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October 08, 2015 1:34 PM ET


Company Overview of Bank Millennium Spolka Akcyjna

Company Overview

Bank Millennium Spólka Akcyjna provides banking products and services to corporate and individual customers in Poland. It offers current, personal, settlement, trust and escrow, salary, and residential custody accounts; term and automatic overnight deposits; cash, renewable, and consolidation loans; loans secured on assets; loans secured with assets deposit; credit and credit line for purchase of securities; personal and current account overdraft; and mortgage, home equity, debt consolidation, refinance, real estate, revolving, working capital, and investment loans. The company also provides investment and structured products; savings products; credit, debit, and prepaid cards; insurance pro...

ul. Stanisława Żaryna 2a

Warsaw,  02-593


Founded in 1989

Key Executives for Bank Millennium Spolka Akcyjna

Chairman of the Management Board
Total Annual Compensation: $2.6M
Deputy Chairman of The Management Board
Total Annual Compensation: $2.0M
Member of the Management Board
Total Annual Compensation: $1.7M
Member of the Management Board
Total Annual Compensation: $1.7M
Member of the Management Board
Total Annual Compensation: $1.7M
Compensation as of Fiscal Year 2014.

Bank Millennium Spolka Akcyjna Key Developments

Court Allows Class Action Against Bank Millennium

The Warsaw Court of Appeal has ruled that mortgage holders have the right to a class action lawsuit against Bank Millennium, thus overruling the verdict of a lower instance court. Earlier, the court ruled it was impossible to try the cases of almost 4,000 bank clients, arguing that their situation was not identical. The clients demand a total of more than PLN 81 million, which makes it the biggest class action lawsuit in Polish history. Bank Millennium clients demand annulment of the indexation clause included in their mortgage contracts denominated in Swiss francs. They stipulate that since the Court for Competition and Consumer Protection (SOKiK) ruled this clause illegal, the bank should recalculate mortgage as if it was denominated in Polish zlotys and charge LIBOR3M interest with margin. This would make interest lower, and clients would have a significant surplus on their accounts.

Bank Millennium in Poland Announces Consolidated Earnings Results for the Second Quarter and First Half of 2015

Bank Millennium in Poland announced consolidated earnings results for the second quarter and first half of 2015. For the first half of 201, the company reported consolidated net profit was PLN 328 million, a 2.4% increase compared to PLN 79 million a year ago. ROE was at 11.2%, with equity growth of 10.8% year on year. For the second quarter, the company reported consolidated net profit was PLN 165 million, a 1.6% increase compared to PLN 40 million a year ago. This increase was in spite of the negative pressure on banking income caused by several drivers, including lower market interest rates and regulatory limits on card-related fees. A slight decrease in net operating income was more than compensated by a drop in operating costs and lower provisions on credit risk.

Bank Millennium Spolka Akcyjna, H1 2015 Earnings Call, Jul 27, 2015

Bank Millennium Spolka Akcyjna, H1 2015 Earnings Call, Jul 27, 2015

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