maria wisniewska - ceo bank pekao london, december 5 th, 2002 2 nd uci investor day focus on new...
TRANSCRIPT
Maria Wisniewska - CEO
BANK PEKAO
London, December 5th, 2002
2nd UCI INVESTOR DAYFocus on New Europe
2
Agenda
Key Highlights
Macroeconomic environment and banking industry
Key achievements
Financial results
Asset Quality & Credit Policy
2003 Strategic Focus
Conclusions
3
CHANGE SINCE 99
(1) Polish Accounting Standards (2) Capital (3) Investment funds 1EURO=4.09 PLN
BANK PEKAO ENJOYS LEADING MARKET POSITION AND EXCELLENT BRAND
Total Assets 16,261 2Market share 17%
Deposits(2) 12,359 2Market share 16%
Loans(2) 7,950 1Market share 14%
Asset Management 1,069 1Market share 24%(3)
Cards (market share) 27% 1
Net Income 112 1
Branches 828 +108ATM’s 1,087 +467Employees 17,233 -7,180Number of clients, mln 3.7 o/w retail, mln 3.4 o/w corporate, mln 0.3
Cost/Income, % 45.6ROE, % 9.1
Euro mln, unconsolidated figures as at Sep 02, PAS(1) RANK
4
Agenda
Key Highlights
Macroeconomic environment and banking industry
Key achievements
Financial results
Asset Quality & Credit Policy
2003 Strategic Focus
Conclusions
5
Year 2001 Country
Population, mln
Inflation rate, %
38.6
3.6
Per Capita GDP, Euro 4.6
2002E
Real GDP growth, %
Ref. interest rate(1)
1.1
6.75
Inflation rate, % 1.5
2003E
2.1
6.25
3.0
Ref. interest rate(1), % 11.5
2004E
3.6
5.5
3.6
S&P country rating BBB+
POLAND AT A GLANCE
After two years of weak macroeconomic scenario, economic growth will accelerate in 2003 thanks to increasing domestic demand (consumption and investments)
Inflation rate to stay in the range of 1,5-4,0%
Convergence process in realm of interest rate will continue (further cuts expected in Ref. interest rate(1): -125 bp by 2004)
Polish economy decelerated in 2H01 mainly due to a substantial decline in domestic capital expenditure
Personal consumption played a leading part in keeping economic growth in positive territory (Real GDP growth in 2001 +1.0%)
Inflation rate is comparable with the EU level and stabilized
Strong decrease in interest rates (e.g. Ref.interest rate(1) dropped from 19.0% in 2000 to 11.5% in 2001)
(1) Intervention Rate Source: Pekao estimates
6
2001
9.3
8.0
6.2
-0.8
2002E
8.7
3.9
2003E
11.2
9.8
BANKING SECTOR IN POLAND
224
EU*
580
Branches per mln inhabitants
(Loans+Deposits)/GDP
POLAND
72.1%
EU*
203%
POLAND
Loans growth, %
Deposits growth, %
2004E
19.3 11.3 10.5 9.8Rate on Loans(1), %
11.5 4.2 3.9 3.5Rate on Dep.(1), %
7.8 7.1 6.6 6.3Spread(1), %
(1) Average of end of period Banking System data; rates calculated based on local currency Loans and Deposits
The banking sector shows high growth potential to cover the gap in penetration ratios with EU
Strong presence of foreign banks (70% of banking sector assets)
Concentration of banking sector: 56% of assets held by top 5 players
Second wave of consolidation expected
Loans growth decelerated in 2002 due to weak macroeconomic environment, stronger investments will support lending already in 2003
Lower interest rates, introduction of tax on interest gains and "consumption smoothing" effect negatively impacted deposits in 2002; recovery expected from 2003
Spread expected to decrease in a convergence process
*Source: UCI NE Research NetworkSource: Pekao estimates
7
Agenda
Key Highlights
Macroeconomic environment and banking industry
Key achievements
Financial results
Asset Quality & Credit Policy
2003 Strategic Focus
Conclusions
8
PEKAO UNDERWENT A STRONG CULTURAL CHANGE ACHIEVING SIGNIFICANT RESULTS DURING THE LAST THREE YEARS
IMPROVEMENT OF SALES CAPABILITIES
Total Revenues per employee more than doubled in three years (to Euro 47.3 th. in 9M02)
NEW, EFFICIENT MOTIVATION SYSTEMS
Approx. 1,800 employees involved in MBO 54 Managers involved in Stock Option Plan
HEAVY INVESTMENTS ON IT AND DISTRIBUTION CHANNELS
Branches: +108 (+15%) from 1999 to 9M02 ATM’s: +467 (+75.3%) from 1999 to 9M02
RESULTS ORIENTED CORPORATE CULTURE
ROE: from 3.7% in 1999 to 15% expected for 2002 Cost/Income: from 67.5% in 1999 to 45.6% in 9M02
COST CONTROL AND COST CUTTING SYSTEM BUILT AS A CORE PART OF THE ORGANISATION
Total Costs: -5.6% from 9M99 to 9M02 in real terms N° of employees: -7,180 (-29.4%) in three years
DIVISIONALISATION
Market segmentation implemented New organisational structure in place
9
IMPROVED MARKET SEGMENTATION IS THE KEY PROJECT IN 2002 FOCUSED ON BETTER SERVICING OF EXISTING CUSTOMER BASE AND INCREASED CROSS-SELLING
2001 2002
VIP/SME VIP Micro Corporates Small Corporates
Mass Market
Private Banking
Corporate Banking Middle Corporates Large Corporates
UNIQUE JOINT SERVICE MODEL FOR RETAIL AFFLUENT AND MICRO AND
SMALL COMPANIES AIMED AT INCREASING THE BANK’S SHARE OF
WALLET
Retail Banking
VIP
Mass MarketPrivate Banking
Micro CorporatesSmall Corporates
Middle CorporatesLarge Corporates
Corporate Banking
10
Agenda
Key Highlights
Macroeconomic environment and banking industry
Key achievements
Financial results
Asset Quality & Credit Policy
2003 Strategic Focus
Conclusions
11
SELECTIVE LENDING POLICY FOCUSED ON MORTGAGES IN LOCAL CURRENCY
Mortgages show the highest growth in retail loans (Euro 87 mln, +18.3% on Dec.01)
Pekao’s selective lending led to lower growth than industry
+1.8
+6.2
Bank Pekao
Polish Banking Sector
TOTAL LOANS DYNAMIC(3)
(3)Polish Central Bank data (excl. foreign branches)
COMPARISON (9M02/2001)
RETAIL LOANS(1) (Euro mln)
(1)Capital
-33 -25
1,6691,698
2001 Other 9M02
+87
Overdraft
+1.7%
Mortgage
CORPORATE LOANS(1) (Euro mln)
-66 +161
6,193 6,252
2001 Other 9M02
-35
Szczecin Shipyard
+1.0%
Central Invest.(2)
(2)Loan totally guaranteed by State Treasury in repayment period
Other retail loans decreased due to cautious lending in difficult macroeconomic environment
-4.1%-5.7%18.3%
Corporate loans up 2.5% on Dec.01 excluding Shipyard & Central Invest. impact
12
COMPARISON (9M02/2001)
TOTAL DEPOSITS DOWN 4.9% ON DEC.01 MAINLYAFFECTED BY SEASONALITY IN CORPORATE DEPOSITSDEPOSITS INCL. INVESTMENT FUNDS (+53.4% on DEC.01) STABLE (-0.5% ON DEC.01)
Slight decrease in retail deposits (-0.7% on Dec01) compensated by growth in investment funds (Euro 372 mln in 9M02, +53.4% on Dec01)
Households savings market share (deposits + investment funds) stable at 18.4%.
Total assets managed by PPIM (Pekao Pioneer Investment Management) up to Euro 1,069 mln in Sep.02 (+241.8% y/y) with increased market share from 20.9 in Sep.01 to 24.9% in Sep02.
Equity linked deposits and tax-free products as a successful answer to customer needs in falling rates environment (approx. Euro 250 mln of Pekao tax free retail bonds sold in two weeks in November)
RETAIL DEPOSITS(1)
2001 9M02
-0.7%
FXPLN
5,378
4,236
5,314
4,228
(1)Capital
CORPORATE DEPOSITS(1)
2001 9M02
-11.4%2,740
440
2,506
310
(Euro mln)
9,614 9,542
3,180 2,816
TOTAL DEPOSITS(2)
-4.9-3.9
Bank Pekao
Polish Banking Sector
(2)Polish Central Bank data (excl. foreign branches)
13
Net Interest Income (with SWAP)/Interest Bearing Assets ratio slightly down at 4.9% in 9M02 (5% in 9M01 and 2001 pro forma)
*Preliminary data, industry estimates
TOTAL REVENUES DOWN 1.6% y/y DUE TO A DIFFICULT SCENARIO AND IN A CONTEXT OF SELECTIVE LENDING POLICY
-1.7 -7.8
-8.7%-0.9%
828.4815.5
9M01 Other 9M02
-3.4-0.6%
Net Interest Income
Net Fees & Comm.
(Euro mln)TOTAL REVENUES
-1.6
+3.3
BANK PEKAO
POLISH BANKING SECTOR*
Mainly a result of lower loan
growth
Fees and commissions/Total revenues up 20 bp y/y to 24.4% in 9M02
-1.6%COMPARISON
Other revenues: decrease of income from subsidiaries by 12 mln (-71.3% y/y), decrease of result on financial transactions(1) by 10.3 mln, increase of net FX income by 7,4 mln (+9.5% y/y) and increase of other operating income(1) 7.1 mln
(1)y/y % change n.m.
14
+5.7+4.4
200.4 198.7
9M01 Investment Funds
9M02
-10.3
Loans Account services
(Euro mln)NET FEES & COMMISSIONS
-0.9
+6.0
BANK PEKAO
POLISH BANKING SECTOR*
Result of lower loan
growth
NEARLY STABLE TREND IN NET COMMISSIONS (-0.9% y/y) NEGATIVELY IMPACTED BY DECREASED FEES ON LOANS (-28.8% y/y) COMPENSATED BY GROWING FEES FROM OTHER SOURCES (+7% y/y)
Increase in other fees: commissions from account services up 7% (Euro +4.4 mln), fees from investment funds increased by 142.3% (Euro +5.7 mln)
Increased weight of fees and commissions from investment funds on Total fees and commissions from 0.1% in 9M01 to 3.0% in 9M02
-1.5
-0.9%
Other
COMPARISON
*Preliminary data, industry estimates
142.3%7.0%-28.8% -2.0%
15
-1.5-7.6
401.7 371.7
9M01 BFG(2) 9M02
-20.9
Personnel NonPersonnel(1)
(Euro mln)OPERATING COSTS
-7.5
+4.6
BANK PEKAO
POLISH BANKING SECTOR*
COSTS DOWN 7.5% THANKS TO EXCELLENT RESULTS IN COST CUTTING
Conservative policy of cost control
Decrease of all categories of costs in both nominal (-7.5% y/y) and real terms (-8.8% y/y)
Lower cost of BFG caused by decrease of annual fee rate for BFG Fees & Commissions revenues covered 105% of personnel costs, above
internal target of 100% coverage
(1)Included depreciation (2)Bank Guarantee Fund
-38.7%-4.1%-9.9% -7.5%
COMPARISON
*Preliminary data, industry estimates
16
NET PROFIT for 9M02 amounted to Euro 111.5 mln (-49.5% y/y)
OPERATING INCOME UP 4.0% y/y; CONSERVATIVE PROVISIONING IMPACTSON PRE TAX PROFIT
OPERATING INCOME
9M01 9M02
+4.0%
426.7 443.8
(Euro mln)
PROVISIONS
9M01 9M02
+138.4%
112.7
268.7
+4.0
+1.6
Bank Pekao
Polish Banking Sector*
COMPARISON on Operating Income
(Euro mln)PRE TAX PROFIT
9M01 9M02
-44.2%
313.9175.1
(Euro mln)
OPERATING INCOME increased to Euro 444 mln in 9M02 (+4.0% y/y) despite difficult scenario, better than industry by 2.4 p.p.
Conservative PROVISIONS (+138.4% y/y, of which Euro 48.9 mln due to Szczecin Shipyard) determined a y/y PRE TAX PROFIT decrease of Euro 139 mln (-44.2% y/y)
ROE to 9.1% (-11.2 p.p. y/y)
*Preliminary data, industry estimates
17
Agenda
Key Highlights
Macroeconomic environment and banking industry
Key achievements
Financial results
Asset Quality & Credit Policy
2003 Strategic Focus
Conclusions
18
WEAK MACROECONOMIC ENVIRONMENT IMPACTED NEGATIVELY ON ASSET QUALITY. SIGNS OF STABILISATION IN 3Q02
Deteriorated macroeconomic environment impacted on retail and corporate loan portfolio mainly in 2Q02, stabilisation of quality in 3Q02
Irregular on Total Loans ratio 1.3 p.p. better than the sector (as at June 02(3))
Coverage ratio +5 p.p. than the sector (as at June 02(3)), improving significantly in 3Q02 reaching 53.5% as at Sep.02
Sub-standard +3,5%
+16,1%
% ch. on
Dec.’01
370.7
308.1
9M 2002
Doubtful
(Euro mln)
Loss 880.0 +58,1%
Irregular Loans(1) on Total Loans Provision Coverage Ratio
(1)Including non banking financial institutions (2)Pro forma
48.9%
2001
49.5%
1H02
53.5%
9M02Loss Doubtful Sub-standard
4.6%
7.1%
3.4%
2001(2)
15,0%
3.9%
4.7%
11.1%
9M02
19,6%
5.3%
10.6%
3.8%
1H02
19,7%
(3)Latest data available
358.2
265.3
Dec. 2001
556.7
425.2
305.9
1H02
854.0
19
POLISH CLASSIFICATION RULES ARE DEMANDING
18.0%
63.0%
0.6%
Sub-standard Doubtful Loss
SHARE OF LOANS WHICH ARE PERFORMING CLASSIFIED AS IRREGULAR LOANS (9M02)
Polish classification of irregular loans is based on:
performance of the borrower (interest/capital credits that are not re-paid on time)
financial standing of the borrower (e.g. loans to companies which report a loss are automatically considered irregular even if they pay on time)
In 9M02:
63.0% of Substandard loans 18.0% of Doubtful 0.6% of Loss
were classified as irregular due to weak financial standing of the borrower but are performing
22% of Pekao’s total classified as irregular loans are performing
20
SIGNIFICANT EFFORT PUT ON IMPROVEMENT OF CREDIT POLICY
MAIN ACTIONS PLANNED OR ALREADY IMPLEMENTED FOR IMPROVING CREDIT QUALITY IN 2002 AND FORWARD:
Training in the Credit and Corporate Area
Complete Credit Products review both in the Corporate and Retail Area
Strengthening of the lending criteria and increase of the requirements of collateral
Review of credit process to support new customer segmentation
Complete review of the monitoring process
Introduction of Application Processing System for Retail (Credit scoring system for Mass Market segment)
Introduction of a new Internal Rating System for Corporate Customers with better predictive capabilities
Introduction of Application Processing System for SME and Retail (VIP, Private Banking)
4Q01-1Q02
1Q-2Q02
1Q-2Q02
May 02
Oct. 02
May 02
1Q03
1Q03
21
Agenda
Key Highlights
Macroeconomic environment and banking industry
Key achievements
Financial results
Asset Quality & Credit Policy
2003 Strategic Focus
Conclusions
22
STRATEGIC FOCUS FOR 2003: PROFITABILITY GROWTH,CONSOLIDATION OF EXISTING POSITION…
FOCUS ON MOST PROFITABLE SEGMENT: VIP/SME New value added products to existing clients (i.e. Asset Management) Increase of Pekao’s “share of wallet” of existing clients New joint service for Small Business to cover both personal and business needs New customers acquisition
COMMERCIAL PRIORITY ACTIONS:
CORPORATE BANKING Selective approach for Large Corporates
MASS MARKET Cost control and cross-selling No customer base expansion
BY PRODUCTS, supported by improved sales force effectiveness
INTRODUCTION/FINE TUNE SERVICE MODEL BY SEGMENT (branch model, client acquisition model, sales support tools, commercial performance monitoring tools)
BEST AVAILABLE PEOPLE AT ALL LEVELS (assessment, training, recruiting)
BY SEGMENTS
COMMERCIAL PUSH ON EXISTING HIGHER MARGIN PRODUCTS (e.g. Equity linked products)
NEW PRODUCTS INTRODUCTION
23
… AND CONTROL OF CREDIT RISK
FOCUS ON FURTHER DEVELOPMENT OF CORPORATE RELATIONSHIP MANAGERS AND CREDIT OFFICERS SKILLS (assessment, training, recruiting)
IMPROVED MONITORING CAPABILITIES AND APPROPRIATE EVALUATION OF EARLY WARNING SIGNALS
IMPROVED RECOVERY PROCESS (timing, % of recovery)
DEVELOPMENT OF TWO PILOT CREDIT PROJECTS:
Underwriting for Retail and SME Work out
24
Agenda
Key Highlights
Macroeconomic environment and banking industry
Key achievements
Financial results
Asset Quality & Credit Policy
2003 Strategic Focus
Conclusions
25
PEKAO IS READY TO STRENGTHEN ITS POSITION, BENEFITING FROM RECOVERY IN ECONOMY
Consolidation of clear leadership in the Polish Banking Sector
Pekao recognised as one of the most efficient players in Central and Eastern Europe
Further improvement in profitability by more detailed customer segmentation and new product mix development
Strong support of strategic Shareholder
26
Annexes
27
ORGANISATIONAL STRUCTURE OF THE GROUP FULLY IN LINE WITH CUSTOMER SEGMENTATION
Brokerage HousePekao LeasingPekao FactoringAccessPekao UkrainaPekao Tel-Aviv
Pekao Pioneer IMPekao Pioneer PTEPekao InformatykaPekao DevelopmentPekao Fundusz KapitałowyPekao Financial ServicesTrinity Management
VIP/SME Private Banking
Standard Banking
and Network Management
Corporate and International
Banking
AlternativeDistribution
Channels
28
Affluent & Small Business
Retain affluent clients
Gain new clients
Increase share of wallet
Leverage on existing resources
800 fully dedicated Sales Managers
125 dedicated Branches
PEKAO COMPLETED AN INNOVATIVE DIVISIONALISATION PROCESS, AIMING AT SIGNIFICANTLY INCREASING COMMERCIAL EFFECTIVENESS
FOUR BUSINESS UNITS WITH DEDICATED CHANNELS AND SERVICE MODELS
Mass Private Corporate
Revenues growth by cross selling
Cost effectiveness/ Multichannel usage
828 Branches
4,700 mass Customers Service Representatives
Dedicated financial advisors
Separate location to provide “exclusive” service
25 corporate hubs and 5 corporate regions
Clear cost effectiveness
Improved service to clients through product specialists
Improved share of wallet/ profitability
Corp.Hubs
Corp.Hubs
Corp.Hubs
29
MACROECONOMIC ENVIRONMENT IN 2003
2001 2002e 2003e
Domestic Demand
Consumption
Investment
Gov. consumption
Stock building
External demand
Export
Import
GDP
-2,0%
1,3%
-2,4%
0,1%
-1,0%
3,0%
3,0%
0,0%
1,0%
0,4%
1,6%
-1,2%
0,1%
-0,1%
0,7%
0,5%
-0,1%
1,1%
2,6%
1,6%
0,9%
0,0%
0,1%
-0,5%
1,2%
1,7%
2,1%
Source: Pekao estimates
30
UNDER RESTRUCTURING
DOUBTFUL LOANS DEFINITIONS - RECONCILIATION BETWEEN ITALIAN AND POLISH RULES
ITALY POLAND
IN BONISSTANDARD
WATCH
RESTRUCTURED
WATCHLIST
NPL LOSS
SUBSTANDARD
DOUBTFUL
NOTE:
In UCI consolidated financial statement polish “Loss” are typically classified as “NPL”, and polish “Substandard” & “Doubtful” are typically “Watchlist”. A final credit assessment is in any case made on a single position evaluation basis
31
Polish classification criteria have three classes of irregular loans versus two in Italy
Polish presentation standards are based on gross loans while Italian ones on the net loans
POLISH CLASSIFICATION RULES ARE DEMANDING
* gross risk group loans and provisions include amounts of overdue interest, which under Polish accounting are presented separately
18.0%
63.0%
0.6%
Sub-standard Doubtful Loss
SHARE OF LOANS WHICH ARE PERFORMING CLASSIFIED AS IRREGULAR LOANS (9M02)
PAS ITAS
Gross Loans
Net Loans
Prov.
Loss
TotalNPL
TOTAL
0.9 0.7
1.6 0.8
8.2 0.8
0.2
0.8
7.3
Net Loans
Gross Loans*
Prov.*
NPL
Total Doubtful
TOTAL
0.2 1.1
0.8 1.2
7.3 1.2
1.3
2.0
8.5
Substand.
Doubtful 0.3 0.1
0.4 0.05
0.2
0.3 Watchlist 0.6 0.2 0.7
Euro bn9M02
Euro bn9M02
Watch
Standard 6.2 0.007
0.3 0.005
6.2
0.3 Perform. 6.5 0.01 6.5
32
18.9%
16.7%
5.2%
4.7%
4.6%
21.9%
7.9%7.7%6.1% 6.4%
Utilities Wholesale Construction TransportFinancial services Production of foodOther manufacturing Production of transport equipmentPublic administration Other
1H02
LOAN PORTFOLIO STRUCTURE BY INDUSTRIAL SECTORS
16.4%
15.2%
25.6%
6.3%
6.7%6.4%5.2%
8.2%
4.5%5.4%
1H01
33
PEKAO 9M02 UNCONSOLIDATED INCOME STATEMENT
Interest margin (incl. div.)
Net non interest income
Total revenues
Operating costs (incl. dep.)
Net operating income
Net income
- of which: Staff costs
Dec. 00
663.1
336.8
999.9
441.6
32.2%
186.6
-295.7
Net loan loss provisions -160.4
(Euro mln, PAS)
Taxes -88.5
-558.3
Dec. 01
745.6
396.0
1,141.6
603.9
308.3
-279.4
-161.1
-122.1
-537.7
Ch. % 2001/2000
12.4
17.6
14.2
36.7
65.2
-5.5
0.4
+37.9
-3.7
Sep. 01
537.7
290.7
828.4
426.7
220.8
-210.5
-106.6
-93.3
-401.7
Sept. 02
534.4
281.1
815.5
443.8
111.5
-189.6
-268.1
-56.3
-371.7
-0.6
-3.3
-1.6
4.0
-49.5
-9.9
-151.4
-39.6
-7.5
Ch. % Sept. 02/Sept. 01
Other provisions -6.3 -12.4 -96.9 -6.0 -0.5 -91.1
Extraordinary income/loss 0.05 0.12 140.0 0.0 0.0 n.m.
Pre-tax profit/loss 275.1 430.4 56.4 314.0 175.2 -44.2
Tax rate, % 28.4% 29.7% 33.5%
Balance due to roundings & share in net profit (loss) of subsidiaries evaluated at equity method
34
PEKAO9M02 UNCONSOLIDATED BALANCE SHEET
Cash and deposits with Central Banks
(Euro mln, PAS) Sept. 01
613.3 1,038.6 705.3
Sept. 02
15.0 -32.1
Ch. % Sept. 02/Sept. 01
AS
SETS Loans due from:7,974.9 7,791.7 7,350.0 -7.8 -5.7- Customers
- Financial Institutions 2,320.8 2,183.7 1,726.4 -25.6 -20.9
Dec. 01Ch. %
Sept. 02/Dec. 01
Securities 5,380.4 5,133.1 5,541.5 3.0 8.0
Fixed assets 395.7 436.8 470.6 18.9 7.7
Other assets 1,546.5 1,362.2 467.6 -69.8 -65.7
LIA
BIL
ITIE
S
TOTAL ASSETS AND LIABILITIES 18,231.6 17,946.1 16,261.3 -10.8 -9.4
Deposits:12,627.9 12,689.3 12,237.5 -3.1 -3.6- Due to Customers
- Due to Central Bank 989.8 967.8 618.4 -37.5 -36.1
Reserve fund for possible loan losses 148.9 92.8 93.5 -37.2 0.8
Other liabilities 2,074.4 1,478.2 928.3 -55.2 -37.2
- Due to Financial Institutions 820.1 1,059.7 722.3 -11.9 -31.8
Shareholders’ equity 1,570.4 1,658.3 1,661.2 5.8 0.2
Balance due to roundings
35
PEKAO 9M02 CONSOLIDATED INCOME STATEMENT
Interest margin (incl. div.)
Net non interest income
Total revenues
Operating costs (incl. dep.)
Net operating income
Net income
- of which: Staff costs
Dec. 00
666.1
433.0
1,099.1
452.4
32.8%
194.4
-327.0
Net loan loss provisions -172.0
(Euro mln, PAS)
Taxes -94.0
-646.7
Dec. 01
762.5
407.4
1,169.9
595.4
306.2
-300.9
-157.9
-127.1
-574.5
Ch. % 2001/2000
14.5
-5.9
6.4
31.6
57.5
-8.0
-8.1
+35.2
-11.2
Sep. 01
536.7
333.5
870.2
412.2
206.6
-225.6
-104.0
-95.9
-457.9
Sept. 02
549.2
291.2
840.4
442.8
107.7
-204.1
-275.2
-58.5
-397.5
2.3
-12.7
-3.4
7.4
-47.9
-9.5
+164.6
-39.0
-13.2
Ch. % Sept. 02/Sept. 01
Other provisions 9.5 -10.5 n.m. -5.1 -2.4 -52.9
Extraordinary income/loss -6.6 2.5 n.m. 0.0 0.0 n.m.
Pre-tax profit/loss 286.3 431.7 50.8 304.0 166.9 -45.1
Minorities 0.3 0.0 n.m. 0.0 1.3 n.m.
Tax rate, % 29.4% 31.6% 35.1%
Balance due to roundings, goodwill & share in net profit (loss) of subsidiaries evaluated at equity method
36
PEKAO9M02 CONSOLIDATED BALANCE SHEET
Cash and deposits with Central Banks
(Euro mln, PAS) Sept. 01
614.1 1,042.5 709.6
Sept. 02
15.5 -31.9
Ch. % Sept. 02/Sept. 01
AS
SETS Loans due from:8,153.1 8,056.5 7,661.6 -6.0 -4.9- Customers
- Banks 2,190.7 2,117.3 1,523.9 -30.4 -28.0
Dec. 01Ch. %
Sept. 02/Dec. 01
Trading Securities 5,344.5 5,014.5 5,561.3 4.1 10.9
Fixed assets 522.1 454.0 478.4 -8.4 5.4
Other assets 1,577.5 1,437.7 453.9 -71.2 -68.4
LIA
BIL
ITIE
S
TOTAL ASSETS AND LIABILITIES 18,402.1 18,122.6 16,388.8 -10.9 -9.6
Deposits:12,713.3 12,790.9 12,346.6 -2.9 -3.5- Due to Customers
- Due to Central Bank 989.8 967.8 618.4 -37.5 -36.1
Reserve fund for possible loan losses 146.1 94.1 101.0 -30.8 7.4
Other liabilities 2,199.3 1,717.5 1,014.8 -53.9 -40.9
- Due to Banks 773.3 971.2 629.7 -18.6 -35.2
Minority interest 0 7.5 6.2 n.m. -17.3
Shareholders’ equity 1,580.0 1,573.5 1,672.0 5.8 6.3
Balance due to roundings