Millennium Bank reports 15.7 percent increase on loans volume in Q3

Newsroom 03/11/2011 | 15:47

The Romanian subsidiary of the Portuguese Millennium bcp has improved its net income by 25 percent from a negative EUR 18.2 million in the first nine months of 2010 to a negative EUR 13.5 million this year. However, the banking income has increased by 23 percent to EUR 23.1 million in the first three quarters of this year. The lender was also able to cut operating costs in the same period by 2 percent to EUR 30 million.

The Romanian subsidiary of Millennium bcp increased the volume of loans to customers by 15.7 percent, from EUR 322 million in the first nine months of 2010 to EUR 373 million this year. However, the customer funds (deposits) decreased by 1 percent reaching a volume of EUR 250 million.

Millennium Bank Romania has slashed its network of branches to 66 from the 74 reported at end-September 2010 and the number of employees has also decreased from 723 at end-September 2010 to 694 this year.