Bank Polski (PKO) AGM 2024 summary

Opening remarks and agenda

• Meeting opened on June 28, 2024; Leszek Koziorowski was elected chair with 900,532,480 votes for, none against and 17,178 abstentions.

• Shareholders representing 72% of share capital attended; the meeting was confirmed properly convened and able to adopt binding resolutions.

• The State Treasury’s agenda change was approved, moving 2023 discharge resolutions after the collective suitability assessment; 712,129,177 votes were for and 188,120,481 abstained.

Financial performance review

• 2023 net profit was PLN 5.5bn; the basic result improved 18% YoY despite extraordinary charges.

• ROE was 13.3%; the interest margin increased by more than 100 bps YoY.

• Cost-to-revenue was 31.6%, down 135 bps YoY; cost of risk was 50 bps and non-performing loans were 3.44%, down 35 bps.

• Customer savings rose 19% YoY to PLN 542bn; customer financing was PLN 260bn and customer numbers reached 11.9m.

• Year-end Tier 1 was 17.78% and TCR was 18.65%; retail mortgage volumes rose 9.3% and consumer lending 5%.

Board and executive committee updates

• Shareholders elected seven Supervisory Board members for the new term: Maciej Cieślukowski, Jerzy Kalinowski, Hanna Kuzińska, Andrzej Oślizło, Marek Panfil, Paweł Waniowski and Katarzyna Zimnicka-Jankowska.

• Dominik Januszewski’s appointment resolution failed, with 275,648,281 votes for and 598,794,610 against.

• Katarzyna Zimnicka-Jankowska was designated Supervisory Board Chairwoman and Paweł Waniowski Vice Chairman.