21.10.2011
Information about the activity of Bank Millennium Capital Group during 3 quarters of 2011
Bank Millennium Group (the "Group") consolidated net profit amounted to PLN 341,4 million during the first nine months of 2011, which is a 60% increase when compared to corresponding period of 2010. On quarterly basis net income amounted to PLN 125 million in 3Q 2011, which means 8.4% growth compared to the previous quarter.
This high yearly growth of net profit has been achieved thanks to a strong increase of core income (+15% y/y) and lower provisioning on credit risk (-29% y/y) as a consequence of improved quality of loan portfolio. Share of impaired loans in the consolidated portfolio dropped below 5%, which happened for the first time since June 2009. The Group also improved its cost efficiency and managed to bring down the Cost-to-Income ratio below 60% (one year ahead of the target).
The main indicators of 3Q 2011 results of Bank Millennium Group are the following:
- Net profit of PLN 125 million in 3 Q 2011 (+8% q/q)
- Net profit of PLN 341 million y-t-d (+ 60% y/y), ROE at 11%
- Core income up 15% y/y
- Total costs up by 5.3% y/y and C/I improving at 58% in 3Q'11
- Cost of risk at comfortable 45 bps
- Improved asset quality: impaired loan ratio below 5.0%
- Strong capitalization: Core Tier 1 at 11.4%, total CAR at 13.5%
- Liquidity inluenced by strong CHF: Loan to Deposit ratio at 108%
- Sale of new retail current accounts exceeded 200,000 ytd
- Growth of deposits by 10% y/y
- Growth of loans by 15% y/y (or 4.5% if not FX effect)