* BZ WBK, Poland's third largest bank, posts profit fall in
* BZ WBK's net profit at 453 mln zloty, better than forecast
* Structure of result won't spark share price rise
(Adds more details, comment and background)
By Marcin Goclowski
WARSAW, April 26 Polish lender Bank Zachodni WBK
, part of Spain's Banco Santander,
reported an almost 19-percent annual fall in its first-quarter
net profit due to higher costs and lower revenues.
"The trade result was weaker, and the bank did not receive a
dividend from companies from Aviva group as it happened a year
ago, also the bank tax rose year-on-year," said Michal Konarski,
an analyst with Dom Maklerski mBanku.
Poland's third-largest bank in terms of assets said on
Wednesday that its net profit fell to 453 million zloty ($117.39
million) in the first quarter, above analysts' expectations of
441 million zloty.
BZ WBK' net interest income rose 11.5 percent, slightly less
than expected, while its fee and commission result was largely
flat on the year, as expected.
Konarski said that the results were not attractive enough to
spark a share price rise.
BZ WBK stock has risen by almost one fifth so far this year,
outperforming the broader banking sector index, after
the ruling Law and Justice (PiS) party's decision to abandon its
plan to force banks to convert Swiss franc denominated credit
portfolios into zlotys at their expense.
BZ WBK is the second major Polish bank reporting results
after BCP's Millennium released better than expected
profit on Tuesday, lifting expectations that other lenders may
also surprise investors.
($1 = 3.8588 zlotys)
(Reporting by Marcin Goclowski; Editing by Louise Heavens)