Deutsche Bank PBC still struggling with old debts

After three quarters of 2003, Deutsche Bank PBC (formerly known as DB24) has a loss of zł. 1.9 million. This means that director's expectations that the company could post a full-year profit 20-30% higher than in 2002, amounting up to zł. 17 million are not very likely. "Our results are affected by losses of zł. 160 million carried over from previous years, which were due to bad debts. We are negotiating partial or bulk disposal of receivables of companies. This will affect our 2003 results," said DB PBC president Marek Kulczycki. He stressed that even if they did not manage to sell the debts, then the bank still might post a small profit. The bank is currently c ompleting a two-year restructuring program, which helped it to lower its operating costs by 11% in 2003 alone. "We manage to slow down deposit account closures and observe growing interest in our investment fund," said Kulczycki. (Puls Biznesu, pp. 1, 9) M.M.