ING Bank Śląski | Annual Report 2014

ING BANK ŚLĄSKI

ING BANK ŚLĄSKIAnnual Report 2014

Financial results
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37. Retained earnings

  end of 2014 end of 2013
Other supplementary capital 149.0 136.8
Reserve capital 5,012.8 4,715.1
General risk fund 1,060.2 1,010.2
Retained earnings 182.4 145.9
Result for the current year 1,040.7 961.5
Total 7,445.1 6,969.5

 

2014
  other
supplementary
capital
reserve
capital
general
risk fund
retained earnings result for
the current
year
TOTAL
Opening balance 136.8 4,715.1 1,010.2 1,107.4 0.0 6,969.5
  - net result for the current period 0.0 0.0 0.0 0.0 1,040.7 1,040.7
  - profit allocation, including: 12.6 297.7 50.0 -932.7 0.0 -572.4
     - profit written off to supplementarycapital 12.6 0.0 0.0 -12.6 0.0 0.0
     - profit written off to reserve capital 0.0 297.7 0.0 -297.7 0.0 0.0
     - profit written off to general risk fund 0.0 0.0 50.0 -50.0 0.0 0.0
     - dividend 0.0 0.0 0.0 -572.4 0.0 -572.4
  - disposal of fixed assets 0.0 0.0 0.0 7.7 0.0 7.7
  - increase shares in subsidiaries -0.4 0.0 0.0 0.0 0.0 -0.4
Closing balance 149.0 5,012.8 1,060.2 182.4 1,040.7 7,445.1

 

2013
  other
supplementary
capital
reserve
capital
general
risk fund
retained earnings result for
the current
year
TOTAL
Opening balance 96.7 4,004.4 960.2 945.1 0.0 6,006.4
  - net result for the current period 0.0 0.0 0.0 0.0 961.5 961.5
  - profit allocation, including: 40.1 710.7 50.0 -800.8 0.0 0.0
     - profit written off to supplementarycapital 40.1 0.0 0.0 -40.1 0.0 0.0
     - profit written off to reserve capital 0.0 710.7 0.0 -710.7 0.0 0.0
     - profit written off to general risk fund 0.0 0.0 50.0 -50.0 0.0 0.0
  - remeasurement of property, plant and equipment 0.0 0.0 0.0 0.7 0.0 0.7
  - disposal of fixed assets 0.0 0.0 0.0 0.9 0.0 0.9
Closing balance 136.8 4,715.1 1,010.2 145.9 961.5 6,969.5

Supplementary capital

Supplementary capital is created from appropriations from profit after tax, from surpluses generated due to issue of shares above their face value and the extra contributions paid up by the shareholders to be used for covering balance-sheet losses. The decision on the use of the supplementary capital is taken at the General Meeting.

Reserve capital 

Reserves are established regardless of the supplementary capital created from the appropriations from profit after tax, in the amount resolved at the General Meeting. The reserves are used for covering special losses and expenses. The decision on the use of the reserves is taken at the General Meeting.

The General Risk Fund

The General Risk Fund is established in accordance with the Banking Law Act from the post-tax profits and is used for unidentified risk related to banking activity. The decision on the use of the Fund is taken by the Management Board.

Dividend payout limitations

The dividend is paid out based on the financial result as determined in the standalone annual financial statements of the parent entity and Group companies.

The Commercial Companies Code obliges a parent entity to establish supplementary capital for loss coverage. The General Meeting resolves as to the use of the supplementary capital and reserves, but a part of the supplementary capital equal to one third of the share capital may be used only for coverage of the loss recognised in standalone financial statements of a parent entity and cannot be distributed to other purposes.

On 02 December 2014, the Polish Financial Supervision Authority (PFSA) published its stance on the rules of 2014-dividend payout by banks in 2015. As regards the banks with a significant share in the non-financial sector deposit market (above 5% of the total deposits in the banking sector), the PFSA recommends that the dividend of 100% be paid out only by those banks which satisfy all of the below criteria: 

  • the bank is not covered by rehabilitation proceedings; 
  • Core Tier 1 ratio (CET1) is over 12% (9% + 3% systemic risk buffer); 
  • Total Capital Ratio (TCR) is over 15.5% (12.5% + 3% systemic risk buffer); 
  • Tier 1 ratio forecast for the end of 2013 in stress tests’ scenarios (baseline, adverse 1 and adverse 2) is above 9%; 
  • BION (Supervisory Review and Assessment) score is 1 (good) or 2 (satisfactory); and 
  • BION score for the capital risk level is not lower than 2 (satisfactory); 

Banks with a significant share in the non-financial sector deposit market, with a Total Capital Ratio (TCR) ranging from 12.5% to 15.5% can pay out up to 50% of the profit generated in 2014, provided that they meet the remaining criteria

 

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