BGZ to pay out dividend in two years

15-02-2007, 15:00

Warsaw (Puls Biznesu) – BGZ had some successes and failures last year. It is going to finish restructuring and become an active player on the market.

Warsaw (Puls Biznesu) – BGZ had some successes and failures last year. It is going to finish restructuring and become an active player on the market.

 Bank Gospodarki Zywnosciowej (BGZ) had PLN 104m (EUR 26.6m) of net income last year, or 26 percent more than a year earlier. The bank gave PLN 1.3 billion of mortgage loans and has 2.1 percent of this market.

“We want to have 3 percent of the market”, Jacek Bartkiewicz, BGZ CEO said.

BGZ noted a decrease of deposits from individual clients, did not develop its consumer finance, while the number of its credit cards did not grow rapidly. This year, BGZ is going to launch new outlets. Restructuring and investment do not help improve the indices. The C/I ratio amounts to 90 percent, the worst result of all big banks. It should improve 10 percent this year, however. ROE amounts to 7.2 percent and should grow by 0.6 percent. The bank will not pay out dividend this year.

“We are finishing restructuring this year. Next year, we will be ready to face market challenges. Dividend will be paid from the income generated in 2008”, Jacek Bartkiewicz promised.

(PLN 1 = EUR 0.256)

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