Bloomberg News

ING Bank Slaski's Third-Quarter Profit Falls on Costs

November 09, 2006

ING Bank Slaski SA, the Polish unit of Dutch financial-services company ING Groep NV, said third-quarter profit fell after personnel costs and other expenses advanced.

Net income was 156.8 million zloty ($52 million) compared with 160 million zloty a year earlier, Katowice-based Slaski said today in a statement. That beats the 150 million-zloty median estimate of five analysts surveyed by Bloomberg News.

Total costs rose 15 percent to 306.6 million zloty, the bank said in the statement. Of that, personnel costs advanced 12 percent to 140.4 million zloty as the company paid out higher bonuses to employees.

Net interest income, the difference between money paid on savings and earnings from loans, increased to 243.2 million zloty, Slaski said. Fee and commission income rose 18 percent to 156.6 million zloty.

Slaski's shares dropped 1.8 percent to 760 zloty, valuing the bank at 9.89 billion zloty. They have gained 35 percent this year, compared with the 39 percent advance of Poland's WIG index.

To contact the reporter on this story: Marta Waldoch in Warsaw at mwaldoch@bloomberg.net

To contact the editors responsible for this story: Frank Connelly at fconnelly@bloomberg.net; Katherine Snyder at ksnyder@bloomberg.net


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