BRE Bank likely to end 2002 with zl. 160 million loss

Despite the promises of BRE Bank president Wojciech Kostrzewa that his institute would end the year with clean accounts, his bank has readjusted its 2002 results with over zl. 100 million losses. This news sent BRE's shares tumbling 9.1% on the Warsaw Stock Exchange. "This is a huge dis-appointment for investors," said Marek Swieton from ING Investment Management. According to Marcin Materna from DM BIG BG, the total loss for the whole year could even end up as high as zl. 160 million. The bank has announced that it would classify elements of its credit portfolio more strictly, which will result in increasing its reserves. "This is a signal that the bank is having trouble in collecting money from its debtors," said Swieton. (Puls Biznesu, pp. 1, 5) M.M.