Analysts critical of Pekao SA's zł.1.1 billion profit

In the first nine months of 2004 the group posted a result which is 32.2% higher than in the same period of the previous year. "The figures reflect the improvement in the operating result, which increased by 4.9%, to zł.1.1 billion. Also, our costs decreased considerably," said Krzysztof Bielecki, Pekao SA president. However, some analysts accuse Pekao SA of not doing enough to maintain its market position. "The results show that the role of other companies from the group was high. That is why the results were so good. But on the operation level things were not so impressive," said Marcin Jabłczyński, a DM BZ WBK analyst. (Puls Biznesu, p. 10) A.F.