WARSAW -(Dow Jones)- Polish BRE Bank SA (BRE.WA) said Wednesday it will book 90 million zlotys ($31.1 million) in the third quarter from the dividend to be paid by local insurer Powszcheny Zaklad Ubezpieczen, or PZU.
BRE said in a statement that the funds from the dividend won't be booked as a one-off profit boost but will be earmarked to reduce costs. BRE holds 0.76% of PZU shares.
Earlier Wednesday, BRE said its consolidated third-quarter net profit fell 64% to PLN77.5 million, hurt by high provisioning.
-By Malgorzata Halaba, Dow Jones Newswires; +4822 447 2430; malgorzata.halaba@dowjones.com
(END) Dow Jones Newswires
November 04, 2009 04:24 ET (09:24 GMT)