Bank Handlowy to pay out record profits in dividends

Although exact data has not been published yet, Marcin Materna, Millennium DM analyst, predicts that BHW's net profit would reach zł.641 million. "Similar as in 2005, we will recommend to the shareholders meeting that we should pay out almost all of the profit in dividends. Our stance could only be changed by analysis connected with new capital requirements for the bank," said Sławomir Sikora, BHW president. During H1 2006 the bank plans to open 40 CitiFinancial outlets thus increasing the number of its branches to 100. The bank's division offers cash and mortgage loans to the less wealthy; its assets are worth $200 million. BHW remains the leader in the credit cards market. "By the end of 2005 we issued 580,000 credit cards, a 11.5% rise compared to 2004. Lowering interest rates has helped us a lot. Thanks to that we now have a 24% share of the credit cards market and a 40% share of all transactions conducted with the use of the cards. This year we project that we will maintain our leading position," stated Sikora. Just as in 2005, in 2006 the bank's profit will mostly be generated by corporate banking. (Puls Biznesu, p. 8) D.W.