Bloomberg News

Bank Zachodni Quarterly Profit Misses Estimates on Merger Costs

February 01, 2012

Jan. 31 (Bloomberg) -- Bank Zachodni WBK SA, Poland’s third-biggest bank by market value being bought by Banco Santander SA, said fourth-quarter net income fell 26 percent as it booked costs related to its merger with the new owner.

Profit fell to 198.4 million zloty ($61.6 million) from 267.7 million zloty a year earlier, the bank said in a regulatory statement today. That missed the 232 million-zloty mean estimate of four analysts surveyed by Bloomberg News.

In the three months ended Dec. 31, the Warsaw-based bank booked 88.8 million zloty of costs of “the unification of operations” with Santander, it said. At the same time net interest income increased 8 percent to 539.3 million zloty and net fees and commissions declined 5 percent to 330 million zloty.

Full-year profit rose to a record of 1.18 billion zloty from 974.2 million zloty a year earlier.

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--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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