Bank Polska Kasa Sa Ord

Good morning. Good morning. Good morning. Good morning.

Here you expressed your opinions, so to be honest, it's a little bit of a mockery of what you said. I think that such key elements that we want to emphasize are that this tax burden is significant and significant, but objective. Everyone is subject to it. It cost us extra money. Well, a very large amount of money, although from what I know, analysts did not assess that it would be a higher amount than what finally appeared. What we want to emphasize is the quality of income. This is another... I think it's probably the fifth quarter or the fourth, where we have a two-digit increase in provisional revenues. From the day I came here, I emphasized that this is important for us, that we have to rebuild the position, that maybe this structure of provisional revenues is not entirely satisfying, but in Polish conditions, it must also be said that changes The payment provision tables are very complicated. WOKiK in these matters, in my opinion, in a way that is not entirely understandable to me, makes this process difficult. We must first and foremost take care of this in a voluminous way and with greater discipline in relation to what we have experienced in the past, execute some provisions and benefits. Well, the bank was a bit off the top of the peloton in terms of digital channels. Gradually, this gap is getting narrower. I think this is a very important element of our strategy. It will be clearer next year. At the moment, we are working on solutions that I think will allow us We have to take a serious step forward and probably better serve our clients and probably better position ourselves in the competitive system. In terms of capital, there is not much to say. The bank has been maintaining a strong position of capital for many years with high dividends, so we are a bit like a postman, we deliver these dividends from there. Almost 30 years, so there is not much to add at this stage. Of course, we are trying to take into account the pace of economic growth and also credit portfolios, diversify the structure of our capital and also be better prepared for various events in the future. There is no such thing here, you have already analyzed it. It seems to me that from such important things, such signals, which on my part are probably necessary, it is this issue of Cost-Income Ratio, where I constantly emphasize my intellectual commitment to this size. Of course, it probably Morphology of this is more complicated, but let's say as such a main, as I say, chorus, it is a very important element of the management culture in which I grew up. However, in the case of PKOSA, I clearly want to say that I have here more such a sense of necessity, In the course of the implementation of the investment, which may temporarily reduce this indicator, Mainly due to the fact that the bank was delayed in some areas for various reasons, and this has its consequences, but still, let's say directly, the indicators of 34-36%, I wish our competitors abroad to function in this way. Kapitałowo nie ma problemu. NPL, który jest ważny z punktu widzenia płatności, dywidend też jest utrzymywany w jakimś reżimie. Koszty ryzyka, no to już Państwo skomentowali, trochę wyższy w korporacjach niż bywał, no ale to są sytuacje pewne w tym sektorze korporacyjnym, które się zdarzają. Wzrost portfela kredytowego przyzwoity w tych obszarach, na których nam najbardziej zależy, bardzo dobry. and the volume of the cash loan, where we are helpless and there we are doing some, maybe not at a very aggressive pace, but we are doing some handover. We want to be here and we are growing relatively fast. And what is the core of the bank, i.e. mid-market and MSP, the bank really achieves relatively good growth indicators. You can say that each segment contributed in some way. Here we give examples of exceptionally high growth rates that have appeared. Maybe I would focus on these elements of our ambition, i.e. services, It is a very valuable provisional income. And here we are trying to position ourselves as such a clear leader in the Polish market. Leasing, where we are undervalued, in my opinion, especially, but this is a consequence of a relatively weaker position in micro-entrepreneurships and the lower SME. It is a bit connected to itself, so here we are making some effort who materializes here with a 17% increase. We have a very high growth here for the sale of mortgage loans, but I have already said my hypothesis so many times that unless there will be questions, I think it is a sick product in Polish conditions, touched by significant weaknesses. We are on the trajectory of achieving the goals that we announced in this room in April last year. In this short-term strategic sprint, there are no special threats here, but of course it is more, as I said, it is a trajectory, I do not treat it in the category of carving stone goals, so we discipline ourselves with these sizes, we fit into them, but as I signaled, especially in relation to this cost and income, Here we will maintain some kind of flexibility. The growth takes place, the availability and, I would say, the assimilation of digital channels increases. As for the efficiency, here we have a little more to be realized. I don't think that the key information was given to investors and analysts, but there are a number of enterprises that materialized in the third quarter, both detail and corporate, which have some influence on this level of operational efficiency, level of acceptance of customers. I would only say one thing, namely about something we have signalled, that is, the need to build better and more effective care for our clients who have ambitions to go abroad. We have signalled this. The third quarter is the same. We don't treat it as an important element In the context of building potential income, at this stage, we rather treat it as an add-on service for our clients, which makes our relationship more loyal. Other things may not necessarily be discussed at this forum. Well, what was a certain weakness of the bank, i.e. this availability in digital channels and the ability to carry out a number of offer elements through digital channels, is improving, but it is not yet at the level of the ambition that the bank has. As I said before, here we are counting on the fact that the year 2027 will be a breakthrough in this regard in relation to detail. And I think the next breakthrough will significantly improve our position in relation to small and medium-sized enterprises, because there these pains are the greatest. We have implemented some transactions that are in the public domain, they have been implemented, there were communications on this matter. I would say that the bank has a high level of expertise here and is appreciated by the clients and the structure of a series of financing is entrusted to us. We would like more. The market is as it is. It will probably still appear in some questions. And that would be it from my side. Now we will move on to the macro. Yes, to the colleague Pytleczek.

So, this period, from the point of view of the economy, is very good. We have an investment boom, we will probably have a two-digit dynamic even of investment. These are mainly public investments, but it also spreads to On a strictly private investment, so there is no risk that appeared somewhere in the comments, in the public discourse, that there will be such an investment cliff. This does not happen. We are probably at the top of such economic activity and a little bit of black clouds appear on the horizon. This year 4% GDP forecast, next year it will probably be below 3%. These risks are primarily related to z efektami wojny w Zatoce, czyli wyższymi cenami paliw, ale też wyższymi cenami energii elektrycznej i gazu i to będzie prawdopodobnie bardziej nawet na przedsiębiorstwa gdzieś tam w końcówce przyszłego roku oddziaływać ich marże niż na gospodarstwa domowe, które będą w dużym stopniu ochronione pewnie, bo to mamy rok wyborczy, ale tak czy inaczej ten konsument prawdopodobnie na dwójkę z plusem, a and PKB for three with a minus. So we are probably with this forecast below consensus. But again, if we refer to the European Union, the Polish economy will still be the economy that grows probably the fastest of these large economies. So this is not a blackmail, but rather a correction due to the geopolitical situation. Of course, interesting things are happening on the inflation side. As I said, inflation will be one of the reasons why you can't be super optimistic about the consumer, which is getting more and more European, saving more and more. Consumption was depleting in the first half of the year, now this depleting usually ends after a few months. Główne banki centralne na świecie podnoszą stopy procentowe, FED podniesie stopy procentowe, podniósł już raz, jeszcze podniesie w grudniu, Europejski Bank Centralny podnosi, Bank Anglii podnosi, Banki Skandynawskie i pewnie Polski Bank Centralny też będzie te stopy podnosił. To się może nie stać w listopadzie, ale myślę, że na początku przyszłego roku. I tu jest ta różnica między In the last few months, it seemed that we had gone through this energy crisis with a dry foot. And now this inflation is simply too long increased to ignore it, and it is starting to shift in weaker gold and higher returns, and the Central Bank will probably react somehow. From the point of view of the banking sector, this is important information, In the last few months, these paths were on falling percentage levels, now they are stable or even growing, which probably means that the sector will have to overcome these percentage results. I do not think that these volumes, these dynamics have dropped significantly, but they will probably be a little lower than this year. As I said, there is a continuation of some investment effort. The biggest dynamics of the mortgage is this year, because there were lower stakes and a bit of delayed demand and refinancing. Next year, I think there will be some normalization. No i chyba tyle tak z mojej strony, a więc jakby cały czas przyzwoite otoczenie wzrostu gospodarczego, chociaż pik jest pewnie za nami i stopy w górę.