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BANK HANDLOWY
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Financial Results
2001 FINANCIAL RESULTS
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As of December 31,2001,the Bank's total assets stood at PLN 33,150 million, representing an increase of 57.8% on year end 2000. The Bank's asset growth was higher than that reported at the end of 2000,
a particular reason for this being the effects of the merger
with Citibank (Poland)S.A.("CPSA").
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The merger of Bank Handlowy with Citibank (Poland) not only increased the Bank's revenues, but also general expenses (up by 28.7%) and depreciation (up by 34.7%).
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Liabilities totaled PLN 17,210 million at the end of December, representing 52% of the Bank's total liabilities and capital.
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The Bank's total capital at year end 2001 stood at PLN 5,742 million (excluding current year profit), reflecting an increase on year end 2000 of PLN 2,707 million, or 89.2%.
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In 2001 the Bank generated profit before taxation amounting to PLN 348 million, which represented an increase of 21.9% over 2000.
2000 FINANCIAL RESULTS
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In 2000,the Bank reported higher growth in operations than a year earlier. Total assets rose to PLN 21,002 million,an increase of 9.6%
compared to the previous year.The increase in total assets resulted primarily from increased receivables from financial institutio (60.8%).
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Net profit amounted to PLN 204.7 million, a decrease by PLN 268 million (or 56.7%), compared to last year results. Return on equity (ROE) decreased from 15.5% to 6.3% in 2000.
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The increase in capital was a result of the Bank retaining 58.5% of the 1999 net profit, which was allocated as appropriations to equity reserves (PLN 48,000 thousand), other reserves (PLN 98,455 thousand) and the general risk reserve (PLN 130,000 thousand).
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In 2000, the Bank ’s deposit base from customers and the government rose to 1,432.4 million, representing an increase of 16.4% over the previous year. Amounts due to customers and the government at the year-end amounted to PLN 10,166.3 million, accounting for 48.4% of the Bank ’s total liabilities and equity. Due to the deposit growth in 2000, funding obtained from the inter-bank market was reduced by 1.8% compared to the previous year, while the share in total funding fell from 28.5% to 25.5%in 1999.
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