Stepping down CEO of BZ WBK is proud of what he is leaving to his successors

opublikowano: 07-02-2007, 09:32

Warsaw (Puls Biznesu) – Jacek Ksen merged WBK with Bank Zachodni into BZ WBK and made it one of the biggest and most profitable banks in Poland. He leaves the institution with PLN 1 billion (EUR 258m) of income.

Warsaw (Puls Biznesu) – Jacek Ksen merged WBK with Bank Zachodni into BZ WBK and made it one of the biggest and most profitable banks in Poland. He leaves the institution with PLN 1 billion (EUR 258m) of income.

 

Today, the management of BZ WBK meets for the last time with Jacek Ksen as the CEO. The management will decide how to split last year’s income and what dividend to pay out to shareholders. In 2005, the company paid out 97 percent of its net income, or PLN 6 a share.

“Today, the solvency ratio amounts to 15.5 percent, which is a very safe level. However we must take into account the fact that credits rose 30 percent and Basel II directives must be implemented, which may lower the solvency ratio by 3-4 percentage points”, Jacek Ksen, BZ WBK CEO explained.

Taking into account the income increase, the dividend per share will not necessarily be lower than a year ago.

 

BZ WBK will publish its financial results in the third decade of February.

“I can only say they were record, both as far as net income and gross income are concerned”, Jacek Ksen assured.

This means that BZ WBK met its gross income forecast and will be Poland’s fourth bank, next to PKO BP, Pekao and Bank BPH to have PLN 1 billion of income. The company had about PLN 1.07 billion of gross income in 2006. The net income amounted to about PLN 200m in every quarter, it may exceed PLN 800m in the whole year.

“The fourth quarter was a record one in many fields, similarly as the whole year. That’s why we decided to give all the employees a gift before Christmas – a pre-paid card with PLN 1,500. The cost of this project amounted to PLN 22m. We also made PLN 14m of reserves because of the fine from the Office of Competition and Consumer Protection. The fourth quarter result was cut by PLN 36m altogether”, Jacek Ksen pointed out.

 

He added that BZ WBK has the lowest ratio of irregular credits and will have record ROE. The most effective banks have ROE of over 25 percent. BZ WBK would have to reach nearly 30 percent to beat them.

(PLN 1 = EUR 0.258)

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