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Bank Millennium

Millennium's total revenues rose 13.5% yoy to PLN 1,517 mil in 2Q2023

By Helgi Library - August 21, 2023

Bank Millennium generated total banking revenues of PLN 1,517 mil in 2023-06-30, down 26.3% compared to the previous year. ...

Millennium's net interest margin rose 8.34% yoy to 4.67% in 2Q2023

By Helgi Library - August 21, 2023

Bank Millennium's net interest margin amounted to 4.67% in the second quarter of 2023, up from 4.49% when compared to the previo...

Millennium's payment cards rose 6.12% yoy to 3.76 mil in 3Q2022

By Helgi Library - September 14, 2023

Bank Millennium has issued total of 3.76 mil payment cards at the end of 2022-09-30, up 1.59% compared to the previous year. ...

Profit Statement 2020 2021 2022
Net Interest Income PLN mil 2,680 2,713 3,337
Net Fee Income PLN mil 746 831 808
Other Income PLN mil 540 14.4 -137
Total Revenues PLN mil 3,966 3,558 4,009
Staff Cost PLN mil 856 815 916
Operating Profit PLN mil 2,099 1,916 1,915
Provisions PLN mil 559 2,604 2,135
Net Profit PLN mil 710 -1,332 -1,015
Balance Sheet 2020 2021 2022
Interbank Loans PLN mil 692 771 733
Customer Loans PLN mil 74,088 78,603 76,565
Investments PLN mil 19,202 18,220 20,471
Total Assets PLN mil 97,772 103,914 110,942
Shareholders' Equity PLN mil 9,091 6,697 5,494
Interbank Borrowing PLN mil 1,371 539 728
Customer Deposits PLN mil 81,511 91,448 98,039
Issued Debt Securities PLN mil 2,099 1,581 1,812
Ratios 2020 2021 2022
ROE % 7.88 -16.9 -16.6
ROA % 0.726 -1.32 -0.944
Costs (As % Of Assets) % 1.91 1.63 1.95
Costs (As % Of Income) % 47.1 46.2 52.2
Capital Adequacy Ratio % 19.5 17.1 14.4
Net Interest Margin % 2.74 2.69 3.11
Loans (As % Of Deposits) % 90.9 86.0 78.1
NPLs (As % Of Loans) % 4.96 4.32 4.39
Provisions (As % Of NPLs) % 62.6 68.1 69.8
Valuation 2020 2021 2022
Market Capitalisation USD mil 1,062 2,450 1,122
Number Of Shares mil 1,213 1,213 1,213
Share Price PLN 3.27 8.20 4.58
Price/Earnings (P/E) 5.57 ... ...
Price/Book Value (P/BV) 0.436 1.49 1.01
Dividend Yield % 0 0 0
Earnings Per Share (EPS) PLN 0.587 -1.10 -0.836
Book Value Per Share PLN 7.49 5.52 4.53
Dividend Per Share PLN 0 0 0

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summary Unit 1993 1994 1995 1996 1997 1998 1999 2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019 2020 2021 2022
income statement                                                            
Net Interest Income PLN mil                                               1,517 1,724 1,839 2,478 2,680    
Total Revenues PLN mil                                               2,415 2,757 2,900 3,740 3,966    
Operating Profit PLN mil                                               1,129 1,491 1,572 2,053 2,099    
Net Profit PLN mil                                               430 668 752 857 710    
balance sheet                                                            
Interbank Loans PLN mil                                               1,358 254 982 990 692    
Customer Loans PLN mil                                               47,020 47,411 52,712 69,615 74,088    
Investments PLN mil                                               17,700 19,405 22,937 22,962 19,202    
Total Assets PLN mil                                               68,793 71,141 80,459 97,916 97,772    
                                                               
Shareholders' Equity PLN mil                                               6,941 7,773 8,384 8,942 9,091    
Interbank Borrowing PLN mil                                               1,610 2,353 1,963 1,872 1,371    
Customer Deposits PLN mil                                               55,876 57,273 66,244 81,455 81,511    
Issued Debt Securities PLN mil                                               1,978 1,858 1,512 2,729 2,099    
ratios                                                            
ROE % ...                                             6.43 9.08 9.31 9.89 7.88    
ROA % ...                                             0.637 0.955 0.992 0.961 0.726    
Costs (As % Of Assets) % ...                                             1.91 1.81 1.75 1.89 1.91    
Costs (As % Of Income) %                                               53.3 45.9 45.8 45.1 47.1    
Capital Adequacy Ratio % ...       ... ...                                   17.4 22.0 21.7 20.1 19.5    
Net Interest Margin % ...                                             2.25 2.46 2.43 2.78 2.74    
Interest Income (As % Of Revenues) %                                               62.8 62.5 63.4 66.3 67.6    
Fee Income (As % Of Revenues) %                                               24.1 24.1 22.8 18.7 18.8    
Staff Cost (As % Of Total Cost) %       ...                                       43.4 47.1 48.1 47.4 45.9    
Equity (As % Of Assets) %                                               10.1 10.9 10.4 9.13 9.30    
Loans (As % Of Deposits) %                                               84.2 82.8 79.6 85.5 90.9    
Loans (As % Assets) %                                               68.4 66.6 65.5 71.1 75.8    
NPLs (As % Of Loans) % ... ... ... ... ... ... ...                                 4.50 4.57 4.52 4.58 4.96    
Provisions (As % Of NPLs) % ... ... ... ... ... ... ...                                 62.6 67.1 71.4 59.9 62.6    
valuation                                                            
Market Capitalisation USD mil ...                                             1,507 3,123 2,873 1,872 1,062    
Number Of Shares mil                                               1,213 1,213 1,213 1,213 1,213    
Share Price PLN ...                                             5.19 8.94 8.87 5.85 3.27    
Earnings Per Share (EPS) PLN                                               0.355 0.551 0.620 0.704 0.587    
Book Value Per Share PLN                                               5.72 6.41 6.91 7.37 7.49    
Dividend Per Share PLN                                               0 0 0 0 0    
Price/Earnings (P/E) ...                                             14.6 16.2 14.3 8.31 5.57 ... ...
Price/Book Value (P/BV) ...                                             0.907 1.40 1.28 0.794 0.436    
Dividend Yield % ...                                             0 0 0 0 0    
Earnings Per Share Growth % ...                                             -33.9 55.2 12.5 13.7 -16.7    
Book Value Per Share Growth % ...                                             7.73 12.0 7.87 6.64 1.67    
income statement Unit 1993 1994 1995 1996 1997 1998 1999 2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019 2020 2021 2022
income statement                                                            
Interest Income PLN mil                                               2,288 2,427 2,583 3,416 3,224    
Interest Cost PLN mil                                               772 702 744 938 544    
Net Interest Income PLN mil                                               1,517 1,724 1,839 2,478 2,680    
Net Fee Income PLN mil                                               581 664 661 699 746    
Fee Income PLN mil                                               698 799 824 900 947    
Fee Expense PLN mil                                               117 136 163 201 201    
Other Income PLN mil                                               317 369 400 562 540    
Insurance Premium Earned PLN mil ... ... ... ... ... ... ... ... ... ... ... ... ... ... ... ... ... ... ... ... ... ... ... ... ... ... ... ... ... ...
Total Revenues PLN mil                                               2,415 2,757 2,900 3,740 3,966    
Staff Cost PLN mil       ...                                       559 597 638 799 856    
Depreciation PLN mil ... ... ... ... ... ... ... ... ... ...                           40.0 38.1 36.4 147 167    
Other Cost PLN mil ... ... ... ... ... ... ... ... ... ...                           688 631 653 741 843    
Operating Cost PLN mil                                               1,287 1,266 1,328 1,687 1,867    
Operating Profit PLN mil                                               1,129 1,491 1,572 2,053 2,099    
Provisions PLN mil                                               217 258 197 402 559    
Extra and Other Cost PLN mil                                               292 324 362 449 481    
Pre-Tax Profit PLN mil                                               619 909 1,014 1,202 1,060    
Tax PLN mil                                               188 241 262 345 349    
Minorities PLN mil                                               0 0 0 0 0    
Net Profit PLN mil                                               430 668 752 857 710    
Net Profit Avail. to Common PLN mil                                               430 668 752 857 710    
Dividends PLN mil                                               0 0 0 0 0    
growth rates                                                            
Net Interest Income Growth % ...             ...                               7.62 13.7 6.65 34.8 8.16    
Net Fee Income Growth % ...                                             -2.54 14.2 -0.374 5.76 6.71    
Total Revenue Growth % ...                                             3.68 14.2 5.19 28.9 6.06    
Operating Cost Growth % ...                                             11.0 -1.60 4.89 27.0 10.7    
Operating Profit Growth % ...                                             -3.60 32.1 5.45 30.6 2.28    
Pre-Tax Profit Growth % ...                                             -24.2 46.9 11.5 18.6 -11.8    
Net Profit Growth % ...                                             -33.9 55.2 12.5 14.0 -17.1    
market share                                                            
Market Share in Revenues %                                               4.08 4.45 4.50 5.31 6.42   ...
Market Share in Net Profit %                                               3.09 4.89 5.76 6.22 -211    
Market Share in Employees % ... ...       ...         ...                         3.46 3.55 3.77 5.39 5.03    
Market Share in Bank Cards % ... ... ... ... ... ... ... ... ... ... ... ...                       5.17 5.60 6.12 7.74 ... ... ...
Market Share in Debit Cards % ... ... ... ... ... ... ... ... ... ... ... ...                       5.07 5.56 6.11 7.70 ... ... ...
Market Share in Credit Cards % ... ... ... ... ... ... ... ... ... ... ... ...                       5.66 5.86 6.18 8.04 ... ... ...
Market Share in Branches % ... ... ... ... ... ... ... ... ... ... ...                         2.70 2.56 2.85 6.76 6.73 ... ...
balance sheet Unit 1993 1994 1995 1996 1997 1998 1999 2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019 2020 2021 2022
balance sheet                                                            
Cash & Cash Equivalents PLN mil                                               1,779 2,080 2,450 2,203 1,460    
Interbank Loans PLN mil                                               1,358 254 982 990 692    
Customer Loans PLN mil                                               47,020 47,411 52,712 69,615 74,088    
Retail Loans PLN mil     ... ... ... ... ... ... ... ...                           33,849 32,720 36,106 52,011 57,067    
Mortgage Loans PLN mil ... ... ... ... ... ... ... ... ... ...                           27,492 26,104 28,319 36,432 40,552    
Consumer Loans PLN mil ... ... ... ... ... ... ... ... ... ...                           6,357 6,616 7,787 15,579 16,515    
Corporate Loans PLN mil     ... ... ... ... ... ... ... ...                           8,659 9,886 11,370 12,203 12,416    
Investments PLN mil                                               17,700 19,405 22,937 22,962 19,202    
Property and Equipment PLN mil                                               164 186 211 666 572    
Intangible Assets PLN mil ... ... ... ...                                       62.3 79.8 96.5 343 385    
Goodwill PLN mil ... ... ... ... ... ... ... ... ... ... ... ... ... ... ... ... ... ... ... ... ... ... ... 0 0 0 163 192 ... ...
Total Assets PLN mil                                               68,793 71,141 80,459 97,916 97,772    
                                                               
Shareholders' Equity PLN mil                                               6,941 7,773 8,384 8,942 9,091    
Of Which Minority Interest PLN mil                                               0 0 0 0 0    
Liabilities PLN mil                                               61,852 63,369 72,075 88,975 88,681    
Interbank Borrowing PLN mil                                               1,610 2,353 1,963 1,872 1,371    
Customer Deposits PLN mil                                               55,876 57,273 66,244 81,455 81,511    
Retail Deposits PLN mil ... ... ... ... ... ... ... ... ... ...                           39,682 40,344 47,730 61,092 61,875    
Corporate Deposits PLN mil ... ... ... ... ... ... ... ... ... ...                           16,194 16,930 18,513 20,363 19,636    
Sight Deposits PLN mil                                               29,770 33,005 42,412 55,137 66,417 ... ...
Term Deposits PLN mil     ...                                         25,653 23,696 23,438 25,639 14,491 ... ...
Issued Debt Securities PLN mil                                               1,978 1,858 1,512 2,729 2,099    
Subordinated Debt PLN mil ... ... ... ... ... ... ... ... ... ...                           664 702 702 1,546 1,540    
Other Liabilities PLN mil                                               2,388 1,884 2,356 2,919 3,701    
asset quality                                                            
Non-Performing Loans PLN mil ... ... ... ... ... ... ...                                 2,179 2,233 2,463 3,276 3,792    
Gross Loans PLN mil                                               48,385 48,908 54,471 71,577 76,461    
Risk-Weighted Assets PLN mil ... ... ... ... ... ... ... ... ... ... ... ... ...                     36,732 32,694 36,635 48,124 51,161    
Total Provisions PLN mil     ... ...                                       1,365 1,497 1,759 1,962 2,373    
growth rates                                                            
Customer Loan Growth % ...                                             1.40 0.832 11.2 32.1 6.43    
Retail Loan Growth % ... ... ... ... ... ... ... ... ... ... ...                         1.38 -3.33 10.3 44.0 9.72    
Mortgage Loan Growth % ... ... ... ... ... ... ... ... ... ... ...                         -0.691 -5.05 8.49 28.6 11.3    
Consumer Loan Growth % ... ... ... ... ... ... ... ... ... ... ...                         11.4 4.08 17.7 100 6.01    
Corporate Loan Growth % ...   ... ... ... ... ... ... ... ... ...                         -3.20 14.2 15.0 7.33 1.74    
Total Asset Growth % ...                                             3.86 3.41 13.1 21.7 -0.148    
Shareholders' Equity Growth % ...                                             7.73 12.0 7.87 6.64 1.67    
Customer Deposit Growth % ...                                             5.80 2.50 15.7 23.0 0.068    
Retail Deposit Growth % ... ... ... ... ... ... ... ... ... ... ...                         11.4 1.67 18.3 28.0 1.28    
Corporate Deposit Growth % ... ... ... ... ... ... ... ... ... ... ...                         -5.82 4.54 9.36 9.99 -3.57    
market share                                                            
Market Share in Customer Loans %                                               4.02 3.92 3.95 4.99 5.29    
Market Share in Corporate Loans % ... ... ... ... ... ... ... ... ... ...                           2.51 2.70 3.05 3.18 3.38    
Market Share in Retail Loans % ... ... ... ... ... ... ... ... ... ...                           5.16 4.90 5.14 7.03 7.52    
Market Share in Consumer Loans % ... ... ... ... ... ... ... ... ... ...                           2.44 2.38 2.43 4.61 4.93    
Market Share in Mortgage Loans % ... ... ... ... ... ... ... ... ... ...                           6.93 6.68 7.41 9.06 9.56    
Market Share in Total Assets %                                               4.12 4.11 4.26 4.92 4.18    
Market Share in Customer Deposits %                                               4.63 4.54 4.86 5.52 4.84    
Market Share in Retail Deposits % ... ... ... ... ... ... ... ... ... ...                           5.93 5.82 6.27 7.34 6.88    
Market Share in Corporate Deposits % ... ... ... ... ... ... ... ... ... ... ... ... ... ... ... ... ...             4.60 4.59 4.75 4.74 3.74    
ratios Unit 1993 1994 1995 1996 1997 1998 1999 2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019 2020 2021 2022
                                                             
ROE % ...                                             6.43 9.08 9.31 9.89 7.88    
ROTE % ... ... ... ... ...                                     6.49 9.17 9.41 10.2 8.21    
ROE (@ 15% of RWA) % ... ... ... ... ... ... ... ... ... ... ... ... ... ...                   7.77 12.8 14.5 13.5 9.54    
ROA % ...                                             0.637 0.955 0.992 0.961 0.726    
Return on Loans % ...                                             0.921 1.41 1.50 1.40 0.989    
Operating Profit (As % of RWA) % ... ... ... ... ... ... ... ... ... ... ... ... ... ...                   3.06 4.29 4.54 4.84 4.23    
Costs (As % Of Assets) % ...                                             1.91 1.81 1.75 1.89 1.91    
Costs (As % Of Income) %                                               53.3 45.9 45.8 45.1 47.1    
Costs (As % Of Loans) % ...                                             2.76 2.68 2.65 2.76 2.60    
Costs (As % Of Loans & Deposits) % ...                                             1.27 1.22 1.19 1.25 1.22    
Capital Adequacy Ratio % ...       ... ...                                   17.4 22.0 21.7 20.1 19.5    
Tier 1 Ratio % ... ... ... ... ... ... ... ... ... ... ...                         17.3 20.0 19.8 16.9 16.5    
Net Interest Margin % ...                                             2.25 2.46 2.43 2.78 2.74    
Interest Spread % ...                                             2.12 2.35 2.31 2.67 2.68    
Asset Yield % ...                                             3.39 3.47 3.41 3.83 3.29    
Revenues (As % of RWA) % ... ... ... ... ... ... ... ... ... ... ... ... ... ...                   6.54 7.94 8.37 8.82 7.99    
Cost Of Liabilities % ...                                             1.27 1.12 1.10 1.16 0.612    
Payout Ratio %                                               0 0 0 0 0    
Interest Income (As % Of Revenues) %                                               62.8 62.5 63.4 66.3 67.6    
Fee Income (As % Of Revenues) %                                               24.1 24.1 22.8 18.7 18.8    
Other Income (As % Of Revenues) %                                               13.1 13.4 13.8 15.0 13.6    
Staff Cost (As % Of Total Cost) %       ...                                       43.4 47.1 48.1 47.4 45.9    
Equity (As % Of Assets) %                                               10.1 10.9 10.4 9.13 9.30    
Equity (As % Of Loans) %                                               14.8 16.4 15.9 12.8 12.3    
Loans (As % Of Deposits) %                                               84.2 82.8 79.6 85.5 90.9    
Loans (As % Assets) %                                               68.4 66.6 65.5 71.1 75.8    
NPLs (As % Of Loans) % ... ... ... ... ... ... ...                                 4.50 4.57 4.52 4.58 4.96    
Provisions (As % Of NPLs) % ... ... ... ... ... ... ...                                 62.6 67.1 71.4 59.9 62.6    
Provisions (As % Of Loans) %     ... ...                                       2.90 3.16 3.34 2.82 3.20    
Cost of Provisions (As % Of Loans) % ...                                             0.466 0.546 0.393 0.657 0.778    
other data Unit 1993 1994 1995 1996 1997 1998 1999 2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019 2020 2021 2022
                                                             
Branches ... ... ... ... ... ... ... ... ... ... ...                         369 355 361 830 702    
ATMs ... ... ... ... ... ... ... ... ... ... ... ... ... ... ... ... ... ... ... ... ... ... ... ... ... ... ... ... ... ...
ATMs (As % of Bank Branches) % ... ... ... ... ... ... ... ... ... ... ... ... ... ... ... ... ... ... ... ... ... ... ... ... ... ... ... ... ... ...
Employees ... ...       ...         ...                         5,844 5,830 6,132 8,464 7,493    
Employees Per Bank Branch ... ... ... ... ... ... ... ... ... ... ...                         15.8 16.4 17.0 10.2 10.7    
Cost Per Employee USD per month ... ...   ...   ...         ...                         1,972 2,226 2,395 2,083 2,442    
Cost Per Employee (Local Currency) PLN per month ... ...   ...   ...         ...                         7,968 8,527 8,672 7,870 9,524    
Revenues From Abroad PLN mil ... ... ... ... ... ... ... ... ... ... ... ... ... ... ... ... ... ... ... ... ... ... ... ... ... ... ... ... ... ...
Profit From Abroad PLN mil ... ... ... ... ... ... ... ... ... ... ... ... ... ... ... ... ... ... ... ... ... ... ... ... ... ... ... ... ... ...
Revenues From Abroad (As % Of Total) % ... ... ... ... ... ... ... ... ... ... ... ... ... ... ... ... ... ... ... ... ... ... ... ... ... ... ... ... ... ...
Profit From Abroad (As % Of Total) % ... ... ... ... ... ... ... ... ... ... ... ... ... ... ... ... ... ... ... ... ... ... ... ... ... ... ... ... ... ...
Insurance Income (As % Of Revenues) % ... ... ... ... ... ... ... ... ... ... ... ... ... ... ... ... ... ... ... ... ... ... ... ... ... ... ... ... ... ...
Insurance Fee Income (As % of Loans) % ... ... ... ... ... ... ... ... ... ... ... ... ... ... ... ... ... ... ... ... ... ... ... ... ... ... ... ... ... ...
customer breakdown Unit 1993 1994 1995 1996 1997 1998 1999 2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019 2020 2021 2022
                                                             
Customers mil ... ... ... ... ... ... ... ... ... ... ... ...                       1.49 1.64 1.84 2.66 2.74    
Number of Accounts mil ... ... ... ... ... ... ... ... ... ... ... ... ... ... ... ... ... ... ... ... ... ... ... ... ... ... 3.39 3.40 ... ...
Number of Primary Customers mil ... ... ... ... ... ... ... ... ... ... ... ... ... ... ... ... ... ... ... ... ... ... ... ... ... ... 1.84 2.05 ... ...
Payment Cards mil ... ... ... ... ... ... ... ... ... ... ... ...                       1.91 2.19 2.53 3.33 3.48    
Debit Cards mil ... ... ... ... ... ... ... ... ... ... ... ...                       1.57 1.85 2.16 2.86 3.01    
Credit Cards mil ... ... ... ... ... ... ... ... ... ... ... ...                       0.333 0.341 0.363 0.465 0.477    
Number of Mortgages mil ... ... ... ... ... ... ... ... ... ... ... ... ... ... ... ... ... ... ... ... ... ... ... ... ... ... ... 0.225 ... ...
Number of Consumer Loans mil ... ... ... ... ... ... ... ... ... ... ... ... ... ... ... ... ... ... ... ... ... ... ... ... ... ... ... ... ... ...
Average Size of Deposit PLN ... ... ... ... ... ... ... ... ... ... ... ... ... ... ... ... ... ... ... ... ... ... ... ... ... ... 24,049 24,002 ... ...
Average Size of Mortgage Loan PLN ... ... ... ... ... ... ... ... ... ... ... ... ... ... ... ... ... ... ... ... ... ... ... ... ... ... ... 180,000 ... ...
Average Size of Consumer Loan PLN ... ... ... ... ... ... ... ... ... ... ... ... ... ... ... ... ... ... ... ... ... ... ... ... ... ... ... ... ... ...
Accounts (As % of Total Clients) % ... ... ... ... ... ... ... ... ... ... ... ... ... ... ... ... ... ... ... ... ... ... ... ... ... ... 127 124 ... ...
Primary (As % of Total Clients) % ... ... ... ... ... ... ... ... ... ... ... ... ... ... ... ... ... ... ... ... ... ... ... ... ... ... 69.1 75.0 ... ...
Mortgages (As % of Total Clients) % ... ... ... ... ... ... ... ... ... ... ... ... ... ... ... ... ... ... ... ... ... ... ... ... ... ... ... 8.23 ... ...
Consumer Loans (As % of Total Clients) % ... ... ... ... ... ... ... ... ... ... ... ... ... ... ... ... ... ... ... ... ... ... ... ... ... ... ... ... ... ...
Payments Cards (As % of Total Clients) % ... ... ... ... ... ... ... ... ... ... ... ...                       128 134 137 125 127    
Debit Cards (As % of Total Clients) % ... ... ... ... ... ... ... ... ... ... ... ...                       105 113 118 108 110    
Credit Cards (As % of Total Clients) % ... ... ... ... ... ... ... ... ... ... ... ...                       22.3 20.9 19.7 17.5 17.4    
                                                               
Market Value per Customer (Local Currency) PLN ... ... ... ... ... ... ... ... ... ... ... ...                       4,222 6,649 5,877 2,673 1,458    
Revenue per Customer (Local Currency) PLN ... ... ... ... ... ... ... ... ... ... ... ...                       1,619 1,686 1,578 1,406 1,449    
Net Profit per Customer (Local Currency) PLN ... ... ... ... ... ... ... ... ... ... ... ...                       288 409 409 322 260    
Loan per Customer (Local Currency) PLN ... ... ... ... ... ... ... ... ... ... ... ...                       31,515 28,998 28,679 26,171 27,070    
Deposit per Customer (Local Currency) PLN ... ... ... ... ... ... ... ... ... ... ... ...                       37,450 35,030 36,041 30,622 29,782    
Market Value per Customer USD ... ... ... ... ... ... ... ... ... ... ... ...                       1,010 1,910 1,563 704 388    
Revenue per Customer USD ... ... ... ... ... ... ... ... ... ... ... ...                       401 440 436 372 372    
Net Profit per Customer USD ... ... ... ... ... ... ... ... ... ... ... ...                       71.4 107 113 85.3 66.6    
Loan per Customer USD ... ... ... ... ... ... ... ... ... ... ... ...                       7,541 8,330 7,628 6,891 7,203    
Deposit per Customer USD ... ... ... ... ... ... ... ... ... ... ... ...                       8,961 10,062 9,586 8,063 7,924    

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Millennium's mortgage loans fell 9.32% yoy to PLN 40,357 mil in 2Q2023

By Helgi Library - August 21, 2023

Bank Millennium's mortgage loans reached PLN 40,357 mil in 2023-06-30, down 2.06% compared to the previous year. Polish banking sector provided mortgage loans of PLN 445 bil in 2023-06-30, down 1.64% when compared to the last year. Bank Millennium account...

Millennium's customer loans fell 6.54% yoy to PLN 74,152 mil in 2Q2023

By Helgi Library - August 21, 2023

Bank Millennium's customer loans reached PLN 74,152 mil in 2023-06-30, down 1.63% compared to the previous year. Polish banking sector provided customer loans of PLN 1,584 bil in 2023-06-30, down 0.064% when compared to the last year. Bank Millennium acco...

Millennium's customer deposits rose 4.66% yoy to PLN 100,597 mil in 2Q2023

By Helgi Library - August 21, 2023

Bank Millennium's customer deposits reached PLN 100,597 mil in 2023-06-30, down 0.276% compared to the previous year. Polish banking sector accepted customer deposits of PLN 2,045 bil in 2023-06-30, up 2.00% when compared to the last year. Bank Millennium...

Millennium's retail loans fell 5.32% yoy to PLN 57,963 mil in 2Q2023

By Helgi Library - August 21, 2023

Bank Millennium's retail loans reached PLN 57,963 mil in the second quarter of 2023, down 0.927% compared to the previous year. Polish banking sector provided retail loans of PLN 722 bil in 2Q2023, down 0.570% when compared to the last year. Bank Millenni...

Millennium's retail deposits rose 10.1% yoy to PLN 71,714 mil in 2Q2023

By Helgi Library - August 21, 2023

Bank Millennium's retail deposits reached PLN 71,714 mil in 2023-06-30, up 2.30% compared to the previous year. Polish banking sector accepted retail deposits of PLN 1,068 bil in 2023-06-30, up 1.91% when compared to the last year. Bank Millennium account...

Millennium's npls (as % of loans) rose 5.45% yoy to 4.46% in 2Q2023

By Helgi Library - September 14, 2023

Bank Millennium's non-performing loans reached 4.46% of total loans at the end of 2023-06-30, up from 4.23% compared to the previous year. Historically, the NPL ratio hit an all time high of 6.04% in 2010-03-31 and an all time low of 3.00% in 2008-09-30. Pr...

Millennium's net interest income rose 13.3% yoy to PLN 1,336 mil in 2Q2023

By Helgi Library - August 21, 2023

Bank Millennium generated total banking revenues of PLN 1,517 mil in the second quarter of 2023, up 13.5% when compared to the same period of last year and down 26.3% when compared to the previous quarter. Historically, the bank’s revenues contain...

Millennium's costs (as % of assets) fell 36.7% yoy to 1.57% in 2Q2023

By Helgi Library - August 21, 2023

Bank Millennium's cost to income ratio reached 29.5% in the second quarter of 2023, up from 25.4% when compared to the previous quarter. Historically, the bank’s costs reached an all time high of 65.0% of income in 3Q2022 and an all time low of 25.4% in 1Q20...

Millennium's corporate deposits fell 6.70% yoy to PLN 28,883 mil in 2Q2023

By Helgi Library - August 21, 2023

Bank Millennium's corporate deposits reached PLN 28,883 mil in 2023-06-30, down 6.15% compared to the previous year. Polish banking sector accepted corporate deposits of PLN 634 bil in 2023-06-30, up 0.855% when compared to the last year. Bank Millennium ...

Millennium's net profit rose 175% yoy to PLN 106 mil in 2Q2023

By Helgi Library - August 21, 2023

Bank Millennium made a net profit of PLN 106 mil under revenues of PLN 1,517 mil in the second quarter of 2023, up 175% and 13.5% respectively when compared to the same period last year. Historically, the bank’s net profit reached an all time high of PLN 377 ...

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Bank Millennium is Poland's nationwide universal bank, offering its services to all market segments via a network of branches, individual advisors and electronic banking. Its product and service offer includes personal accounts, debit and credit cards, overdraft limits, cash and mortgage loans, saving accounts, term deposits, investment funds, brokerage services, structured products and insurance products. Bank Millennium has made its name through providing of FX-denominated mortgage loans. In 2008, the bank became the second largest mortgage lender in the country with over 11% market share. Banco Comercial Portugues is the strategic shareholder with a 65.5% stake

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Finance

Bank Millennium has been growing its revenues and asset by 6.69% and 7.72% a year on average in the last 10 years. Its loans and deposits have grown by 6.65% and 8.99% a year during that time and loans to deposits ratio reached 78.1% at the end of 2022. The company achieved an average return on equity of 4.16% in the last decade with net profit growing % a year on average. In terms of operating efficiency, its cost to income ratio reached 52.2% in 2022, compared to 48.9% average in the last decade.

Equity represented 4.95% of total assets or 7.18% of loans at the end of 2022. Bank Millennium's non-performing loans were 4.39% of total loans while provisions covered some 69.8% of NPLs at the end of 2022.

Valuation

Bank Millennium stock traded at per share at the end of 2022 resulting in a market capitalization of . Over the previous three years, stock price rose by 0% or 0% a year on average. That’s compared to an average ROE of -8.55% the bank generated for its shareholders. This closing price put stock at a 12-month trailing price to earnings (PE) of x and price to book value (PBV) of 1.01x in 2022.