Tuesday, April 22, 2008

Bank Millennium counts on improvement in mortgage sales.

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Bank Millennium counts on improvement in mortgage sales. Bank Millennium forecasts that after a worse Q1/2008, when its mortgage sales dropped by 19% y/y to PLN 1.29bn, the sales would rebound in coming quarters. The bank’s representatives expect the rise of total new credits sold to match the pace of deposits’ growth. It wants to finance the credit action chiefly through deposits, with its bond issue programme likely to be left untouched until financial markets get calmer. In Q1/2008, deposits rose faster than credits - by 49% y/y and 44%, respectively. The credits-to-deposits ratio was 99.5% at the end of March 2008, compared to 103.1% a year earlier. The bank’s representatives said that the costs-to-income (C/I) ratio would hardly be lowered below 60% this year, but the ultimate task of 55% for 2009 remained feasible. At end Q1, the ratio was 61.8% compared to 62.2% a year earlier. The bank’s solvency ratio was 13.2% at end-March against 13.1% a year earlier. Bank Millenium also said that it exceeded 1mn of active retail customers in Q1/2008 and was planning to achieve 1.2mn of such clients in 2009. The lender is to continue to expand the network of branches and will spent PLN 100mn on that aim by the end of 2009. At the end of March, 2008, the bank had 425 outposts. It posted PLN 127.02mn consolidated net profit written for the shareholders of the main unit in Q1/2008 compared to PLN 84.24mn in the comparable period in 2007. ISB, tom

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Bank Millennium counts on improvement in mortgage sales.

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