Pekao Leasing given a capital injection and to target SMEs

Pekao Leasing is one of the few companies that belongs to the Bank Pekao group which records high losses. The poor financial standing of the company have led to a decision by the parent company to inject capital worth zł. 250 million. Pekao Leasing posted a first half net loss of zł. 62 million, as compared to Pekao's consolidated profit zł. 505.7 million in the same period. The company's loss is mainly an due to the need to create reserves of zł. 48.9 million and an unfavorable exchange rate. By the end of June, irregular liabilities constituted over 52% of the company's portfolio, as compared to the bank's 21.8%. Robert Moreń, the bank's spokesman said that another reason for the capital injection was to help the company's expansion plans. Pekao Leasing wants to create a special offer for SMEs which are bank Pekao's customers. (Parkiet, p. 1) A.K.