Impact of the pandemic on the financial results of the Bank Millennium Group
From the perspective of year 2020 overall, the impact of the pandemic on results of the BM Group was significant despite lower than initially expected negative impact on economic growth and key economic parameters, particularly the unemployment rate. The 2020 net profit was well below our aspirations. Itself, the cumulative NII drop in 2020 compared to the annualised 4Q19 level totalled PLN223 million or 8%. Owing to mitigating actions the negative impact was eventually smaller than our estimates made in 2Q20 (PLN240 million to PLN285 million) but nonetheless it, ceteris paribus, resulted in lower NII than would otherwise have been achieved.