gross profit of PLN 1,689.9 million. During this period it also recognized a provision for deferred corporate income tax in the amount of PLN 505 million, which was not planned in the remedial program. Thanks to the remedial program the quality of the credit port- folio improved significantly. As a result of all these factors, in 1999 BGŻ S.A. recorded a net profit of PLN 406.2 million. In accordance with the schedule approved by NBP, the execution of the remedial program was to be completed in June 2000, fully covering the loss carried forward and reaching an 8% capital adequacy ratio93.

Mirosław Kłusek

93. ABGŻ, ref. no. 1294, Bank Gospodarki Żywnościowej Annual Report 1996, ref. no. 1295, Bank Gospodarki Żywnościowej Annual Report 1997. Calendar of events, op. cit., p. 65-66.

KARTA TELEFONICZNA Z REKLAMĄ BGŻ, 1998 R.

PHONE CARD WITH BGŻ ADVERTISEMENT, 1998