Bank Pekao SA counts is anticipating an increase in net profit in 2006, according to the announcements of Bank Pekao SA's management board. UniCredito Italiano’s Bank Pekao SA posted PLN418.86 million consolidated net profit in the first quarter over PLN331.46 million, recorded for the same quarter a year earlier. The bank improved its Return on Equity to 19.4% at the end of Q1/2006 from 16.5% at the end of March 2005.

PKO Bank Polski reported positive first quarter results, with CEO Andrzej Podsiadlo upholding previous announcements of a rise in the group’s results in 2006 versus the PLN1.7 billion posted in 2005. PKO BP posted PLN481.95 million consolidated net profit in Q1/2006 up from PLN 415.80 million profit a year earlier. The CEO also stressed the improvement in the cost/income ratio, which fell to 60.77% versus 62.14% a year earlier. The total number of accounts rose in this period by 21,000 to 5,924,000. In the 2005 annual report, the CEO announced that the 6 million accounts barrier would soon be reached.

PKO Bank Polski is still considering the purchase of up to 5% shares in Bank Ochrony Srodowiska of the 47.5% stake being sold by Skandinaviska Enskilda Banken. It may also consider granting credit for a further stake to the National Fund for Environmental Protection and Water Management, Podsiadlo declared on Friday. Sweden's SEB decided earlier to sell its stake in BOS to the national fund, which currently owns 44.35% shares in BOS, and after taking over shares from SEB, the fund, together with its provincial branches, will increase its holding to 97%. SEB said that the transaction's value was PLN576.86 million, equivalent to PLN92 per share. The transaction is to be finalized by mid-2006.

Meanwhile, after the publication of Bank BPH’s first quarter results – which turned out to be the best quarter in its history – the bank’s CEO Jozef Wancer upheld his expectations that the consolidated net result for the whole year would exceed the PLN1.03 billion posted in 2005. The gross Return of Equity reached 22.31% in Q1, up from 17.25% a year earlier. In its report the bank also said that in this period the plan to lower the cost/income ratio had been exceeded; at the end of March it was 48.52% versus 53.79% a year earlier.