* In 2018 banking tax grew by 5.4% yearly (higher assets) and income tax grew by 8.2% (higher income). When summing both taxes (PLN 463 million) and VAT paid by the Bank (PLN 30 million), effective tax rate reached 40% of operating profit. If adding other obligatory payments for public purpose (BFG contribution and KNF costs), effective tax rate increases to 45%. While the cut of obligatory reserve remuneration, done by NBP since January 2018, decreased operating profit of the Bank in 2018 by PLN 17 million.
Additionally, Bank Millennium has joined the SKOK turnaround process supported by the Polish Financial Supervision Authority (KNF) and the Bank Guarantee Fund (BFG). Conveyance of SKOK Piast supported efforts to ensure stability of the national financial system and to ensure safety for all clients of financial institutions in Poland. On the basis of decision of the Polish Financial Supervision Authority on 17 October 2018, Bank Millennium took over management of the assets of Cooperative Credit Union SKOK Piast.