Aggressive mortgage ads aid BPH to post positive results

This achievement came about mainly as a result of its growing credit portfolio, which in 2003 rose by 20%. The company's aggressive advertising of mortgage loans seems to have paid off well, income from that sector of its operations up 70%, netting the bank an 18% share of the market. Additionally, throughout 2003 BPH managed to reduce the number of bad loans from 21.3% to 17.2% and, furthermore, improved its return on equity by one third to 12.2%. However, BPH was not the only domestic bank to record positive financial result in Q1 2004: BRE Bank saw its internet division mBank begin to break even; BZ WBK announced it was zł.129 million in the black; while PKO BP recorded a zł.408 million net profit. (Puls Biznesu, p. 15; Parkiet, p. 8) M.G.