Forced BPH split is not reflected in QI earnings

"Customers and employees found out that the bank is going to be divided only at the beginning of April," reminded Dariusz Górski from DB Securities. For this reason, QI profits will still be several percent higher than the same period last year. Józef Wañcer, the company's president, announced a significant improvement in results a few days ago. Forecasts for the whole year are not so optimistic however. One of the reasons are expected problems connected with the split up of BPH forced on the bank by the Treasury Ministry on the owner of the Bank Unicredito Italiano. Last year, BPH made a net profit of zł.1.03 billion. Analysts are predicting an improvement this year of 10.4 to 17.1% (Parkiet 8 May, p. 7) S.D.