GE Money Bank energizes itself with reserve boost

"Thanks to this the bank's equity grew from zł.683.9 million to zł.987.6 million and the solvency ratio increased from less than 10% to 11.9%," revealed Mariusz Karpiński, the president of the GE Money Bank. It gave the company the twelfth position in terms of capital among banks on the domestic market. GE plans to enter the top ten within three years, but in order to achieve this aim it has to double its equity. Therefore, the company plans to earmark the profits from the following years for the bank's further growth. This year it wants to generate the same net profit as in 2004. "In Q1 the profit amounted to zł.80 million and the projection for Q2 confirms that zł.300 million for the whole year is realistic," declared Karpiński. The bank intends to develop its credit action. Within the first five months of this year the bank agreed loans with a total value of zł.2.4 billion, which marks a 27% growth in comparison with the same period in 2004. It also means that GE Money Bank's loan portfolio is already larger than that of Bank Millennium. (Puls Biznesu, p. 10) E.B.