Counting the millions bank Pekao S.A. profits high, but more was expected

Bank Pekao S.A., for the first quarter of 2002 recorded net profits of zl. 304 million, which is 32% more than a year ago. These bumper profits chiefly resulted from the bank's core activities, which grew by 10% to zl. 1.11 billion. These figures, however surprised neither investors nor analysts who expected even better results. One forecast by Merill Lynch expected zl. 321 million profits for the first quarter and zl. 1.324 billion for the whole year. Other banks that reported their first quarter reports failed to announce any extraordinary results. ING Bank Slaski increased its net profit by zl. 7 million to zl. 63.05 million and Bank Handlowy profits stood at zl. 78.38 million, some zl. 6 million less than a year ago. (Gazeta Wyborcza, p. 27) M.K.