Banks' initial financial results for 2000: Pekao climbs

Several major Polish banks published their initial financial results yesterday for 2000, with Bank Pekao S.A. showing a good net result of zl.763 million, while Bank Slaski and Bank Handlowy disappointed with significantly lower profits than in 1999. Pekao's net result is 4.5 times higher than in 1998, which the management attributes to strict measures undertaken to restrain costs. The costs-to-earnings ratio decreased from 67.5% at the end of 1999 to 55.6% a year later. Pekao forecasts its 2001 net profit at zl.1.25 billion, with a return-on-earnings of 16%. Bank Slaski meanwhile, reported earnings of zl.138 million, down 31% over 1999, but plans a zl.370 million net profit for this year. Bank Handlowy recorded a 56.2% drop in earnings over 1999, reaching zl.206.8 million, with a zl.20.5 million loss for the fourth quarter of last year. PBK netted zl.299.1 million last year, almost the same as in 1999, while BPH managed an 11-fold increase in net profit, reaching zl.249.7 million. (Rzeczpospolita, p.B5) T.J.