Ladies and Gentlemen,
2021
was
another
year
in
which
we
had
to
face
a
pandemic.
Despite
the
efforts
of
governments
and
the
start
of
vaccination
against
Covid-19,
we
have
not
returned
to
the
reality
as
we
knew
it
before
the
pandemic.
However,
the
Polish
economy
rebounded
from
the
pandemic
that
occurred
in
2020.
According
to
the
Central
Statistical
Office,
Poland’s
GDP
in
2021
increased
by
5.7
per
cent.
This
is
the
highest
growth
in
14
years.
Of
course,
the
scale
of
the
rebound
in
2021
was
largely
due
to
the
deep
fall
in
GDP
in
2020.
Our
GDP
has
changed
in
exactly
the
same
way
as
in
the
US.
Faster
growth
was
recorded
in
Sweden,
France
and
Italy.
Poland’s
GDP
fell
by
2.5
per
cent
in
2020.
Overall,
the
level
of
GDP
therefore
increased
by
3.1
percent
in
2020
and
2021.
Tensions
in
global
supply
chains,
the
energy
crisis
and
rising
commodity
prices
are
some
of
the
elements
that
have
imposed
clear
inflationary
pressures
on
the
global
economy,
including
Poland.
The
rise
in
inflation
was
a
major
and
negative
surprise
last
year.
Inflation
in
Poland
rose
to
8.6%
as
at
2021
yearend.
Throughout
2021,
CPI
inflation
averaged
5.1
percent.
December’s
inflation
is
the
highest
reading
in
21
years
–
such
a
high
rate
of
price
growth
has
not
been
recorded since November 2000. At that time, inflation was 9.3 percent.
Countries
in
our
region
have
already
started
raising
interest
rates
from
mid-2021.
In
October
2021,
the
Monetary
Policy
Council,
against
the
expectations
of
the
market
and
analysts,
decided
to
raise
interest
rates
for
the
first
time
in
nine
years,
from
0.1
percent
to
0.5
percent.
It
increased
the
reference
rate
to
1.25% in November and to 1.75% in December.
The
banking
sector
also
had
to
face
the
challenge
of
an
unstable
economic
situation
and
adapt
its
business
model
to
market
changes
on
an
ongoing
basis.
The
sector’s
profitability
has
improved
and
this
is
despite
an
environment
of
record
low
interest
rates.
A
significant
factor
was
the
measures
taken
by
banks
to
optimise
and
digitise
their
operational
processes,
cut
their
own
costs,
and
adapt
their
offers
and
operations
to
clients’
expectations.
Further
development
of
digital
processes
could
be
observed
–
above
all the remote opening of accounts and the emphasis on electronic channels of contact with the bank.
Despite
the
changing
economic
and
regulatory
environment,
the
ING
Bank
Śląski
S.A.
Group
consistently
pursued
its
business
strategy.
Its
constant
goal
is
to
increase
the
scale
of
its
operations
by
winning
new
clients
and
offering
convenient
and
modern
solutions
and
products
designed
to
meet
the
expectations
of
clients
in
all
business
segments.
Last
year,
ING
Bank
Śląski
Group’s
consolidated
net
profit
amounted
to
PLN
2,308.3
million,
compared
to
PLN
1,337.6
million
in
2020.
The
Group
increased
its
loan
and
deposit
portfolio
while
maintaining
good
asset
quality
and
keeping
a
strong
capital
and
liquidity
position.
The
corporate
segment’s
market
share
of
loans
rose
to
12.6
percent
and
the
retail
loan
market
share
to
8.9
percent,
meaning
that
compared
to
2020
the
value
of
loans
increased
by
16
percent
to
PLN
146.5
billion.
In
2021,
the
Group
won
112,000
retail
segment
clients
and
17,000
corporate
segment
clients.
In
total,
by
the
end
of
2021,
the
Group
served
4.3
million
retail
clients
and
reached
503,000
companies
in
corporate banking.
As at 2021 yearend, the total capital ratio stood at a high and safe level of 15.08%.
