No stopping NORD

After three quarters of 2005, NORD/LB Bank Polska had a net profit of zł.12.16 million, a 76-percent increase year-on-year and growth of nearly 50-percent in comparison to the results for the whole of 2004. Last year the bank's net profit amounted to zł.6.89 million after nine months and zł.8.34 million at the end of the year. With its Q3 results the bank has already attained its expected net income for the whole of 2005, which was estimated at zł.12 million. "I do believe that this growth tendency will be maintained and we will close the year 2005 with a net profit of approximately zł.13-14 million," CEO of NORD/LB Jarosław Dšbrowski said in a statement.

The bank's revenue from banking operations grew by 41 percent year-on-year, reaching zł.33.45 million. Dšbrowski credits the higher volume of corporate loans for the good financial results, but adds that transaction banking is increasingly contributing to the bank's net results.

The bank intends to continue its rapid growth, which will be pursued in two directions. On one hand the bank plans to increase its total volume of sales, launch new products and open two new regional corporate centers. The second direction is the establishment of a new bank group. Norddeutsche Landesbank Girozentrale, NORD/LB Bank Polska's parent company, and DnB NOR, the largest Norwegian bank, have signed a contract to create a new banking group. Next year it will start operations under the name DnB NORD, in Poland, Denmark, Finland, Latvia, Lithuania and Estonia. "[It] will speed up our further development and enable us to launch new products and services," Dšbrowski said.

In the new banking structure NORD/LB Bank Polska will play the role of a specialist in corporate banking. "NORD/LB Bank Polska wants to become one of the top ten Polish corporate banks cooperating with large and medium-sized companies," Dšbrowski explained. However, in the near future the bank doesn't rule out entering new sectors, such as services for SMEs.