Financial and
ESG report 2020

Business model and the value creation model

Business model

Bank Millennium operates according to a business model predicated on five pillars:

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We are the most customer-focused bank that is constantly developing. We want to be the most personalized bank operating on a mass scale. 

We are the leader in digital banking by offering high quality services blended with an extensive reach. 

We are growing the fastest among banks in acquiring clients with whom we hold the main relationship.  

We have the leading cost effective business model built by harnessing the most sophisticated technology that is flexible when it comes to changes and the Bank’s growing size. 

We have a flexible operating model, an organizational culture that facilitates rapid response and digital and data analysis competences. 

The firm’s values form the foundation of our business model: building relations based on trust, a passion for quality and innovation, employee development and promoting collaboration and the ever constant ambition to aim higher. 

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Value creation model

The Bank Millennium Group’s capital poises it to grow its business as it simultaneously creates value for its Stakeholders. 

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The bank millennium group’s capital...

Financial capital


Assets, loans and liabilities 

PLN 9,091 mn

own funds (including net profit)

PLN 88,681 mn

total liabilities 

PLN 74,088 mn

net loans 

PLN 97,772 mn

total assets / liabilities 

Human capital

Employees, their knowledge, values and attitudes that make it possible to grow the company.  


number of Group employees 


average number of training hours per employee  


of new employees have been trained on our Code of Ethics 

Organizational capital

Culture of rapidly responding to change (agility), sophisticated infrastructure and IT systems, digitization and optimization of processes making it possible to develop innovative products and offer high quality services, organization’s cost effectiveness.   

+18% y/y 

users of mobile banking   

+525% y/y  

clients using Mobile Authorization 


NPS for retail clients 


cost/income ratio 


clients satisfied and very satisfied with the complaint process 

Intellectual capital

Investments in modern technological solutions and innovations, the bulk of IT development is in-house, internal start-up goodie, internal UX Design team. 

2.2 mn

installations of the goodie app since 2018  


number of IT employees 


employees holding a university education 


development projects in the Application Development Department, to which 49,807 man-days were committed 

Social capital

Quality of relations with the environment, Bank reputation, transaction safety, enhancing the society’s financial awareness. 


NPS for retail clients  

PLN 500,000  

subsidy for Polish Academy of Science for developing the first Polish COVID-19 test 


customers very satisfied with the Bank’s services


people watched the educational cycle entitled “How to teach finance to children – A guidebook for parents” on the Foundation’s fb   

… Support business development through:

  • Process optimization and digitization  
  • Marketing products and banking services making everyday life easier  
  • Facilitating access to non-banking services 
  • Creating the goodie smart shopping platform 
  • Creating a work culture to facilitate rapid response to changes 
  • Organic growth and synergies after the acquisition of Euro Bank 

... And create value for stakeholders:


Banking for all – no physical, infrastructural and digital obstacles
2.05 mn

active users of electronic banking 


of the branches are accessible to people with disabilities 


of the Bank’s ATMs are accessible to people with disabilities 

The Best Consumer Digital Bank in Poland for 2020 award in the Global Finance competition  

Bank Millennium’s website was found the best website in The Best Consumer Integrated Bank Site in Central and Eastern Europe for 2020 category  

Non-banking digital functionalities, e.g. e-administration
664 695

clients with access to e-administration  

High quality of service

NPS for retail clients  


retail clients satisfied with their cooperation with the Bank 

The main prize in the prestigious contest European Customer Centricity Award organized by ARCET 

Polityka’s Golden CSR Leaf 

awarded to companies with the highest social responsibility standards    


of new employees have been trained on our Code of Ethics 


Employee turnover ratio

employee turnover ratio 

Education and development

average number of training hours per employee 


employees who were promoted  

Respect for diversity

returns to work following maternity leave 


 women holding managerial positions 



Return on Equity (adjusted for material non-recurring events) 

Earnings for shareholders

stock price decrease in 2020 (under strong influence from the COVID-19 pandemic and the legal risk of mortgage loans in foreign currencies 

Low risk

Total Capital Ratio 

High standards of ESG management

Member of the WIG-ESG index on the Warsaw Stock Exchange, adherence to the Best Practices for WSE Listed Companies and Corporate Governance Principles 


Ethical cooperation

of all invoices paid within a range up to 30 days 

Responsibility in the supply chain

of newly-executed contracts have a clause obligating suppliers to apply the principles of the Bank Millennium Group’s Code of Ethics 


Employee Support Fund
PLN 1,000,000 

in a Special Bank Millennium Group’s Employee Support Fund in case of COVID-19 infection (supplied with the Bank’s funds) 

Financial education

people watched the educational cycle entitled “How to teach finance to children – A guidebook for parents” on the Foundation’s Facebook fanpage   


people watched the educational campaign on the Foundation’s YouTube channel (talks with a psychologist conducted by the Foundation’s representative)   


people saw the animated videos on Mr. Sebastian’s financial adventures on the Foundation’s YouTube channel (Financial ABC’s online books)  

Promotion of Culture
PLN 489,649

sponsoring of culture


viewers during the 17. Millennium Docs Against Gravity film festival and 60,000 tickets sold online   

Golden “Culture Lifter” award for the patronage over the Sacrum Profanum festival

Expenditures for social purposes

PLN 1.4 mn

Bank Millennium and Bank Millennium Foundation’s expenditures on sponsoring and social goals 


effective tax rate on the operating profit* 

*the effective tax rate is the ratio of income tax (CIT) and banking tax to the operating profit of the Bank Millennium Group (without the cost of CHF provisions) 


Minimizing the environmental impact

Bank Millennium is the Poland 2021 Climate Leader in the ranking published by the Forbes magazine (ranking second of all participating companies, with a 34% annual reduction of CO2 emission intensity)  

Replacement of 12,000 fluorescent lighting fixtures in the Head Office offices with modern LED lighting. This reduced energy consumption for this purpose by 54% (saving 677 MWh of energy and reducing CO2 emissions by nearly 500 tons per year)  

550 kg

used-up batteries, rechargeable batteries and other electronic waste brought in by employees in electronic waste collection campaigns   


less printouts for transactions performed in branches following the implementation of Mobile Authorization for some transactions  

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