Bank BPH and Pekao Group profit before their union

The Pekao Group posted a net profit of zl.1.3 billion in the first three quarters of 2006, which marks a growth of 17% in comparison to the same period last year. This is the second best result on the market after PKO BP, whose profit was higher by zl.300 million. Bank BPH's profit amounted to zl.917 million in the first three quarters of 2006, 28% higher than in the same period last year. Therefore, Bank BPH has maintained the third position on the Polish banking market. "The results of Pekao and Bank BPH are not surprising. But Pekao's operating costs were lower than expected. Both companies generated a good increase of revenues from interest but they both incurred a 4% decrease of revenues from commissions," commented Andrzej Powierza, an analyst with BDM PKO BP. (Puls Biznesu, p. 9) E.B.