Bank Millennium, the
Polish subsidiary of Portugal’s Banco Comercial Portugues, has
posted a net profit of PLN326m ($114.6m) for the 12 months to 31
December, compared with PLN1.5m the previous year.
Improved margins – the
net interest margin increased from 1.59% in 2009 to 2.28% in 2010 –
helped boost Bank Millennium’s net interest income by 46% to
PLN1.01bn.
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Net fees and commission
income increased by 14% in fiscal 2010 to PLN565m.
Although total deposits
grew by 12.4%, retail deposits increased by only 6.3%; lending
increased by 9.7% year-on-year.
Despite a rise in costs
of 6% – largely driven by salary increases – Bank Millennium
reduced its cost-income ratio to 63.!% from 70.4% in fiscal
2010.
Impaired loans as a
percentage of Millennium’s total loan portfolio improved by 10
basis points during 2010 to 5.8% and full-year provisions at
Millennium dropped 48% to PLN225m.
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By GlobalDataLess positive was a
deterioration in Millennium’s retail lending book; impaired retail
loans increased to 14.8% from 10.3% at the end of December
2009.
