Bank Pekao very unlikely to meet projected 2002 profit

According to analysts, Pekao is likely to be the second bank after BRE Bank to lower its 2002 profit forecast. Analysts believe this will not mark a wave of such events, as other financial institutions such as BZ WBK, ING BSK, KB and BPH PBK profits appear safe. Pekao's profit projection was dependent on a handful of transactions. One of them was to sell Polcard, which could earn the bank about zl. 140 million, and the sale of two ships taken as collateral from the old Szczecin Shipyard in 2002. In fact there is still no news if a buyer for the ships has been found. Taken altogether it is unlikely that the bank will make its hoped zl. 1 billion net profit for last year. (Parkiet, p. 3) M.M.