26.07.2011
Results of Bank Millennium Capital Group in the 1st half 2011
Bank Millennium Group consolidated net profit amounted to PLN 216.4 million in the first half of 2011, which is a 57% increase from the first half of 2010. This high yearly growth was possible thanks to improved core income and lower cost of risk. On quarterly basis net income amounted to PLN 115.3 million in 2Q 2011, which means a notable 14% growth compared to the previous quarter. The main indicators of 1H 2011 results of Bank Millennium Group are the following:
The main indicators of 1H 2011 results of Bank Millennium Group are the following:
- Net profit of PLN 216.4 million (increase 57% y/y)
- Core income up 14.5% y/y
- Total costs up by 5.9% y/y
- Lower cost of risk: PLN 80,5 million, 44 bps over total net loans (on an annualised basis)
- Improved asset quality: impaired loan ratio at 5.2%
- Very strong capitalisation: Core Tier 1 at 11.9%, total CAR at 13.8%
- Balanced liquidity: loan to deposit ratio at 101.2%
- Sale of new "Dobre Konto" account reached 100,000
- Growth of deposits by 9.6% y/y
- Growth of loans by 5.8% y/y