In the third quarter of 2008 the net income of Citi Handlowy Capital Group amounted to PLN 215.7 million, 21 percent up as compared to the third quarter of 2007. The net income was nearly 12 percent higher than expected by analysts whose consensus was PLN 193.6 million. The factors that determined the net income of the Bank in the third quarter of 2008 were the increase in income on financial instruments and the decrease in general administrative expenses.

In the third quarter of 2008 the profit before tax amounted to PLN 272.5 million as compared to PLN 229.2 million in the corresponding period of 2007.

The main determinants of the Bank Handlowy Capital Group's operating result for the third quarter of 2008 as compared to the corresponding period of 2007 were, among others, net interest income in the amount of PLN 335 million (compared to PLN 307 million in Q3, 2007), net fee and commission income of PLN 150 million (compared to PLN 191 million in Q3, 2007) and net income on financial instruments and revaluation amounting to PLN 156 million (compared to PLN 88 million in Q3, 2007).

A significant achievement of the corporate banking is the OnLine Trading platform. Its transaction volume grew by 130 percent as compared to the corresponding period of 2007 and the number of its users increased by half.
In the third quarter of 2008 Citi Handlowy retained its position of leadership in the prepaid cards market with a market share of more than 70 percent and 420 thousand prepaid cards issued as at the end of September, which represents a 90% growth in the number of prepaid cards issued (YoY). One of the most noteworthy transactions in the corporate banking was a bilateral agreement with an FMCG segment player for a 3-year tenor loan in an amount of USD 40 million.

With 972 thousand cards issued as at the end of September Citi Handlowy once again confirmed its strong position in the credit cards market. In the third quarter the Bank acquired 19 percent more cards than in the same period last year. Just as in the first half of the year, customers most often chose one of the co-branded cards offered by Citi Handlowy. In the period from July to September the Bank acquired more than 65 thousand co-branded cards. The holders of the Citibank-BP Motocard account for nearly half of this figure (31 thousand). As a result, the Citibank-BP Motocard, with nearly 240 thousand cards issued, strengthened its position of the largest partnership program in the market.