BRE Bank Group has again reported outstanding quarterly results. In Q2 2011, the Group’s net profit reached PLN 313.2 million,  growing by more than one-third quarter on quarter. Income from core banking activities reached PLN 750.7 million after the fifth consecutive quarter of growth.The Group generated PLN 894.3 million of income in April—June 2011. This represented an increase by over 7 percent quarter on quarter and by almost 17 percent year on year. The Corporates and Financial Markets segment generated a pre-tax profit of more than PLN 92 million in Q2 2011, which represents an increase of 14 percent year on year. Profit was impacted by increased loan loss provision level, related to two 'pre-crisis' credit engagements. The results of the business line were also supported by robust transactional banking performance , constituting 25 percent of net commission income. The income on this product line grew by 14 percent year on year . Prepaid cards have been very popular with customers: the Bank has offered prepaid cards to the audience of the Open’er Festival. Relations with local governments continue to expand: among others, the Bank has signed an agreement to provide banking services to the City of Słupsk. The Bank started to expand its corporate branch network in Q2 2011. The Bank has also implemented improvements in its investment banking offer. As a result of these improvements an increase in product penetration of clients and the income from treasury and foreign currency products. BRE’s Retail Banking contributed more than a half of the Bank’s income for a second consecutive quarter. The business segment earned more than PLN 317 million pre-tax in Q2 2011. This implies an increase of almost 70 percent quarter on quarter. In the first six months of  2011, retail banking earned more than PLN 0,5 bln. BRE continues to improve the product penetration rate, which increased further in Q2. On average, BRE retail customers use nearly 3 retail banking products each. The result of retail banking was also driven by the sale of a non-performing loans portfolio.in the nominal value of PLN 621,5 milion. The Group has earned over PLN 90 million on the transaction. BRE Bank has been named the Best Bank in Poland in the annual ranking Euromoney Awards for Excellence of the prestigious Euromoney Magazine. After the Global Finance award in April, this title once again confirms BRE’s strong position on the Polish market. The rating agency Fitch has maintained the Bank’s strong credit rating: the Bank’s long-term rating is A and its short-term rating was maintained at F1. More on BRE Bank’s financial results