Bloomberg News

Handlowy Fourth-Quarter Net Income Rises 14%, Tops Estimates

February 07, 2012

(Updates with tax, provisions in third paragraph.)

Feb. 6 (Bloomberg) -- Bank Handlowy SA, the Polish unit of Citigroup Inc., said fourth-quarter profit rose 14 percent, helped by a tax refund and lower provisions.

Net income increased to 221.1 million zloty ($69 million) from 194.8 million zloty a year earlier, the Warsaw-based bank said in a regulatory statement today. That exceeded the 176.6 million-zloty mean estimate of five analysts surveyed by Bloomberg.

Profit was helped by a 17 million-zloty refund of interests from overpaid tax, the bank said. Handlowy’s provisions for bad loans fell to 3 million zloty from 13.1 million zloty a year earlier.

Net interest income, the difference between what the bank pays on deposits and what it charges for loans, rose 3 percent to 382.4 million zloty. Fees and commissions declined 14 percent to 150 million zloty.

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--Editors: Stephen Taylor, Keith Campbell

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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