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Bank Millennium Rises After Profit Beats Estimates: Warsaw Mover

Bank Millennium SA (MIL), the Polish unit of Banco Comercial Portugues SA (BCP), rose the most in two weeks after fourth-quarter profit exceeded estimates.

The stock climbed 2.4 percent to 4.68 zloty, the most since Jan. 17, as of 11:46 a.m. in Warsaw. The amount of shares traded was 12 percent of the three-month daily average, according to data compiled by Bloomberg.

Net income stood at 125.9 million zloty ($41 million) in the fourth quarter, Millennium said in a preliminary earnings filing today. That beat the 118.2 million-zloty estimate of nine analysts surveyed by Bloomberg. Chief Executive Officer Boguslaw Kott told reporters that the lender’s 2013 profit may be higher than last year.

“The preliminary results were better than expected,” Iza Rokicka, an analyst at BRE Bank SA’s brokerage in Warsaw, said in a note today. She recommends accumulating the stock.

Millennium wants to retain 2012 profit and may return to “regular” dividends starting from 2014, it said in a statement today.

Bank Zachodni WBK SA, Poland’s third-largest lender, said yesterday its profit more than doubled as higher revenue from lending offset increased provisions for bad loans.

To contact the reporter on this story: Piotr Bujnicki in Warsaw at pbujnicki@bloomberg.net

To contact the editor responsible for this story: Wojciech Moskwa at wmoskwa@bloomberg.net

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