Big profits jump fuels expansion for Nord/LB Polska bank

The Nord/LB Polska bank, which serves small and medium companies, made a profit of almost zł.5 million during the first half of this year - nearly four times more than it earned during the whole of 2003. The outstanding results came from expanding credit portfolios and the growing value of deposits. This year Nord/LB Polska will invest as much as zł.15 million, most of which will be spent on an internet banking system to be launched in the fall. The company also plans to expand its operations from its current single branch to six, increase the number of employees to 70 by December, and to boost the return-on-equity ratio from 6% to 15%. "Our aims are increasing efficiency and doubling our assets each year. We want to be a medium-size bank with a very strong position on the market serving medium companies and corporations co-operating with our German owner Nord/LB," said Nord/LB Polska's president Jarosław Dąbrowski. (Puls Biznesu, p. 7) D.W.