Pekao and BPH present healthy profits before merger

On Wednesday president Jan Krzysztof Bielecki of Pekao and Józef Wancer of BPH presented the financial results of their banks for the last time before the merger, and in both cases results were healthier than expected. Pekao posted a profit of almost zł.1.6 billion after three quarters of the year - 21% more than in the corresponding period of last year. In Q3 alone net profit amounted to zł.556 million. In turn the consolidated earnings of BPH for the first three quarters of the year amounted to zł.1.3 billion, which is 42% more than after three quarters of 2006.  Again, in Q3 alone the bank posted a profit of zł.441 million - zł.50 million more than expected by analysts. "We expect that the legal merger of banks will take place on Friday, 30 November," said Jan Krzysztof Bielecki. Over the following weekend the institution will carry out a massive re-branding operation, while in Q1 of 2008 it will kick off an advertising campaign. Following the merger Pekao will handle over 5 million individual clients and 15,000 corporate, while BPH will provide services to 650,000 clients, mostly individuals. (Parkiet, p. 4; Rzeczpospolita, p. B15; Puls Biznesu, pp. 1, 12) M.M.