ING Bank Śląski | Annual Report 2014

ING BANK ŚLĄSKI

ING BANK ŚLĄSKIAnnual Report 2014

Financial results
Selected quarterly data

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2. Net interest income

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Interest income

  2014 2013
Interest on loans and receivables to other banks, of which: 92.6 105.4
  - interest on accounts and deposits 69.6 87.7
  - interest on loans and advanced 1.8 3.8
  - interest on other receivables 21.2 13.9
Interest on loans and receivables to customers, of which: 2,807.2 2,693.6
  - interest on loans and advanced* 2,547.0 2,451.3
  - interest on leasing agreements 168.3 154.7
  - interest on factoring agreements 90.0 85.8
  - interest on other receivables 1.9 1.8
Interest on repo transactions concluded with customers 15.1 11.6
Interest on financial assets held for trading 23.2 26.8
Interest on available-for-sale financial assets 748.7 736.2
Interest result on derivatives** 37.7 41.1
Total interest income 3,724.5 3,614.7


​Interest expenses

  2014 2013
Interest on deposits from other banks, of which: 90.3 80.4
  - interest on accounts and deposits 26.3 28.6
  - interest on loans 32.3 38.4
  - interest on other payables 31.7 13.4
Interest on deposits from customers, of which: 1,278.2 1,454.2
  - interest on deposits* 1,272.5 1,447.9
  - interest on other payables 5.7 6.3
Interest on repo transactions concluded with customers 3.2 10.0
Interest on issue of debt securities 20.5 24.4
Interest on financial liabilities held for trading 2.1 3.1
Total interest expense 1,394.3 1,572.1
     
Net interest income 2,330.2 2,042.6

*) The Group applies the principles of cash-flow hedge accounting for a certain portfolio of financial assets/ liabilities. The hedging strategies used are to secure the Group against the risk of change to the future cash flows due to IR risk. For the strategy used for the portfolio of mortgage loans denominated in currency or indexed to CHF or EUR, the change due to IR risk and FX risk is hedged against simultaneously. The net interest income of the reporting period shows the result on cash-flow hedge accounting of PLN 322.7 million in 2014 (PLN 428.1 million in interest income, PLN 105.4 million in interest expense) versus PLN 220.5 million in 2013 (PLN 293.7 million in interest income, PLN 73.2 million in interest expense). The hedge accounting strategy of the Group has been detailed in the latter part hereof: explanatory note 40 Hedge Accounting.
**)  The net interest income on derivatives item shows the net interest income on derivatives whereto no hedge accounting applies; it includes net interest income on IR instruments (IRS, CIRS) and interest element of FX derivatives (FX Swap, FX Forward).

Interest revenue related to financial assets is calculated on the basis of the net exposure amounts; i.e. the amounts including effective impairment losses.

In the year 2014 the amount of PLN 44.8 million represents revenue from financial assets for which impairment loss was recognised. In the year 2013, the amount reached PLN 59.3 million.

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