Current report No 17/2020


Update as regards predictions of the pandemic’s impact on the Bank’s activities and financial results

With regard to current report No 10/2020 of 17 April 2020, Getin Noble Bank S.A. (“the Bank”) informs of updated initial estimates pertaining to the impact of measures taken to combat the COVID-19 pandemic on the Bank’s financial activities.

Based on the adopted business assumptions and calculations made, the Bank estimates that the decision of the Monetary Policy Council of 28 May 2020 on reducing the reference rate by another 40 basis points, i.e. to 0.1% on an annual basis, will increase the negative impact on the Bank’s 2020 interest result by the amount ranging from PLN 50 million to 70 million.

Taking into account the existing estimates that include the reference rate reductions by 100 basis points, made public by current report No 10/2020 of 17 April 2020, the total negative impact on the Bank’s interest result in 2020 may range from PLN 140 million to 200 million.

It should be emphasised that the actual impact of all the aforementioned decisions of the Monetary Policy Council on the Bank’s standing will depend on a number of variables, including the shape of the yield curve and the achievement of business assumptions, inter alia as regards the activities undertaken by the Bank in the area of continuing the previously implemented reduction of the cost of financing, which has significant impact on improving the Bank’s financial performance. Both the estimates and the assumptions may be subject to modification.

Legal basis: Article 17(1) of Regulation (EU) No 596/2014 of the European Parliament and of the Council of 16 April 2014 (MAR).