olivLaw · European equity research
ING Bank Śląski S.A. ING.WA
Poland · GPW Warszawa · ISIN PLBSK0000017 · Vertical: Listed companies from Poland
ING Bank Śląski is one of the major commercial banks in Poland, serving retail and corporate clients. The fiscal 2022 annual report makes its legal burden on Swiss franc mortgage loans the key current issue, as provisions remained high. The bank's legal risk adjustment stood at 581.6 mln zł at year end 2022.
At the close of 05 Nov 2026, ING Bank Śląski S.A. (ING.WA) stock was 469.60 PLN (−4.32% on the day), with market capitalisation 61.1 bn PLN, P/E 35.6 on diluted EPS of 13.18 PLN over the last 12 months, dividend yield 1.13%, beta 0.87, 52-week range 321.00–490.80 PLN.
Data as of · AI analysis dated · Source: ESEF annual reports and closing prices, computed by olivLaw.
Price history
Loading chart…
Technical reading
- RSI (14)
- 54.4
- neutral
- Bollinger (20, 2)
- 436.76 – 478.36
- in the upper half of the band · %B 0.79 · band width 9.1%
- SMA 50 / 200
- 455.97 / 432.67
- uptrend (price > SMA50 > SMA200)
- MACD (12, 26, 9)
- 3.01 / 0.74
- MACD above signal
Indicators describe past prices; on their own they do not predict direction. On our history the RSI ≤ 40 filter added no return (see the signals methodology).
Performance
| Company | EURO STOXX 50 | vs EURO STOXX 50 | Vertical median | |
|---|---|---|---|---|
| 1 month | +3.5% | −0.6% | +4.1 pp | — |
| 3 months | +2.8% | −4.2% | +7.0 pp | — |
| 6 months | +17.8% | +4.3% | +13.4 pp | — |
| Year to date | +37.5% | +7.5% | +30.0 pp | — |
| 1 year | +47.9% | +9.9% | +38.0 pp | +7.3% |
| 3 years | +97.7% | +49.8% | +47.9 pp | +4.1% |
| 5 years | +66.5% | +42.8% | +23.7 pp | — |
Price returns, dividends excluded.
Quarterly results
ESEF annual reports carry no quarters: the results are annual (below).
E/P over time
E/P = trailing-12-month diluted EPS / price at quarter end. E/P is the inverse of P/E and stays defined when earnings are negative.
Today's P/E sits at the 100 percentile of its own 3-quarter history (min 12.5, median 15.1, max 16.6; quarters with earnings only).
Fiscal years
| Fiscal year | 2020 | 2021 | 2022 |
|---|---|---|---|
| Revenue | unavailable | unavailable | unavailable |
| Revenue YoY | unavailable | unavailable | unavailable |
| Net income | 1.3 bn | 2.3 bn | 1.7 bn |
| Net income YoY | unavailable | +72.6% | −25.7% |
| Diluted EPS | 10.28 | 17.74 | 13.18 |
| Diluted EPS YoY | unavailable | +72.6% | −25.7% |
| net % | unavailable | unavailable | unavailable |
| Free cash flow | 19.4 bn | 350.0 m | 2.8 bn |
Balance sheet & financial health
Fiscal year 2022 · 31 Dec 2022
- Cash
- 3.0 bn PLN
- Financial debt
- unavailable PLN
- Net debt
- unavailable PLN
- Equity
- 9.3 bn PLN
- Total assets
- 217.3 bn PLN
- Debt / equity
- unavailable
- Current ratio
- unavailable
- ROE
- 15.0%
- ROA
- 0.8%
- FCF margin
- unavailable
Financial statements (source on every figure)
Revenue and net income (PLN)
Income statement · PLN
| Line | 2020 | 2021 | 2022 | Source (latest year) |
|---|---|---|---|---|
| Pre-tax income | 1.9 bn | 3.0 bn | 2.4 bn | esef· 02 May 2023verified |
| Income tax | 574.1 m | 707.0 m | 688.7 m | esef· 02 May 2023verified |
| Net income | 1.3 bn | 2.3 bn | 1.7 bn | esef· 02 May 2023verified |
| Diluted EPS | 10.28 | 17.74 | 13.18 | esef· 02 May 2023verified |
| Dividend per share | 0.00 | 5.10 | 5.30 | esef· 02 May 2023verified |
Balance sheet · PLN
| Line | 2020 | 2021 | 2022 | Source (latest year) |
|---|---|---|---|---|
| Cash | 1.2 bn | 1.4 bn | 3.0 bn | esef· 02 May 2023verified |
| Total assets | 186.6 bn | 201.7 bn | 217.3 bn | esef· 02 May 2023verified |
| Total liabilities | 168.0 bn | 188.1 bn | 207.9 bn | esef· 02 May 2023verified |
| Equity | 18.6 bn | 13.5 bn | 9.3 bn | esef· 02 May 2023verified |
| Shares outstanding at year end | 130.1 m | 130.1 m | 130.1 m | esef· 02 May 2023derived |
Cash flow · PLN
| Line | 2020 | 2021 | 2022 | Source (latest year) |
|---|---|---|---|---|
| Operating cash flow | 19.4 bn | 437.0 m | 3.0 bn | esef· 02 May 2023verified |
| Capex | 84.0 m | 87.0 m | 150.1 m | esef· 02 May 2023verified |
| Free cash flow | 19.4 bn ≈ | 350.0 m ≈ | 2.8 bn ≈ | esef· 02 May 2023derived |
| Investing cash flow | -20.9 bn | 1.3 bn | -976.2 m | esef· 02 May 2023verified |
| Financing cash flow | 702.5 m | -1.5 bn | -306.8 m | esef· 02 May 2023verified |
| Dividends paid | 0 | 663.5 m | 689.5 m | esef· 02 May 2023verified |
≈ computed by olivLaw from the reported lines of the same year: Operating cash flow − Capex.
Computed indicators
Growth
Profitability
Returns
Balance sheet
Liquidity
Cash
Efficiency
Market and valuation
1 indicators that do not apply to the sector.
Valuation
olivLaw classification
- indicators available: 5 of at least 6
- score weight coverage: 35.4% of at least 60%
A scoring methodology on indicators and valuation, not investment advice.
Closing price
05 Nov 2026Source: olivLaw, closing series
Market cap: 61.1 bn PLN
Key indicators
Coverage and freshness
The data is older than the freshness threshold.
Score by group
35% · Insufficient data
Estimated value range
unavailable — no valuation assumptions for the reporting currency
Valuation assumptions are editorial choices, not measured; beta is not measured.
Valuation methods
Assumptions (illustrative, editorial)
- Risk-free rate
- 6.5%
- Equity risk premium
- 6.0%
- Beta (default)
- 1.00
- Cost of equity
- 12.5%
- Terminal growth
- 3.0%
Factor scorecard
Insufficient data
Minimum-evidence gate: indicators available: 5 of at least 6; score weight coverage: 35.4% of at least 60%
| Factor | Value | Score | Weight used |
|---|---|---|---|
| ROIC · Quality | unavailable | unavailable | — |
| Net margin · Quality | unavailable | unavailable | — |
| FCF conversion · Quality | 163.6% | 100 (on a fixed band) | 18% |
| Revenue CAGR 3Y · Growth | unavailable | unavailable | — |
| EPS CAGR 3Y · Growth | unavailable | unavailable | — |
| Net debt / EBITDA · Balance sheet | unavailable | unavailable | — |
| Interest coverage · Balance sheet | unavailable | unavailable | — |
| Current ratio · Balance sheet | unavailable | unavailable | — |
| P/E (TTM) · Valuation | 35.6x | 20 (vs peers) | 29% |
| EV/EBITDA · Valuation | unavailable | unavailable | — |
| FCF yield · Valuation | 4.6% | 57 (on a fixed band) | 24% |
| Shareholder yield (distributions) · Returns | 1.1% | 16 (on a fixed band) | 18% |
| Payout ratio (FCF) · Returns | 24.6% | 100 (on a fixed band) | 12% |
Factors without a value were dropped; the remaining weights were renormalised.
Score groups
- Balance sheet· partialunavailable · 0/3 factors with a value
- Growth· partialunavailable · 0/2 factors with a value
- Quality· partial100/100 · 1/3 factors with a value
- Returns50/100 · 2/2 factors with a value
- Valuation37/100 · 2/3 factors with a value
A «partial» group is computed from under half of its weight or from one factor: it is not a full assessment of the group.
Memo
ING Bank Śląski S.A. (ING.WA). Latest full fiscal year: 2022; data up to 2022-12-31.
Figures computed from the financial statements: ROE 15.0%.
The estimated value range is 70.04–159.12 PLN per share (median of 2 methods, agreement: low); assumptions are illustrative. Against the central value of 105.12 PLN, the price of 469.60 PLN leaves a potential of -77.6% (value / price − 1) and a margin of safety of -346.7% (1 − price / value). The range is the median of the methods' low, central and high values, not a probability interval.
Insufficient data for a verdict (indicators available: 5 of at least 6; score weight coverage: 35.4% of at least 60%).
Text generated deterministically from the figures shown; no language model. Not investment advice.
What supports the thesis
- FCF conversion: 163.6%
- Payout ratio (FCF): 24.6%
What contradicts it
- P/E (TTM): 35.6x
- Shareholder yield (distributions): 1.1%
- The price is above the estimated value range
- The valuation methods diverge
Not assessed (insufficient data or a ratio without meaning): ROIC, Net margin, Revenue CAGR 3Y, EPS CAGR 3Y, Net debt / EBITDA, Interest coverage, Current ratio, EV/EBITDA.
Versus the vertical median
Listed companies from Poland · same country · compared with 40 companies
Multiples and returns vs the median
Companies in the vertical
| Market cap | P/E | ROE | Net margin | Revenue YoY | 1A / 3A | |
|---|---|---|---|---|---|---|
| BDX.WABudimex Spółka Akcyjna | 19.3 bn | 36.1 | 41.5% | 6.2% | +8.9% | +21% / +36% |
| ACP.WAAsseco Poland S.A. | 19.2 bn | 38.1 | 7.8% | 2.9% | +19.8% | +19% / +202% |
| BFT.WABenefit Systems Spółka Akcyjna | 18.1 bn | 131.1 | 20.8% | 7.2% | +99.9% | +74% / +221% |
| CAR.WAInter Cars Spółka Akcyjna | 14.8 bn | 21.2 | 17.0% | 3.9% | +18.0% | +86% / +79% |
| ASE.WAAsseco South Eastern Europe Spółka Akcyjna | 3.7 bn | 19.8 | 18.1% | 12.0% | +36.5% | +7% / +52% |
| 1AT.WAAtal Spółka Akcyjna | 2.3 bn | 6.4 | 29.8% | 22.2% | −1.3% | +7% / +8% |
| ATT.WAGrupa Azoty Spółka Akcyjna | 1.7 bn | — | -37.9% | -20.8% | −45.1% | −10% / −22% |
| ARH.WAArchicom Spółka Akcyjna | 1.3 bn | 12.1 | 15.9% | 22.1% | −21.6% | +13% / +89% |
| ACT.WAAction S.A. | 997.4 m | 27.1 | 8.3% | 1.5% | +6.1% | +70% / +170% |
| BRS.WABoryszew Spółka Akcyjna | 889.2 m | 8.3 | 6.3% | 1.6% | +8.4% | −24% / −26% |
| AGO.WAAgora Spółka Akcyjna | 601.9 m | — | -14.2% | -9.2% | +15.2% | +40% / +21% |
| AMB.WAAmbra S.A. | 468.0 m | 7.6 | 16.4% | 7.0% | +12.9% | +5% / −33% |
| ATC.WAArctic Paper Spółka Akcyjna | 357.2 m | 1.4 | 16.3% | 7.0% | −27.5% | −38% / −75% |
| ATG.WA"atm Grupa Spółka Akcyjna" | 299.3 m | 11.1 | 8.9% | 11.6% | −22.0% | −11% / +3% |
| ART.WAArtifex Mundi S.A. | 226.6 m | 17.4 | 35.7% | 33.3% | +51.9% | +46% / +12% |
| APN.WAAPLISENS Spółka Akcyjna | 194.6 m | 9.5 | 11.4% | 13.8% | +21.8% | −1% / −21% |
| BMC.WABumech Spółka Akcyjna | 155.7 m | — | -3.4% | -3.9% | −40.0% | −37% / −49% |
| ALI.WAALTUS Spolka Akcyjna | 153.9 m | 16.8 | 7.9% | 16.9% | +30.3% | +34% / +48% |
| BBT.WABoomBit Spółka Akcyjna | 71.4 m | 4.5 | 20.7% | 6.4% | −16.5% | −19% / −57% |
| BBD.WABbi Development S.A. | 54.1 m | 1.1 | 36.0% | 208.3% | +50.2% | +1% / +9% |
| ALG.WAAll in! Games Spółka Akcyjna | 39.8 m | — | — | -156.9% | −72.2% | −27% / −56% |
| BMX.WABioMaxima Spółka Akcyjna | 37.0 m | 63.2 | 1.2% | 1.3% | −67.5% | −29% / −45% |
| 06N.WAMagna Polonia Spółka Akcyjna | 31.3 m | 0.5 | 115.4% | 964.7% | +13.0% | −28% / −42% |
| BCM.WABETACOM Spółka Akcyjna | 26.7 m | 17.6 | 8.0% | 0.9% | +21.3% | +8% / +4% |
| AWM.WAAirway Medix Spółka Akcyjna | 14.3 m | — | -25.8% | -117,400.0% | −97.7% | −23% / −43% |
1- and 3-year price returns: for ING.WA from daily closes (the same as the performance table), for the other companies from month-end closes.
olivLaw engine forecast
The world engine ran after the company's latest material disclosure. Probabilities are of TOUCHING a level within the horizon (not closing there) and sit next to the random walk (p_rw), the no-information benchmark.
The engine has no published run for this company yet.
Valuation scenarios (editable assumptions)
Illustrative scenarios
Scenarios are not available. input data missing
AI analysis
AI-generatedAI-generated analysis (Claude) from cited public sources; it may contain errors. Not investment advice. As of 27 Oct 2026 · Model: claude-haiku-5-5.
In brief
ING Bank Śląski is one of the major commercial banks in Poland, serving retail and corporate clients. The fiscal 2022 annual report makes its legal burden on Swiss franc mortgage loans the key current issue, as provisions remained high. The bank's legal risk adjustment stood at 581.6 mln zł at year end 2022.
SWOT
Strengths
- The bank benefits from a broad client base and a diversified range of retail and corporate products. The group's structure allows detailed consolidated reporting, which supports transparency for investors.
- Recognising a substantial deferred tax asset signals an expectation of future taxable profit, if the forecasts hold. This provides a basis for absorbing losses.
- The settlement programme with clients shows a structured approach to litigation, which could reduce long-term exposure.
Weaknesses
- Exposure to Swiss franc mortgage loans remains a major weakness, with legal provisions very large relative to the portfolio.
- The high number of lost lawsuits in recent years shows vulnerability to changing case law.
- Provision estimates depend on uncertain assumptions, and actual outcomes could differ significantly.
Opportunities
- If case law becomes clearer, the bank could reduce uncertainty and release part of its provisions.
- Growth in digital services could attract new clients and lower operating costs.
- Rising demand for corporate financing could support revenue, if the economic environment remains favourable.
Threats
- New court or legislative decisions could increase costs linked to foreign-currency loans.
- Competition authority investigations could lead to penalties or extra obligations for the bank.
- A weaker macroeconomic environment could raise credit risk across the whole portfolio.
Risks
- Legal risk on franc loanshigh
The legal risk adjustment and related reserves on Swiss franc loans are very large and could rise if case law tightens.
- Uncertainty over offsettinghigh
Open questions on restitution between the bank and its clients could materially change loss estimates.
- Competition authority investigationsmedium
Proceedings on unauthorised transactions and modification clauses could lead to penalties.
- Recovery of the deferred tax assetmedium
Recognition of the deferred tax asset depends on future profits; a profit shortfall could require adjustments.
- Sensitivity of pension provisionslow
Actuarial provisions are sensitive to discount rates and salary growth, which introduces volatility.
Investment thesis
What would need to be true (bull case)
- If provisions for franc loans prove sufficient, the bank could return to more predictable profitability.
- The settlement programme could reduce the number of lawsuits and limit long-term costs.
- Retail and corporate activity provides a stable revenue base if the economic environment stays supportive.
What would break the thesis
- If new court rulings go further against the bank, provisions could rise again.
- Competition authority investigations could bring extra costs and reputational pressure.
- The deferred tax asset could be written down if future profits fall short of the forecasts.
What to watch
- Trend in the number of lawsuits and Supreme Court rulings on franc loans2023
- Pace of settlements concluded under the programme2023
- Outcome of UOKiK investigations on unauthorised transactions2023
- Delivery of the profit forecasts that support the deferred tax assetnext 10-K
Products, market & competition
AI-generatedAI-generated analysis (Claude) from cited public sources; it may contain errors. Not investment advice. As of 27 Oct 2026 · Model: claude-haiku-5-5.
The business
ING Bank Śląski S.A. is the parent of the ING Banku Śląskiego Capital Group, which presents consolidated financial statements under applicable accounting standards. The group conducts banking for retail and corporate clients, and the fiscal 2022 annual report documents both current operations and provisions for disputes over Swiss franc loans. Revenue stability depends on loan portfolio quality and the legal framework in Poland.
The annual report shows the bank recognised a deferred tax asset of 1,038.1 mln zł for unused tax losses, based on forecasts of taxable income for 2023-2026. This recognition depends on those forecasts, and a change in them could affect the asset's value.
The bank also reports pension and retirement benefit provisions calculated actuarially, which are sensitive to discount rates and salary growth. Small changes in these assumptions could produce visible changes in provisions, as the sensitivity analysis shows.
Segments
Swiss franc mortgage loans
The portfolio of mortgage loans indexed to the Swiss franc remains the most legally sensitive segment. The principal balance of these loans was 719.0 mln zł at year end 2022, and the legal risk adjustment reached 581.6 mln zł according to the annual report.
Settlement programme with clients
The bank offers clients with franc loans a voluntary mediated settlement programme, which generated 1,236 applications and 459 settlements by the end of 2022. The pace of adoption directly affects the loss estimates in the model.
Consumer loans and payments
The annual report mentions a UOKiK inquiry into refunds of commissions on early repayment of consumer loans and a proceeding on unauthorised transactions. The bank judged that no provisions were needed at end-2022, but the final outcome of these proceedings remains uncertain.
Market context
The Polish banking market is dominated by a few large groups, and banks compete through loan and deposit volumes as well as the quality of digital services. Economic momentum and interest rate levels, included in the report's macroeconomic scenarios, influence credit risk costs and loan demand.
The legal framework for foreign-currency loans rests on EU Court of Justice and Polish Supreme Court case law, which still leaves key questions open on offsetting and restitution. Until these points are clarified, risk assessment could remain volatile.
Trends
- Case law on Swiss franc loansheadwind
Rulings by the EU Court of Justice and the Polish Supreme Court have reinforced the trend of annulling contracts with abusive clauses, which has increased the number of lawsuits lost by banks. If this trend continues, pressure on provisions could stay high.
- Settlement programmetailwind
Voluntary settlements with clients can limit losses and reduce legal uncertainty, and the report shows real client interest in this mechanism. The effect, however, depends on how many applications are accepted.
- Macroeconomic scenariosmixed
The report's scenarios project changes in GDP, unemployment and interest rates, which affect loan quality. If the macroeconomic outlook weakens, the cost of credit risk could rise.
- Regulation of payment-holiday loansheadwind
Legislation allowing suspension of instalments on zloty mortgage loans added modelling costs for the bank. The longer-term impact depends on how actual payments develop.
Competitive position
The bank competes with other large Polish banks for retail and corporate clients, through both interest rates and digital services. The annual report offers no direct peer comparison, so relative positioning should be judged with caution.
Competitive pressure is amplified by the legal environment, since all banks in Poland face the same franc loan litigation. Differences in how each institution manages these cases can influence its reputation and costs.
- PKO Bank Polski
Largest bank in Poland by assets, with an extensive retail network. Not listed in the US, so the symbol is null.
- Bank Pekao
Major Polish commercial bank focused on corporate and retail clients. Not listed in the US.
- mBank
Predominantly digital bank in Poland competing directly in retail. Not listed in the US.
- Santander Bank Polska
Subsidiary of a European banking group, active in mortgage and corporate lending. Not listed in the US.
News & filings
In the press
No news in our archive over the last 180 days.
Annual reports (ESEF)
- Annual report 202202 May 2023
- Annual report 202116 Mar 2022
Sources
- [1] Annual report, fiscal year ended 2022-12-31 (ESEF) · SEC / ING Bank Śląski S.A. · 31 Dec 2022
Figures computed by olivLaw from ESEF annual reports and closing prices; the qualitative analysis is AI-generated from cited sources. Not investment advice.