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Banking Essentials Newsletter: 17th April Edition

KBJ SA Q1 loss narrows YOY

KBJ S.A. said its first-quarter normalized net income amounted to a loss of 18 groszy per share, compared with a loss of 22 groszy per share in the prior-year period.

Normalized net income, which excludes unusual gains or losses on a pre- and after-tax basis, was a loss of 273,670 zlotys, compared with a loss of 345,250 zlotys in the year-earlier period.

The normalized profit margin rose to negative 12.4% from negative 25.3% in the year-earlier period.

Total revenue increased 61.8% year over year to 2.2 million zlotys from 1.4 million zlotys, and total operating expenses rose 39.4% from the prior-year period to 2.7 million zlotys from 1.9 million zlotys.

Reported net income came to a loss of 437,290 zlotys, or a loss of 28 groszy per share, compared to a loss of 550,610 zlotys, or a loss of 36 groszy per share, in the year-earlier period.

As of May 11, US$1 was equivalent to 3.87 zlotys.