Kredyt Bank, ING BSK and BRE Bank latest results

Three publicly listed banks; Kredyt Bank (KB), ING BSK and BRE Bank have published their Q2 results. The losses of KB amounted to zł. 200 million, which was caused by the need for the bank to create more reserves in the second quarter. The new value of reserves made in the first half of the year was zł. 1 billion as opposed to zł. 700 million in 2002. KB's president, Małgorzata Kroker-Jachiewicz, said the largest reserves were to cover investments in the automotive, construction and ship industry. "The results presented by KB are an unpleasant surprise for the market. CA IB Securities Jakub Korczak meanwhile said, the results of the remaining publicly-listed banks BRE Bank and ING BSK had been evaluated as "mediocre" by analysts. While ING BSK's net profit amounted to zł. 3.5 million in the second quarter, the net profit generated by BRE Bank reached zł. 21.3 million. (Gazeta Wyborcza, Aug. 16-17; p. 25; Rzeczpsopolita, Aug. 16-17; p. B) A.Z.