BPH records strong Q1 results to help group hit EUR 1 billion gross profit target

"This year BPH will not manage to reach zł.1 billion of net profits. It is not excluded that such a result will be obtained in the following year," said BPH president, Józef Wancer. BPH had suggested it might hit the billion mark after recording zł.1 billion of gross profits in 2004. Meanwhile, the president of BACA, BPH's strategic investor, upheld the Austrian group's gross result at EUR1 billion. Sector analysts are content with the figures. "The results are not bad and what is most important is the fact they the were generated on core activities. They are not an effect of one time operations," said Marcin Materna of BRE Bank's brokerage house. BACA's good financial standing is mainly driven by its operations in Eastern Europe. The Vienna-based bank has around a 10% stake in the domestic banking sector. (Parkiet, p. 2) A.K.