Bank Ochrony Srodowiska (BOS) Q4 2024 earnings summary

Executive summary

• Net profit for 2024 reached PLN 79.7 million, a slight increase from PLN 78.4 million in 2023.

• Total comprehensive income amounted to PLN 81.0 million, down from PLN 184.5 million year-over-year.

• The group maintained capital adequacy ratios above regulatory requirements and reported stable liquidity.

• The bank continued its mission to support green transformation and pro-ecological projects.

Financial highlights

• Net interest income rose to PLN 834.3 million from PLN 811.0 million year-over-year.

• Net fee and commission income was PLN 129.5 million, slightly down from PLN 131.5 million.

• Total assets at year-end were PLN 22.7 billion, up from PLN 22.0 billion.

• Net loans to customers stood at PLN 10.1 billion, compared to PLN 10.7 billion a year earlier.

• Cost of risk related to legal risk on FX mortgage loans was PLN -244.0 million, down from PLN -284.4 million.

• Impairment losses on financial assets amounted to PLN -13.8 million, a significant improvement from PLN -50.5 million.

• Administrative expenses increased to PLN 602.4 million from PLN 518.2 million.

• Earnings per share were PLN 0.86, up from PLN 0.84.

Outlook and guidance

• The group continues to implement its recovery plan, focusing on improving asset quality and profitability.

• Management expects the effects of portfolio clean-up and risk mitigation to be visible in 2025.

• The bank is preparing for regulatory changes, including the transition to new reference rates and CRR3/CRDVI requirements.