Quick loans and card deal put EuroBank in the black

EuroBank, which was launched almost a year ago, has enjoyed its first operating profit. "Last month we achieved a small operating profit as a result of a surplus of banking income over banking costs. We anticipate ending 2004 with a slight net loss but we plan to start generating income by Q4," said EuroBank's president Sławomir Łukasiewicz. He predicts that the rising tendency will continue and EuroBank will close 2005 with a considerable profit, which would be good for the company's financial standing after it ended the first half of 2003 with a loss of zł.28.5 million. EuroBank offers a quick loan granted together with a Visa card and bank deposits as its primary products and since its launch in September 2003 it has issued nearly 150,000 credit cards. In the first half of 2004 it granted credit worth zł.538 million and its deposits were worth zł.694 million. The bank has almost completed its sales network. "Our network is 95% ready with 109 branches located mostly in shopping malls," said Łukasiewicz. Now EuroBank plans to gain capital by an IPO or by acquiring a major new shareholder, but the decision will not be made until the end of the year. (Parkiet, p. 5) D.W.