Poland

Based on Bank Pekao’s 2007 results, parent UniCredit has succeeded in turning it into the leading bank in Poland by total assets, client savings and equity. It was also the second-biggest lender. Despite the distraction of a merger with part of Bank BPH, Bank Pekao reported strong financial figures for 2007, proving it is both big and clever. Net income rose by 20.9% compared with 2006, while return on equity was a creditable 23.7%. The bank also cut its cost-income ratio to 47.1%. Despite market pressure on the mutual funds industry in the fourth quarter of 2007, Bank Pekao still managed to boost its net fee and commission income by 12.7% year on year.