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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
byalmost one-third higher compared to that achieved in 2004.
thebank assets are the highest in history. According to the provisional data of the Inspector General (IG), total assets of all institutions at the end of 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,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'). The 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 (if they borrowed money, shouldn't this be: Household debt rose by 24.1%...)? for households rose by 24.1 per cent, up to 136.401 billion zlotys.
The proprietors(Which proprietors are you referring to? If this is a general reference to business owners, it should be: Proprietors [or Business owners] were still careful not to incur much debt and even used their own money for investments.) An analytic survey has shown that entrepreneurship credits (debts?) 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 (often a direct quote will follow this phrase), 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 implement
ation ofa new IT system.
Instead (On the other hand[?] or, In contrast,[?]) the board of Dominet Bank reveals that the financial performance of the company has been the effect of the application of new valuation of assets rules, which had a bad impact on profits in 2005, but will be beneficiary (beneficial?) 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 are bursting with optimism as they expect
thatthe net profit of the banking sector to increase in 2006 again by almost one-third and go beyond 10 billion zlotys.
- For Teachers