Kredyt Bank enjoys record-high annual profit

The results of Kredyt Bank for 2006 are so good not only because of revenues from its basic activity, but also due to the fact that last year it sold a large portfolio of unpaid debts. This transaction helped boost the bank's profit by zł.131 million. The bank, however, noted a fall in Q4 profit which stood at zł.81.4 million compared to zł.90.7 million in the same period of 2005. The lower figure was due to higher marketing costs and expenditure on restructuring and relocating branches. From the zł.468 million profit about zł.100 million will go to shareholders. The rest will remain in the bank. KB's deputy CEO Konrad Kozik said that they plan to increase promoting loans, as well as on growing profits from retail banking and its mortgage loans portfolio. (Rzeczpospolita, February 17-18, p. B5) M.M.