BPH-PBK Q4 earnings two-thirds below expectations

BPH-PBK, the third largest bank, on Friday reported weak Q4 profits but said it expected its bottom line should improve in 2003, "This year, profits will be higher, costs lower and bad debt charges should decrease," Chief Executive Jozef Wancer told a news conference, but he would not give any specific targets. BPH-PBK, majority-owned by Germany's HVB, earned zl. 21 million in the fourth quarter, only a third of what analysts had expected, taking its full-year figure to zl. 148 million according to Polish accounting standards. Wancer said the bank planned to allocate between 25%-30% of its 2002 net profit for dividends, at the high end of earlier plans, and said the payout might rise next year if several large asset sales are successful. BPH-PBK said full year net profit would have been zl. 254 million under International Accounting Standards, which differ on provisioning requirements. (Puls Biznesu, p. 5; Reuters) A.Z