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Bp Bank results 30% lower than in 2004

Budapest Bank Rt's after-tax profit was Ft 7.8 billion last year, 30% less than in 2004, while its balance sheet total grew 24% to Ft 563 billion. The bank spent Ft 4 billion - Ft 5 billion on expanding its branch network and introducing new products. The decline in profit is partly due to these developments, chairman-CEO Mark Arnold said. This year the branch network will see a further expansion as Budapest Bank, a member of GE Money Bank, plans to increase the number of units to 100. The bank expects 15% profit growth in 2006.