Santander Bank Polska SA, with its registered office in Warsaw, address: al. Jana Pawła II 17, 00-854 Warsaw, entered to the Registry of Businesses of the National
Court Register under KRS 0000008723 kept by the District Court for the city Warsaw, 13th Business Division, REGON930041341, NIP 896 000 56 73, with paid up share
capital of PLN 1 021 893 140.
Dear All,
the year of 2023 was a fruitful time for Santander Bank Polska Group. We had many successes in various areas of our business.
We focused on achieving our goals improvement of customer experience, digitalisation and responsible banking. We have
proved that our purpose of helping people and businesses prosper is reflected both in the social and financial dimension. High NPS
for customer experience and our solid financial results confirm that our initiatives in these areas have been effective.
Santander Bank Polska Group closed 2023 with attributable profit of PLN 4.8bn. Our sales volumes grew noticeably. Income
increased by 29% YoY to PLN 16bn.Customer deposits and gross loan portfolio grew 7% and 4% YoY, respectively. We have
a sound capital position and our liquidity ratios comfortably above the required levels.
We have been developing our product offer by introducing solutions that are useful to our customers. One of our priorities is to
ensure that our customers’ funds and personal data are secure – that is why we continue to invest in cybersecurity solutions.
Several trends dominated the economy in 2023. We witnessed faster-than-expected disinflation coupled with the rebound of the
GDP growth. Investments grew fast while consumption remained low. Foreign trade turnover was in a clear downward trend.
The global economy continued its soft landing. In general, however, it was a good year for the banking sector. The financial
condition of households and companies remained stable, hence the cost of risk did not increase. Interest rates remained quite
high, despite a 1 p.p. cut before the parliamentary elections. The demand for loans started to revive, primarily in the home
mortgage segment thanks to the First Apartment programme as well as in the consumer finance segment.
Last year we witnessed a rapid development of AI. We are aware AI may revolutionise the business, interactions with customers
and our everyday work. We are conscious of the challenges it takes to use AI responsibly. We actively apply advanced technologies,
such as cloud computing and Big Data. They help us better understand and respond to customers’ needs, and improve business
We keep monitoring market environment so as to anticipate expectations and trends. This is why we have embarked on our new
strategy for 20242026 “We Help You Achieve More”. Its three key pillars are: Total Experience, Total Digitalisation and Total
Responsibility. We believe that building the best experience and evoking positive emotions should accompany our relations with
customers and employees. They are at the heart of everything we do. We want to deliver the highest returns for our shareholders,
have outstanding results and achieve our ambition of being the most profitable bank in Poland. We will do it responsibly, taking
care of sustainable growth and proper management of operational risk. These aspects are related to our environmental, social
and governance commitments. We also put effort in responsible digital transformation, sustainable financing, educational
initiatives addressed to different segments of society, mitigating climate change and reducing our environmental footprint.
Whatever we do for our customers, employees or shareholders, we want to do it in a responsible manner and in line with top
ethical standards.
Individuals and companies who use our products and services appreciate our focus on customer needs.
In the retail segment, we implemented a modern mobile application. Thanks to the intuitive migration process, more than 2.5m
users migrated to the new app during one month. We continued to simplify and digitise our products and processes. This was
coupled with the development of new multi-channel processes and top-level customer service in remote channels.
The retail segment of Santander Bank Polska has been growing sustainably. Through the active use of digital channels, we
acquired more than 0.5m new customers, including 75k SMEs. We recorded a growth in the sale of cash loans and mortgages,
mutual funds and unrelated insurance products. We also posted record-high sales in remote channels and very good performance
as regards the financing of SMEs.
Private Banking closed the year with an excellent financial result. We introduced new services to enhance customer experience.
The Business and Corporate Banking Division continues the growth strategy so that our bank may become the best business bank
and one of the top three banks in Poland in terms of market share. The relationship-building and acquisition activities contributed
to the continued growth in the majority of business lines along with a satisfactory quality of the loan portfolio. We achieved
a growth in the volume of sales of key products and in the number of customer transactions.
As regards the Corporate and Investment Banking operations in 2023, we developed GTS services. We implemented innovative
functions on One Trade Portal to streamline cross-border transactions, such as cross-border instant payments. We developed the
Santander Bank Polska SA, with its registered office in Warsaw, address: al. Jana Pawła II 17, 00-854 Warsaw, entered to the Registry of Businesses of the National
Court Register under KRS 0000008723 kept by the District Court for the city Warsaw, 13th Business Division, REGON930041341, NIP 896 000 56 73, with paid up share
capital of PLN 1 021 893 140.
Global Connect market together with the Warsaw Stock Exchange more than a dozen of foreign companies made IPOs at the
initiative of Santander Brokerage Poland.
It is also worth mentioning our active participation in corporate bond issues on the domestic market, in particular: co-arrangement
of two large sustainability-linked issues. We also participated in several transactions to provide financing for renewable energy
Santander Brokerage Poland responds to customer needs on an ongoing basis. Last year, we brought a wider offer of structured
products to the market and we added new ETF funds for investors interested in fast-growing sectors and attractive assets
(including those related to ESG).
2023 was a record year for Santander TFI. Assets under management grew by more 50%. We also ranked as number one on the
Polish market in terms of the retail sales of funds. Santander TFI is the leader when it comes to investment results delivered to
our customers all of our investment funds reported positive rates of return much above their benchmarks. We also expanded
our ESG offer by introducing Santander Prestiż Prosperity, a subfund which meets the requirements arising from Article 9 of the
Sustainable Finance Disclosure Regulation. Moreover, we introduced the Individual Retirement Security Account (IKZE) into our
Santander Leasing reported a 14% growth YoY. The company supported customers in the green transition and successively
increased its portfolio of green investments. It was also a special year in terms of the development of digital sales channels and
customer service channels.
2023 marked the 20th anniversary for Santander Factoring. I'm proud of all that we have achieved during that time. When we
started our operations, many of our competitors had been on the market for 10 years already. Santander Faktoring has grown its
business year after year to become the market leader in supply chain financing and one of the largest factoring companies
in Poland.
Santander Consumer Bank steadily pursued its business strategy, characterised by the ambition to:
become the market leader in consumer and auto finance;
improve operational efficiency;
implement innovative solutions that are important for customers, partners and employees;
implement technologies and IT solutions that support the agile operating model.
We act responsibly, we take care of the environment and we achieve social goals. Year after year, we have been increasing the
amount of financing allocated to environmentally sustainable investments. These project involve renewable energy sources,
energy efficiency of buildings and electromobility (among other initiatives). We have established an internal panel of experts to
analyse whether transactions in those areas comply with relevant criteria for sustainable investments (EU Taxonomy and SFCS
Sustainable Finance Classification System, our internal classification system). We evaluate our green banking products and
services in the same way. The amount of sustainable financing we provided in 2023 as a Group was PLN 7,671m (as per SFCS).
This is 145% more compared to 2022!
Education is an important area of our social commitment. Santander Universidades, our flagship programme, offers courses whose
participants can learn new skills and extend their knowledge. Last year, more than 21,000 people from Poland participated
in free-of-charge courses and obtained scholarships. We continue our own educational programme “Finansiaki”. It is intended
to support parents and teachers in introducing children to the world of finance and entrepreneurship.
Santander Foundation has been working actively for 26 years now. It coordinates corporate volunteering initiatives involving over
1.5k employees. For several years we have organised “We will double your impact” (“Podwójna moc pomagania”) charity event.
Last year, thanks to our customers and employees, we raised PLN 700k for a chat system run by the Empowering Children
Foundation (Fundacja Dajemy Dzieciom Siłę).In 2023, the foundation participated in the launch of a Poland-wide grant programme
for local governments: “Together for Eco-Change”, with the total value of grants of up to PLN 1m.
One of our focus areas is a consistent development of a friendly workplace that fosters development and ensures respect and
recognition. That effort was confirmed by the Great Place To Work certificate and a place on the Diversity IN Check list recognition
given to most advanced employers in Poland in terms of managing diversity and inclusion. We have a number of in-house projects,
Santander Bank Polska SA, with its registered office in Warsaw, address: al. Jana Pawła II 17, 00-854 Warsaw, entered to the Registry of Businesses of the National
Court Register under KRS 0000008723 kept by the District Court for the city Warsaw, 13th Business Division, REGON930041341, NIP 896 000 56 73, with paid up share
capital of PLN 1 021 893 140.
e.g. Diversity Ambassadors for top executives, employee networks, educational campaigns, training sessions, webinars and
Santander Women podcast.
Last year, a strong focus was placed on improving employee experience, for which we were recognised again with the Top
Employer 2023 certificate. We are a learning organisation that develops its people. Thanks to our development initiatives and
processes we are able to adapt swiftly to the ever-changing conditions. They also help our employees to develop their
competencies, including skills of the future.
Our initiatives and projects were recognised on a number of occasions during 2023, including for building lasting relationships
with customers and for creating excellent experience as well as new solutions that respond to customersneeds. 2023 was
another year when we topped prestigious rankings. We placed third in the “Best multichannel service provider” category of the
“2023 Golden Banker” and in the “Friendly Bank” competition organised by Newsweek.
In the Euromoney competition, we were named the best bank for SMEs in Poland in recognition of our banking services for small
and medium-sized enterprises. We ranked top in the Business-friendly Bank ranking by Forbes. In the Eurobuild magazine
competition, Santander Bank Polska won in the “Financing Provider of the Year, CEE” category for the third time in a row. We were
awarded in Celent Model Bank Awards 2023 competition. We were recognised for our CSR engagement and corporate BLIK
cheques a solution that was very helpful during the refugee crisis triggered by the war in Ukraine.
We are entering a year of social and economic challenges. We hope it will be good for the banking sector and our regulatory and
tax environment will let us continue to grow so that we can support Poland’s development goals. We are facing challenges related
to funding the energy transition and infrastructural projects.
The new strategy “We Help You Achieve More” sets clear directions for the months and years to come. We will embark on
ambitious projects and continue excellent cooperation with our business partners. I am positive that we will give our customers
and employees the best experience while helping them prosper. We are changing to be a bank that helps you achieve more.
Michał Gajewski
President of the Management Board of Santander Bank Polska S.A.
The original polish document is signed with a qualified electronic signature