BCP profits in Poland fall by 26%
Bank Millennium earned 561 million zlotys (130.6 million euros) in 2019, with a reduction explained by provisions for legal costs related to loans in Swiss francs and the purchase of Euro Bank.
BCP saw its Polish unit’s profits fall by 26% last year, penalised by costs associated with the Euro Bank acquisition and linked to provisions related to legal risks associated with loans granted in foreign currency.
Bank Millennium, 50.1% owned by BCP, closed last year with profits of 561 million Zlotys (30.6 million euros), a reduction of 26%. Excluding these effects, Bank Millennium’s profit increased by 17%.
In a press release sent to the Portuguese Regulator (CMVM), Euro Bank’s integration costs and provisions amounted to 47.7 million euros, while the costs of provisions related to legal risks associated with loans granted in foreign currency reached 51.9 million euros.
As for the last quarter of 2019, Bank Millennium’s net income amounted to 27 million zlotys (6.3 million euros), or 274 million zlotys (63.8 million euros) excluding unusual items.
The bank reports that its operating income increased 27% year-on-year, with the net interest margin growing 33%. Operating costs rose 36% year-on-year, with these rising 28% excluding integration costs.
