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BRE Bank reports net profits for first quarter

BRE Bank has reported net profits of 26.2 million zlotys for the first quarter of 2002, about one-third of its profits of 83.8 million in the same period last year, the daily Puls Biznesu reported on Friday, May 17.

"The poor results and high reserves are, among others, effects of our failures on the capital market. To cover our commitments in Elektrim we have a reserve of 30 million, for Optimus - 18.8 million, and for Szeptel a 24 million zloty reserve," BRE Bank's chairman Wojciech Kostrzew said on Thursday, May 16.

In spite of the poor results so far this year, BRE still believes it will make a 408 million zloty profit this year.

(NewsBase 20.v.02)

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