27.04.2011
Results of Bank Millennium Capital Group in the 1st of quarter 2011
Bank Millennium Group consolidated net profit amounted to PLN 101 million in the 1st quarter of 2011 PLN, which is a 49% increase from the 1st quarter of 2010. This high yearly growth was possible due to a steady increase of core income and lower provisioning on credit risk.
The main indicators of 1Q 2011 results of Bank Millennium Group are the following:
- Net profit of PLN 101 million (increase 49% y/y)
- Core income up 11% y/y
- Total cost lower by 4% q/q
- Lower cost of risk: PLN 37 million, 41 bps (on an annualised basis)
- Improved asset quality: impaired loan ratio fell to 5.6%
- Very strong capitalisation: Core Tier 1 at 12.7%,total CAR at 14,8%
- Improvement of Loan/ Deposit ratio to 98.7%
- Strong growth of retail current accounts by 41,000 in 1Q 2011
- Retail deposits higher by 3% in 1Q 2011
- 4th position in leasing and 6th in factoring