BZ WBK's 2005 results so far exceed all expectations

"I believe that the net profit for the whole year may total zł.535 million," estimated Marcin Materna, an analyst with Millennium DM. BZ WBK's president Jacek Kseń confirmed that the bank may generate a profit of zł.525 million and added, "Taking into account our solvency ratio of 17% and ROE of 18.7%, as well as the perspective of good results in 2006, I would currently recommend a dividend amounting to 90% of the profit." The company had so far offered its shareholders a dividend of 40% of the profit. Kseń also admitted that the forecast of a zł.588 million profit in 2006 is realistic. The bank managed to control its costs since they have not changed in comparison with last year and remained at the level of zł.874.4 million, while the bank's cost to income ratio decreased and totaled 60.9%. (Puls Biznesu, p. 11; Parkiet, p. 6) E.B.