Fortified position

For the first time in its history Fortis Bank in Poland's net profit surpassed zł.100 million, beating 2004's figure by 36 percent. The most important factor influencing the improved figures was the growth in its loan activities. The company noted a 59-percent increase in individual loans sales, while commercial loans sales increased by 22.2 percent (the market achieved growth of just 1.5 percent). The company's board will recommend that shareholders leave the income in the company to cover future investments instead of paying out a dividend.

"The Fortis Group is going to put great emphasis on revenues outside the Benelux countries, especially in Central Europe," Fortis Polska's CEO, Jan Bujak, said. "So far just 15 percent of Fortis Group's revenues come from outside the Benelux [region]. By 2009 we want to have 30 percent."

Fortis bank wants to open nine new branches in Poland and an account center in Kraków, which will cover financial operations all over Europe.