BZ WBK Q3 result dented due to payment of Q2 taxes

The Q3 net profit of bank BZ WBK amounted to zł. 37.5 million. This was less than analysts' expectations, and gave a consolidated result of only zł. 147 million for the year so far. The quarterly figure is 47% lower than the result posted a year earlier, which amounted to zł. 71 million. "In general the result is fine, but was negatively affected by a high tax burden," Artur Szeski, CDM Pekao analyst, told Reuters. The bank had to pay zł. 28.2 million to the fiscal office for the second quarter, which was twice more than a year earlier. Over the quarter the institution had not carried out any large transaction, which would have substantially altered the results. BZ WBK decreased its reserves from zł. 78 million a year ago to zł. 29 million at present. However, it has granted 9.5% more loans, issued 40% more credit cards and sold 121.2% more units of its Arka investment fund. (Parkiet, p. 3) M.M.