bank and economy
please look at my writing and give me some comments.
Thanks in advance
P.S. It's me for the first time writing about such things.
Record-breaking gains thanks to credits
The banks have reason to celebrate. Their net profit for the last year came to 9.2 billion zlotys and was by almost one-third higher compared to that achieved in 2004.
Moreover, the bank assets are the highest in history. According to the provisional data of the Inspector General (IG), total assets of all institutions at year-end 2005 surpassed 587 billion zlotys, which means a 9 per cent-growth in the last year.
The heads of banks stressed while presenting the financial reports for the past year that these were credits for individual clients that induced such bloom. IG announced that credit transactions of the banking sector rose in 2005 by 13 per cent, to 258.4 billion zlotys. Everyday Poles borrowed money far more readily than a year before. The credits for households rose by 24.1 per cent, up to 136.401 billion zlotys.
The proprietors were still careful to incur debts and even used their own money for investments. Analytic survey has shown that entrepreneurship credits increased last year only by 3.5 per cent to 121.1 billion zlotys.
Again, PKO BP and Pekao SA turned out to be the most influential banks, but their share in the banking sector declined from 50 to 34 per cent. BPH Bank entered the prestigious multimillionaire group and the results of ING Bank Śląski, West Bank WBK, Credit Bank and Millenium appeared promising too. Among the ten “giants”, the lowest profit was attained by Bank BGŻ, left behind by six smaller banks.
Only four of the institutions mentioned above reported a loss for the last year and, as explains Deutsche Bank, it was mainly a result of investment. The Deutsche Bank’s capital spending in 2005 reached 30 million zlotys, the amount that was used to open 21 new subsidiaries and implementation of a new IT system.
Instead, the board of Dominet Bank reveals that the financial performance of the company has been an effect of application of new valuation of assets rules, which had a bad impact on profits in 2005, but will be beneficiary in the following years. What is more, Dominet spent a lot on advertising last year, its media campaign cost nearly 5 million zlotys.
According to the data collected by the Inspector General, bank assets have risen 9 per cent, but as many as eleven banks had lower total assets at the end of the past year than in December 2004. Among those who have suffered a loss are two car banks, four institutions specializing in entrepreneurship service and a mortgage bank.
There has been some rotation among the top ten. Bank Handlowy has fallen from the fourth to the sixth position, because of having paid the dividend of 1.15 billion zlotys to investors. Yet, among others, ING Bank Śląski, Bank Millenium, Getin Bank and Deutsche Bank PBC have climbed in the ranking.
Bankers burst with optimism as they expect that the net profit of the banking sector will increase in 2006 again by almost one-third and go beyond 10 billion zlotys.
Re: bank and economy
Dear Cat's eyes:
You have done a fine job! Congratulations! Here are a few comments and suggestions:
I hope this is helpful,
Originally Posted by cat's_eyes
Last edited by pyoung; 14-Mar-2009 at 18:58.
Re: bank and economy
Thanks a lot,
In case of : The heads of banks stressed, while presenting the financial reports for the past year,it was credits for individual clients that induced such bloom (this is figurative and unexpected. It's not wrong, but it will cause readers to take note. The usual word for this is 'growth').
I just didn't want to repeat that "growth", but maybe such repetition isn't bad?
Re: bank and economy
Thank you very much for such a quick reply, it's great and gives me hope as shows that at least I used tenses correctly .
Great comments, thank you once more
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