Warsaw (Puls Biznesu) – PKO BP, Poland’s biggest bank, had net income of PLN 1.5 billion (EUR 373.2 m) last year. ‘This is a record income in Polish banking sector. The board will consider offering to pay over 40 percent of the income as dividen’, Andrzej Podsiadlo, PKO BP CEO said. In 2004, shareholders will get over PLN 600 m. ‘In 2005, we want to have an even better financial result. I cannot promise, however, a two-digit growth as it was in the previous years’, Andrzej Podsiadlo added.
This year, the bank will prepare for the implementation of IT system, which is to be started in 2006. It will also restructure its outlets, which will cost several hundred million zlotys. ‘Cost decrease in the fourth quarter and the fact that in the whole year they were slightly higher than in 2003 is good news. I believe, PKO BP will have big potential to further limit expenditures and improve indices. The results show that the company is not much different from its stock rival Pekao S.A.’, Marcin Materna, Millennium DM brokerage analyst commented.
(PLN 1 = EUR 0.248)Poland/Enterprises/Banks