Bank BPH had PLN 463m of net income in the first quarter, or 63 percent more than in the same period of last year. However, analysts expect more. They were not surprised with the results of Pekao, which increased net income by 20 percent to PLN 502m. Later this year, further records may be hit because the costs of the integration of Pekao and part of Bank BPH will not be big and will amount to PLN 20m.
Investors were disappointed with commission. Bank BPH had 10 percent lower commission result than in the fourth quarter of last year and 2 percent higher than last year. It was due to the fact that the bank withdrew from offering mortgage loans in foreign currencies, policy adopted from Pekao.
“The results are not extraordinary, and they are weak as compared to other banks. But this is the past. Mini-BPH is important now. GE Money Bank which is to acquire it, wants to develop the network so the small bank will develop fast”, Andrzej Powierza, DM PKO BP analyst said.