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
On August 4, the first chartered flight of "The Japan Airlines" will arrive from Tokyo in the Baltic States and land in Riga.
more »
1.6 billion rouble loan to overcome problems holding up expansion of city of Surgut
more »
Nordic Shared Services & Outsourcing Forum 2009, 26 – 27 August, Sweden
more »
Results of the latest price survey by Eurostat show that Lithuania is on the list of the TOP 10 least expensive countries in Europe.
more »
The European Commission's Digital Competitiveness report published today shows that Europe's digital sector has made strong progress since 2005.
more »
US President Barack Obama said that the economy was weaker than he thought when he took office, but there are signs of improvement.
more »
The EIB and UniCredit Group strengthen their cooperation to implement the Joint Action Plan of the largest multilateral lenders in Central and Eastern Europe who have committed to provide up to EUR 24.5 bn lending to the SME sector hit by the global economic crisis.
more »
Within the first half of 2009, AB Bank SNORAS earned LTL 24 million of unaudited profit.
more »
10,000 workers were helped by the European Globalisation Adjustment Fund (EGF) last year and of these, more than two-thirds found a new job, according to a report adopted by the European Commission today.
more »
SEB recently won awards for best consumer Internet banks in Lithuania and Latvia in a ranking presented by Global Finance Magazine.
more »