EN
PL
Recognition of revenue due to insurance contracts is described in point 5.17.1.
Commissions from bank activity
Revenue from commissions and fees is generally recognized at the time of the service. Commissions and fees directly related to establishment of financial assets or liabilities (both revenues and costs), which do not constitute an integral part of effective interest rate, are settled on a straight-line basis and presented respectively under “Revenue from commissions and fees” or “Costs of commissions and fees”. Other commissions and fees (that do not form an integral part of the effective interest rate and are not calculated on straight-line basis) related to financial services (e.g. cash management services, brokerage services, investment advice, financial planning, investment banking services and asset management services) are recognized in the statement of profit or loss when the service is provided.
Interest
Income from interest is recognized on the accrual basis, based on the effective interest rates and it is recognized in the statement of profit or loss under “Net investment income”.
Dividends
Dividends are recognized as revenue when the right to the dividend is acquired and they are recognized under “Net investment income”.
Income from pension fund management services
Income from the management of OFE PZU is recognized on the accrual basis and disclosed under “Revenue from commissions and fees”. The income includes in particular:
- fees on premiums transferred by ZUS to OFE PZU in the amount specified in the Bylaws of OFE PZU and in line with the limits as stipulated in the Pension Funds Act;
- OFE PZU assets management fees as specified in the Bylaws of OFE PZU, in accordance with the limits as stipulated in the Pension Funds Act;
- other fees determined in the Bylaws of OFE PZU.
Revenue and payments received from funds and investment fund management companies
Revenue and payments received from funds and investment fund management companies are recognized on an accrual basis based on the value of assets invested in different investment funds and presented under “Revenue from commissions and fees”.
