Announcement • Apr 26
ING Bank Slaski S.A. (WSE:ING) completed the acquisition of remaining 55% stake in Goldman Sachs TFI S.A. in a transaction valued at approximately PLN 410 million.. ING Bank Slaski S.A. (WSE:ING) agreed to acquire remaining 55% stake in Goldman Sachs TFI S.A. on November 18, 2025. Upon completion, ING Bank Slaski S.A. will own 100 % stake in Goldman Sachs TFI S.A. Completion of the transaction is expected in the first half of 2026, subject to customary regulatory approvals.
ING Bank Slaski S.A. (WSE:ING) completed the acquisition of remaining 55% stake in Goldman Sachs TFI S.A. in a transaction valued at approximately PLN 410 million on April 24, 2026. Following the transaction, Goldman Sachs TFI will change its name to ING TFI. Announcement • Mar 24
ING Bank Slaski S.A., Annual General Meeting, Apr 16, 2026 ING Bank Slaski S.A., Annual General Meeting, Apr 16, 2026, at 12:00 Central European Standard Time. Announcement • Mar 05
ING Bank Slaski S.A. announces Annual dividend, payable on April 27, 2026 ING Bank Slaski S.A. announced Annual dividend of PLN 26.7100 per share payable on April 27, 2026, ex-date on April 21, 2026 and record date on April 22, 2026. Announcement • Apr 03
ING Bank Slaski S.A., Annual General Meeting, Apr 29, 2025 ING Bank Slaski S.A., Annual General Meeting, Apr 29, 2025. Announcement • Mar 06
ING Bank Slaski S.A. announces Annual dividend, payable on May 12, 2025 ING Bank Slaski S.A. announced Annual dividend of PLN 25.1800 per share payable on May 12, 2025, ex-date on May 05, 2025 and record date on May 06, 2025. Reported Earnings • Nov 01
Third quarter 2024 earnings released: EPS: zł8.47 (vs zł8.93 in 3Q 2023) Third quarter 2024 results: EPS: zł8.47 (down from zł8.93 in 3Q 2023). Revenue: zł2.56b (up 2.0% from 3Q 2023). Net income: zł1.10b (down 5.2% from 3Q 2023). Profit margin: 43% (down from 46% in 3Q 2023). The decrease in margin was driven by higher expenses. Revenue is forecast to grow 5.1% p.a. on average during the next 3 years, compared to a 3.1% growth forecast for the Banks industry in Europe. Over the last 3 years on average, earnings per share has increased by 31% per year but the company’s share price has remained flat, which means it is significantly lagging earnings. Reported Earnings • Aug 09
Second quarter 2024 earnings released: EPS: zł7.41 (vs zł8.45 in 2Q 2023) Second quarter 2024 results: EPS: zł7.41 (down from zł8.45 in 2Q 2023). Revenue: zł2.38b (down 2.4% from 2Q 2023). Net income: zł964.7m (down 12% from 2Q 2023). Profit margin: 41% (down from 45% in 2Q 2023). The decrease in margin was primarily driven by higher expenses. Revenue is forecast to grow 5.1% p.a. on average during the next 3 years, compared to a 3.0% growth forecast for the Banks industry in Europe. Over the last 3 years on average, earnings per share has increased by 32% per year but the company’s share price has only increased by 8% per year, which means it is significantly lagging earnings growth. New Risk • Jun 07
New major risk - Revenue and earnings growth Earnings are forecast to decline by an average of 1.0% per year for the foreseeable future. This is considered a major risk. Ultimately, shareholders want to see a good return on their investment and that generally comes from sharing in the company's profits. If profits are expected to decline, then in most cases the share price will decline over time as well. In addition, if the company pays dividends it will also likely need to reduce or cut them, striking a dual blow to total shareholder returns. Currently, the following risks have been identified for the company: Major Risk Earnings are forecast to decline by an average of 1.0% per year for the foreseeable future. Minor Risk Dividend is not well covered by earnings (96% payout ratio). Reported Earnings • May 06
First quarter 2024 earnings released: EPS: zł7.64 (vs zł6.98 in 1Q 2023) First quarter 2024 results: EPS: zł7.64 (up from zł6.98 in 1Q 2023). Revenue: zł2.56b (up 8.1% from 1Q 2023). Net income: zł993.3m (up 9.3% from 1Q 2023). Profit margin: 39% (in line with 1Q 2023). Revenue is forecast to grow 4.9% p.a. on average during the next 3 years, compared to a 3.2% growth forecast for the Banks industry in Europe. Over the last 3 years on average, earnings per share has increased by 32% per year but the company’s share price has only increased by 24% per year, which means it is significantly lagging earnings growth. New Risk • Apr 24
New minor risk - Share price stability The company's share price has been volatile over the past 3 months. It is more volatile than 75% of German stocks, typically moving 7.0% a week. This is considered a minor risk. Share price volatility indicates the stock is highly sensitive to market conditions or economic conditions rather than being sensitive to its own business performance, which may also be inconsistent. It also increases the risk of potential losses in the short term as the stock tends to have larger drops in price more frequently than other stocks. Currently, the following risks have been identified for the company: Minor Risks Dividend is not well covered by earnings (98% payout ratio). Share price has been volatile over the past 3 months (7.0% average weekly change). Valuation Update With 7 Day Price Move • Apr 18
Investor sentiment deteriorates as stock falls 15% After last week's 15% share price decline to €68.20, the stock trades at a forward P/E ratio of 9x. Average forward P/E is 8x in the Banks industry in Europe. Total returns to shareholders of 110% over the past three years. Simply Wall St's valuation model estimates the intrinsic value at €127 per share. Upcoming Dividend • Apr 09
Upcoming dividend of zł33.35 per share Eligible shareholders must have bought the stock before 16 April 2024. Payment date: 06 May 2024. Trailing yield: 9.5%. Within top quartile of German dividend payers (4.6%). Higher than average of industry peers (6.4%). Announcement • Mar 17
ING Bank Slaski S.A., Annual General Meeting, Apr 11, 2024 ING Bank Slaski S.A., Annual General Meeting, Apr 11, 2024, at 12:00 Central European Standard Time. Location: the auditorium of ING Bank lski S.A. Head Office in Katowice at ul. Sokolska 34, Katowice Poland Agenda: To discuss opening of the General Meeting; to discuss appointing the Chairperson of the General Meeting; to discuss stating that the General Meeting has been convened in compliance with the law and is capable of passing resolutions; to discuss presenting the agenda of the General Meeting; to presenting the Management Board reports on operations of the Bank and Bank Group in 2023 including the report on non-financial information as well as financial statements for 2023; and to discuss other matters. Reported Earnings • Mar 14
Full year 2023 earnings released: EPS: zł34.13 (vs zł13.18 in FY 2022) Full year 2023 results: EPS: zł34.13 (up from zł13.18 in FY 2022). Revenue: zł10.0b (up 51% from FY 2022). Net income: zł4.44b (up 159% from FY 2022). Profit margin: 44% (up from 26% in FY 2022). The increase in margin was driven by higher revenue. Non-performing loans: 2.71% (up from 2.35% in FY 2022). Revenue is forecast to grow 2.5% p.a. on average during the next 3 years, compared to a 3.8% growth forecast for the Banks industry in Europe. Over the last 3 years on average, earnings per share has increased by 29% per year but the company’s share price has only increased by 23% per year, which means it is significantly lagging earnings growth. Reported Earnings • Feb 02
Full year 2023 earnings released: EPS: zł34.14 (vs zł13.18 in FY 2022) Full year 2023 results: EPS: zł34.14 (up from zł13.18 in FY 2022). Revenue: zł10.0b (up 51% from FY 2022). Net income: zł4.44b (up 159% from FY 2022). Profit margin: 44% (up from 26% in FY 2022). The increase in margin was driven by higher revenue. Revenue is forecast to grow 2.8% p.a. on average during the next 2 years, compared to a 1.8% growth forecast for the Banks industry in Europe. Over the last 3 years on average, earnings per share has increased by 29% per year but the company’s share price has only increased by 16% per year, which means it is significantly lagging earnings growth. Announcement • Jan 27
ING Bank Slaski S.A. to Report Q4, 2023 Results on Feb 01, 2024 ING Bank Slaski S.A. announced that they will report Q4, 2023 results on Feb 01, 2024 Reported Earnings • Nov 03
Third quarter 2023 earnings released: EPS: zł8.93 (vs zł2.44 loss in 3Q 2022) Third quarter 2023 results: EPS: zł8.93 (up from zł2.44 loss in 3Q 2022). Revenue: zł2.51b (up 391% from 3Q 2022). Net income: zł1.16b (up zł1.48b from 3Q 2022). Profit margin: 46% (up from net loss in 3Q 2022). The move to profitability was driven by higher revenue. Revenue is forecast to grow 2.7% p.a. on average during the next 3 years, compared to a 3.0% growth forecast for the Banks industry in Europe. Over the last 3 years on average, earnings per share has increased by 22% per year whereas the company’s share price has increased by 25% per year. Reported Earnings • Aug 06
Second quarter 2023 earnings released: EPS: zł8.45 (vs zł4.40 in 2Q 2022) Second quarter 2023 results: EPS: zł8.45 (up from zł4.40 in 2Q 2022). Revenue: zł2.43b (up 11% from 2Q 2022). Net income: zł1.10b (up 92% from 2Q 2022). Profit margin: 45% (up from 26% in 2Q 2022). The increase in margin was primarily driven by lower expenses. Revenue is forecast to grow 9.0% p.a. on average during the next 3 years, compared to a 3.4% growth forecast for the Banks industry in Europe. Over the last 3 years on average, earnings per share has increased by 14% per year whereas the company’s share price has increased by 15% per year. Reported Earnings • May 12
First quarter 2023 earnings released: EPS: zł6.99 (vs zł6.09 in 1Q 2022) First quarter 2023 results: EPS: zł6.99 (up from zł6.09 in 1Q 2022). Revenue: zł2.37b (up 10% from 1Q 2022). Net income: zł908.7m (up 15% from 1Q 2022). Profit margin: 38% (up from 37% in 1Q 2022). The increase in margin was driven by higher revenue. Revenue is forecast to grow 5.4% p.a. on average during the next 3 years, compared to a 3.0% growth forecast for the Banks industry in Europe. Over the last 3 years on average, earnings per share has increased by 13% per year whereas the company’s share price has increased by 12% per year. Reported Earnings • Feb 08
Full year 2022 earnings released: EPS: zł14.95 (vs zł17.74 in FY 2021) Full year 2022 results: EPS: zł14.95 (down from zł17.74 in FY 2021). Revenue: zł6.90b (up 6.2% from FY 2021). Net income: zł1.94b (down 16% from FY 2021). Profit margin: 28% (down from 36% in FY 2021). The decrease in margin was driven by higher expenses. Revenue is forecast to grow 13% p.a. on average during the next 3 years, compared to a 5.9% growth forecast for the Banks industry in Europe. Over the last 3 years on average, earnings per share has increased by 16% per year but the company’s share price has fallen by 9% per year, which means it is significantly lagging earnings. Announcement • Feb 03
ING Bank Slaski S.A. to Report Q4, 2022 Results on Feb 02, 2023 ING Bank Slaski S.A. announced that they will report Q4, 2022 results on Feb 02, 2023 Reported Earnings • Nov 05
Third quarter 2022 earnings released Third quarter 2022 results: Revenue: zł511.0m (down 69% from 3Q 2021). Net loss: zł317.3m (down 150% from profit in 3Q 2021). Revenue is forecast to grow 5.6% p.a. on average during the next 3 years, compared to a 5.1% growth forecast for the Banks industry in Europe. Over the last 3 years on average, earnings per share has increased by 22% per year but the company’s share price has fallen by 10% per year, which means it is significantly lagging earnings. Valuation Update With 7 Day Price Move • Sep 02
Investor sentiment deteriorated over the past week After last week's 17% share price decline to €27.15, the stock trades at a forward P/E ratio of 8x. Average forward P/E is 8x in the Banks industry in Europe. Total loss to shareholders of 33% over the past three years. Reported Earnings • Aug 06
Second quarter 2022 earnings released: EPS: zł4.40 (vs zł4.73 in 2Q 2021) Second quarter 2022 results: EPS: zł4.40 (down from zł4.73 in 2Q 2021). Revenue: zł2.19b (up 34% from 2Q 2021). Net income: zł573.0m (down 6.9% from 2Q 2021). Profit margin: 26% (down from 38% in 2Q 2021). The decrease in margin was driven by higher expenses. Over the next year, revenue is forecast to grow 19%, compared to a 15% growth forecast for the industry in Germany. Over the last 3 years on average, earnings per share has increased by 19% per year but the company’s share price has fallen by 9% per year, which means it is significantly lagging earnings. Announcement • Jul 16
ING Bank Slaski S.A. Provides Earnings Guidance for the Third Quarter of 2022 ING Bank Slaski S.A. provided earnings guidance for the third quarter of 2022. For the quarter, the bank expects to suffer a net loss in as it estimates the negative impact of credit vacation for mortgage borrowers at ca. PLN 1.7 billion at the pre-tax level. Reported Earnings • May 07
First quarter 2022 earnings released First quarter 2022 results: Revenue: zł2.15b (up 46% from 1Q 2021). Net income: zł792.8m (up 106% from 1Q 2021). Profit margin: 37% (up from 26% in 1Q 2021). The increase in margin was driven by higher revenue. Over the next year, revenue is forecast to grow 18%, compared to a 11% growth forecast for the industry in Germany. Announcement • Apr 08
Lender ING BSK Approves Gross Dividend for the Year 2021, Payable on May 4, 2022 Lender ING BSK approved PLN 5.3 gross dividend per share from 2021 earnings, or 30% payout. Total payout would thus come to PLN 689.5 million. Rights would be set at April 15, 2022, with payment slated for May 4, 2022. Upcoming Dividend • Apr 06
Upcoming dividend of zł5.30 per share Eligible shareholders must have bought the stock before 13 April 2022. Payment date: 04 May 2022. Payout ratio is a comfortable 30% but the company is not cash flow positive. Trailing yield: 2.2%. Lower than top quartile of German dividend payers (3.8%). Lower than average of industry peers (6.2%). Reported Earnings • Mar 17
Full year 2021 earnings: Revenues and EPS in line with analyst expectations Full year 2021 results: EPS: zł17.74 (up from zł10.28 in FY 2020). Revenue: zł6.52b (up 27% from FY 2020). Net income: zł2.31b (up 73% from FY 2020). Profit margin: 35% (up from 26% in FY 2020). The increase in margin was driven by higher revenue. Revenue was in line with analyst estimates. Over the next year, revenue is forecast to grow 28%, compared to a 8.9% growth forecast for the banks industry in Germany. Over the last 3 years on average, earnings per share has increased by 8% per year whereas the company’s share price has increased by 3% per year. Announcement • Mar 10
Lender ING BSK Recommends Gross Dividend for the Year 2021, Payable on May 4, 2022 Lender ING BSK recommended PLN 5.3 gross dividend per share from 2021 earnings, or 30% payout, in line with previously voiced plans. Total payout would thus come to PLN 689.5 million. Rights would be set at April 15, 2022, with payment slated for May 4, 2022. Valuation Update With 7 Day Price Move • Feb 26
Investor sentiment deteriorated over the past week After last week's 16% share price decline to €48.20, the stock trades at a forward P/E ratio of 13x. Average forward P/E is 10x in the Banks industry in Europe. Total returns to shareholders of 14% over the past three years. Simply Wall St's valuation model estimates the intrinsic value at €91.98 per share. Reported Earnings • Feb 04
Full year 2021 earnings: EPS in line with analyst expectations despite revenue beat Full year 2021 results: EPS: zł17.74 (up from zł10.28 in FY 2020). Revenue: zł6.50b (up 26% from FY 2020). Net income: zł2.31b (up 73% from FY 2020). Profit margin: 36% (up from 26% in FY 2020). The increase in margin was driven by higher revenue. Revenue exceeded analyst estimates by 1.8%. Over the next year, revenue is forecast to grow 31%, compared to a 12% growth forecast for the banks industry in Germany. Over the last 3 years on average, earnings per share has increased by 8% per year whereas the company’s share price has increased by 9% per year. Executive Departure • Dec 02
Independent Supervisory Board Chairman Anthony Reczek has left the company On the 30th of November, Anthony Reczek's tenure as Independent Supervisory Board Chairman ended. We don't have any record of a personal shareholding under Anthony's name. A total of 4 executives have left over the last 12 months. The current median tenure of the management team is 2.08 years. Executive Departure • Dec 01
Independent Supervisory Board Member Aleksander Kutela has left the company On the 29th of November, Aleksander Kutela's tenure as Independent Supervisory Board Member ended after 7.6 years in the role. We don't have any record of a personal shareholding under Aleksander's name. A total of 3 executives have left over the last 12 months. The current median tenure of the management team is 2.08 years. Upcoming Dividend • Nov 25
Upcoming dividend of zł5.10 per share Eligible shareholders must have bought the stock before 02 December 2021. Payment date: 10 December 2021. Trailing yield: 1.9%. Lower than top quartile of German dividend payers (3.2%). Lower than average of industry peers (3.3%). Reported Earnings • Nov 09
Third quarter 2021 earnings released: EPS zł4.91 (vs zł3.38 in 3Q 2020) The company reported a strong third quarter result with improved earnings, revenues and profit margins. Third quarter 2021 results: Revenue: zł1.66b (up 19% from 3Q 2020). Net income: zł638.4m (up 45% from 3Q 2020). Profit margin: 38% (up from 31% in 3Q 2020). The increase in margin was driven by higher revenue. Over the last 3 years on average, earnings per share has increased by 4% per year but the company’s share price has increased by 13% per year, which means it is tracking significantly ahead of earnings growth. 
