PKO
Bank
Hipoteczny
Spółka
Akcyjna
z
siedzibą
w
Warszawie
przy
ul.
Puławskiej
15,
02-515
Warszawa,
zarejestrowana
w
Sądzie
Rejonowym
dla
miasta
stołecznego
Warszawy
w
Warszawie,
XIII
Wydział
Gospodarczy
Krajowego
Rejestru
Sądowego
pod
nr
KRS
0000528469; NIP: 204-000-45-48; REGON: 222181030; kapitał zakładowy (kapitał wpłacony) 1 611 300 000 PLN
PKO
Bank
Hipoteczny
Spółka
Akcyjna
with
the
registered
office
in
Warsaw,
ul.
Puławska
15,
02-515
Warsaw,
registered
in
the
Capital
City
of
Warsaw
District
Court
in
Warsaw,
13th
Commercial
Division
of
the
National
Court
Register
under
KRS
number
0000528469;
Tax Identification Number (NIP): 204-000-45-48; REGON: 222181030; share capital (paid up): PLN 1,611,300,000
Ladies and Gentlemen,
I am pleased to present the Annual Report of PKO Bank Hipoteczny SA for 2021.
Once
again,
the
excellent
results
we
are
reporting
confirm
the
high
quality
of
our
loan
portfolio
and
the
continued
improvement
of
the
effectiveness
of
the
Bank’s
operations.
In
2021
our
operations
were
supported
by
a
favourable
macroeconomic
environment.
Low
unemployment
and
stable
economic
growth
translated
into
high
purchasing
power
and
record
demand
on
the
real
estate
market.
These
factors
allowed
us
to
achieve
net
profit
of
PLN
94,9
million,
which
constituted
a
16,4
percent
improvement
compared
to 2020.
The
very
low
cost
of
risk,
which
at
the
end
of
the
2021
was
only
0.01
percent,
and
the
total
capital
ratio,
which
at
the
end
of
December
was
20.9
percent,
2.2
p.p.
higher
compared
to
the
end
of
2020,
attest
to
the
safety and stability of the Bank’s operations.
Moody’s
Investor
Service
confirmed
the
Bank’s
high
credibility
by
raising
our
long-term
issuer
rating
from
Baa1
to
A3.
The
safety
of
PKO
Bank
Hipoteczny’s
mortgage
covered
bonds
is
reflected
in
the
Aa1
rating,
the highest rating achievable by Polish debt securities.
As
of
31
December
2021
the
Bank’s
total
assets
amounted
to
PLN
25.6
billion,
of
which
nearly
90
percent,
i.e.
nearly
PLN
23
billion,
comprised
the
highest
quality
residential
mortgage
loan
portfolio.
In
turn,
t
he
total
value
of
the
Bank’s
outstanding
mortgage
covered
bonds
amounted
to
PLN
13.1 billion
at
the
end
of December, i.e. approx. 57 percent of all mortgage covered bonds on the market.
This
allowed
PKO
Bank
Hipoteczny
to
remain
the
leader
on
the
Polish
mortgage
banks
market,
both
in
terms
of
the
value
of
outstanding
mortgage
covered
bonds
issued
and
the
size
of
the
residential
mortgage
loan
portfolio.
In
2021
the
Bank
did
not
issue
any
mortgage
covered
bonds,
however,
it
pursued
its
strategic
goals
by,
among
other
things,
maintaining
its
readiness
to
issue
such
covered
bonds,
as
well
as
green
covered
bonds.
In
doing
so,
were
are
in
line
with
the
global
trends
of
meeting
the
new
ESG
requirements
and
investor
expectations
in
addition
to
reaffirming
the
importance
of
sustainable
development
in
our
Bank’s operations.
During
2021,
together
with
the
PKO
Bank
Polski
Group,
we
continued
to
implement
solutions
supporting
our
Customers.
We
worked
on
the
further
development
of
remote
service
processes,
and
among
other
things,
we
made
available
the
option
to
sign
and
submit
documents
online
via
iPKO.
Furthermore,
we
introduced
the
electronic
submission
of
documents
to
our
Customers
and
expanded
the
list
of
requests
which can be submitted via the application.
I
wish
to
thank
our
Customers
and
Investors
for
their
trust
in
us,
and
the
Employees
of
the
Bank
and
the
PKO
Bank
Polski
Group
for
their
tireless
efforts
to
build
the
value
of
our
Company,
and
I
cordially
invite
you
to
read
the
Annual
Report
for
2021.
I
hope
you
will
enjoy
reading
it
and
that
it
will
be
a
source
of
valuable
information on our Bank’s operations.
Yours faithfully,
Daniel Goska
President of the Management Board
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