Millennium Bank narrows 2013 loss to EUR 5.9 mln on higher banking income

Newsroom 04/02/2014 | 11:24

Millennium Bank said on Tuesday its loss shrank in Romania last year to EUR 5.9 million from EUR 24.1 million in the previous year, backed by a higher banking income and lower costs.

The lender, part of Portugal’s Millennium bcp, said its banking income rose 14 percent to EUR 27.7 million, driven by an increase of 21 percent in net interest income and of 11 percent in commissions. The operating costs, meanwhile, fell 17 percent to EUR 28.7 million.

Jose Reino da Costa, the bank’s CEO, said: “The financial results at the end of 2013 are the best reported by Millennium Bank since its launch in Romania. In the second semester of 2013, for the first time, we had positive operating net income. These results are based on the solid increase in business volumes and are supported by an efficient cost control model.

He added the lender’s objective to reach breakeven this year is “closer than ever”.

Millennium has expanded its loan book by 13 percent to EUR 488 million last year, while deposits added 18 percent to EUR 365 million. Its solvency ratio stood at 13.5 percent by the end of December 2013.