Financial and ESG Report

Robust business
performance in 2021

We ended the year as a bank that is even more digital than before.

2021 and upcoming challenges

We accomplished
our ambitious business goals

Letter from the CEO

In 2021, we achieved good operational and business results, while actively managing and mitigating the different risks related to the banking activity. It was a year of high growth in retail lending, led by record sales of new mortgage loans and a rebound in consumer loan sales. As befits a leader in digital customer experience, the number of active digital customers exceeded 2.3 million (an increase of 10% y/y) and mobile customers 1.9 million (an increase of 16% y/y).

Joao Bras Jorge
Chairman of the Management Board of Bank Millennium

2021 brought a gradual rebound of business activity and, as a consequence, a record-breaking operating result (net of costs related to the portfolio of foreign currency mortgage loans) in Q4 2021. In consolidated terms, the Group incurred a net loss of PLN 1,332 million (reported result). The net result generated in 2021 adjusted for non-recurring events, costs related to the portfolio of foreign currency mortgage loans, gains on the revaluation of Visa shares and a provision for litigation related to exposure to the corporate sector, totaled PLN 1,123 million, or +46% y/y. The adjusted return on equity (ROE) stood at 13.8%, compared to 8.4% in 2020.

  • +5% y/y

    Operating result net of provisions

  • +11% y/y

    Increase in fees and commissions

  • -6% y/y

    Cost cuts

  • 13.8%

    Adjusted ROE

The market-beating growth in loans (net loans +7% y/y) was generated despite the rapid decline in the portfolio of foreign currency mortgage loans; the robust production values of retail loans played a key role in this context, although the 4% y/y rate of growth of the whole corporate loan portfolio (with the 7% y/y growth of the lease portfolio worth emphasizing in particular) also provided a favorable contribution.

  • +7% y/y

    Net loans

  • +33% y/y

    Mortgage loans (disbursements)

  • -28% y/y

    Gross value of the portfolio of foreign currency mortgage loans

  • +21% y/y

    Cash loans (disbursements)

The improved cost efficiency was a consequence of the steadily progressing digitalization of our business, our sound customer relations and our strong cost response to revenue pressures at the beginning of the year.

  • -8% y/y

    Bank branches

  • +10% y/y

    Digital customers

  • 39.4%


    *Adjusted; 43.5% in 2020

Capital ratios declined during the year (consolidated TCR: 17.1%/T1: 14.0%, compared to 19.5%/16.5% at the end of the previous year, respectively), yet the risk absorption potential remained safe at a high level (3.1-3.5 percentage points of the T1/TCR surplus; 2.1% -2.8% of the T1/TCR currency buffer).

Customer deposits grew significantly during the year (+12% y/y) with corporate and retail deposits up by 29% and 6% y/y, respectively; the Bank’s liquidity remained at a very comfortable level with the loans/deposits ratio of 86.0%, compared to 90% at the end of 2020.

  • 17.1%


  • 14.0


  • 86%


  • 150%


Highest quality of service

Our passion and, at the same time, our competitive edge is the development of personalized services accessible to all customers.

  • Success measured by customer satisfaction

    We attach great significance to how customers evaluate the experience of contacting our bank. In 2021, the Net Promoter Score (NPS) among retail customers reached 51.

  • We are a friendly bank

    “Newsweek’s Friendly Bank” is one of the major rankings indicating the banking sector’s leaders in terms of service quality. In 2021, we took first place in the main category “Every One’s Bank” and second place in the category “Remote Banking”.


Accessibility through innovation

In designing modern solutions, we are inspired by people and their needs. Our mobile app is a convenient hub for managing daily affairs.

  • Banking without barriers

    By harnessing modern technologies, we facilitate access to banking and non-financial services through the removal of infrastructural and digital barriers.

  • Improvements facilitated by open banking solutions

    We tap into the potential of open banking and we design services that provide customers with even more opportunities and make their lives easier. Our solutions have been recognized in international rankings.


Strategy inspired by people

The “Inspired by people” strategy for 2022-24 paves the way to smart growth and improved profitability while maintaining a focus on the foundation of our business, which is the continuous care for our customers.

  • We intend to increase the number of active customers

    We plan to continue to significantly increase the number of active retail customers to reach over 3 million in 2024.

  • We are committed to growing our business based on innovative solutions

    that respond to the changing expectations of our customers. We will offer our customers an even stronger personalization of products and digitalization of our sales and service model.

  • We will improve our profitability and efficiency

    We intend to accomplish a 50% increase in total revenue by tapping into the rapid growth of the market and the trends affecting interest rates.


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