Bank Handlowy Group increases net profits by 53%

The net profit generated by the Bank Handlowy group (BH) in 2002 increased by 53% to zl. 249 million, the bank has announced. In the four quarter of 2002, BH earned just zl. 17.3 million - way below market expectations. BH's Q4 revenues from interest and commissions were more optimistic, however, amounting to zl. 190.1 million and zl. 130.6 million respectively. The group has increased its reserves intended to cover losses generated by bad debts by zl. 108 million. Over the last year, the bank's assets have shrunk by 2.6% to zl. 32.2 billion. (www.onet.pl) A.Z.