Near 100% growth for Bank Handlowy after cost cutting campaign
Published:
29 August 2004 y., Sunday
Bank Handlowy posted a net profit of zł.159.4 million in Q2 this year, which marks a growth of almost 100% in comparison with the same period last year.
The bank's president Sławomir Sikora said that he also expected the second half of the year to be successful but refused to reveal the prognosis for the whole year. He added that the company has finished a process of consolidation of Bank Handlowy and Citibank and is prepared for economic growth.
In Q2 the bank managed to lower costs by 9% mostly due to laying off around 300 staff in Q1 but despite this did not manage to lower the costs-to-income ratio to 50% as it had earlier planned. The ratio for the bank now amounts to 56%. The return on equity is still below 10% which, according the president, is due to the bank's high equity that BH constantly tries to lower by allocating the whole profit for paying out the dividend.
Šaltinis:
wbj.pl
Copying, publishing, announcing any information from the News.lt portal without written permission of News.lt editorial office is prohibited.
The most popular articles
The President of the Spanish Government, José Luis Rodríguez Zapatero, will meet this Monday with the German Chancellor, Angela Merkel, to analyse the future EU economic and employment strategy EU2020 before the Twenty-seven approve its basic lines at the Spring European Council.
more »
The planned overhaul of the EU common fisheries policy should take better account of the huge differences across European fleets and fisheries, give greater responsibility to fishing regions, address the problem of fleet overcapacity and improve the traditional quota system, according to a non-binding report adopted by Parliament on Thursday.
more »
The EMU framework and economic governance within the eurozone need to be revamped.
more »
Young people should be a priority in EU action next year, it emerged on Tuesday, as the Budgets Committee started work on the EU's 2011 budget.
more »
European Investment Bank (EIB) support for EU regional policy is crucial for tackling the economic crisis, EIB President Philippe Maystadt told the Regional Development Committee on Monday.
more »
Three thousand former car, refrigerator and construction workers in Germany and Lithuania could get €7.6 million in EU globalisation adjustment fund aid for training, self-employment and professional orientation under plans approved by the Budgets Committee on Tuesday.
more »
Today, 22 February, the EU Council of Agriculture and Fishing in Brussels, under the chairmanship of the Spanish Minister, Elena Espinosa, will analyse the impact of the economic crisis on the Greek agricultural sector, which has experienced a drop in prices and income, with small farms that pose an obstacle for the producer for negotiating with large distribution chains.
more »
Municipal policies to tackle the crisis and their application at EU level will be discussed during the three days of the summit entitled, “Networked Local Governments for a New Europe”, which will bring together representatives from 260 cities in Barcelona.
more »
The EBRD is promoting energy efficiency and renewable energy projects in Moldova, helping the economy to reduce its energy intensity with a new €20 million credit line for on-lending to local private companies.
more »
The EBRD is lending $1.2 million to Salkyn, one of the largest ice cream producers in Turkmenistan, to help the company expand its distribution network and build up its brand.
more »