Polbank moves into the black as promised last year

Polbank made a net profit of euro 1.8 million in Q1 this year as promised. A year ago president of banking group Eurobank EFG assured the investors that following Q1 2008, its Polish arm Polbank would turn into the black.

He also promised that the bank would leap from the 21st position in the sector to the fifth by 2012, which will be difficult but achievable. "We are half way through to the success," said Polbank president Kazimierz Stańczak.

To achieve the plan the bank would have to increase its share in retail loans from 3% at the end of Q1 to 6%, but in order to do so it would have to boost the value of assets and liabilities five times, from zł.7.5 billion at the end of 2007, to level with BZ WBK, which is fifth on the market.

"To enter the top five banks in Poland, we have to continue the rapid growth initiated two years ago," said the president. This means expanding the network of outlets, but no actual figures were provided, apart from maintaining the pace from 2007 when the bank opened 133 own and partnership outlets, bringing its total to 268.

"We are following the path of other banks, such as Eurobank EFG, which became the second largest bank in Greece within 12 years," said Kazimierz Stańczak. (Puls Biznesu, p. 7) M.M.