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2018 Financial and Social Report


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CEO Joao Bras Jorge's comment
Personalised services
Fewer barriers to banking access
We know the needs of our clients


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Solvency ratio
Cost/Income ratio
761 m PLN
Net profit – best in the Bank’s history


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Artificial intelligence
Non-banking functionalities


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growth in all key areas
1.8 m
active retail clients
1 m
clients using mobile banking


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Diversity is our commitment
We protect the natural environment
Engagement in social activities is vital


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Greater scale and new competencies
Strengthening the position on the consumer finance market
Expansion of distribution network, introduction of franchise model

Personalised services

Based on new technologies, behavioural personalisation allows the Bank’s products and services to be tailored to the individual needs of each customer. By observing customer behaviour, on the basis of collected customer data and transactions carried out by our clients, we can offer them useful products in real time, e.g. a loan, a reminder about the possibility to take out travel insurance just before departure, already at the airport, information about promotions in shops near which clients are currently located, or adjustment of appearance of the mobile application to individual preferences.

2.5 thousand

aggregated offers of 1150 brands for the users of goodie smart-shopping application


share of digital channels in 2018 sales of cash loans


airports in Poland, where clients get personalised travel insurance offers in the mobile application

Fewer barriers to banking access

Our goal is to eliminate digital and physical barriers to accessing banking services. We want all customers, including people with disabilities, to have comfortable access to their finances – we introduce facilities for the blind, visually impaired and wheelchair users. Thanks to the highest standards of content accessibility for the blind and visually impaired on our website, in 2018, we won the “Website without Barriers” competition organized by Widzialni Foundation. While intensively developing online banking, we are providing access to non-financial services such as filing applications in the “Family 500+” and “Good Start” programmes. Thus, all customers, no matter where they live, can settle official matters without leaving home.

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ATMs available for the persons with disabilities


barrier-free branches

More than 100

Branches with service desks accessible for wheelchair clients

Website that is User friendly for the blind and visually impaired

The disability service standards for the branch employees

We know the needs of our clients

The key to design the customer experience in our relationship is empathisation, i.e. in-depth understanding of client’s needs. In order to get to know and understand the ever-changing expectations, the bank has been conducting regular, comprehensive surveys and – to identify the improvement areas – analysing each and every claim. We use various available methods – from the standard questionnaires to in-depth interviews to most specific ethnographic, UX and Service Design studies. Over the last few years we have been following design thinking approach. The market has highly appreciated our efforts to best meet customer needs. In 2018, Bank Millennium was ranked among top 3 banks in the „ Newsweek Friendly Bank” ranking in all the categories under review: traditional, mobile, internet and mortgage banking. And according to the survey conducted by ARC Rynek i Opinia, Bank Millennium was the bank whose clients were most  satisfied , to which clients were most loyal and most willing to recommend (the highest NPS on the market=61).

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Almost 105 thousand

of the surveyed clients


of retail clients are satisfied with their banking relationship

NPS 61

The highest Net Promoter Score (NPS)

Top three in all the categories under review: traditional, mobile, internet and mortgage banking

NPS* of banks in Poland

Source: 2018 ARC Rynek i Opinia survey

*Net Promoter Score

Solvency ratio

Bank Millennium Group ended the year with strong capital ratios. This ratio will materially increase further in Q1 2019 in result of retaining all 2018 earnings and of the issue of subordinated bonds. Strengthening capital and liquidity buffers is a natural step towards finalising the acquisition of Euro Bank planned for Q2 2019.


Total Capital Ratio of the Group (TCR)


Core Tier 1 (= T1)

Solvency ratios

Cost/Income ratio

Cost/income ratio improved during 2018 year as a result of higher increase of income (+6.1%) than costs (+5.4%).

Highest growth of costs was recorded in the area of salaries and also some non-personnel costs (mainly IT, telecom and marketing). Also payments to Banking Guarantee Fund and costs of banking supervision increased markedly, by the total of 11 m PLN yearly. Payments to BFG are an important item in operating costs and stood at 106 m PLN in 2018.

Biggest savings came from reduction of rental costs by 12 m PLN annually.


cost/income ratio

0.3 p.p.

less than in 2017

Costs and Cost/Income ratio

Net profit – the best in the Bank’s history

Consolidated net profit of Bank Millennium Group in 2018 reached the highest-ever level. This was possible thanks to accelerated organic growth and further business expansion assumed in the Bank’s strategy. The main driver of profit improvement was net interest income, which grew over 8% y/y. Strong growth of profit was attained despite high taxes and regulatory burden.

761 m PLN

Record-high net profit in 2018


Growth of net profit vs. 2017

213 m PLN

Record-high net profit
in Q4 2018 alone

Net profit (in m PLN)

Artificial intelligence

The use of new technologies, including artificial intelligence, is one of the Bank’s strategic objectives which is an important element of our competitive advantage. Thanks to the ability to process large amounts of data and the use of machine learning technologies, we create solutions that make our customers’ everyday life easier for and ensure the best possible customer experience. Using elements of artificial intelligence and speech and intent recognition technology, we have created Milla chatbot, a unique solution in the Polish banking sector, which supports, among others, transfer orders, history searches, prepaid card and phone top-ups. Milla, who conducts a voice or text chat, helps clients in their daily banking. The goodie smart-shopping application, in turn, is based on the technology of machine learning and geolocation. Based on past data, it provides users with the best personalised promotional offers in real time.

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More than 1 million

downloads of goodie application. Based on machine learning technology, the application provides users with personalised shopping offers.

Milla Chatbot in the Bank’s mobile application

Thanks to the use of artificial intelligence components and speech and intent recognition technologies, we may conduct voice or text conversations with our clients.


Clients are increasingly more willing to use online and mobile banking and in fact they use these services more frequently. We take care of the security of clients’ finances at numerous levels. We warn them about suspected operations on their accounts, implement more secure login and transaction authorisation procedures, inform them on an on-going basis about potential threats and relevant preventive measures. We also conduct meetings for clients where we address cybersecurity issues. Our employees have been systematically trained in the principles of fraud prevention as well as client fund and data security.

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Free transaction notifications

In case of an unauthorised transaction client may react immediately and block the payment.

Mobile authorisation

A new method of online banking transaction approval – in your mobile application and without entering SMS P@sswords

Alerts of suspicious operations

are sent to clients in case of a risk of fraudulent or suspicious operations on the account


branch employees trained in fraud prevention

Non-banking functionalities

Millenet transaction service and mobile application is not only the financial services centre but also the preferred access channel for non-banking services. In the mobile application clients may buy municipal transport tickets, pay for their car park tickets or scan their vehicle registration certificate and purchase attractive car insurance. The Bank supports also remote contact with Polish authorities. In the Millenet online banking service, clients may create a free electronic signature that opens 24/7 online access to public administration services. In the system you may also apply for your „Family 500+” and „Good Start” programmes benefits.

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market share in „Family 500+” and „Good Start” applications filed through online banking

173% y/y

increase in sale of municipal transport tickets through the Bank’s mobile application

75% y/y

growth of sales of travel insurance in the mobile application

Fully-online car insurance with vehicle registration certificate data scanning option

More than 10% growth in all key areas

In 2018 both retail banking as well as services to companies continued to grow in almost all areas.

Clients’ deposits grew strongly by 15.7% yearly, including a remarkable growth of households’ deposits by 18.3%.

New sales of mortgage loans reached high value of 3.3 bn PLN in 2018 year, which gave us the sixth place on the market (with 6.6% share). Despite limited demand for financing, especially on part of small and medium enterprises, the value of balance-sheet credit products granted to companies increased by 2.2 bn PLN (+14% yearly).


growth of retail deposits (to 47.7 bn PLN)


growth of PLN mortgage portfolio


growth of consumer loans portfolio


growth of loans portfolio to companies

1.8 million active retail clients

The acquisition of new personal clients and their growing activity was reflected in the surge of volumes of most products. In this respect in 2018 we went ahead of the target level defined in 2020 Strategy, supported by the position of leader in quality (highest NPS) and digital innovations. Growth of main products according to the strategy.

1.8 m

number of active retail clients

+202 ths.

acquired active clients – according to the target of 600 ths. clients during 3 years

Active retail clients (in ths.)

Almost 1 million clients using mobile banking

In 2018 1.36 million people were using electronic banking while the mobile app and mobile Millenet were in use by 963 ths. We have had another year of innovation and development in electronic banking. Mobile solutions were enriched by such functionalities as the new way of approving transactions or updating user data.

+36% y/y

Growth of the number of mobile app and mobile Millenet users

1st place

in the “Mobile Banking” category of “Newsweek’s Friendly Bank” competition

Active mobile clients (in ths.)

Diversity is our commitment

Bank Millennium has been conducting a host of actions supporting diversity. Already at the recruitment stage we select the candidates on the basis of their qualifications and competencies and not their sex, age of family situation. All the employees are trained in the Bank’s Code of Ethics which includes, among others, the no discrimination rule. During their training programmes managers learn how to manage diverse teams. Also a dedicated programme „Parents – YES”, which promotes family sports and entertainment through events co-financed by the Bank. We introduced the Diversity Policy, which determines employee rights and responsibilities related to this area. The Bank joined also the Diversity Charter – a commitment signed by the organisations which implement the no discrimination rule at workplace and act in favour of creation and promotion of diversity.

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of the management trained in counteracting mobbing and discrimination in the employment process


employees with disabilities


women in management positions


employees get back to work after maternity leave

We protect the natural environment

We have been minimising the negative impact on the environment through first of all monitoring of water, power and fuel consumption, re-use of resources, introduction of pro-environmental solutions and ecological lifestyle education four our employees and clients. Our suppliers and corporate clients have committed to observe the environmental protection principles. The Bank has in its offer green products such as Leasing Eko Energia, which finances technologies that support reduction of power consumption or WWF credit card, part of the fees from which we channel to the account of WWF Poland, leading conservation organisation.

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reduction in the emissions of greenhouse gases


of our waste is recycled

51.2 m PLN

Value of the Leasing Eko Energia product portfolio

Almost 1 500

WWF credit cards issued

Engagement in social activities is vital

Our employees fulfil themselves as volunteers in two programmes of the Bank Millennium Foundation. In „Financial ABC” programme they co-conduct financial education workshops for pre-schoolers and in „Millantrop” they realise their own community work ideas. „Millantrop” volunteers support highly varied projects – from renovation works to educational and environmental actions. Bank volunteers have already renovated a number of school classrooms and playgrounds, built a sports field, carried out actions for the persons with disabilities and have even planted a forest. So far, more than 400 employees of the Bank have already participated in the volunteer actions for a few thousand of beneficiaries.

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427 ths. PLN

expenditure of the Bank Millennium Foundation for community efforts


volunteers involved in our community efforts

6 987

beneficiaries of our volunteering efforts

33 000

Children educated under „Financial ABC” programme

Greater scale and new competencies

In November 2018 Bank Millennium and Société Générale signed agreement on Euro Bank acquisition by Bank Millennium. Thanks to this acquisition a larger and more competitive bank will emerge, with a strong market position. Euro Bank’s culture focused on clients’ needs and confirmed with numerous awards and leading NPS provides a perfect match for Bank Millennium’s business DNA. The takeover will be made with own funds and without the need to issue new capital. A successful merger should result in reaching ROE at a level among top three banks in Poland.


place in the Polish banking sector after closing the deal (in terms of value of assets, deposits and loans)


growth of the number of clients, which will allow the Bank to move to the 6th place in number of retail clients in Poland (to 3.7 m)


growth of earnings per share upon reaching target synergies


loans/deposits ratio pro-forma after the merger, comparable with the average for Polish banks

650 m PLN

synergies during first 5 years after the merger

Business synergies (pre-tax, in m PLN)

Strengthening the position on the consumer finance market

According to the 2020 Strategy, the acquisition of Euro Bank will allow Millennium to increase the consumer finance segment and to boost its significance for the entire Bank Millennium Group.

The competencies of Euro Bank in lending to new clients will allow the Bank to augment its capability of acquiring new clients.

6th place

doubling the value of non-mortgage retail loans, which will allow the move up to the 6th place

Non-mortgage retail gross loans

Data as in June 2018

Expansion of distribution network, introduction of franchise model

Bank Millennium and Euro Bank are highly complementary in terms of branch network geographies. After finalising the acquisition Bank Millennium’s presence in smaller towns will improve. The acquisition will also allow a transfer of know-how about the franchise operating model, based on which long-term stable relationship with the franchisees will be built.


new locations, in which branches sporting the Millennium logo will appear; these towns being inhabited by a total of 4.5 m people

approx. 55%

branches of the merged bank located in small towns (up to 100 ths. inhabitants)

Number of own and franchise branches in Poland

Data as in June 2018