ING announces reasonable 2002 results and redundancies

ING Bank Slaski (ING BS) posted a zl. 154 million net profit for 2002, 14.9% more than in 2001, and says it is planning a dividend payout. "The profit falls short of our expectations and definitely does not satisfy our ambitions. However, taking the market situation into account, it is a nice result," said Marian Czekanski, ING BS chairman. As in 2001, the bank will pay a dividend of 20% of its net profit. Part of the profit increase is due to a merger of Warsaw's ING and ING Bank Slaski in 2001. Despite the economic slowdown, the bank's better results in deposits acquisitions redeemed last year's falling interest rates. ING BS looking for ways to reduce costs, recently changed its computer system and says it is planning large redundancies. (Parkiet, Feb. 22-24, p. 3) J.K.