BPH saw its net profit shrink in the second quarter of the year to PLN 35.6m, down from the PLN 56.5m the bank posted last year. The result, however, is still seen as good news for the bank, as market observers had been predicting BHP would achieve just PLN 3m in profits for the period. ”The result was higher [than market estimates] thanks to rising reserves and the lower costs”, says Dariusz Górski from BZ WBK. “And reserves grew because no bad/non-performing loans sale took place, while portfolio reserves are still being resolved,” he adds.
The drop itself was said to result from the restructuring plan carried out this year, which cost PLN 69m. The layoffs are expected to be completed by the end of the year.
