Bloomberg News

Zachodni Third-Quarter Net Tops Estimates as Lending Increases

October 27, 2011

Oct. 27 (Bloomberg) -- Bank Zachodni WBK SA, Poland’s third-biggest bank by market value and a unit of Banco Santander SA, said third-quarter net income rose 55 percent on higher lending.

Profit rose to 344.9 million zloty ($111.4 million) from 222.9 million zloty a year earlier, the bank said in a statement today. That exceeded the 291 million-zloty mean estimate of four analysts surveyed by Bloomberg News.

The bank plans to “post higher pretax profit and net income” in 2012 that will exceed the Polish banking industry’s average, Chief Executive Officer Mateusz Morawiecki told reporters in Warsaw today.

Santander, which also owns another consumer bank in the eastern European country, said on Sept. 30 it will seek an 8 percent share of Poland’s banking market and its unit there will target about 20 percent annual profit growth in 2013.

Total lending at Warsaw-based Zachodni rose 9.3 percent to 38 billion zloty at the end of September, the bank said. Net interest income, the difference between what the bank pays on deposits and what it charges for loans, rose 16 percent to 532.2 million zloty.

--Editors: Frank Connelly, Steve Bailey

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

To contact the editor responsible for this story: Frank Connelly at fconnelly@bloomberg.net


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