WARSAW--Poland't fourth largest bank by assets, BRE Bank
(BRE.WA) expects this year's earnings to be closer to 1.2 billion
zlotys ($370 million) rather than PLN1 billion originally expected
as economy gets on track, Chief Executive Cezary Stypulkowski said
Thursday.
"I think we will defend our full-year guidance and we are closer
to repeating last year's result [of PLN1.2 billion] rather than the
PLN1 billion I flagged earlier," Mr. Stypulkowski said.
The bank's six month net profit was 8% lower than a year earlier
at PLN596 million and hitting PLN1.2 billion "would be a stretch,"
Mr. Stypulkowski said.
BRE's earnings this year suffered from all-time-low interest
rates in Poland that hit its margins and lower fee income.
Mr. Stypulkowski added the bank is likely to tap the
international bond market and issue swiss franc denominated paper
worth up to CHF300 million ($322 million).
Write to Patryk Wasilewski at patryk.wasilewski@dowjones.com
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