Bank Pekao tries to boosts investors confidence

Bank Pekao yesterday said it was targeting double-digit net profit growth in 2003, as a gradual national economic recovery should curb its bad debt provisions and boost demand for loans. Facing near-stagnant economic growth last year, Pekao had to slash its earnings targets twice and saw its net profit tumble by more than a third as the deteriorating financial condition of corporate clients forced it to double loan loss charges. Chief Executive Maria Wisniewska said that the worst might be over for the Warsaw bourse's flagship bank, as its strong position on the market and falling costs should help its recovery. "We have survived this economic slump in quite good shape and now we are getting ready for growth. We feel that we are well-positioned on the starting blocks," Wisniewska told a press conference. (Reuters) A.K.