PKO bank records 25% increase in first quarter profits

State-owned savings bank PKO BP, scheduled for privatization by the end of next year, yesterday reported a 25% jump in first quarter net profits to zł. 330 million. Steady revenue growth, cost control and a relatively light bad debt burden helped offset a two-year long industry slump. Chief Executive Andrzej Podsiadło told a news conference the bank's result was largely due to its strong position in the domestic deposit and home loan market, as well as a lower share of bad loans in its portfolio compared with its competitors. He added that the first quarter result put PKO on track to match or exceed last year's zł.1.1 billion earnings. (Reuters) A.K.