Bank BPH 2003 results shows it is the third most profitable bank

"We expect an even better result this year. The bank will continue to control its cost structure. We expect to grant a significant increase in loans and a fall in irregular liabilities," announced the bank's president, Józef Wancer. He emphasized that the bank aims at reaching a 20% ROE in 2006. In the previous year, Bank BPH recorded an increase of 16% in revenues from commissions, which amounted to zł.725.5 million. The company also further cut its costs which fell by 5.9% as compared to 2002. Until now, company representatives have regularly paid out between 20-30% of bank's profits in the form of dividends, and they do not exclude that this year this sum might be even higher. (Puls Biznesu, p. 11) A.K.