BGŻ posts profits of zł.83 million after 2002's losses

However, the bank still suffered a zł.54 million gross loss, which according to Jacek Bartkiewicz, the institution's president, was borne of the need to create reserves on bad loans and operating risk. The positive net result was however due to annulling, among others, part of its reserves for CIT, which was decreased from 27% to 19% in 2004. The bank managed to limit costs by almost 9%, despite investing in new technology, such as a centralized IT system. "We plan to post a profit higher than zł.100 million in 2004," Bartkiewicz declared. The bank will increase share capital by roughly zł.500 million until mid-2004. (Parkiet, p. 1) M.M.