The consolidated income statement – presentation form

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Net profit of Bank Pekao S.A. Group attributable to equity holders for 2014 amounted to PLN 2,714.7 million allowing return on average capital (ROE) at the level of 11.5% achieved with a strong capital base reflected by the total capital ratio at 17.3% (Basel III). Normalized ROE (return on minimum equity equivalent to the total capital ratio at 10%) amounted to 17.3%.

As financial data of 2014 don't include results of PJSC UniCredit Bank – sold on July 16, 2013 – in the subsequent part of this chapter, additionally 2013 results are presented and financial information dynamics are discussed excluding PJSC UniCredit Bank from the year 2013 to ensure comparability.

The Group's net profit attributable to equity holders reported for 2014 was lower by PLN 52.6 million, i.e. 1.9% in comparison to 2013, mainly due to lower trading result and the impact of regulatory constraints.

The strength of the liquidity structure of Bank Pekao S.A. Group is reflected by net loans to deposits ratio at 88.8% at the end of December 2014. This together with strong equity level enables for further sound and stable development of the Group's activities.

(in PLN million)

 

2014

2013 (excluding PJSC UniCredit Bank)

2013

Change (excluding PJSC UniCredit Bank)

Net interest income

4,461.3

4,443.9

4,505.6

0.4%

Dividend income and income from equity investments

71.5

66.1

66.1

8.2%

Total net interest income, dividend income and other income from equity investments

4,532.8

4,510.0

4,571.7

0.5%

Net fee and commission income

2,043.7

2,131.7

2,142.8

(4.1%)

Trading result

679.5

755.2

752.8

(10.0%)

Net other operating income and expenses

89.7

96.7

98.0

(7.2%)

Net non-interest income

2,812.9

2,983.6

2,993.6

(5.7%)

Operating income

7,345.7

7,493.6

7,565.3

(2.0%)

Operating costs

(3,425.5)

(3,438.2)

(3,483.4)

(0.4%)

Operating profit

3,920.2

4,055.4

4,081.9

(3.3%)

Net result on other provisions

(2.7)

13.7

13.7

x

Net impairment losses on loans and off-balance sheet commitments

(559.6)

(658.5)

(663.7)

(15.0%)

Net result on investment activities

1.8

22.3

22.3

(91.9%)

Profit before tax

3,359.7

3,432.9

3,454.2

(2.1%)

Income tax expense

(634.6)

(655.4)

(659.2)

(3.2%)

Net profit for the period

2,725.1

2,777.5

2,795.0

(1.9%)

Attributable to equity holders of the Bank

2,714.7

2,767.3

2,784.8

(1.9%)

Attributable to non-controlling interest

10.4

10.2

10.2

2.0%