Major overhaul of Kredyt Bank sees rise to near 12% ROE ratio

The year-long restructuring of Kredyt Bank (KB) has returned positive results. In the first half of the year KB posted a profit of zł.58.3 million while in the same period of 2003 it lost as much as zł.265.7 million. "2004 will be a good year for the bank, the more so as in Q3 we are going to sell KB Ukraina and the bank's PTE pension fund. Q4 is usually very profitable for financial institutions and their groups," said KB's president Małgorzata Kroker-Jachniewicz. She added that selling KB Ukraina to PKO BP would bring an additional zł.35 million to the company. This year's profit allowed KB's ROE ratio to reach 11.9% (in 2003 it was minus 35.9%). KB's president stressed that the company is now aiming to maintain its ROE ratio above 10%. The company's future plans include widening its credit portfolio and winning new clients among the largest companies. (Puls Biznesu, p. 8) D.W.