Bank Pekao Q3 profits substantially down on last year due to macroeconomy

Bank Pekao S.A.'s pre-tax profit came in at zl. 716.4 million after the first three quarters of 2002 - 44% lower than last year, while the net profit amounted to over zl. 456 million or 49.5% less than last year. According to the bank's analysts, the three quarters' results, compared to the first three quarters of 2001, were heavily influenced by the bank's performance in the second quarter. The bank's result from the last few quarters were also affected by the unfavorable macroeconomic situation as well as the accompanying deterioration of their clients' financial standing. After three quarters of 2002 the bank has achieved an operational profit of zl. 1.8 billion or a 4% increase in comparison to the same period last year. (Prawo i Gospodarka, p. 1) A.Z.