BRE Bank Hipoteczny, a commercial real estate financing institution, recently bought back from Commerzbank, reported 2005 net profit of PLN 21.8m, up 104.1% y/y, new-loan portfolio of PLN 1.073bn, and issued new-mortgage bonds of PLN 131m. Its total assets were PLN 2.18bn, up 8% y/y, and total loan portfolio (all contracts signed, paid and unpaid) was PLN 2.71bn, up 17.4% y/y. The bank had issued mortgage bonds of PLN 995m during the year, and reported 2005 solvency ratio of 10.3% vs. 11.7% in 2004 and C/I ratio of 52.2% in 2005. BRE Bank Hipoteczny is financing commercial real estate and grants loans to local government units. We do not expect share price reaction on BRE Bank.