BPH financial results for last year worsen due to obligation to create reserves
At a Bank Przemyslowo Handlowy (BPH) general shareholders meeting its
executive director Joseph Wancer presented a financial report for 1999. The
bank's financial results were made worse by the necessity to spend zl. 158
million creating reserves. It is already sure that the shareholders will not
receive any dividends this year. Wancer said there was no reason to be
concerned as the results in the first three months have been satisfactory
and the bank is "on a road to success". The bank closed the last fiscal year
with zl. 22.1 million in net profit. It is expected that the improvement in
the financial position of the bank's clients will enable it to dip into the
reserves. However, according to Olaf Scheer, member of the board of
directors, BPH's German strategic investor HypoVereinsbank is considering a
withdrawal at a "suitable moment". (Prawo i Gospodarka May 6-7, page 1,10)
J.K.
