Homepage | Millennium Annual Report 2015

2015 Annual Report

a good year in challenging environment

"2015 was a period of hard work for our team of employees at the Bank, the effects of which found their confirmation in the financial results and independently endorsed results of customer service quality surveys. A high quality of our products and services was appreciated"

"2015 results, our business model and capitalisation measured with capital adequacy ratios show that we are a solid and trustworthy bank, ready to face up to the challenges of the coming year."

"The Bank especially values entrepreneurship, creating a friendly climate for start-ups and development of new technologies and innovations"

- Joao Bras Jorge, CEO

CEO Letter

CEO Video

"Millennium Bank - chosen as the best bank with the higest quality service for customers"

Newsweek’s Friendly Banking Ranking 2015

Financial Results

Net profit under 4Q extra charges
Core income and costs fell; stable Cost/Income ratio
High asset quality and low cost of risk kept
Further improved capital and liquidity ratios

Business segments

Deposits / Accounts / Clients

Loans

Technology

Awards and achievements

Nagrody i wyróżnienia

Neeweek's Friendly Bank

High quality of service confirmed with 3 ranking categories won

Jakość na bank

High standard of customer service in a branch

Service Quality Star

Bank Millennium was honoured with the prestigious Service Quality Star award

The best electronic banking for companies in Poland

according to the independent Global Finance magazine

Consumers's choice

The highest level of satisfaction and acceptance in the "Banking serives" category

Respect Index

Bank Millennium continues to be part of The Respect Index

CSR Silver Leaf

Bank Millenium was awarded the CSR Silver Leaf in a survey made by the Polityka weekly and Deloitte consulting company

Consolidated financial statement

Profit and Loss Statement

(mln PLN)	2015 pro-forma	2014 pro-forma
Net interest income*	1.418,7	1.465,0
Net commission income	596,2	611,7
Other non-interest income **	2,3	138,9
Operating Income	2.017,2	2.215,6
General and administrative costs	-1.036,6	-1 056,1
Depreciation	-50,4	-55,3
Total operating costs	-1.087,0	-1.111,4
Net provisions	-241,2	-265,5
Operating profit	688,9	838,7
Pre-tax profit	687,5	838,5
Income tax	-141,0	-187,5
Net profit	546,5	650,9
Net profit without one-off charges	667,4	650,9

* Pro-forma data. Margin from all derivatives, including those hedging FX denominated loan portfolio, is presented in Net Interest Income, whereas in accounting terms part of this margin (PLN 10.9 million in 2014 and PLN 53.4 million in 2015) is presented in Result on Financial Operations.

** Includes FX results, results on financial operations (pro-forma) and net other operating income and costs.

(mln PLN)	2015	2014
Net interest income (reported under IFRS)	1.365,2	1.454,1

Balance sheet

Assets	31/12/2015	31/12/2014
Cash and balances with the Central Bank	1.946	2.612
Loans and advances to banks	2.349	2.385
Loans and advances to customers	46.369	44.143
Amounts due from reverse repo transactions	0	156
Debt securities	14.056	10.176
Derivatives (for hedging and trading)	429	502
Shares and other financial instruments	230	10
Tangible and intangible fixed assets	218	213
Other assets	637	544
Total assets	66.235	60.740

Liabilities and equity	31/12/2015	31/12/2014
Deposits and loans from banks	1.444	2.037
Deposits from customers	52.810	47.591
Liabilities from repo transactions	0	60
Financial liabilities at fair value through P&L and hedging derivatives	2.477	2.020
Liabilities from securities issued	1.134	1.739
Provisions	31	99
Subordinated liabilities	640	640
Other liabilities	1.256	789
Total Liabilities	59.792	54.975
Total Equity	6.443	5.765
Total Liabilities and Equity	66.235	60.740