October 7, 2022

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Getin Bank reported a "threat of bankruptcy in the workplace".  course down sharply

Getin Bank reported a “threat of bankruptcy in the workplace”. course down sharply

Jiten Nobel Bank Notify on Friday In the current report o Violations as of January 1, 2022 of the Tier 1 common stock ratio (according to the Bank’s estimate, it is 4.2% compared to the 4.5% required by law) and the leverage ratio level (2.74% compared to the required 3%).

Among the reasons, the Bank lists additional burdens on own funds as a result of, among other things, another amortization bracket of the impact of the implementation of IFRS (the accounting standard), changes in amortization rates, revaluation of securities in the Bank’s portfolio (as a result of increased interest rates). by the Monetary Policy Committee) or a significant increase in the Swiss franc exchange rate.

As reported by the bank, due to the drop in the above-mentioned ratios below the required level, the bank – in accordance with the legal obligation – notified the Polish Financial Supervisory Authority of the occurrence of the risk of bankruptcy.

The bank also announced that at the end of March this year. The indicated ratios were at a lower level.

According to the data held by the Bank at the time of publication of this report, i.e. on March 31, 2022, the ratio of Tier 1 common stock was 0.14%. (on an individual basis) and 0.51 per cent. (on a consolidated basis), while the leverage ratio is 0.09%. (in individual terms) and 0.34 per cent. (on a consolidated basis)

– We read the bank report.

The bank representatives also reported it the difference The capital – depending on the basic ratio or aggregate requirements – is 1.4-2.2 billion PLN. However, the total capital gap – which would bring the solvency ratio in line with all requirements – amounts to PLN 4.5 billion.

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On Friday, Getin Noble Bank also reported the creation of a franc matter reserve in the amount of approximately PLN 882 million (against 300 million formerly PLN).

Getin Bank introduced a new refund plan

In subsequent current reports on Friday, Getin Noble Bank also announced the submission of a new redemption plan to the Polish Financial Supervisory Authority in April, which provides for rebuilding the bank’s capital ratios by 2027.

In December 2021, the Polish Financial Supervisory Authority rejected the previous Getin Noble bank recovery plan and called for a new one to be prepared. She also introduced a bank trustee – he became the Bank Guarantee Fund.

Getin Noble Bank also announced on Friday that in 2021 its net loss amounted to PLN 1.07 billion (compared to PLN 560 million the previous year). In the first quarter of 2022, the group’s net profit amounted to PLN 18.6 million.

The bank hopes a significant increase in interest income, among other things in the positive impact of increased interest rates. Within 12 months, they may reach 620-740 million PLN. The increase in interest rates gives us room for the bank’s profits to be large, said President Artur Klimchak.

Getin Bank fell sharply in WSE

In a confrontation New information The company was not surprised by the nervous reaction of investors towards the Warsaw office stock trading. Getin Noble Bank shares lost more than 30 percent on Friday. (The situation at 16:45 is negative at 39 percent.)

Directly or indirectly (through other companies) Getin Noble Bank is controlled by Leszek Czarnecki about 62.7 percent. Share.

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