Bank Millennium Q1 2023 key metrics

Total income rises by 77% y-o-y to PLN2.07bn. Net interest income is up by 31% y-o-y to PLN1.26bn.

On the other hand, the quarterly net interest margin inches down by 5 basis points from the prior quarter to 4.58%. This is primarily driven by higher cost of deposits, partially driven by higher share of term deposits in total deposits.

Go deeper with GlobalData

Data Insights

The gold standard of business intelligence.

Find out more

Related Company Profiles

View all

Customer deposits increase by 3% in the quarter with retail deposits up 2% from the prior quarter.

Total digital customer numbers rise by 11% y-o-y to 2.6 million. Meantime, active mobile banking customers rise by 16% y-o-y to 2.3 million. In the first quarter, the bank increased customer numbers by 36,000. Bank Millennium ended the quarter with 2.92 million active retail customers.

Less positive metrics include a 4% y-o-y fall in net loans and advances but deposits rise by 4% over the same period.

The swing back to profitability comes despite a growing number of Poles now struggling to repay their foreign currency mortgage loans.

How well do you really know your competitors?

Access the most comprehensive Company Profiles on the market, powered by GlobalData. Save hours of research. Gain competitive edge.

Company Profile – free sample

Thank you!

Your download email will arrive shortly

Not ready to buy yet? Download a free sample

We are confident about the unique quality of our Company Profiles. However, we want you to make the most beneficial decision for your business, so we offer a free sample that you can download by submitting the below form

By GlobalData
Visit our Privacy Policy for more information about our services, how we may use, process and share your personal data, including information of your rights in respect of your personal data and how you can unsubscribe from future marketing communications. Our services are intended for corporate subscribers and you warrant that the email address submitted is your corporate email address.

Following the cost-of-living crisis, many were left to pay for bigger instalments, with some bringing lawsuits against lenders. In July 2022, Poland’s Office of Competition and Consumer Protection charged five banks with infringement of consumer interest, among them Bank Millennium.

Millennium said it continued to reduce its portfolio of foreign currency mortgage loans and will continue to settle its current issues with its customers. The bank stated that the number of voluntary settlements in Q1 2023 reached 806. Since the beginning of 2020, the institution has completed nearly 18,600 settlement cases.

Bank Millennium Q1 2023 retail banking highlights

  • BLIK TRANSFER REQUEST (P2PR) – a new BLIK service that allows customer to send friends a BLIK transfer request and easily settle a joint bill.
  • BLIK PAY LATER – PILOT PHASE COMPLETE. The bank is starting the next phase of the project so that the solution can become generally available on the Polish market.
  • Biometric innovation: more than one million customers log in to the application in using biometric authentication. Now customers can also confirm transactions with a fingerprint or facial scan.