Subject: Significant event affecting the results of PKO Bank Hipoteczny S.A. in second half of 2022
Legal basis: Article 17. 1 of the MAR Regulation – confidential information.
Content:
The Management Board of PKO Bank Hipoteczny S.A. ("Bank") informs that following the Act on crowdfunding for business ventures and assistance to borrowers ("Act") entering into force, Banks’s Management Board estimates that the following item will be recognized in the Bank’s results in second half of 2022:
Bank will adjust the gross value of PLN mortgage loans by estimated amount of about PLN 644 million as a result of the entry into force of the Act enabling customers to suspend the repayment of a mortgage loan granted in PLN for two months per quarter in the period from 1 August 2022 to 30 September 2022 and from 1 October 2022 to 31 December 2022 and in the amount of one month per quarter in the period from
1 January 2023 to 31 December 2023 ("credit holidays"). Following the adoption of such a legal arrangement, the Bank is obliged to change the estimates of future cash flows concerning loan agreements. The loss estimation is based on the assumption that 63% of customers with a mortgage granted in PLN will decide to participate in the credit holidays to the fullest extent possible. Assuming that 100% of customers will participate in the credit holidays the amount of loss would have been PLN 1 021 million. The final value of the loss will depend, inter alia, on the number of customers who decided to benefit from credit holidays.
The loss will be recognized in the Bank’s results of the second half of 2022. Consequently, net result of the Bank for 2022 will be negative, whilst the Tier I capital ratio (T1) and the total capital ratio (TCR) will remain above the minimum capital requirements.
Date: 15-07-2022, 15:37
SIGNATURES OF COMPANY REPRESENTATIVES
15.07.2022 Katarzyna Surdy, Vice President of the Management Board
15.07.2022 Piotr Kochanek, Vice President of the Management Board