Supervisory Board's assessment, together with the statements of grounds, of the consolidated financial statements of the PKO Bank Polski S.A. Group for the year ended 31 December 2024, the financial statements of PKO Bank Polski S.A for the year ended 31 December 2024, and the Directors' Report on the operations o the PKO Bank Polski S.A. Group for 2024 with respect to conformity with the books, documents and the facts

 

The Supervisory Board of PKO Bank Polski S.A. (hereinafter: the "Supervisory Board"), in accordance with Article 382 § 3(1) of the Commercial Companies Code, § 70(1)(14) and § 71(1)(12) of the Regulation of the Minister of Finance of 29 March 2018 on current and periodic information submitted by issuers of securities and conditions for recognizing as equivalent information required by the laws of a non-member state (hereinafter: „Regulation on current and periodic information”) and § 15(1)(15) of the Articles of Association of PKO Bank Polski S.A., has positively assessed the following reports with regard to their conformity with the books, documents and facts:

1.        the consolidated financial statements of the PKO Bank Polski S.A. Group. (hereinafter: the “Bank’s Group”) for the year ended 31 December 2024,

2.        the financial statements of PKO Bank Polski S.A. (hereinafter: the “Bank”) for the year ended 31 December 2024,

3.        the PKO Bank Polski S.A. Group Directors’ Report for 2024, prepared together with the Directors’ Report of PKO Bank Polski S.A. which contains the sustainability report of the PKO Bank Polski S.A. Group for 2024

on the basis of: 

          the contents of the aforementioned reports presented to and discussed by the Management Board of PKO Bank Polski S.A.,

          meetings with representatives of the audit firm auditing the Bank's financial statements and the consolidated financial statements of the Bank's Group, including the key registered auditor,

          meetings with representatives of the audit firm providing assurance on the Bank Group's sustainability report, including with the key registered auditor responsible for the assurance,

          draft audit reports on the financial statements of the Bank and the consolidated financial statements of the Bank’s Group for the year ended 31 December 2024 and an additional report by the audit firm for the Audit Committee of the PKO Bank Polski S.A.'s Supervisory Board;

          draft assurance report on the Bank Group's sustainability report.

          the recommendation of the Audit Committee of the Bank’s Supervisory Board regarding the positive opinion on the audited financial statements, the Directors’ Report, and the assured sustainability report of the Bank’s Group.

The financial statements specified in (1)-(2) were audited by the audit firm KPMG Audyt spółka z ograniczoną odpowiedzialnością Audyt sp. k. with its registered office in Warsaw, which was appointed by the Supervisory Board to audit the separate financial statements of PKO Bank Polski S.A. and the consolidated financial statements of the of the PKO Bank Polski S.A. Group for the year ended 31 December 2024.

The assurance of the sustainability report of the PKO Bank Polski S.A. Group for the year 2024, as specified in (3), was conducted by the audit firm KPMG Audyt spółka z ograniczoną odpowiedzialnością sp.k. with its registered office in Warsaw, which was appointed by the Supervisory Board of PKO Bank Polski S.A. to conduct the assurance of the sustainability report of the PKO Bank Polski S.A. Group for the year 2024.

 

The results of the evaluation, including the statements of grounds, are presented below.

1.   The Supervisory Board has read and analysed the financial statements of PKO Bank Polski S.A. for the year ended 31 December 2024, comprising:

1)       selected financial data;

2)       the income statement for the period from 1 January 2024 to 31 December 2024;

3)       the statement of comprehensive income for 2024;

4)       the statement of financial position as at 31 December 2024;

5)       the statement of changes in equity for the year ended 31 December 2024;

6)        the statement of cash flows for the period from 1 January 2024 to 31 December 2024;

7)       notes to the financial statements.

2.   The Supervisory Board has read and analysed the consolidated financial statements of the PKO Bank Polski S.A. Group for the year ended 31 December 2024, comprising:

1)        selected consolidated financial data;

2)        the consolidated income statement for the period from 1 January 2024 to 31 December 2024;

3)        the consolidated statement of comprehensive income for 2024;

4)        the consolidated statement of financial position as at 31 December 2024;

5)        the consolidated statement of changes in equity for the year ended 31 December 2024;

6)        the consolidated statement of cash flows for the period from 1 January 2024 to 31 December 2024;

7)        notes to the consolidated financial statements.

3.   The Supervisory Board has read and analysed the PKO Bank Polski S.A. Group Directors’ Report for 2024 prepared together with the Directors’ Report of PKO Bank Polski S.A., which contains the sustainability report of the PKO BP S.A. Group for 2024.

The financial statements of PKO Bank Polski S.A. and consolidated financial statements of the PKO Bank Polski S.A. Group for the year ended 31 December 2024 have been prepared:

      in accordance with the International Financial Reporting Standards (IFRS) as endorsed by the European Union (EU) as at 31 December 2024;

      in accordance with the provisions of the Accounting Act and the respective secondary legislation issued thereunder, in areas not regulated by the above-mentioned standards;

      in accordance with the requirements relating to issuers of securities registered or applying for registration on the stock exchange official listing market.

The financial statements of PKO Bank Polski S.A. for the year ended 31 December 2024 and the consolidated financial statements of the PKO Bank Polski S.A. Group for the year ended 31 December 2024 present the significant accounting policies applied in all years presented on a continuous basis.

The Supervisory Board:

      having analysed the draft independent registered auditor’s reports and the audit firm’s additional report for the Audit Committee of the Supervisory Board of PKO Bank Polski S.A.;

      Having analysed the draft of the assurance report on the sustainability report of the PKO Bank Polski S.A. Group;

      based on meetings with representatives of the audit firm auditing the Bank's financial statements and the consolidated financial statements of the Bank's Group, including the key registered auditor;

      based on meetings with representatives of the audit firm providing assurance on the Bank Group's sustainability report, including with the key registered auditor responsible for the assurance;

      taking into account the positive recommendations of the Audit Committee of the Supervisory Board of PKO Bank Polski S.A.;

gave a positive opinion on the consolidated financial statements of the PKO Bank Polski S.A. Group for the year ended 31 December 2024, the financial statements of PKO Bank Polski S.A. for the year ended 31 December 2024, as well as the Directors’ Report of the PKO Bank Polski S.A. Group for 2024, prepared together with the Directors’ Report of PKO Bank Polski S.A., which includes the sustainability report of the PKO Bank Polski S.A. Group for the year 2024.

In particular, the registered auditor provided opinions in relation to:

      the PKO Bank Polski S.A.’s financial statements for the year ended 31 December 2024, concluding that they give a fair and clear view of the Bank’s assets and financial position as at 31 December 2024 and that they have been prepared, in all material respects, on the basis of properly maintained books of account in accordance with the provisions of Chapter 2 of the Accounting Act, and that they comply, in all material respects, with the laws applicable to the Bank and its Articles of Association;

      the consolidated financial statements of the PKO Bank Polski S.A. Group for the year ended 31 December 2024, concluding that they give a fair and clear view of the consolidated assets and financial position of the Bank’s Group as at 31 December 2024 and that they comply, in all material respects, with the laws applicable to the Bank’s Group and the Articles of Association of the Parent Company.

In addition, with regard to the Directors' Report of the PKO Bank Polski S.A. Group for 2024, prepared together with the Directors' Report of PKO Bank Polski S.A., the independent registered auditor concluded, based on the work performed during the audit of the financial statements, that the Directors' Report, in the part not related to the sustainability reporting, had been prepared, in all material respects, in accordance with the applicable legal provisions and that it was consistent with the information contained in the financial statements.

The independent registered auditor, with regard to the sustainability report of the PKO Bank Polski S.A. Group for 2024, concluded that nothing came to their attention that would suggest that it was not prepared, in all material respects, in accordance with the applicable legal provisions, including with respect to:

        compliance with the sustainability reporting standards within the meaning of Article 63p(2) of the Accounting Act, namely the European Sustainability Reporting Standards adopted by Commission Delegated Regulation (EU) 2023/2772 of 31 July 2023 supplementing Directive 2013/34/EU of the European Parliament and the Council with regard to sustainability reporting standards (hereinafter: “ESRS”);

        compliance with the ESRS of the materiality assessment process conducted by the PKO Bank Polski S.A. Group to identify the information included in the sustainability report, as well as:

        compliance with the reporting requirements set out in Article 8 of Regulation (EU) 2020/852 of the European Parliament and of the Council of 18 June 2020 on the establishment of a framework to facilitate sustainable investment, amending Regulation (EU) 2019/2088.

The Supervisory Board, based on the above activities, assesses that the consolidated financial statements of the PKO Bank Polski S.A. Group for the year ended 31 December 2024, the financial statements of PKO Bank Polski S.A. for the year ended 31 December 2024, and the Directors’ Report of the PKO Bank Polski S.A. Group for 2024, prepared together with the Directors’ Report of PKO Bank Polski S.A., which includes the sustainability report of the PKO Bank Polski S.A. Group for 2024, are consistent with the books, documents, and the actual state of affairs.

 

 

Supervisory Board of PKO Bank Polski S.A.

Warsaw, March 12, 2024