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Millennium Bank reports best results since its launch, helped by stronger banking income and cost cutsUpdated: 04-02-2014 |
Millennium Bank Romania's financial results at the end of 2013 show significant improvement in net income, due to the strong increase of banking income and good control over costs. The banking income went up by 14%, to 122.2 million lei (EUR 27.7 million), driven by an increase of 21% in net interest income and of 11% in commissions. Operating costs decreased by 17%, to 126.6 million lei (EUR 28.7 million), due to the successful implementation of a series of efficiency improvement measures while operating the same number of branches. Net income improved significantly compared to the previous year, from -106.1 million lei (EUR -24.1 million) in 2012 to -26 million lei (EUR -5.9 million).
"The financial results at the end of 2013 are the best reported by Millennium Bank since its launch in Romania. In the second semester of 2013, for the first time, we had positive operating net income. These results are based on the solid increase in business volumes and are supported by an efficient cost control model”, Jose Reino da Costa, CEO of Millennium Bank Romania, stated. "In a market where the lending fell by 3% in 2013 and the deposits grew by 9%, Millennium Bank managed to have two-digit growth of both its loans and deposits portfolios, all this while maintaining a conservative risk management policy. Within this context, the objective to reach breakeven in 2014 is closer than ever”, Jose Reino da Costa added.
The volume of gross loans granted to customers reached 2,182 million lei (EUR 488 million), 13% up year-on-year, while the customer funds rose by 18%, to 1,632 million lei (EUR 365 million).
At the end of 2013, Millennium Bank had over 75,000 total clients, 65 branches and 562 employees. The financial institution maintains a comfortable capital position, with a solvency ratio of 13.5% on December The financial data are obtained through the methods acknowledged by the International Financial Reporting Standards.
IFRS data as of December 31, 2013, rate used: 4.4710 RON/EUR for balance sheet and 4.41133750 RON/EUR for profit 31st, 2013.
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