Bank BPH PBK records bumper profits for Q2 2003

This result constitutes a rise in profit of 77.8% as compared to the same period last year. Analysts estimate that the bank will close this year with profits of between zł. 380 and 400 million. BPH PBK is currently undergoing restructuring, which also covers its revenues structure. Already over 41% of its revenues come from fees and commission, while 23.2% is from interest on loans. The bank's most immediate priority is to finalize the restructuring. "We expect that the full effect of the savings that resulted from the merger of BPH and PBK will be visible in 2004. We expect that savings will reach over EUR 70 million annually. The merger turned out to be less expensive than we had earlier anticipated. It will cost not much more than EUR 62 million," announced Józef Wancer, the head of BPH PBK. (Puls Biznesu, p. 7) A.K.