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Financial Results above Estimations after the First Year of Millennium Bank in Romania

Autor: Bancherul.ro
2008-10-29 15:15

Bucharest, October 29, 2008. After one year, the financial results of Millennium Bank overpass the expectations, said the bank in a press release.

On September 30, 2008, the total assets of the bank reached approximately RON 945 million (EUR 253 million), a 222% higher value than on December 31, 2007. The total amount of loans granted by Millennium Bank was of approximately RON 706.7 million (EUR 189 million), 409% larger than at the end of 2007.

The loans granted to individuals were in total amount of over RON 299 million (EUR 80 million), with 434% more than in December 2007, and the loans to companies increased with 388% compared to the end of 2007, reaching approximately RON 407 million (EUR 109 million). The total amounts owed to customers (deposits, current accounts and saving accounts) were of RON 295 million (EUR 79 million), 105% higher than at the end of December 2007.

The total revenues reached approximately RON 62 million (EUR 16.5 million), while the net operating income was of approximately RON 35 million (EUR 9.4 million). The losses of Millennium Bank in the third quarter of 2008 were RON 79.5 million (EUR 21.3 million), net value, following the bank�s considerable investments. The total amount is considerably lower than the bank�s expectations, due to an efficient system of cost management.

�We are glad to announce that, one year after the entrance of Millennium Bank on the Romanian market, the financial results continue to overpass our expectations. After a successful launch, we go on with our expansion plans throughout the country and Millennium bcp group continues to support us in our commitment to the local market. Millennium Bank Romania is a local bank � out of 600 employees, only six are Portuguese � that offers financial solutions adapted to the local needs and context�, said Jose Toscano, CEO Millennium Bank.

During the last nine months, the number of active clients of Millennium Bank increased considerably, reaching approximately 17,000 on September 30, 2008, which is over 500% higher than the end of December 2007. At the end of September 2008, Millennium Bank had 619 employees, and by December, the bank�s team will have more than 800 professionals. Also, by year-end, Millennium Bank will double the territorial network it had at the beginning of the year, by reaching approximately 80 units.
*All the financial data are obtained through the methods acknowledged by the International Financial Reporting Standards. IFRS Financial Statements as of September 30, 2008, rate used: 3.7336 RON/EUR

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