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 European Commission approved an application from Spain for assistance from the EU Globalisation Adjustment Fund (EGF).
more »
The European Commission today reiterated the potential of existing EU-rules on mediation in cross-border legal disputes, reminding Member States that these measures can only be effective if put in place by Member States at national level.
more »
Exports of animals and animal products from the European Union to Russia are expected to receive a boost after five new certificates for exports between the EU and the Russian Federation entered into force on August 15.
more »
World Bank Group President Robert B. Zoellick visited Moldova on August 11-12 at the invitation of Prime Minister Vlad Filat.
more »
These are the financial results of the banking activities of the Danske Bank Group in Lithuania (Danske Bankas and Danske Lizingas UAB).
more »
The European Investment Bank (EIB) today signed its first loan agreement with Armenia.
more »
Given the worsening food crisis in the Sahel, the Commission today agreed to disburse €14.9 million for food security in Niger, the worst affected country in the area.
more »
The European Commission has cleared under the EU Merger Regulation the proposed restructuring of Arnotts' debts in return for a transfer of control to Anglo Irish Bank and Royal Bank of Scotland (RBS).
more »
The European Commission today approved a new financial support package of €135 million for Morocco.
more »
The European Commission is allocating an extra €10 million in humanitarian aid for Liberia.
more »