ROE (Net Income) versus ROE-CI (Comprehensive Income): A Multidimensional Analysis of a Time-Honoured Performance Metric

Bank name	2024	2023	2022	2021	2020	2019	2018	2017
Bank Pekao	20.38	21.68	7.54	9.123	4.32	9.26	10.03	10.64
PKO BP	18.38	11.33	5.02	12.74	−7.63	9.49	8.69	7.92
Bank Handlowy	17.83	23.19	19.41	9.71	2.27	6.78	9.05	7.71
Alior Bank	21.81	21.94	11.07	8.14	−4.74	3.74	10.99	7.62
Unicredit	15.65	14.84	10.19	2.58	−4.63	5.65	7.56	11.65
Santander	15.22	14.68	10.57	4.60	4.31	9.05	10.14	10.78
Bank Millennium	9.25	7.48	−18.46	−19.88	0.25	6.27	9.07	8.76
BNP Paribas	15.31	7.87	3.92	1.55	6.09	5.50	3.41	4.26
BOŚ	3.57	3.64	6.52	2.54	−16.04	3.27	2.98	2.47
mBank	12.62	0.17	−5.52	−8.59	0.62	6.25	8.58	7.66
Average	15.00	12.68	5.02	2.24	−1.51	6.52	8.05	7.95
Standard deviation	5.42	8.00	10.40	9.78	6.80	2.19	2.73	2.86

Overview of net income versus EBIT versus OP

Net income aka profit after tax	Net profit aka earnings before interest and taxes (EBIT)	OP
= Revenue—Total expenses	= Net income + interest expense + tax expense	= Operating revenue —COGS —general and administrative operating expenses —asset depreciation and amortisation (accounting tools)
	EBIT includes non-operating income and non-operating expenses	Operating income excludes investment income, interests, real estate sales, tax income, accounting adjustments, legal judgements, one-time transactions, and income statement items unrelated to a core business function
Net income measures ‘take-home’ pay	EBIT measures the profitability as a whole	OP measures the profitability of the business’ primary operations

AP indicator of banks (%)

Bank name	2024	2023	2022	2021	2020	2019	2018	2017
Bank Pekao	2.20	40.00	97.60	136.20	90.30	7.20	1.10	6.70
PKO BP	9.80	115.10	304.40	154.50	97.70	0.20	12.70	22.50
Bank Handlowy	11.40	30.50	16.40	105.70	193.70	5.50	14.30	12.40
Alior Bank	3.80	51.70	63.30	232.90	44.60	9.90	3.80	16.70
Unicredit	94.70	4.70	4.60	116.10	3.50	39.20	64.50	2.10
Santander	1.50	50.70	46.30	190.00	41.90	10.50	13.00	17.70
Bank Millennium	21.90	171.60	18.10	79.50	568.70	0.60	12.30	22.00
BNP Paribas	1.10	57.60	125.50	483.00	17.80	2.60	0.20	50.90
BOŚ	1.60	135.40	23.30	199.80	6.60	13.50	3.50	72.60
mBank	12.20	4102.90	44.60	151.80	393.00	3.80	8.40	15.10
Average	16.02	476.02	74.41	184.95	139.78	9.30	13.38	23.87
Standard deviation	28.44	1275.41	89.36	114.47	192.55	11.38	18.72	21.54

Share of OCI in equity (%)

Bank name	2024	2023	2022	2021	2020	2019	2018	2017
Bank Pekao	0.45	8.66	−7.36	−12.42	3.91	0.67	0.11	0.71
PKO BP	1.81	13.04	−15.31	−19.68	2.87	−0.02	1.11	1.78
Bank Handlowy	−2.04	7.08	−3.19	−10.27	4.40	0.37	1.30	0.95
Alior Bank	0.82	11.35	−7.01	−18.96	2.11	0.37	0.41	1.27
Unicredit	14.83	−0.70	−0.47	2.94	0.16	2.21	−4.88	−0.24
Santander	0.23	7.44	−4.89	−8.74	1.81	0.95	1.31	1.91
Bank Millennium	2.03	12.83	−3.34	−15.80	1.43	−0.04	1.12	1.93
BNP Paribas	0.17	4.53	−4.92	−7.49	1.09	−0.14	−0.01	2.17
BOŚ	0.06	4.94	−1.52	−5.08	1.05	−0.44	−0.11	1.80
mBank	1.54	7.19	−2.46	−13.04	2.45	−0.24	0.72	1.16
Average	1.99	7.64	−5.05	−10.86	2.13	0.37	0.11	1.34
Standard deviation	4.66	4.19	4.23	6.79	1.32	0.78	1.84	0.73

ROE versus ROE-CI of banks

Bank name	indicator	2024	2023	2022	2021	2020	2019	2018	2017
Bank Pekao	ROE	20.39	21.69	7.55	9.12	4.33	9.26	10.03	10.64
Bank Pekao	ROE-CI	20.84	30.35	0.18	−3.30	8.23	9.93	10.15	11.36
PKO BP	ROE	73.29	25.51	−101.49	−19.09	−52.77	8.35	−208.03	24.72
PKO BP	ROE-CI	68.31	1.23	−119.08	5.33	−38.98	12.28	−226.70	35.51
Bank Handlowy	ROE	17.84	23.19	19.42	9.72	2.27	6.79	9.05	7.72
Bank Handlowy	ROE-CI	15.80	30.27	16.23	−0.55	6.68	7.16	10.35	8.67
Alior Bank	ROE	21.82	21.95	11.07	8.14	−4.74	3.74	11.00	7.63
Alior Bank	ROE-CI	22.64	33.30	4.06	−10.82	−2.63	4.11	11.41	8.90
Unicredit	ROE	15.65	14.84	10.19	2.53	−4.63	5.65	7.57	11.65
Unicredit	ROE-CI	30.48	14.14	9.73	5.46	−4.47	7.86	2.69	11.41
Santander	ROE	15.23	14.69	10.57	4.60	4.32	9.06	10.14	10.79
Santander	ROE-CI	15.46	22.12	5.68	−4.14	6.12	10.01	11.46	12.69
Bank Millennium	ROE	9.25	7.48	−18.47	−19.89	0.25	6.27	9.07	8.76
Bank Millennium	ROE-CI	11.28	20.31	−21.81	−35.69	1.68	6.23	10.19	10.70
BNP Paribas	ROE	15.32	7.87	3.92	1.55	6.09	5.51	3.41	4.26
BNP Paribas	ROE-CI	15.49	12.41	−1.00	−5.94	7.18	5.37	3.41	6.44
BOŚ	ROE	3.57	3.65	6.53	2.54	−16.04	3.27	2.98	2.48
BOŚ	ROE-CI	3.63	8.59	5.01	−2.54	−14.99	2.83	2.88	4.27
mBank	ROE	12.63	0.18	−5.53	−8.59	0.62	6.25	8.59	7.66
mBank	ROE-CI	14.17	7.36	−7.99	−21.63	3.07	6.02	9.31	8.82

Literature comparative table ROE versus ROE-CI

ROE	ROE-CI
= Net Income/Shareholders’ Equity	= CI/Book Value Equity
= (Revenue – Total Expenses)/(Net Income – Dividends)	CI = the variation in owners’ equity = net income + other income (e.g., unrealised income)
STANDARDISATION (Damodaran, 2012)	CONSISTENCY if financial assets and liabilities are classified under IFRS 9
COMPATIBILITY = ROE is fundamental for Du Pont analysis of profitability, see. ROE = (Profit margin) × (Asset turnover) × (Equity multiplier) = (Net profit/Sales) × (Sales/Average Total Assets) × (Average Total Assets/Average Equity) (Bunea at al., 2019)	SYMMETRY = Effects of balance sheet valuations may be recognised in both net income and OCI (depending on the valuation model adopted by the company) (Yousefinejad et al., 2017).
FITNESS—for modelling (Hawaldar et al., 2022)	INDEPENDENCY = businesses decide for themselves how to address balance sheet valuation effects
POPULARITY = the massive use of ROE facilitates the application and comparison (De Wet & Du Toit, 2007)	INTEGRATION = use of CI provides additional information (Khan et al., 2014)
UNIVERSALITY (Lavery et al., 2025).	FITNESS = ROE-CI can better contribute to managing expectations about future financial results (De Wet & Du Toit, 2007)
TEST OF TIME (Palepu et al., 2010)	INCLUSIVENESS = issues related to share buybacks, intangible assets, non-recurring items, and so forth

References

Authors

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Articles in this issue

DOI: https://doi.org/10.2478/ceej-2026-0011 | Journal eISSN: 2543-6821 | Journal ISSN: 2544-9001

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Language: English

Page range: 192 - 207

Submitted on: Dec 20, 2025

Accepted on: Apr 23, 2026

Published on: Jun 20, 2026

Published by: Faculty of Economic Sciences, University of Warsaw

In partnership with: Paradigm Publishing Services

Publication frequency: 1 issue per year

Keywords:

ROE,

return on capital,

comprehensive income,

net income

Related subjects:

Business and economics,

Political economics,

Economic theory, systems and structures,

Microeconomics,

Macroeconomics,

Economic policy

© 2026 Marzena Remlein, Małgorzata Rówińska-Kráľ, Radka MacGregor Pelikánová, published by Faculty of Economic Sciences, University of Warsaw
This work is licensed under the Creative Commons Attribution 4.0 License.

Volume 13 (2026): Issue 60 (January 2026)