BRE hopes to build on Q1 boost
The first quarter of 2005 was the best in five years for the BRE Bank Group. Consolidated net profit totaled zł.64.23 million - more than twice as high as in the previous year and BRE Bank's best consolidated result for the last 15 quarters. Year-on-year, total assets of the group grew by zł.640 million, reaching zł.31.24 billion. Net interest income also increased (by 67 percent), and so did operating profit (70 percent up).
At the same time the BRE Bank managed to keep its solvency rate at 13.68 percent. The cost/income ratio has been decreased to 73 percent and will witness further lowering - 60 percent by 2007 is the target. The bank hopes to achieve the return on equity of 14 percent by the end of 2005.
The chairman of the management board at BRE Bank, Sławomir Lachowski, sees the results as a positive sign in realizing the restructuring program begun last year called BREactivation. "I am pleased with the results as at the end of March, but we fully realize that this is just the beginning of the road" he said.
At the same time the BRE Bank managed to keep its solvency rate at 13.68 percent. The cost/income ratio has been decreased to 73 percent and will witness further lowering - 60 percent by 2007 is the target. The bank hopes to achieve the return on equity of 14 percent by the end of 2005.
The chairman of the management board at BRE Bank, Sławomir Lachowski, sees the results as a positive sign in realizing the restructuring program begun last year called BREactivation. "I am pleased with the results as at the end of March, but we fully realize that this is just the beginning of the road" he said.
