Mbank Sa · GPW:MBK
Mbank Sa — BRE Bank — Q3 2009 Earnings Presentation
64 slides from Mbank Sa's earnings presentation, Nov 4, 2009
Slide 1: Results of BRE Bank Group Q1-3 2009
Results of BRE Bank Group Q1-3 2009 Solid core income Management Board of BRE Bank Presentation for Investors and Analysts 04 November 2009 1
Slide 2: Agenda
Agenda Summary of BRE Bank Group Results Q1-3/09 Analysis of the Results Q3/09 Beyond Q3/09 Business Environment BRE Bank Group Appendix Detailed Results of Business Lines Q1-3/09 Additional Information: Selected Financial Data 2
Slide 3: Agenda
Agenda Summary of BRE Bank Group Results Q1-3/09 Analysis of the Results Q3/09 Beyond Q3/09 Business Environment BRE Bank Group Appendix Detailed Results of Business Lines Q1-3/09 Additional Information: Selected Financial Data 3
Slide 4: Highlights of Q3/09 in BRE Bank Group
Highlights of Q3/09 in BRE Bank Group 1 Stable and high recurrent income maintained 2 C/I ratio improved 3 Drop of risk costs: derivatives restructured 4 Deposit base increased 4
Slide 5: Summary of Q1-3/09: Profitability of Business
Summary of Q1-3/09 in BRE Bank Group Profitability of Business Result before tax Q3/09 PLN 111.3 M ROE before tax 4.2% Cost/Income (C/I) 51.5% Capital adequacy ratio (CAR) 11.38% 5
Slide 6: Profitability of the Business Lines
Summary of Q1-3/09 in BRE Bank Group Profitability of the Business Lines Quarterly Result before Tax by Business Line Corporates & Financial Markets Retail Banking PLN M Corporates and Institutions Trading and Investment Activity -/- -34.1% +18.2% -17.7 -216.7 72.7 62.7 61.5 41.3 Q2/09 Q3/09 Q2/09 Q
Slide 7: Development of Loans to Clients
Summary of Q1-3/09 in BRE Bank Group Development of Loans to Clients Development of Gross Loans Structure of the Gross Loans Portfolio (PLN B) as at 09/09 -3.5% BRE - Individual BRE - others +0.03 clients 1.1% -0.5 -1.4 51.9% BBH 7.9% -1.9% -5.5% +2.3% BRE Bank QoQ QoQ QoQ Factoring 56.4 54.4 80.6%
Slide 8: Development of Deposit Base
Summary of Q1-3/09 in BRE Bank Group Development of Deposit Base Development of Deposits Structure of Amounts Due to Clients (PLN B) as at 09/09 BRE - +1.5% Individual clients BBH +1.2 +0.2 56.0% 0.6% -0.8 Factoring +5.7% QoQ -4.6% QoQ +40.6% QoQ BRE Bank companies 0.7% 38.9 39.4 96.9% DI BRE BRE -
Slide 9: Business Development: Retail Banking
Summary of Q1-3/09 in BRE Bank Group Business Development: Retail Banking Continued dynamic growth of BRE Retail clients: over 3.1 million in September 2009 Revenue Net Interest Income* Net Commission Income Total Gross Revenue by Quarters (before costs excl. LLP, (PLN M) (PLN M) (PLN M) PLN M) +25%
Slide 10: Business Development: Corporates & Institutions
Summary of Q1-3/09 in BRE Bank Group Business Development: Corporates & Institutions Continued growth of credit margin Revenue Net Interest Income* Net Commission Income Credit Margin on Total Loan Portfolio** (before costs (PLN M) (PLN M) excl. LLP, PLN M) +130 bps +55 +3.7% -3.9% bps -13.9% 2.66%
Slide 11: Agenda
Agenda Summary of BRE Bank Group Results Q1-3/09 Analysis of the Results Q3/09 Beyond Q3/09 Business Environment BRE Bank Group Appendix Detailed Results of Business Lines Q1-3/09 Additional Information: Selected Financial Data 11
Slide 12: Analysis of the Results, Q3/09: P&L
Analysis of the Results, Q3/09 P&L (PLN M) Q3/09 Q2/09 Change QoQ 1/ Total income 724.1 714.8 +1.3% Total cost (364.1) (363.2) +0.3% 2/ Operating profit 360.1 351.7 +2.4% Net provisions (248.8) (438.8) -43.3% Profit/loss before tax 111.3 (87.1) -/+ 3/ Net profit/loss 72.5 (61.6) -/+ 1/ Including net
Slide 13: Income of BRE Bank Group
Analysis of the Results, Q3/09 Income of BRE Bank Group BRE Bank Group Income Q3/09 vs. Q2/09 Structure of BRE Bank Group Income (PLN M) by Business Line, Q3/09 +1.3% Trading and Investment -4.5% +2.9% +99.4% -1.4% -/+ -33.8% Activity; QoQ QoQ QoQ QoQ QoQ QoQ Corporates PLN 56 M; and 8% 20.3 29.4 In
Slide 14: Costs of BRE Bank Group
Analysis of the Results, Q3/09 Costs of BRE Bank Group Overhead Costs + Depreciation of BRE Bank Group Q3/09 vs. Q2/09 Further improvement of C/I ratio: Costs PLN M +0.3% C/I % down to 51.5% 480 440 90 400 363.2 364.1 80 360 320 70 Overhead costs down 2.5% YoY 60 280 240 50 Stable overhead costs
Slide 15: Structure of Loan Loss Provisions in Q3/09
Analysis of the Results, Q3/09 Structure of Loan Loss Provisions in Q3/09 Level of LLP: combined effect of some medium size customers defaults, and delinquent retail cash loan customers due to overall economic environment BRE Bank Group’s Factors influencing Q3/09 level of LLP: Impairment Losses o
Slide 16: BRE Bank Group's Capital Adequacy Ratio (CAR)
Analysis of the Results, Q3/09 BRE Bank Group’s Capital Adequacy Ratio (CAR) Relation between Capital Adequacy Ratio (CAR) Change of CAR under Basel II and Risk Weighted Assets (RWA) 90 12% +36 bps -6 bps 80 11% 70 10% 60 9% 50 8% 40 7% 11.08% 11.38% 30 6% 20 5% 10 4% 0 3% 30.06.2009 Decrease of RWA
Slide 17: Agenda
Agenda Summary of BRE Bank Group Results Q1-3/09 Analysis of the Results Q3/09 Beyond Q3/09 Business Environment BRE Bank Group Appendix Detailed Results of Business Lines Q1-3/09 Additional Information: Selected Financial Data 17
Slide 18: Beyond Q3/09: Business Environment
Beyond Q3/09: Business Environment Leading indicators improving, lagging indicators still deteriorating GDP in 2009 will grow by 1.5% Inflation should ease slightly in 2010 GDP growth 8 CPI, NBP 7 6,2 6,8 in Poland 6 5,0 reference 6 (% YoY) rate and contribution 4 3,6 2,7 5 of main 2 1,5 4 categorie
Slide 19: Beyond Q3/09: Business Environment
Beyond Q3/09: Business Environment … that is why economic improvement will be seen only in H2 2010 Loans dynamics will slow down … corporate deposits are expected till mid 2010… to be on the negative territory till mid 2010 30 Loans, 70 Deposits, %YoY % YoY 20 volume change 50 volume change 10 30 0
Slide 20: Beyond Q3/09 in BRE Bank Group
Beyond Q3/09 in BRE Bank Group 1 PZU dividend included in the next quarter results 2 Expenses to increase in Q4/09 3 LLP level dependent on macro environment 20
Slide 21: Agenda
Agenda Summary of BRE Bank Group Results Q1-3/09 Analysis of the Results Q3/09 Beyond Q3/09 Business Environment BRE Bank Group Appendix Detailed Results of Business Lines Q1-3/09 Additional Information: Selected Financial Data 21
Slide 22: Appendix
Appendix Detailed Results of the Business Lines Slide No. Additional Information: Selected Financial Data Slide No. BRE Bank Retail Banking 24-33 P&L acc. to IFRS 48 Summary of Q3/09 24 Results of Subsidiaries 49 Customer Acquisition & Volume Trends 25 Interest Income 50 Acquisition of Microenterpri
Slide 23: Detailed Results of the Business Lines Q3/09: Retail Banking
Appendix Detailed Results of the Business Lines Q3/09 Retail Banking 23
Slide 24: BRE Bank Retail Banking: Summary of Q3/09
Appendix BRE Bank Retail Banking Summary of Q3/09: Financial Results Retail Banking Contributors to the Profit before Tax of Retail Banking Profit before Tax of the Segment in Q3/09 (by quarter, PLN M) mBank Cz & SK (PLN M) 54.6 -21.5 -19.3 -24.5 -21.7 69.3 70.9 -16 -28.4 86.7 57.5 48.9 16.6 43.3 -2
Slide 25: Retail Banking (Poland): Customer Acquisition and Volume Trends
Appendix BRE Bank Retail Banking (Poland) Customer Acquisition and Volume Trends Data as at 30.09.2009 End of Q2/09 Change End of Q3/09 (M) 4 3 2.7 M clients +3.7% 2.8 M 2 3.5 M 3.6 M 1 accounts +2.9% 0 Customers Accounts 16.8 B 18.0 B Private Banking MultiBank deposits (PLN) +7.1% (PLN B) mBank (Po
Slide 26: Retail Banking (CZ/SK): Customer Acquisition and Volume Trends
Appendix BRE Bank Retail Banking (CZ/SK) Customer Acquisition and Volume Trends Data as at 30.09.2009 End of Q2/09 Change End of Q3/09 (thou.) 800 600 322.9 thou. clients +9.6% 353.9 thou. 400 200 0 623.6 thou. accounts +11.3% 694.1 thou. Clients Accounts (EUR M) (EUR M) 978.4 M +10.1% 1 076.8 M 300
Slide 27: Acquisition of Microenterprises
Appendix BRE Bank Retail Banking Acquisition of Microenterprises* 343.7 thousand microenterprises serviced by BRE Bank Retail Banking Number of Microenterprises at BRE Bank Retail Banking (thou.) 82.0 86.4 78.0 73.9 Number of serviced microenterprises 62.3 up by 4.5 thousand in Q3/09 50.8 39.0 238
Slide 28: Deposits & Loans: Market Share
Appendix BRE Bank Retail Banking Deposits & Loans: Market Share BRE Retail Deposits BRE Retail Loans (PLN B) (PLN B) 08/09: 08/09: 4.8% 6.8% 1.4% 2.9% 3.3% 3.9% 4.8% 5.4% 1.2% 2.1% 3.0% 4.5% 5.4% 6.9% 25 400 30 400 22,5 27,5 350 350 25 20 300 22,5 300 17,5 20 250 250 15 17,5 12,5 200 15 200 10 12,5
Slide 29: Mortgage Loans: Portfolio Structure and Quality
Appendix BRE Bank Retail Banking Mortgage Loans: Portfolio Structure and Quality BRE Bank’s Mortgage Loans Portfolio Structure of the Retail Banking Loans Portfolio (Retail Banking* loans to individuals) (Household Loans) at 30.09.2009 9% Total PLN FX 6% 3% Balance-sheet value 21.46 2.33 19.12 (PLN
Slide 30: Distribution Network
Appendix BRE Bank Retail Banking Distribution Network mBank Distribution Network MultiBank Branches (in Poland) (in Poland) Total: Total: 7 24 54 67 103 161 170 170 150 35 46 72 84 109 131 132 134 134 52 51 51 58 81 82 77 63 44 27 38 34 68 67 66 4 13 79 81 83 68 76 61 65 42 22 40 46 31 33 38 7 21 21
Slide 31: mBank eBroker, MultiBank Brokerage Service
Appendix BRE Bank Retail Banking mBank – eBroker, MultiBank – Brokerage Service Investment Accounts 137 (thou.) 131 123 115 Dynamic growth 90 96 104 of brokerage services 83 74 62 for Retail Banking 46 customers 34 28 24 14 15 16 17 18 19 19 14 17 11 12 7 9 2 3 4 eMakler trading reached PLN 707.5
Slide 32: Internet Platform – SUS and Insurance Centre
Appendix BRE Bank Retail Banking Internet Platform – SUS and Insurance Centre ‘It’s hard to top the Car Insurance Supermarket’ Newsweek ‘mBank’s offer is the most attractive’ Pentor Research International The Car Insurance Supermarket (mBank) 53.5 thou. was launched on 13 February 2007 car insuran
Slide 33: Net Sales by Quarters
Appendix BRE Bank Retail Banking Net Sales by Quarters mBank Clients Deposits Loans (thou.) (PLN M) (PLN M) +8.7% +5.4% +7.7% 35 57 84 461 1304 -240 -220 83 535 571 64 768 -443 2688 101 762 104 1202 1347 2 212 11 485 634 10 896 11 747 2 035 835 10 903 1 629 7 629 5 399 07 08 09 08 08 08 08 09 09 09
Slide 34: Detailed Results of the Business Lines Q3/09: Corporates & Financial Markets
Appendix Detailed Results of the Business Lines Q3/09 Corporates & Financial Markets 34
Slide 35: Corporates and Financial Markets: Summary of Q3/09
Appendix Corporates and Financial Markets Summary of Q3/09: Financial Results Contributors to the Result before Tax Result before Tax of the Segment of Corporates & Financial Markets in Q3/09 (by quarter, PLN M) (PLN M) Subsidiaries Institutions Financial Corporations 321.0 Financial Liquidity Marke
Slide 36: Corporates and Institutions: Customer Acquisition and Volume Trends
Appendix Corporates and Institutions Customer Acquisition and Volume Trends End of Q2/09 Change End of Q3/09 Corporate Loans (PLN B) corporate 12 990 clients = 12 992 corporate 26.2 B -5.5% 24.8 B 15.1 14.7 loans (PLN) 06/09. 09/09. thereof loans for 15.1 B enterprises (PLN) -2.9% 14.7 B Corporate D
Slide 37: Loans and Deposits – Market Share
Appendix Corporates and Institutions Loans and Deposits – Market Share BRE Bank’s Market Share in Corporate* Loans and Deposits 01/06 – 09/09 Corporate* Deposits Volume 12% (BRE Bank only, PLN B) 14.0 14.2 13.7 10% 9.0% 12.9 12.7 13.3 12.45 12.23 13.1 13.3 10.7 10.9 8% 6% 6.4% 4% 12/06. 03/07. 06/07
Slide 38: Development of Clients' Base
Appendix Corporates and Institutions Development of Clients’ Base Corporate Clients: Number and Structure Total New Corporate Banking Customers 12 846 13 098 13 081 12 990 12 992 2 495 2 433 620 K1 946 K1 968 K1 960 K1 905 K1 908 K2 K2 K2 K2 K2 3 896 3 883 3 852 3 875 558 3 853 437 693 418 K3 K3 K3
Slide 39: Development of Loans and Deposits
Appendix Corporates and Institutions Development of Loans and Deposits Corporate Clients’ Loan Volume Corporate Clients’ Deposit Volume (BRE Bank, PLN B) (BRE Bank, PLN B) 14.6 15.7 16.2 16.4 15.3 18.0 15.9 13.8 16.4 15.7 10% 10% 10% 10% 11% 14% 16% 13% 14% 15% 52% 52% 52% 55% 52% 40% 36% 38% 40% 39
Slide 40: Cash Management
Appendix Corporates and Institutions Cash Management Cash Management – Strategic Product Line Supporting Long-term Customer Relations Direct Debit Identification of Trade Payments Number of Clients Using Cash (thou. of transactions) (M of transactions) Consolidation Services +3.5% +5.6% +3.3% 1.8 1.
Slide 41: Products with EU Financing and Risk Management Products
Appendix Corporates and Institutions Products with EU Financing and Risk Management Products Sales of Banking Products Sales with EU Financing of Financial Instruments In 2009, the sales of products connected The profit on sales with using EU funds of financial instruments constituted 62.6% of v
Slide 42: Leasing and Factoring: Intermarket Group
Appendix Corporates and Institutions Leasing and Factoring Intermarket Group Intermarket Group companies* Sales of Intermarket Group Companies PLN 10.0 M of pre-tax profit in Q3/09; total loss of PLN -11.0 M for Q1-3/09 (EUR B) (incl. PLN 34.4 of impairment on capital and credit exposure on Romani
Slide 43: BRE Bank Hipoteczny (BBH)
Appendix Corporates and Institutions BRE Bank Hipoteczny (BBH) Loans Portfolio (PLN M) Profit before Tax (PLN M) Balance-sheet Exposure 3 589 3 866 4 344 4 562 4 464 4 308 76 73 729 70 726 63 -30.6% 70 704 724 73 625 574 3 567 3 757 3 668 3 521 2 942 3171 53.1 38.2 10.3 6.4 9.6 26.4 06/08. 09/08. 12
Slide 44: Dom Inwestycyjny BRE Banku (DI BRE)
Appendix Corporates and Institutions Dom Inwestycyjny BRE Banku (DI BRE) Number of Accounts with DI BRE End of 09/09 (thousand) DI BRE accounts 24.4 eBroker* (mBank) 139.9 Brokerage Service* (MultiBank) 20.2 Profit before tax at PLN 27.9 M at the end of Q3/09 compared to PLN 19.9 M at the end of Q
Slide 45: Proprietary Investments Portfolio
Appendix Corporates and Institutions Proprietary Investments Portfolio Major Equity Investments Equity Stake at 30.09.2009 PZU SA 0.76% Garbary Sp. z o.o. 100.00% At the end of Q3/09, value at cost of proprietary investments Portfolio Value* and mezzanine portfolio (PLN M) Incl.: reached PLN 241 M
Slide 46: Trading and Investment Activity: Market Share
Appendix Trading and Investment Activity Market Share BRE Bank’s Market Share* BRE Bank in the Market in Investment Banking Services of Non-Treasury Debt** at 30.09.2009 (PLN M) Market Market BRE Bank BRE Bank 13 673.6 5.2% 19.3% 12 178.3 11 648.2 2 947.32 3 085.5 2 192.8 Treasury IRS/FRA Bills and
Slide 47: Appendix
Appendix Additional Information: Selected Financial Data 47
Slide 48: Consolidated Profit and Loss Account under IFRS
Appendix Additional Information: Selected Financial Data Consolidated Profit and Loss Account under IFRS PLN thou. By quarter Q3/08 Q4/08 Q1/09 Q2/09 Q3/09 Net interest income 364 846 384 421 397 103 431 487 412 052 Net commission income 135 026 128 700 121 842 158 122 162 758 Dividend income 10 5 6
Slide 49: Results of Subsidiaries
Appendix Additional Information: Selected Financial Data Results of Subsidiaries Profit before Tax of Consolidated Subsidiaries 39.2 36.6 38.2 (PLN M) 33.3 Q1-3/09 profit 27.9 26.4 22.4 Q1-3/08 20.0 19.8 Q1-3/09 before tax 19.6 16.4 17.3 of consolidated 9.8 7.9 7.4 3.6 3.0 1.5 2.8 subsidiaries 1.3 1
Slide 50: Net Interest Income & Margin
Appendix Additional Information: Selected Financial Data Net Interest Income & Margin Interest Income Structure Net Interest Income, Q3/09 by Business Line (PLN M) (PLN M) 954.6 1 084.8 947.8 842.9 828.2 -4.5% 7 56 9 5 72 43 5 19 3 31.1 15 -0.8 795 141.5 696 706 643 628 431.5 412.1 240.3 68 120 118
Slide 51: Commission Income
Appendix Additional Information: Selected Financial Data Commission Income Commission Income Structure Net Commission Income, Q3/09 by Business Line (PLN M) (PLN M) 212.6 216.4 219.7 255.9 259.3 +2.9% 27 29 21 21 25 21 30 4.7 14 40 40 21 -2.5 29 38 35 30 31 33 20 98.2 19 15 63 71 76 58 158.1 162.7 5
Slide 52: Trading Income
Appendix Additional Information: Selected Financial Data Trading Income Contributors of Net Trading Income FX Result Contributors in Q3/09 (PLN M) (PLN M) 37.2 200 Retail Banking Financial Markets 150 Risk & Liquidity 19.5 16.6 100 Other - corporate K3 8.7 7.1 50 5.4 K2 2.4 0 K1 Origination Retail B
Slide 53: Administrative Expenses Structure
Appendix Additional Information: Selected Financial Data Administrative Expenses Structure Structure of Administrative Expenses incl. Depreciation C/I Ratio of BRE Bank Group* (PLN M) (%) 363.8 472.4 359.1 363.2 364.1 12.5 58.2 60.6 10.6 15.7 14.2 13.3 51.3 59.3 59.2 54.9 194.0 58.5 53.4 52.1 51.5 1
Slide 54: Loans and Deposits
Appendix Additional Information: Selected Financial Data Loans and Deposits Loans Deposits (PLN B, net) (PLN B) +21.4% +3.5% 56.2 54.9 52.7 39.4 52.1 38.1 37.8 38.9 35.3 43.4 +20% +8% -2.3% -4.0% -1% -6% +10.1% +1.5% 09/08. 12/08. 03/09. 06/09. 09/09. 09/08. 12/08. 03/09. 06/09. 09/09. BRE* Market*
Slide 55: Balance Sheet Analysis - Assets
Appendix Additional Information: Selected Financial Data Balance Sheet Analysis - Assets Structure of Assets Loans and Advances to Customers* (PLN B) - Portfolio by Customer Category (PLN B) 90 60 0.7 0.6 80 5.3 5.5 0.6 6.9 0.7 3.4 2.4 6.1 2.9 50 70 5.5 6.,4 2.5 4.0 5.6 9.8 5.4 11.2 0.7 2.8 1.5 60 4
Slide 56: Balance Sheet Analysis - Liabilities
Appendix Additional Information: Selected Financial Data Balance Sheet Analysis - Liabilities Structure of Liabilities Structure of Deposits (PLN B) (PLN B) 90 40 80 0.4 0.5 11.6 0.1 0.1 11.7 9.2 8.1 35 0.4 70 4.0 4.1 4.2 1.8 4.1 1.6 5.3 1.8 1.5 30 17.2 16.5 60 4.2 16.6 2.2 19.3 14.8 27.5 27.2 25.4
Slide 57: Loan to Deposit Ratio
Appendix Additional Information: Selected Financial Data Loan to Deposit Ratio The ratio of loans to deposits stands at 133.6%. However, funding policy for FX risk mitigation is implemented. BRE mid-term loans in CHF fund CHF-denominated mortgages, therefore... ...the actual ratio of loans funded fr
Slide 58: Maturity of Long- and Midterm FX Loans by 2010
Appendix Additional Information: Selected Financial Data Maturity of Long- and Midterm FX Loans by 2010 Maturity of Long- and Mid-term FX Loans by 2010 (PLN B) By the end of 2010 BRE Bank 24 will need to refinance PLN 3.7 B 20 of long- and mid-term loans drawn 16 in the past to fund FX lending. This
Slide 59: Capital Adequacy Ratio under NCA
Appendix Additional Information: Selected Financial Data Capital Adequacy Ratio Capital Adequacy Ratio under NCA Capital Requirement Q4/07 Q4/08 Q2/09 Q3/09 (PLN M) Basel I Basel II Basel II Basel II Credit risk 2 998 4 177 4 101 3 962 Market risk 93 89 46 54 Operational risk - 326 326 326 Other ris
Slide 60: Credit Provisions
Appendix Additional Information: Selected Financial Data Credit Provisions Net Credit and Loans Impairment Provisions BRE Bank Portfolio Quality (consolidated data, PLN M) (%) -76.8 -269.1 -897.6 5,5 5.1 5,5 5,1 1 -46 -7 -35 4,7 -22 4.4 4,5 -36 4,3 3.9 4 4 3.8 -71 3,9 4 3.5 3.4 3,5 3,5 3.5 -131 3 2.
Slide 61: Structure of BRE Bank's Risk Portfolio
Appendix Additional Information: Selected Financial Data Structure of BRE Bank’s Risk Portfolio Quality 4.8% 4.4% 4.6% 3.6% 3.6% 3.4% 2.8% 2.8% 3.4% 4.8% 5.9% of the Loans and Default Portfolios 2.5 2.2 1.9 1.5 1.4 1.4 1.4 1.6 2.3 3.5 4.0 100% 97.5 97.8 98.1 98.5 98.6 98.6 98.6 98.4 97.7 96.5 96.0 8
Slide 62: Average PD and Portfolio Provisions
Appendix Additional Information: Selected Financial Data Average PD and Portfolio Provisions Change of Average PD in the Credit Portfolio vs. Portfolio Provisions PLN M PLN M 0,60% 110 1,6% 200 Retail Portfolio 105 Loans Portfolio excluding Retail Portfolio 0,573% 0,563% 100 180 1,45% 1,4% 95 1,42%
Slide 63: NPLs: Portfolio Structure
Appendix Additional Information: Selected Financial Data NPLs: Portfolio Structure* 5.9% of NPLs in the portfolio (balance-sheet) in September 2009 09/09 12/08 09/08 Expo- % Provi- Expo- % Provi- Expo- % Provi- sure sions % sure sions % sure sions % PLN B coverage PLN B coverage PLN B coverage As BR
Slide 64: Contact
Contact BRE Bank’s Investor Relations Officers at your service: Marcin Chanke Secretariat: +48 22 829 04 80 Head of Investor Relations Direct dial: +48 22 526 70 33 Fax: +48 22 829 04 88 E-mail: marcin.chanke@brebank.pl Joanna Filipkowska Direct dial: +48 22 829 04 53 Deputy Head of Investor Relatio