BPH to write off PLN 916 million

According to General Electric (GE), BPH Management Board has decided to write-off the balance of 2015 to the amount of PLN 155 million (at bank level) and an additional PLN 761 million (at group level). The bank points out that the write-off was done in accordance with international accounting standards. There is also no influence on the current and future cash position and liquidity, nor on the capital adequacy of the bank. Bank BPH was established in 1989 as the result of a spin-off from the structures of the National Bank of Poland. In 1995, Bank BPH went public and since then has been listed on the Warsaw Stock Exchange.