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UPDATE 1-BRE Bank posts better than expected 3 pct profit fall
February 8, 2013 / 7:36 AM / 5 years ago

UPDATE 1-BRE Bank posts better than expected 3 pct profit fall

* Q4 net profit 273 mln zlotys vs 244 mln seen by analysts
    * Lower tax helped to offset economic slowdown, low interest
    * Plans to pay dividend of about 33 pct of 2012 profit

 (Adds more detail, analyst comment)
    WARSAW, Feb 8 (Reuters) - BRE Bank, the Polish arm
of Germany's Commerzbank, said that a lower tax rate
had helped to keep its drop in fourth-quarter net profit to a
better than expected 3 percent.
    BRE earned 273 million zlotys ($87.5 million) in the last
three months of the year, compared with the 244 million expected
by analysts polled by Reuters.
    "Accounting measures translated into lower than expected
tax," Jaromir Szortyka, an analyst at DM PKO BP, said.
"Write-offs came in below expectations, as the bank was not
greatly engaged in the ailing construction sector."
    The lender also said that it wants to return to dividend
payouts and plans to give shareholders about a third of last
year's net profit of 1.2 billion zlotys.
($1 = 3.1187 Polish zlotys)

 (Reporting by Marcin Goclowski and Adrian Krajewski; Editing by
David Goodman)

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