BRE Bank's net profit in Q3 2011 was PLN 307.3 million. After eliminating one-off transactions, this means an increase by almost 24 per cent compared with the previous record high quarter. The business is growing amid tight cost control, the C/I ratio after three quarters was 48 per cent, while in Q3 2010 it was 51 per cent. In Q3, net ROE grew to 16.4 per cent, against 15.9 per cent at the end of Q2 and 11.8 per cent last year.BRE is consistent in pursuing the strategy of increasing the product penetration ratio, that is the number of products per one retail banking client. At the end of Q3 2011, it reached 3.1 against 2.75 in Q3 2010. The cautious risk management policy allowed for a further drop in risk costs to 61 bps against 127 bps last year. The quality of the mortgage loan portfolio remains at a very good, unchanged level. Receivables at risk account for only 1.1 per cent of all the "mortgages".The solvency ratios of the BRE Bank Group remain at safe levels, high above the regulatory requirements: CAR ratio was at 15.8 per cent, and the Core Tier I ratio was 10.2 per cent. In Q3 2011, Corporates and Institutions generated a pre-tax profit of PLN 160.4 million (+74 per cent QoQ). The number of corporate clients rose by 242 in Q3 2011, by 607 YtD, and reached the highest ever level of 13,878. In Q3, a dynamic growth of loans and deposits of corporate clients was reported, by 6 per cent and 4 per cent respectively.BRE continues to develop cooperation with local governments. As the consortium leader, BRE Bank will organise, carry out and acquire the issue of Szybka Kolej Miejska bonds. Funds from the issue will be used to purchase thirteen modern trains running on a new line from the Central Station to the Chopin Airport. The total value of the issue programme is PLN 216.4 million.More on BRE Bank's financial results