ING Bank Slaski S.A.

WSE:ING Stock Report

Market Cap: zł57.7b

ING Bank Slaski Management

Management criteria checks 3/4

ING Bank Slaski's CEO is Michal Boleslawski, appointed in Dec 2024, has a tenure of 1.67 years. total yearly compensation is PLN2.11M, comprised of 84.8% salary and 15.2% bonuses, including company stock and options. directly owns 0.001% of the company’s shares, worth PLN363.59K. The average tenure of the management team and the board of directors is 1.7 years and 4.8 years respectively.

Key information

Michal Boleslawski

Chief executive officer

zł2.1m

Total compensation

CEO salary percentage84.79%
CEO tenure1.7yrs
CEO ownership0.0006%
Management average tenure1.7yrs
Board average tenure4.8yrs

Recent management updates

Recent updates

Narrative Update • Aug 11

ING: Stable Margins And Slightly Higher P/E Will Support Fair Value

Analysts have raised the price target for ING Bank Slaski from PLN 406 to approximately PLN 417.67, citing updated assumptions for fair value, discount rate, revenue growth, profit margin, and future P/E. What’s in the News for ING Bank Slaski No recent news items for ING Bank Slaski were identified in the provided sources as of 10 Aug 2026.
Narrative Update • Jul 22

ING: Future Margins And P/E Assumptions Will Shape A Fair Outlook

Analysts have trimmed their price target for ING Bank Slaski from PLN 470 to PLN 443, citing updated assumptions around slightly lower profit margins, a revised future P/E of 14.14, and refreshed expectations for revenue growth and discount rates. What’s in the News for ING Bank Slaski No recent company specific news items for ING Bank Slaski were identified from the provided sources as of 15 Jul 2026.
Narrative Update • Jul 08

ING: Rich Earnings Outlook Will Likely Struggle To Justify Current Pricing

Analysts have raised their price target on ING Bank Slaski from PLN 321.95 to PLN 350.00, citing updated assumptions for the discount rate, revenue growth, profit margin and future P/E that they view as better aligned with the bank's current outlook. What's in the News No recent news items or key developments for ING Bank Slaski were identified in the provided sources as of 8 Jul 2026.
Narrative Update • Jun 24

ING: Higher Margin Assumptions Will Keep Expensive Earnings Multiple At Risk

Analysts have raised their price target for ING Bank Slaski to PLN 406 from PLN 382.28, citing updated assumptions for profit margins and the future P/E multiple as the main drivers of the change. What's in the News Analysts adjusted their profit margin assumptions for ING Bank Slaski, which feeds directly into the updated valuation framework.
Narrative Update • Jun 07

ING: Trimmed Revenue Outlook Will Keep Rich Earnings Multiple Vulnerable

Analysts have trimmed their price target on ING Bank Slaski slightly, reflecting a revised fair value estimate of around PLN 382.28, compared with the prior PLN 384.71, as they fine tune assumptions on revenue growth, profit margins and forward P/E expectations. What's in the News No recent company-specific news items for ING Bank Slaski were identified in the provided sources.
Narrative Update • May 23

ING: Dividend And Earnings Assumptions Will Support Measured Fair Value Outlook

Analysts have nudged their price target for ING Bank Slaski slightly higher to PLN 384.71 from PLN 381.38, citing updated assumptions around discount rates, revenue growth, profit margins, and future P/E multiples. What's in the News ING Bank Slaski announced an annual dividend of PLN 26.71 per share, with an ex-dividend date set for April 21, 2026, a record date on April 22, 2026, and payment scheduled for April 27, 2026 (Key Developments).
Narrative Update • May 06

ING: Dividend Commitment And Steady Outlook Will Support Fair Value

Analysts have left the PLN 381.38 price target for ING Bank Slaski unchanged, noting that a slightly higher assumed discount rate and revenue growth outlook are offset by a modestly lower profit margin and broadly steady future P/E expectations. What's in the News ING Bank Slaski S.A. announced an annual dividend of PLN 26.71 per share, with payment scheduled for April 27, 2026 (Key Developments).
Narrative Update • Apr 21

ING: Elevated Dividend Payout Will Sustain Overvaluation Risk For Now

Analysts have made a marginal adjustment to their fair value estimate for ING Bank Slaski, trimming the price target by PLN0.06 to reflect slightly updated assumptions for the discount rate, revenue growth, profit margin and future P/E. What's in the News ING Bank Slaski S.A. declared an annual dividend of PLN 26.71 per share.
Narrative Update • Apr 07

ING: Dividend Outlook And Stable Earnings Profile Will Support Fair Value

Analysts have kept their PLN price target for ING Bank Slaski effectively unchanged, making only slight adjustments to the discount rate and to long term assumptions around revenue growth, profit margin and future P/E used to support the valuation framework. What's in the News ING Bank Slaski S.A. announced an annual dividend of PLN 26.71 per share, with an ex-dividend date on April 21, 2026, and a record date on April 22, 2026 (Key Developments).
Narrative Update • Mar 24

ING: Dividend Policy And Earnings Profile Will Support Fair Value

Analysts have adjusted their fair value estimate for ING Bank Slaski slightly higher, moving the price target from PLN 379.58 to PLN 381.44. This change reflects updated assumptions on revenue growth, profit margins and future P/E expectations.
Narrative Update • Mar 09

ING: Higher Margin And Dividend Will Support Fairly Valued Shares

Analysts have nudged their price target for ING Bank Slaski higher to PLN 379.58 from PLN 365.72, citing updated assumptions around the discount rate, revenue growth, profit margin and future P/E as drivers of the revised view. What's in the News ING Bank Slaski S.A. announced an annual dividend of PLN 26.7100 per share, with an ex-dividend date on April 21, 2026, a record date on April 22, 2026, and payment scheduled for April 27, 2026 (Key Developments).
Narrative Update • Feb 23

ING: Lower Future P/E Will Limit Upside Despite Margin Shift

Analysts have made a marginal adjustment to their PLN price target for ING Bank Slaski to PLN 365.72, reflecting slightly updated assumptions for discount rate, revenue growth, profit margin and future P/E expectations. Valuation Changes Fair Value: PLN 365.73 to PLN 365.72, reflecting a very small downward adjustment to the model output.
Narrative Update • Feb 08

ING: Softer Margins And Richer P/E Will Restrain Future Upside

Analysts have slightly reduced their price target for ING Bank Slaski, trimming fair value from €369.52 to €365.73 as they now assume a modestly lower revenue growth rate, a softer profit margin, and a somewhat higher future P/E multiple. Valuation Changes Fair Value: Trimmed slightly from €369.52 to €365.73, reflecting a modest adjustment to the model.
Narrative Update • Jan 25

ING: Future Earnings Power Will Support Fair Outlook With Refined Assumptions

Analysts have kept their price target on ING Bank Slaski steady while slightly adjusting assumptions around discount rate, revenue growth, profit margin and future P/E. This reflects refreshed views on the bank's risk profile and earnings potential without changing their overall valuation stance.
Narrative Update • Jan 10

ING: Future Earnings Power Will Support Fair Outlook With Stable Assumptions

Analysts have nudged their price target for ING Bank Slaski to €369.52, a change they link to small adjustments in assumptions such as the discount rate and future P/E, while keeping forecast revenue growth and profit margin essentially unchanged. Valuation Changes Fair Value: Modelled fair value is unchanged at €369.52 per share.
Narrative Update • Dec 18

ING: Future Earnings Power Will Drive Upside Despite Slightly Lower Multiple

Analysts have slightly lowered their price target on ING Bank Slaski by approximately PLN 1.47. This reflects a marginally higher long term revenue growth outlook and profit margin, which are offset by a modestly reduced fair value and future P/E expectation.
Narrative Update • Dec 04

ING: Future Profitability And Modest Multiple Support Will Drive Upside

Analysts have slightly reduced their price target for ING Bank Slaski to 370.99 PLN from 374.83 PLN, reflecting updated assumptions that include marginally higher long-term revenue growth, a modestly lower profit margin outlook, and slightly compressed future valuation multiples. Valuation Changes Fair Value: reduced slightly to 370.99 PLN from 374.83 PLN.
Narrative Update • Nov 20

ING: Improved Margins And Discount Rate Will Guide Future Performance

Narrative Update on ING Bank Slaski Analysts have raised their price target for ING Bank Slaski from PLN 365.83 to PLN 374.83. They cite improved revenue growth and stronger profit margins as primary drivers for the optimistic outlook.
Narrative Update • Nov 06

ING: Stable Margins And Lower Discount Rate Will Support Future Upside

Analysts have raised their price target for ING Bank Slaski by approximately PLN 3, citing updated assumptions around profit margin stability and a modest reduction in the discount rate, even though projected revenue growth is lower. Valuation Changes Fair Value: Increased marginally from PLN 362.83 to PLN 365.83.
Narrative Update • Oct 22

Analysts Maintain ING Bank Slaski Price Target as Growth Outlook and Margins Hold Steady

Analysts have maintained their price target for ING Bank Śląski at PLN 362.83, citing sustained expectations for revenue growth and profit margins. They have made only minor adjustments to the discount rate and future price-to-earnings assumptions.
Narrative Update • Oct 08

Margin Compression And Demographic Headwinds Will Weaken Polish Banking

Analysts have raised their price target for ING Bank Slaski from PLN 344.50 to PLN 362.83, citing modest improvements in fair value metrics and a slightly lower discount rate. Valuation Changes The Fair Value Estimate has risen slightly from PLN 344.50 to PLN 362.83.
Narrative Update • Sep 12

Margin Compression And Demographic Headwinds Will Weaken Polish Banking

The consensus price target for ING Bank Slaski has been raised to PLN344.50, primarily reflecting modest improvements in revenue growth forecasts and future valuation multiples. Valuation Changes Summary of Valuation Changes for ING Bank Slaski The Consensus Analyst Price Target has risen slightly from PLN337.50 to PLN344.50.
Narrative Update • Aug 28

Margin Compression And Demographic Headwinds Will Weaken Polish Banking

With no change in either the discount rate or future P/E assumptions, analysts have left their consensus fair value estimate for ING Bank Slaski unchanged at PLN337.50. Valuation Changes Summary of Valuation Changes for ING Bank Slaski The Consensus Analyst Price Target remained effectively unchanged, at PLN337.50.
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New Narrative • Nov 28

Balancing Growth And Risk In The Mortgage Sector Amid Economic Challenges And Rising Costs

Strategic process improvements and focus on client security could enhance trust, leading to potentially higher revenue and better net margins.

CEO Compensation Analysis

How has Michal Boleslawski's remuneration changed compared to ING Bank Slaski's earnings?
DateTotal CompensationSalaryCompany Earnings
Jun 30 2026n/an/a

zł5b

Mar 31 2026n/an/a

zł4b

Dec 31 2025zł2mzł2m

zł5b

Sep 30 2025n/an/a

zł5b

Jun 30 2025n/an/a

zł5b

Mar 31 2025n/an/a

zł4b

Dec 31 2024n/an/a

zł4b

Sep 30 2024n/an/a

zł4b

Jun 30 2024n/an/a

zł4b

Mar 31 2024n/an/a

zł5b

Dec 31 2023n/an/a

zł4b

Sep 30 2023n/an/a

zł4b

Jun 30 2023n/an/a

zł2b

Mar 31 2023n/an/a

zł2b

Dec 31 2022n/an/a

zł2b

Sep 30 2022n/an/a

zł2b

Jun 30 2022n/an/a

zł3b

Mar 31 2022n/an/a

zł3b

Dec 31 2021n/an/a

zł2b

Sep 30 2021n/an/a

zł2b

Jun 30 2021n/an/a

zł2b

Mar 31 2021n/an/a

zł1b

Dec 31 2020zł3mzł1m

zł1b

Sep 30 2020n/an/a

zł1b

Jun 30 2020n/an/a

zł1b

Mar 31 2020n/an/a

zł2b

Dec 31 2019zł3mzł1m

zł2b

Compensation vs Market: Michal's total compensation ($USD571.20K) is about average for companies of similar size in the Polish market ($USD459.71K).

Compensation vs Earnings: Michal's compensation has been consistent with company performance over the past year.

CEO

Michal Boleslawski

1.7yrs
Tenure
zł2,110,000
Compensation

Mr. Michal Boleslawski served as President of the Management Board of ING Groep N.V. from December 2024. He serves as President of the Management Board at ING Bank Slaski S.A. since December 20, 2024. Mr....

Leadership Team

NamePositionTenureCompensationOwnership
Michal Boleslawski
President of the Management Board1.7yrszł2.11m0.00063%
PLN 363.6k
Joanna Erdman
VP of the Management Board & Chief Risk Officer13.3yrszł1.99m0.0011%
PLN 634.8k
Marcin Gizycki
Head of Private Individuals & Vice President of the Management Board10yrszł2.03m0.0012%
PLN 709.9k
Bozena Graczyk
VP of the Management Board & CFO9.3yrszł2.01m0.0012%
PLN 698.3k
Alicja Zyla
COO & Vice President of management Board4.9yrszł1.81m0.00067%
PLN 386.7k
Maciej Ogorkiewicz
CIO & Vice-President of the Management Board1.3yrszł987.00k0.00041%
PLN 236.6k
Marcin Koscinski
Head of Business Banking & Vice-President of the Management Board1.3yrszł1.04m0.00068%
PLN 392.4k
Wojciech Sienczyk
Head of Private Banking and Investment & Management Board Vice Presidentless than a yearno data0.00028%
PLN 161.6k
Agnieszka Wolska
Head of Wholesale Banking & Vice President of management Boardless than a yearno data0.00098%
PLN 565.6k
Jolanta Rodriguez
Director of Accounting Department & Chief Accountantno datano datano data
Iza Rokicka
Director of the Investors Relationsno datano datano data
Piotr Utrata
Head of Media Relationsno datano datano data
1.7yrs
Average Tenure

Experienced Management: ING's management team is not considered experienced ( 1.7 years average tenure), which suggests a new team.

Board Members

NamePositionTenureCompensationOwnership
Michal Szczurek
Deputy Chair of Supervisory Board8.6yrsno datano data
Malgorzata Kolakowska
1 st Vice-Chairman of Supervisory Board10.6yrszł238.00kno data
Serge Offers
Supervisory Board Member2.3yrsno datano data
Hans De Munck
Supervisory Board Member3.6yrsno datano data
Monika Marcinkowska
Independent Chairman of Supervisory Board4.8yrszł488.00kno data
Dorota Dobija
Independent Member of Supervisory Board4.8yrszł315.00kno data
Arkadiusz Krasowski
Independent Supervisory Board Member2.3yrszł346.00kno data
4.8yrs
Average Tenure

Experienced Board: ING's board of directors are considered experienced (4.8 years average tenure).

Company Analysis and Financial Data Status

DataLast Updated (UTC time)
Company Analysis2026/08/21 00:06
End of Day Share Price 2026/08/21 00:00
Earnings2026/06/30
Annual Earnings2025/12/31

Data Sources

The data used in our company analysis is from S&P Global Market Intelligence LLC. The following data is used in our analysis model to generate this report. Data is normalised which can introduce a delay from the source being available.

PackageDataTimeframeExample US Source *
Company Financials10 years
  • Income statement
  • Cash flow statement
  • Balance sheet
Analyst Consensus Estimates+3 years
  • Forecast financials
  • Analyst price targets
Market Prices30 years
  • Stock prices
  • Dividends, Splits and Actions
Ownership10 years
  • Top shareholders
  • Insider trading
Management10 years
  • Leadership team
  • Board of directors
Key Developments10 years
  • Company announcements

* Example for US securities, for non-US equivalent regulatory forms and sources are used.

Unless specified all financial data is based on a yearly period but updated quarterly. This is known as Trailing Twelve Month (TTM) or Last Twelve Month (LTM) Data. Learn more.

Analysis Model and Snowflake

Details of the analysis model used to generate this report is available on our Github page, we also have guides on how to use our reports and tutorials on Youtube.

Learn about the world class team who designed and built the Simply Wall St analysis model.

Industry and Sector Metrics

Our industry and section metrics are calculated every 6 hours by Simply Wall St, details of our process are available on Github.

Analyst Sources

ING Bank Slaski S.A. is covered by 16 analysts. 6 of those analysts submitted the estimates of revenue or earnings used as inputs to our report. Analysts submissions are updated throughout the day.

AnalystInstitution
Michal KonarskiBiuro maklerskie mBanku
Mikolaj LemanczykBiuro maklerskie mBanku
Maciej SzczesnyBofA Global Research