BRE doubles its money with a stellar six months' work

"In the second quarter alone we earned a net profit of zł.83.9 million. However, it may not be possible to repeat this result since it was influenced by one-off events," said BRE Bank president Sławomir Lachowski. In Q2 the bank received zł.17 million in dividends from its subsidiaries. It also released a zł.30 million reserve from lost loans it managed to recover. "BRE confirmed market expectations. Although the net profit is slightly higher, it results from the lower provisions for reserves," said Robert Sobieraj, an analyst with Erste Securities brokerage house. BRE Bank managed to increase its income on interest by 45% to zł.327.2 million, while its net ROE amounted to 16.9%. However, the bank has a relatively high cost-to-income ratio of 69.8%. "It is due to the reserve for employees' bonuses, which amounts to zł.50 million. We initially planned to allocate zł.17 million for this purpose, which is not much more than last year, but we decided to strongly motivate the employees to sell our products," explained Lachowski. (Puls Biznesu, pp. 1, 5; Parkiet, p. 6) E.B.