Investor Relations

mln PLN	2011	2012	2013	2014	2015	2016	2017	2018	2019
Total income¹	2 990,0	3 245,1	3 328,5	3 544,8	3 778,1	4 324,5	4 769,1	5 232,4	5 796,4
Total expenses	1 700,0	1 866,2	1 868,4	1 929,7	2 155,7	2 099,2	2 135,8	2 326,8	2 497,4
Net income	880,1	832,3	961,5	1 040,7	1 127,0	1 253,0	1 403,1	1 523,8	1 658,7
Loans²	38 457,1	45 205,6	48 552,1	57 130,9	68 681,0	78 069,5	87 255,5	103 125,8	118 288,1
Deposits	52 932,1	57 898,4	67 547,9	75 658,9	87 818,5	95 825,4	104 503,3	117 682,5	130 473,5
Loans / Deposits	72,7%	78,1%	71,9%	75,5%	78,2%	81,5%	83,5%	87,6%	90,7%
Cost / Income	56,9%	57,5%	56,1%	54,4%	57,1%	48,5%	44,8%	44,5%	43,1%
ROE	14,7%	11,7%	11,6%	11,1%	11,0%	11,7%	12,6%	12,4%	11,6%
ROA	1,3%	1,1%	1,2%	1,1%	1,1%	1,1%	1,2%	1,2%	1,1%
Total capital ratio	11,9%	14,6%	17,3%	14,2%	13,7%	14,7%	16,7%	15,6%	16,9%
Tier 1 ratio	11,9%	14,6%	17,3%	14,2%	13,7%	13,7%	15,8%	14,7%	14,4%
Book value per share (PLN)	49,3	62,5	66,3	80,4	82,1	80,5	90,7	102,4	117,0
Earnings per share (PLN)	6,76	6,40	7,39	8,00	8,66	9,63	10,78	11,71	12,75

¹ Including share in subsidiaries profits
² Net loans and other receivables from customers, excluding Eurobond portfolio

Quarterly

mln PLN	1Q 2019	2Q 2019	3Q 2019	4Q 2019	1Q 2020	2Q 2020	3Q 2020
Total income¹	1 386,3	1 451,2	1 472,1	1 486,8	1 562,7	1 512,1	1 552,1
Total expenses	721,1	581,1	604,4	590,8	775,0	641,5	666,7
Net income	325,4	469,1	414,8	450,3	267,3	316,2	440,2
Loans²	107 387,4	110 509,0	115 728,9	118 288,1	123 608,4	120 831,5	122 601,8
Deposits	120 414,0	122 992,0	125 786,3	130 473,5	139 089,2	150 979,3	154 399,8
Loans / Deposits	89,2%	89,9%	92,0%	90,7%	88,9%	80,0%	79,4%
Cost / Income	52,0%	40,0%	41,1%	39,7%	49,6%	42,4%	43,0%
ROE	9,7%	13,6%	11,3%	11,8%	6,6%	7,1%	9,6%
ROA	0,91%	1,27%	1,08%	1,14%	0,65%	0,72%	0,96%
Total capital ratio	15,82%	15,03%	15,46%	16,87%	15,76%	18,31%	18,64%
Tier 1 ratio	14,49%	13,78%	14,19%	14,41%	13,25%	15,78%	16,04%
Book value per share (PLN)	103,2	109,3	117,3	117,0	133,3	140,2	142,9
Earnings per share (PLN)	10,00	14,42	12,75	13,84	8,22	9,72	13,53

¹ Including share in subsidiaries profits
² Net loans and other receivables from customers, excluding Eurobond portfolio

Key figures of ING BANK ŚLĄSKI SADownload

Dividends

Dividend policy
Dividend story
More info

Dividend policy

On 6 March 2020 the Supervisory Board has approved the ING Bank Śląski S.A. Dividend Policy as recommended by the Bank Management Board.

ING Bank Śląski S.A. endorses a long-term stable process of dividend payout in adherence to the rules of prudent management and any and all regulatory requirements which the Bank shall comply with.

The Dividend Policy endorses the option to pay dividend from the capital surplus over the minimum capital adequacy ratios and over the minimum capital ratios set for the Bank by the PFSA for dividend payout purposes:

minimum common equity Tier 1 (CET1) at the level of 4,5% + combined buffer requirement¹,
minimum Tier 1 (T1) at the level of 6% + combined buffer requirement¹,
minimum total capital ratio (TCR) at the level of 8% + combined buffer requirement¹.

¹ Combined buffer requirement binding in the year of dividend payout from the profit of the previous year.

When deciding on the amount of dividend payout, the Bank Management Board consider the regulatory requirements communicated in the official PFSA announcement on the dividend policy at banks.

When determining the recommended dividend payout amount to the General Meeting, the Bank Management Board review in particular the following terms and conditions:

the current financial standing of the Bank and the Bank Group, including limitations in the case of sustaining financial loss or low profitability (low ROA/ROE),
Bank's and Bank Group’s assumptions of the management strategy and risk management strategy,
limitations under Article 56 of the Act on macroprudential supervision over the financial system and crisis management in the financial system of 05 August 2015,
the need to adjust profits of the present period or unapproved annual profits recognised as own funds with foreseeable dividends, according to art 26 of the Regulation EU 575/2013.

Details: Dividend policy of ING Bank Śląski S.A. (15 September 2016).

Update of the ING Bank Śląski S.A. Dividend policy (9 March 2018).

Update of the ING Bank Śląski S.A. Dividend policy (1 March 2019).

Update of the ING Bank Śląski S.A. Dividend policy (6 March 2020).

Dividend story

Dividend yield (%)

Dividend per share (PLN)

Note: Data prior the share split in November 2011 (1:10) adjusted accordingly.
Dividend yield as of dividend day.

More info

Year	Net result standalone (PLN m)	Net result consolidated (PLN m)	Dividend (PLN m)	Dividend payout ratio standalone (%)	Dividend payout ratio consolidated (%)	Dividend per share (PLN)	Dividend date	Share price at dividend date (PLN)	Dividend yield (%)	Dividend payout date
2019	1 658,7	1 658,7	-	-	-	-	-	-	-	-
2018	1 525,9	1 525,9	455,4	29,8%	29,8%	3,50	18.4.2019	194,60	1,8%	06.5.2019
2017	1 348,5	1 403,1	416,3	30,9%	29,7%	3,20	25.4.2018	192,80	1,7%	10.5.2018
2016	1 208,7	1 253,0	-	-	-	-	-	-	-	-
2015	1 140,0	1 127,0	559,4	49,1%	49,6%	4,30	20.4.2016	121,80	3,5%	5.5.2016
2014	1 067,9	1 040,7	520,4	48,7%	50,0%	4,00	20.4.2015	143,95	2,8%	5.5.2015
2013	920,1	961,5	572,4	62,2%	59,5%	4,40	14.5.2014	129,60	3,4%	3.6.2014
2012	757,8	832,3	-	-	-	-	-	-	-	-
2011	903,6	880,1	-	-	-	-	-	-	-	-
2010	702,3	753,1	195,2	27,8%	25,9%	1,50	22.6.2011	85,50	1,8%	1.7.2011
2009	582,2	595,1	-	-	-	-	-	-	-	-
2008	455,6	445,4	-	-	-	-	-	-	-	-
2007	610,2	630,7	152,2	24,9%	24,1%	1,17	14.5.2008	53,10	2,2%	2.6.2008
2006	540,6	591,4	363,0	67,1%	61,4%	2,79	24.5.2007	87,00	3,2%	11.6.2007
2005	506,8	549,5	357,8	70,6%	65,1%	2,75	18.5.2006	64,50	4,3%	5.6.2006
2004	366,3	399,0	266,7	72,8%	66,8%	2,05	24.6.2005	43,70	4,7%	11.7.2005
2003	28,7	30,6	10,4	36,3%	34,0%	0,08	16.6.2004	37,40	0,2%	1.7.2004
2002	154,0	141,1	31,2	20,3%	22,1%	0,24	16.6.2003	30,95	0,8%	3.7.2003
2001	97,3	100,3	19,5	20,1%	19,5%	0,15	14.5.2002	38,50	0,4%	3.6.2002
2000	138,3	150,9	27,8	20,1%	18,4%	0,30	10.7.2001	26,95	1,1%	3.9.2001

Note: Data prior the share split in November 2011 (1:10) adjusted accordingly

Shareholder structure

ING Bank Śląski share capital amounts to PLN 130 100 000 and is divided into 92 600 000 A-series ordinary shares and 37 500 000 B-series ordinary shares of PLN 1 face value each.

75,00%
ING Bank N. V.
97 575 000 shares

8,44%
Aviva Otwarty Fundusz
   Emerytalny Aviva
   Santander*
   10 981 068 shares

16,56%
Other stock exchange
investors
21 543 932 shares

*As per semi-annually reported assets structure of Aviva Otwarty Fundusz Emerytalny Aviva Santander, as at 30 June 2020.

ING Bank N.V. is a member of ING Group – a global group of financial institutions offering retail and corporate banking services. ING Group companies pursue business in over 40 countries in Europe, North and South Americas, in the Near East as well as in Asia and Australia. ING Group pursues business in four areas: Market Leaders, Challengers, Growth Markets – including Poland as a well as through a global corporate banking network dedicated to strategic clients – Wholesale Banking.

A Dutch financial institution, ING Groep N.V., is the ING Group’s parent company. It was incorporated in 1991 through the merger of a Dutch insurance company, Nationale-Nederlanden, with a Dutch bank, NMB Postbank Groep.
More information on ING Group is available at www.ing.com.

General meeting

Analysts & Consensus

Recommendations
Consensus

Recommendations

The presented market consensus has been made on the basis of the reports of independent stock analysts monitoring the financial and commercial results of ING Bank Śląski S.A. and issuing recommendations for bank shares.

None of the estimates or recommendations presented below shall be seen as a forecast or opinion of the ING Bank Śląski S.A. Management Board. Management Board of the Bank did not publish any forecasts of the Company's results.

Recommendations

5	5	3
Buy / Accumulate	Hold / Neutral	Reduce / Sell

141,91 PLN

Average target price

Last update: 1.12.2020
The oldest recommendation: 29.04.2020

Consensus

The presented market consensus has been made on the basis of the reports of independent stock analysts monitoring the financial and commercial results of ING Bank Śląski S.A. and issuing recommendations for bank shares.

None of the estimates or recommendations presented below shall be seen as a forecast or opinion of the ING Bank Śląski S.A. Management Board. Management Board of the Bank did not publish any forecasts of the Company's results.

Consensus

(Average based on analysts forecasts)

mln PLN	2020	2021	2022
Net profit	1 139	1 196	1 500
number of previews	13	13	13
Last update: 1.12.2020 The oldest forecast: 29.04.2020

Rating

Fitch Ratings
Moody's Investors Service

Fitch Ratings

Fitch Ratings
Long-term Issuer Default Rating (IDR): A+
Long-term IDR Outlook: Negative
Short-term Issuer Default Rating: F1+
Viability Rating: bbb+
Support Rating: 1
National Long-term Rating: AAA (pol)
National Long-term Rating Outlook: Stable
National Short-term Rating: F1+ (pol)

Moody's Investors Service

Moody's Investors Service
Long-term Deposits Rating: A2
Short-term Deposits Rating: P-1
Baseline Credit Assessment (BCA): baa2
Adjusted Baseline Credit Assessment (Adjusted BCA): baa1
Outlook: Stable
Counterparty Risk Assessment (CR Assessment) long-term/short-term: A1 (cr) / P-1 (cr)
Counterparty Risk Rating (CR Rating) long-term/short-term: A1 / P-1

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