The CU group posts good all round 2004 profits

The net profit of CU TUnŻ - the life insurance company, amounted to a record figure of zł.377.5 million, a growth of 5.9% in comparison with 2003. The CU PTE pension fund posted a net profit of zł.120.3 million, while the profit of CU's general insurance company CU TUO, grew to zł.5.2 million which is 85.7% more than in 2003. Part of the company's profit will be paid out in dividends to publicly listed banks BPH and BZ WBK, which own a 10% minority stakes in the CU companies. Maciej Jankowski, the CU Polska group deputy president for financial issues refused to reveal the size of the dividend, "Our shareholders are publicly listed companies and such an information could influence their stocks." However, it is known that the CU group companies usually pay 70-80% of its profit in dividends. (Parkiet, p. 9; Puls Biznesu, p. 10) E.B.