BCP’s Bank Millennium posts €270.5M loss
BCP’s Polish bank Bank Millennium has posted losses of €270.5 million to September.
According to a note sent by BCP to the stock market commission CMVM, these losses are above all explained by the “expected recognition of costs related to the credit moratoria” that affected Polish banks in July.
In the third quarter, the net result was €-214.3 million, rising to €-270.5 million in the first nine months of the year, states the communiqué.
The result to September compares to the loss of €181.2 million registered for the same period in 2021.
“This level of quarterly losses is above all down to the expected recognition of costs regarding the credit moratoria (€304.6 million pre-tax and €246.8 after tax) that affected the Polish banks in July”, explains BCP.
Excluding these costs, Grupo Millennium Bank presented a net profit of 332.5 million (including the contribution to the bak sector of €14.6 million) “despite incurring high costs from mortgages denominated in Swiss francs, as well as other extraordinary items with a negative impact on the quarter”.