BRE Bank heads towards the Czech Republic

01-02-2007, 16:15

Warsaw (Puls Biznesu) – The bank grows so fast that the management wants to keep the whole income within the company.

Warsaw (Puls Biznesu) – The bank grows so fast that the management wants to keep the whole income within the company.


In the fourth quarter, BRE Bank had PLN 115m (EUR 30.5m) of net income, a result at the upper level of economists’ forecasts and 145 percent better than a year earlier. In 2006, the bank ha PLN 421.3m of net income.
“This is the best result in the decade”, Slawomir Lachowski, BRE Bank CEO said.
 
This year, the CEO expects further growth of retail and corporate credits. In order to be able to provide bigger loans, the bank needs cash. It is not going to issue new shares. Instead the management will recommend to keep the whole income generated last year and not to pay out the dividend. This will be a one-time even probably. In the upcoming years, the bank plans to pay out half of the income to its shareholders.
According to the plans, the number of private clients should grow by 23 percent to 2m while the value of retail credits should increase by PLN 4 billion. BRE Bank plans foreign expansion basing on the experiences of its internet unit mBank. It eyes the Czech Republic and Slovakia.
“Decision has been made already. We will present the details in this half of the year. We will launch operations in the second half of the year”, the CEO said.
Stock investors welcomed the promises. The stock jumped 6.8 percent yesterday.
(PLN 1 = EUR 0.265)

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