BUSINESS

Millennium Bank posts 9 pc up operating income

Millennium Bank Romania’s financial results at the end of 2010 show consolidation of the company’s position on the local market. At the end of 2010, the bank’s total assets reached RON 2.2 billion (EUR 517 million), 11 per cent higher than a year before, a press release informs. The operating income went up by 9 per cent, to RON 117 million. Despite the impact from the increase of VAT since July, operating costs decreased by 6 per cent, to RON 176 million, fuelled by the successful implementation of a set of efficiency improvement measures. The total volume of loans granted by Millennium Bank to customers reached RON 1.3 billion, registering a growth of 26 per cent compared to the end of 2009. Customer funds attracted by the bank rose by 12 per cent, to RON 1.2 billion . “In 2010, we focused on consolidating our new business model shaped a year before and managed to strengthen our position. The bank’s market share continued to increase on the two strategic business lines: mortgage loans and deposits”, stated Jose Toscano, CEO Millennium Bank Romania. “In 2011, we continue our efforts to constantly increase our efficiency, reinforcing our long term commitment towards the local market”, he added. As at the end of 2010, Millennium Bank had over 45,000 clients and 731 employees.

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