While retail expansion increased bank's costs first, the fruits are clearly seen in the latter years in the form increased economies of scale, faster and more profitable growth, additional income generation and more balanced loan and deposit structure.
As a result, operating costs have declined from around 90% of total revenues in 2003 to less around 46% in 2012. That is one of the most remarkable achievements within the CEE banks in the last decades in our opinion, thanks heavily to the strategy started by Mr. Lachowski's management.
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