Pekao remains optimistic after announcing record profit

Pekao S.A., one of Poland's leading banks, achieved a record-breaking zl.555 million net profit in the first half of 2001. Despite the difficult macroeconomic situation, the bank is standing by its forecast of a zl.1.25 billion net profit for the year, up from zl.763 million in 2000. "When we were working out our half-yearly and end-of-year financial forecasts, we did not assume we would have to deal with such a large decline in the rate of economic growth. We also assumed that inflation would be higher. In spite of all this, the forecast results for the end of 2001 are realistic and we are not planning to change them," said Maria Wisniewska, CEO of Pekao S.A.. The improvement in the bank's financial performance is, according to Wisniewska, the result of the realization of a strategy that was implemented two years ago. (Puls Biznesu, p. 6) A.K.