BRE Bank reports 2002 loss of zl. 381 million

BRE Bank posted a 2002 loss of zl. 381 million, worse than the forecast loss of zl. 203 million in a Reuters poll, and compared with a profit of zl. 221 million in 2001, but pledged it would turn a profit in 2003 after cleaning up its books in 2002. Analysts still believe big threats remained below the surface. The bank was hit by a rise in non-performing loans, coupled with provisions for failed investments as several of its trademark risky bets on capital markets failed to pay off. The bank forecast a return on equity of 6% to 9% in 2003. The bank took net provisions of zl. 529 million for the year, including zl. 367 million for Q4, up from zl. 60 million for full-year 2001. (Parkiet, March 1-3, p. 3; Rzeczpospolita, March 1-2, p. B5; Reuters) J.K.