Bank PKO BP posts excellent Q3 results

The leading domestic bank, PKO BP, made a net profit of zł. 994 million during the first nine months of 2003 and the result for the year as whole may even exceed last year's record. "In the first three quarters we managed to earn a few percent more than in the same period last year. This was possible largely due to a favorable economic situation and our restructuring policy. I think 2003 as a whole will be better than last year," said PKO BP president Andrzej Podsiadło. He also revealed that the bank was trying to strengthen its position before privatization. "The announcement of a tender for an advisor means that we can hope for privatization at around the turn of the second quarter of 2004," said Podsiadło. He added that while there are no details concerning the creation of a giant financial group with PZU, next week both companies are likely to reveal plans to introduce joint products. (Puls Biznesu, p. 6) M.K.