It's set to be a bad year for Kredyt Bank

This year, Kredyt Bank (KB) is certain to post a loss and is not excluding that it will have to create additional reserves in the second half, the bank's deputy president Izabela Seweryniuk announced yesterday. "The reserves will cover the same sectors as in the first quarter, that is the automotive industry," she added. Seweryniuk refused to disclose how big theses sums will be and how much they will influence the financial result of the bank. In the first half of 2003, the bank created reserves of zł. 239 million and posted a loss of zł. 208 million. At the same time, KB's shareholders decided to increase the bank's capital by issuing over 63 million new shares at zł. 10.5 per each. (Puls Biznesu, p. 7) A.Z.