Financial and
ESG report 2020

Banking in the
times of pandemic

In 2020, Bank Millennium, its employees and clients were forced to operate in the conditions of rapid, unexpected changes. Human health and smooth service became the most important values. Immediately after the outbreak of the pandemic the Bank launched aid efforts addressed to its clients, and encouraged them to bank safely, without leaving home.

Crisis is a moment
of truth

For a person managing a bank every year is intense and unique. In this respect 2020 was absolutely surprising and unpredictable. The Bank was operating under difficult epidemic conditions, in an environment or significant economic slowdown and decrease of interest rates to historically low levels. The key elements were protection of life of employees and customers and business continuity. To maintain the operational capability of the entire sector, a guarantee of availability of funds, seamless payments done by customers and implementing forms of supporting clients in this stressful times. The banking sector passed the test colours flying.

Joao Bras Jorge


Due to direct and indirect impact of COVID-19 pandemic, Bank Millennium S.A. Capital Group’s (the ‘Bank’, the ‘BM Group’) consolidated 2020 net profit amounted to PLN23 million, below this in the previous year. Our capital ratios remained very strong however, while at same time we made significant headway on the operating and efficiency fronts.

Lower economic activity in parts of the year, an impact of the unprecedented 140bp base interest rate cut in 1Q20-2Q20) and substantial extraordinary negative P&L items were the main burdens on our results. In particular, PLN677 million provisions against legal risk related to FX-mortgage portfolio originated by Bank Millennium, were the main factor undermining on our results this year.

and quality in the
Millennium DNA

For years we have been a market leader in innovation and best practices in User Experience.  In all our actions we pursue the goal of making the lives of our clients better and easier every day. We design remote access channels thinking about the users and working together with them. The epidemic has boosted the mobilization – innovation and digitization are no longer just tools needed for “acceleration” and became something obvious and essential.

Responsible business in the age of pandemic

In connection with the COVID-19 pandemic, ensuring maximum financial and health safety and technological support for the Bank’s employees and clients became our priority. Only healthy employees and clients guaranteed normal functioning of Millennium as an organization which conducts not only financial activity but also supports culture, financial education and the environment

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