekao achieved consolidated net profit for 2016 amounted to PLN 2,279 bln"},"content":{"rendered":"<p><strong>Bank Pekao achieved consolidated net profit for 2016 amounted to PLN 2 279 m, remaining at the level of the previous year, despite the PLN 450 m of bank tax. Net profit calculated for conditions comparable increased by +8.5% yoy. Bank achieved a return on equity ROE of 9.8%, while maintaining a very high level of capital adequacy ratio Core Tier 1 ratio amounting to 17.6%. Double-digit growth was reached in both core retail loans by + 10.0% yoy, and retail deposits by +10.7% yoy. In 2016 the value of new retail loans reached a record level of over PLN 14 bln.<\/strong><\/p>\n<p>Consolidated net profit reached PLN 2 279 m (-0.6% yoy). On comparable basis net profit was +8.5% yoy.<\/p>\n<p>Gross operating profit increased by + 7.7% yoy and amounted to PLN 4 135 m. The increase in gross operating profit was possible thanks to the improvement of core revenues and effective cost control, as well as additional receipts from VISA transactions.<\/p>\n<p>Operating income grew by +4.1% yoy and reached PLN 7 347 m. Core revenues increased by +2.7% mainly thanks to improving net interest income, which grew up by +5.2% to PLN 4 382 m. Net interest margin was stable at 2.77%.<\/p>\n<p>Net fees and commission reached to PLN 1 959 m. Banking fees were stable, while capital market fees were under pressure, reflecting whole market trends.<\/p>\n<p>Key retail loans increased by +10.0% yoy, to PLN 51 576 m. Key corporate loans, grew up to PLN 45 139 m (+1.9% yoy) and reflected weak demand driven by low corporates capex.<\/p>\n<p>After 12 months Bank achieved the record level of new consumer loans at PLN 7 675 m. Almost PLN 6 884 m of new mortgage loans allowed for further market share gains. In 2016 Pekao achieved record level of new retail loans, which reached PLN 14 559 m.<\/p>\n<p>Bank achieved double digit growth in retail deposits by +10.7% yoy to PLN 70 725 m. Corporate deposits grew up +5.9% yoy to PLN 61 178 m.<\/p>\n<p>Operational cost reached PLN 3 212 m. Bank upgraded excellent costs efficiency, C\/I was further improved at the end of the year to 43.7%.<\/p>\n<p>All credit risk indicators were improved, cost of risk was reduced to 45 bps, NPL ratio at 6.0% and provision coverage ratio increased to 74.5%.<\/p>\n<p>\u201cI am very happy about our results. We have great people and with them we are ready to face new challenges and achieve our goals in 2017.\u201d &#8211; said Luigi Lovaglio, CEO and President of the Management Board of Bank Pekao S.A.<\/p>\n","protected":false},"excerpt":{"rendered":"<p>Bank Pekao achieved consolidated net profit for 2016 amounted to PLN 2 279 m, remaining at the level of the previous year, despite the PLN 450 m of bank tax. Net profit calculated for conditions comparable increased by +8.5% yoy. Bank achieved a return on equity ROE of 9.8%, while maintaining a very high level [&hellip;]<\/p>\n","protected":false},"author":1,"featured_media":75,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"tdm_status":"","tdm_grid_status":"","footnotes":"","jetpack_publicize_message":"","jetpack_publicize_feature_enabled":true,"jetpack_social_post_already_shared":false,"jetpack_social_options":{"image_generator_settings":{"template":"highway","default_image_id":0,"font":"","enabled":false},"version":2}},"categories":[9],"tags":[59,2714,58,2715],"class_list":["post-74","post","type-post","status-publish","format-standard","has-post-thumbnail","category-companies","tag-bank-pekao","tag-bank-pekao-s-a","tag-luigi-lovaglio","tag-pekao"],"jetpack_publicize_connections":[],"amp_enabled":true,"_links":{"self":[{"href":"https:\/\/ceo.com.pl\/en\/wp-json\/wp\/v2\/posts\/74","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/ceo.com.pl\/en\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/ceo.com.pl\/en\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/ceo.com.pl\/en\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/ceo.com.pl\/en\/wp-json\/wp\/v2\/comments?post=74"}],"version-history":[{"count":0,"href":"https:\/\/ceo.com.pl\/en\/wp-json\/wp\/v2\/posts\/74\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/ceo.com.pl\/en\/wp-json\/wp\/v2\/media\/75"}],"wp:attachment":[{"href":"https:\/\/ceo.com.pl\/en\/wp-json\/wp\/v2\/media?parent=74"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/ceo.com.pl\/en\/wp-json\/wp\/v2\/categories?post=74"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/ceo.com.pl\/en\/wp-json\/wp\/v2\/tags?post=74"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}