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The contribution of Retail Banking to the Group’s financial results decreased in 2017 (to 60.6% from 62.5% in 2016).
It was a consequence of higher overhead costs and net impairment losses on loans and advances, and an increase in the amount of the banking tax paid by the Group. The segment’s income grew by 3.1% year on year (with core income going up by 13.8%). The profit before tax stood at PLN 925.2 million in 2017, which represents a decrease by 9.6% year on year.
The result was driven by increase in operating costs (including amortisation) (+9.3%), increase in net impairment losses on loans and advances (+20.3%), caused by changes in retail credit portfolio and a growing volume of non-mortgage loans (unsecured loans), and banking tax paid by the Group at PLN 195.8 million.
Key financial data (at the end of 2017):
Key business data:
| (thousand) | 2013 | 2014 | 2015 | 2016 | 2017 |
|---|---|---|---|---|---|
| Number of customers** | 4,229 | 4,551 | 4,663 | 5,052 | 5,342 |
| Distribution network (pcs.) | 261 | 281 | 302 | 316 | 333 |
| Loans to retail clients, incl.: | 38,308 | 41,560 | 46,259 | 48,950 | 48,143 |
| Mortgage loans*** | 28,693 | 30,514 | 34,184 | 35,369 | 32,593 |
| Non-mortgage loans*** | 9,615 | 11,046 | 12,074 | 13,581 | 15,550 |
| Deposits of retail clients | 34,203 | 39,285 | 46,117 | 53,495 | 55,694 |
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* The number of retail clients in 2017 (and in 2015-2016) has been adjusted due to obligatory closing of inactive accounts and excluding micro-company representatives, without individual products.
** Data concerning mortgage and non-mortgage loans based on consolidated financial statement.
| PLN M | 2016 | 2017 | Change in PLN M |
Change in % |
|---|---|---|---|---|
| Net interest income | 1,762.4 | 2,013.1 | 250.7 | 14.2% |
| Net fee and commission income | 517.7 | 582.3 | 64.7 | 12.5% |
| Dividend income | 0.0 | 0.0 | 0.0 | – |
| Net trading income | 100.3 | 114.2 | 13.9 | 13.9% |
| Gains less losses from investment securities, investments in subsidiaries and associates |
230.5 | 0.0 | -230.5 | – |
| Net other operating income/expense | -14.8 | -33.7 | -18.9 | 127.3% |
| Total income | 2,596.0 | 2,675.9 | 79.9 | 3.1% |
| Net impairment losses on loans and advances | -284.9 | -342.6 | -57.7 | 20.3% |
| Overhead costs and amortization | -1,108.6 | -1,212.2 | -103.6 | 9.3% |
| Taxes on Group’s balance sheet items | -178.5 | -195.8 | -17.3 | 9.7% |
| Profit before tax of Retail Banking | 1,023.9 | 925.2 | -98.7 | -9.6% |
| thou. | 31.12.2015 | 31.12.2016 | 31.12.2017 | Annual change in % |
|---|---|---|---|---|
| Number of retail clients*, including: | 4,663.2 | 5 051.5 | 5,342.3 | 5.8% |
| Poland | 3,866.3 | 4 182.5 | 4,437.0 | 6.1% |
| Foreign branches | 796.9 | 869.0 | 905.3 | 4.2% |
| The Czech Republic | 556.9 | 612.3 | 633.6 | 3.5% |
| The Czech Republic | 240.0 | 256.7 | 271.8 | 5.9% |
| PLN M | ||||
| Loans to retail clients, including: | 46,168.7 | 48,926.1 | 48,122.1 | -1.6% |
| Poland | 42,344.7 | 44,646.4 | 43,703.1 | -2.1% |
| mortgage loans | 33,473.4 | 34,112.7 | 31,294.8 | -8.3% |
| non-mortgage loans | 8,871.3 | 10,533.7 | 12,408.3 | 17.8% |
| Foreign branches | 3,824.0 | 4,279.7 | 4,419.0 | 3.3% |
| The Czech Republic | 2,899.6 | 3,310.9 | 3,585.3 | 8.3% |
| Slovakia | 924.4 | 968.8 | 833.7 | -13.9% |
| Deposits of retail clients, including: | 45,645.4 | 53,662.8 | 55,749.8 | 3.9% |
| Poland | 39,273.6 | 45,727.6 | 46,876.5 | 2.5% |
| Foreign branches | 6,371.8 | 7,935.2 | 8,873.3 | 11.8% |
| The Czech Republic | 4,488.0 | 5,630.5 | 6,346.0 | 12.7% |
| Slovakia | 1,883.7 | 2,304.7 | 2,527.3 | 9.7% |
| Investment funds (Poland) | 5,736.2 | 5,972.3 | 7,481.0 | 25.3% |
| thou. | ||||
| Credit cards, including | 332.4 | 340.3 | 362.8 | 6.6% |
| Poland | 303.6 | 309.4 | 325.9 | 5.3% |
| Foreign branches | 28.8 | 30.9 | 36.8 | 19.4% |
| Debit cards, including: | 3,242.7 | 3,438.4 | 3,713.0 | 8.0% |
| Poland | 2,701.0 | 2,876.0 | 3,138.1 | 9.1% |
| Foreign branches | 541.8 | 562.4 | 575.0 | 2.2% |
| Distribution network | ||||
| Advisory Centres | 4 | 6 | 10 | |
| Light branches | 9 | 17 | 24 | |
| mBank (former Multibank) | 123 | 115 | 102 | |
| mKiosks (incl. Partner Kiosks) | 83 | 98 | 123 | |
| mFinanse (f. Aspiro) Financial Centres | 47 | 43 | 41 | |
| Czech Republic & Slovakia | 36 | 37 | 33 | |
* The number of retail clients in 2017 (and in 2015-2016) has been adjusted due to obligatory closing of inactive accounts and excluding micro-company representatives, without individual products.