Issues

• Credit ratings

  PKO Bank Polski S.A. has solicited credit ratings from Moody's Investors Service rating agency, which assesses the Bank's creditworthiness according to its own bank assessment procedure.

  On 11 April 2024 Moody's Investors Service informed about maintaining all ratings for PKO Bank Polski S.A. The stable outlook for the long-term deposit rating was also maintained. The long-term counterparty risk rating was maintained at A2 and the short-term counterparty risk rating was maintained at P-1.

  Counterparty risk ratings reflect an entity’s ability to settle an unsecured portion of the counterparty’s financial liabilities not related to a debt (CRR liabilities) and the expected financial losses in the case of failing to settle such liabilities. Examples of CRR liabilities include the uncollateralized portion of liabilities arising from derivatives transactions and the uncollateralized portion of liabilities under sale and repurchase agreements. Detailed information about Moody's methodology and rating scale is included on the agency's website.

  Moody's Investors Service	Rating
  Long-term deposit rating	A2 with stable outlook
  Short-term deposit rating	P-1
  Senior unsecured MTN Program rating	(P)A3
  Other short-term debt Program rating	(P)P-2
  EMTN Programme Senior Non Preferred unsecured eurobonds	(P)Baa3
  Junior Senior Unsecured (Domestic)	Baa3
  Senior Unsecured (Foreign)	A3 with stable outlook
  Long-term counterparty risk rating	A2
  Short-term counterparty risk rating	P-1
  Long-term counterparty risk assessment	A2(cr)
  Short-term counterparty risk assessment	P-1(cr)
  Baseline Credit Assessment	baa2

   

• Value of financial liabilities incurred and forecasts of their development

  Values of the Bank's and the Bank's Group's financial commitments with details of overdue liabilities as at 31 December 2023^* in PLN million:

   

  	Bank	Bank’s Group
  Financial liabilities	422 801	443 208
  -of which financial liabilities overdue	1	3

  ^{* The data are preliminary and have not been validated or audited; final data will be published in the Bank’s and Bank’s Group financial statements, which will be published on 7 March 2024.}

   

  Forecasts concerning financial liabilities

  	Bank		Bank’s Group
  	31.12.2024		31.12.2024
  	Value (PLN bn)	Share in total liabilities on the balance sheet*	Value (PLN bn)	Share in total liabilities on the balance sheet*
  Borrowings	0	0%	2,226	0,49%
  Debt securities (including subordinated liabilities)	11,995	2,80%	24,680	5,46%
  Leases	1,024	0,24%	1,078	0,24%
  Financial liabilities	420,197	n.a	440,632	n.a

  ^{* total liabilities of the balance sheet is understood as total liabilities excluding equity}

   

  	Bank		Bank’s Group
  	28.02.2025		28.02.2025
  	Value (PLN bn)	Share in total liabilities on the balance sheet*	Value (PLN bn)	Share in total liabilities on the balance sheet*
  Borrowings	0	0%	2,195	0,54%
  Debt securities (including subordinated liabilities)	12,264	2,87%	25,266	6,26%
  Leases	1,024	0,24%	1,078	0,27%
  Financial liabilities	419,893	n.a	440,637	n.a

  ^{* total liabilities of the balance sheet is understood as total liabilities excluding equity}

• Debt securities in issue

  Debt securities issued by PKO Bank Polski S.A. Group (PLN million)

  Debt securities in issue

  	31.12.2022	31.12.2021
  Measured at amortized cost:
  covered bonds issued by PKO Bank Hipoteczny S.A.	12 057	13 143
  bonds issued by PKO Bank Hipoteczny S.A.	1 265	3 474
  bonds issued by PKO Bank Polski S.A.	-	-
  bonds issued by PKO Finance AB	-	3 541
  bonds issued by the PKO Leasing S.A. Group	2 188	3 642
  bonds issued by Kredobank S.A.	-	72
  Total	15 510	23 872

  Debt securities in issue by maturity

  	31.12.2022	31.12.2021
  Measured at amortized cost:
  up to 1 month	2 669	1 067
  from 1 month to 3 months	791	1 820
  from 3 months to 1 year	2 851	9 978
  from 1 year to 5 years	9 138	10 946
  more than 5 years	61	61
  Total	15 510	23 872

  Source: Consolidated financial statements of the PKO Bank Polski S.A. Group for 2022