Banks likely to post disappointing third quarter results

The third quarter results which will soon be published by financial institutions are not likely to be very favorable. According to analysts several institutions, including Pekao SA, BRE Bank and Kredyt Bank, are expected to have difficulties in even meeting their revised forecasts. The results of Pekao SA could be released on Monday in the midst of investor doubts that its projected net profit of zl. 1 billion will not be met. "I think that the bank will earn closer to zl. 940 million this year and that is only if it sells the ships of Szczecin Shipyard, plus almost 30% of its shares in Polcard," said Marcin Materna, an analyst with DM BIG BG. On Thursday the shares of Pekao SA fell by 3.7% after Reuters wrote that the bank may have problems with meeting its targets. (Rzeczpospolita, p. B5, Prawo i Gospodarka, p. 4) P.W.