By Patryk Wasilewski
WARSAW--Poland's BRE Bank S.A. (BRE.WA) reported Tuesday a 2.1%
decline in first-quarter net profit to 324 million zlotys ($103
million), beating market expectations thanks to significantly lower
provisions for non-performing loans.
Analysts expected the Commerzbank AG (CBK.XE) Polish unit to
report a net profit of PLN286 million with provisions at PLN77
million; but BRE reported provisions of only PLN27.7 million.
The bank slightly missed net interest income expectations with a
decline to PLN503.6 million, a result of significant central bank
interest rate cuts over recent months. Net fee income came in at
PLN197.5 million, also below expectations.
Write to Patryk Wasilewski at patryk.wasilewski@dowjones.com
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