Preliminary Q4 2024 Bank Millennium SA Earnings Call Transcript
Key Points
- Bank Millennium SA (WAR:MIL) reported a net profit of PLN719 million for 2024, marking a 25% increase over the previous year.
- The bank achieved a strong net interest income growth of 7% year on year, with a net interest margin of 4.35% for the full year.
- Core income grew by 6% year on year, excluding the impact of credit holidays.
- The bank maintained solid capital ratios, with a core Tier 1 ratio of 15.1% and a total capital ratio of 17.6%, exceeding minimum requirements by over 5 percentage points.
- The number of active retail customers surpassed the target, reaching over 3.1 million, with 92% being digitally active.
- Net fee and commission income experienced a slight decline of 1% for the year, with a 5% drop in the fourth quarter.
- Total costs increased by 13% year on year, driven by a 16% rise in staff costs and an 11% increase in administrative costs.
- The NPL ratio stood at 4.5%, indicating room for improvement in asset quality.
- Corporate deposits saw a slight year-on-year decline of 3%, despite a 7% growth in current accounts.
- The bank faces ongoing challenges with FX mortgage loans, with provisions for legal risks amounting to PLN7.7 billion.
Portions of this transcript marked (technical difficulty) indicate audio problems. The missing text will be supplied if a replay becomes available.
Welcome again. Welcome to Bank Millennium 4Q '24/2024 results presentation. Today's event will be hosted by Mr. Joao Bras Jorge, our Chairman of the Board and CEO; and Mr. Fernando Bicho, Deputy Chairman of the Board and CFO.
In the interest of time, we know there's a competitive events right after hours. We try to briefly present the results, and then we will obviously be ready to answer all your questions. Over to you, Fernando.
Thank you. Good afternoon. Thank you very much for attending this meeting. As usual, around this time of the year, we present the preliminary results of the previous year. And until the end of February, we will publish the audited financial results.
So let me start with the main
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