Effective against challenges -

the strength of the business model in a difficult 2022

Letter from the CEO

I cordially invite you to read the Annual Report for 2022 – a year full of uncertainty and unpredictability, the year of the fifth wave of the pandemic, the war in Ukraine, eleven interest rate hikes, double-digit inflation and unprecedented losses of the sector resulting from the costs of credit holidays. It turned out that regardless of the scale of turbulence, we are able to meet them – we do our job, meet the needs of customers and implement the previously agreed strategy. This would not have been possible without a fantastic team of employees who co-created these achievements with their daily commitment. I sincerely thank them for that.

Joao Bras Jorge Chairman of the Management Board of Bank Millennium



Satisfactory results

Despite record burdens of regulatory and tax costs and provisions for Swiss franc loans, we achieved good operating and business results in 2022. This shows the strength of the core business and the business model, which allows for consistent revenue generation and development of the Bank.

  • +23% y/y

    Interest income
    (72% after adjustment for the cost of credit holidays)

  • 39.3%

    Cost/income ratio
    (adjusted C/I ratio excluding credit holidays and costs related to foreign currency mortgages remained low at around 36%)

  • +7% y/y


  • 4,5%

    stable portfolio quality

Innovation and quality

The rapidly changing environment had a major impact on the Bank's activities in 2022 in the areas of customer service, scope and quality of products and services. The starting point was a thorough analysis of market trends, new customer needs and approaches to banking.

  • Success measured by customer satisfaction

    According to the results of an internal satisfaction survey, 93% of retail customers were satisfied with their cooperation with Millennium. The NPS indicator in 2022 was 50.

  • Friendly bank

    Bank Millennium's quality measures were recognised in one of the most prestigious rankings of service quality - the Newsweek survey.

  • Innovative services

    We are focusing on the digitalisation of services, with a strong emphasis on omni-channel solutions, including combining electronic and so-called human channels.

  • Offer designed to meet clients’ needs

    Bank Millennium and the Bank's Companies offer products and services to improve customers' living conditions, facilitate financial management and savings, as well as being environmentally friendly

  • Banking without barriers

    The Bank aims to bridge digital and physical barriers to accessing financial and non-financial services.


Social, Governance

In 2022, we adopted the ESG Strategy of the Bank Millennium Group for 2022-2024. The ESG strategy develops and specifies the environmental, social and corporate governance objectives presented in the Strategy for the years 2022-2024 “Millennium 2024: Inspired by people”.


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