Bank Zachodni's Q2 profit above market expectations

Due to lower profit margins coupled with tough economic conditions, the consolidated net profit of Bank Zachodni WBK (BZWBK) declined by 16% to zł. 61.1 million year-on-year, but was slightly above the forecasts of market analysts who predicted a zł. 57.6 million profit. In the first quarter, the bank earned net zł. 48.4 million, which means that in the first half of 2003 the group's profit amounted to zł. 109.5 million. This result was 26.2% higher than the one generated in the first quarter, which was largely due to an increase in the sales of the bank's strategic products: housing loans and credit cards. Thanks to a Q2 marketing campaign, the amount of loans granted by the bank was zł. 213.1 million, which increased BZWBK's portfolio to zł. 1.55 billion, while some 14,800 credit cards were issued. Second quarter operational costs rose by 4% to zł. 244.8 million, due to a 3.5% pay increase as well as the costs of the marketing campaign. (Puls Biznesu, p. 6) A.Z.