Polish BRE More Upbeat on 2013 Profit As Economy Gets On Track

WARSAW--Poland't fourth largest bank by assets, BRE Bank (BRE.WA) expects this year's earnings to be closer to 1.2 billion zlotys ($370 million) rather than PLN1 billion originally expected as economy gets on track, Chief Executive Cezary Stypulkowski said Thursday.

"I think we will defend our full-year guidance and we are closer to repeating last year's result [of PLN1.2 billion] rather than the PLN1 billion I flagged earlier," Mr. Stypulkowski said.

The bank's six month net profit was 8% lower than a year earlier at PLN596 million and hitting PLN1.2 billion "would be a stretch," Mr. Stypulkowski said.

BRE's earnings this year suffered from all-time-low interest rates in Poland that hit its margins and lower fee income.

Mr. Stypulkowski added the bank is likely to tap the international bond market and issue swiss franc denominated paper worth up to CHF300 million ($322 million).

Write to Patryk Wasilewski at [e-mail]

Order free Annual Report for BRE Bank SA

Visit http://djnweurope.ar.wilink.com/?ticker=PLBRE0000012 or call [phone]

Order free Annual Report for BRE Bank SA

Visit http://djnweurope.ar.wilink.com/?ticker=US05570T1051 or call [phone]

Subscribe to WSJ: http://online.wsj.com?mod=djnwires