Bloomberg News

BRE Bank Third-Quarter Net Income Rises by Half on Lending

November 07, 2011

Nov. 4 (Bloomberg) -- BRE Bank SA, the Commerzbank AG unit that’s Poland’s third-biggest lender by assets, said third- quarter net income rose by half as higher lending helped boost net interest income.

Profit at the Warsaw-based lender surged to 307.3 million zloty ($98 million) from 206.5 million zloty, the bank said in a statement today. This compares with the 263.2 million zloty mean estimate of nine analysts surveyed by Bloomberg.

Net interest income, the difference between what the bank pays on deposits and what it charges for loans, rose 14 percent to 548.2 million zloty, while net fees and commissions increased 10 percent to 219.3 million zloty.

Nine-month net income almost doubled to 850.1 million zloty from 446.1 million zloty.

--Editor: David McQuaid

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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