Poor Q4 figures fail to dent PKO BP's 2005 profit

Analysts believe that shortfall is mainly due to a zł.115.5 million loss related to the debenture bonds index. However, this situation is said to be temporary. "The decrease in the value of bonds in Q4 was extraordinary in the last quarter," said Piotr Palenik, an analyst with ING Securities. "Predictions for 2006 Q1 are better, so profits should improve." Despite the weak Q4, the annual results of the bank met analysts expectations. PKO BP's 2005 net profit reached zł.1.76 billion and surpassed the 2004's figure by 16.7%. The company's management board sustained its earlier promises regarding dividend payments, which is scheduled to reach between 20 to 40% of the net profit. (Parkiet, p. 5) K.J.