Poland · Delayed Price · Currency is PLN Bank Millennium Earnings Call Transcripts
Fiscal Year 2026
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Q1 net profit rose 68% year-on-year to PLN 301 million, with strong growth in deposits, corporate loans, and digital users. Capital ratios improved after an AT1 bond issue, and cost of risk remains low. NII is expected to stabilize, with volume growth offsetting margin pressure.
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The meeting approved all agenda items, including financial statements, profit retention, and board discharges. Strong financial results and progress on strategic goals were highlighted, with continued focus on risk management, governance, and social responsibility.
Fiscal Year 2025
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Record net profit and double-digit growth in corporate lending and deposits marked 2025, with strong digitalization and asset quality. 2026 guidance anticipates resilient NII, normalization of cost of risk, and a significant drop in FX mortgage costs.
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Net profit surged 56% year-over-year for the first nine months, with strong growth in corporate lending, digital engagement, and customer funds. Capital and liquidity remain robust, while FX mortgage-related costs and risk provisions are trending down.
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Record net profit and strong operational results were achieved, with robust growth in corporate and consumer lending, while mortgage origination declined but is expected to rebound. Legal risk costs are trending down, capital and liquidity remain strong, and digitalization continues to drive customer engagement.
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Q1 2025 saw net profit rise 40% year-over-year, with strong capital, liquidity, and digital growth. Asset quality remained robust, while FX mortgage legal risks and fee income pressures are expected to ease through 2025.
Fiscal Year 2024
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Net profit grew 25% year-over-year to PLN 719 million, with strong net interest income and robust capital ratios. FX mortgage-related costs and provisions declined, and digitalization and customer growth exceeded targets. Outlook for 2025 is cautiously optimistic, with legal risks still present.
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Third quarter results showed robust NII growth, strong capital and liquidity, and resilient credit quality. The new four-year strategy targets digital leadership, doubling corporate lending, and higher customer primacy, with dividend resumption planned for 2027.
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Core profitability and efficiency improved in H1 2024, with strong capital and asset quality. Net profit matched last year, while underlying profit grew 6% year-on-year. Exited the recovery plan, with robust deposit and loan growth, and continued prudent risk management.