Pekao promises to continue payouts as profits hit high

The results also had a positive effect on the company's share price, which grew by 2.8% yesterday to reach zł.148. The return on equity ratio stood at 18.4%, up from 13.1% in 2003. The bank saw its total revenues strengthen by 3.3%, which stood at zł.4.15 billion. Pekao S.A. president Jan Krzysztof Bielecki emphasized that the company is regaining its share in the sector. "We have reversed the negative trends. The credit portfolio which decreased in 2003 is back on the rise," said Bielecki. By the end of 2004 the value of credits was 5% higher, compared to the previous year. Bielecki also announced that 2005 will be a year of further improved financial standing and added that the plans to yearly increase the amount of dividend payout will be continued. In 2003 81% of the profits were earmarked for this cause. (Rzeczpospolita, p. B7; Parkiet, p. 5) A.K.