State-owned lender with lower profits

State-owned lender Bank Gospodarstwa Krajowego (BGK) generated a net profit of PLN 434.61 million in 2014, against a net profit of PLN 740.31 million in the previous year. "The decrease was mainly due to the sale of shares of PKO BP worth PLN 352.9 mln gross in 2013 and a lower level of correction due to reclassification of long-term loans of the former National Housing Fund," a report read. The total value of the bank's assets stood at PLN 51.23 billion, compared with PLN 43.85 billion in 2013. BGK is a development bank, whose aim is to initiate and carry out projects targeted at boosting Polish economic growth.