PLN 389 billion in support for the Polish economy and a strong capital position - BGK summarized 2024

Bank Gospodarstwa Krajowego (BGK) generated PLN 389 billion in support for the economy last year, 9 percent more than in 2023. Credit and guarantee exposure (on-balance sheet and off-balance sheet) amounted to PLN 190 billion at the end of 2024 and was the highest ever. Compared to 2023, it increased by 11.3 percent.

In 2024, the Polish development bank recorded record revenues of PLN 5.3 billion and generated a high net income of PLN 2.9 billion. The bank operated efficiently, as reflected in a low cost-to-income (C/I) ratio of 18.2 percent. Supervisory liquidity ratios were at stable and safe levels, and the total capital ratio reached 30.6 percent.

BGK's strong capital position at the end of 2024 allows it to fulfill its mission of supporting Poland's sustainable social and economic development.

"The actions taken in 2024 and our financial performance are proof of Bank Gospodarstwa Krajowego's professionalism and responsible management of public funds. We are constantly mindful of our identity as a Polish development bank. The total support we have generated for the economy reaches PLN 389 billion. This is particularly important for us, because profit is not an end in itself for BGK. We put strengthening the Polish economy first." - Mirosław Czekaj, CEO of BGK

2024 marked by the National Recovery Plan

One of the most important developments in the economy in 2024 was the unlocking of funds from the National Recovery Plan. It also determined the direction of BGK's involvement.

"BGK is responsible for distributing more than PLN 140 billion, or half of all Polish NRP funds. Their transfer to the Polish economy is a task spread over several years. The work done in 2024 - launching programmes, cooperating with partners and informing about support opportunities - has a huge impact on the dynamic growth of concluded contracts. In the first quarter of 2025 alone, we contracted PLN 26 billion from the NRP, almost twice as much as we report for 2024. This result is possible thanks to the solid foundation we laid for handling entrusted programmes in the previous months." - Mirosław Czekaj, President of the Management Board of BGK

In 2024, the bank concluded agreements with ministries for all the NRP instruments entrusted to it - 5 loan instruments and 3 grant instruments. BGK has met all the targets stipulated in the 2024 agreements.

By the end of 2024, the bank had signed 430 loan agreements supporting the green transformation of cities for a total amount of nearly PLN 1.3 billion. The programme aims to green cities and manage resources more sustainably.

Funds from the National Recovery Plan also support Poland's strategic goals related to energy security. In 2024, BGK concluded a record loan agreement for PLN 11 billion from the Energy Support Fund. The money will accelerate the development of the electricity grid. This is the largest-ever support for this type of investment in Poland. The bank also concluded the first agreement to finance offshore wind farms from the NRP.

Selected activities of BGK in 2024

• In 2024, BGK provided local governments and their companies with financing from its own account to the amount of PLN 7.4 billion. This breaks the record set last year - then the support provided to the local government sector amounted to PLN 6.6 billion.
• In 2024, the largest bond issue in the US market to date took place. The bank raised a total of $3.5 billion for the COVID-19 Response Fund and the National Road Fund, which it operates.
• Costa Rica and El Salvador have joined the foreign markets where BGK finances Polish exporters. In December, BGK opened a representative office in Kyiv. Its tasks include supporting the modernization and reconstruction of the economy there with EC funds, as well as assisting Polish entrepreneurs in making investments in Ukraine.
• The bank has provided the banking sector with an Investmax guarantee with EIF counter-guarantee. BGK has also become involved in the Three Seas Initiative Innovation Fund, run by the EIF.
• The Polish development bank has expanded in the area of digital settlements of public law payments. Cooperation with the Ministry of Digitization brought a leap in BLIK payments in mObywatel - from 2,000 to as many as 88,000. A total of more than PLN 336 million worth of transactions were settled for the bank's partners in 2024, which means an increase of 132 percent from 2023.

A year of jubilee and work on the bank's new strategy

The second half of 2024 was a time of intensive work on the bank's strategy for 2025-2030. The new strategy addresses the most important challenges facing the Polish economy over the next six years. These are: building socio-economic resilience, enhancing the country's security, mobilizing capital for new investments, energy transition and local development. The bank also celebrated its 100th anniversary in 2024 under the slogan “The history of the future.”
Take a look at BGK's integrated report and financial statements.