Bancherul - BANCI / ENGLISH / Millennium Bank improves operating income and increases loans volume

Millennium Bank Romania’s financial results at the end of 2010 show constant consolidation of the company’s position on the local market, said the bank in a handout.

On December 31st, 2010, the bank’s total assets reached RON 2.2 billion (EUR 517 million), 11% higher than a year before. The operating income went up by 9%, to RON 117 million (EUR 28 million). Despite the impact from the increase of VAT since July, operating costs decreased by 6%, to RON 176 million (EUR 42 million), fuelled by the successful implementation of a set of efficiency improvement measures.

The total volume of loans granted by Millennium Bank to customers reached RON 1.3 billion (EUR 303 million), registering a growth of 26% compared to the end of 2009. Customer funds attracted by the bank rose by 12%, to RON 1.2 billion (EUR 281 million).

“In 2010, we focused on consolidating our new business model shaped a year before and managed to strengthen our position. The bank’s market share continued to increase on the two strategic business lines: mortgage loans and deposits”, stated Jose Toscano, CEO Millennium Bank Romania. “In 2011, we continue our efforts to constantly increase our efficiency, reinforcing our long term commitment towards the local market”, added Jose Toscano.

At the end of December 2010, the losses lowered by 38%, to RON 99 million (EUR 24 million), while the bank continued its investments in Romania. The financial institution maintains a solid capital position, with a solvency ratio of 19.6%.
As at the end of 2010, Millennium Bank had over 45,000 clients and 731 employees.

The financial data are obtained through the methods acknowledged by the International Financial Reporting Standards. IFRS data as of December 31, 2010, rate used: 4.2848 RON/EUR for balance sheet and 4.2110 RON/EUR for profit and loss accounts.

Millennium Bank, part of the leading financial private group in Portugal, Millennium bcp, started its activity on the Romanian market on October 11, 2007, by simultaneously opening 39 branches in Bucharest and in other eight cities of the country. Now, Millennium bank has 74 units throughout Romania, addressing individuals and companies, with an extensive range of products.

Millennium bcp is a success story in European banking. Founded in 1985, Millennium bcp registered, at the end of December 2010, total assets of more than EUR 100 billion. Millennium is Portugal's leading private financial group and is included in key national and international stock market indices, in particular the Euronext PSI Financial Services, PSI-20, DJ Eurostoxx banks, Bebanks and Euronext 100, of the Lisbon, Paris, Brussels and Amsterdam Stock Exchanges.

Millennium bcp has a network of more than 1,700 units and a total of above 21,000 employees.

Millennium bcp provides a wide range of products and services, namely savings, investment, mortgage loans, consumer credit, commercial banking, leasing, factoring, insurance, investment banking, private banking and asset management, serving its customers on a segmented basis. Emphasis is given to the Internet Banking service, which has been distinguished in Europe for its quality and innovation. Since its incorporation, Millennium bcp has been renowned for its dynamism, innovation, competitiveness, profitability and financial strength. It has made its mark as the top leader in several financial business areas on the domestic market and as reference in the distribution of financial products and services on an international level. Millennium bcp operates in Portugal, Poland, Greece, Romania, Switzerland, Mozambique, Angola, France and Luxembourg. All operations are carried out under the Millennium brand.

Millennium bcp's focus is on the creation of value in markets selected on the basis of a controlled risk profile and high growth potential, to sustain its internationally-recognized service excellence and innovation in financial products.