In November, the bank's president
The lender is 75%-owned by
ING BSK also presented its Q4 financial results that turned out to be above market consensus: its consolidated net profit was PLN 250.5mn, up from PLN 190.0mn a year before and compared to market consensus of PLN 239mn.
In the entire 2013, ING BSK's net earnings rose by 16% y/y to PLN 961.5mn (chiefly thanks to lower costs of risk), reaching its highest ever level. Asked whether she expects further improvement this year, Kolakowska said that it is hard to expect to keep such dynamics year by year. She admitted, though, that she expects costs of risk to be higher.
In 2013, the bank's total income rose by 3% y/y to PLN 3.28bn, while costs remained flat at PLN 1.82bn. Thus, its C/I ratio eased to 55.5% at the end of 2013.
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