Bank Millennium SA (WAR:MIL)

Q1 2025 Bank Millennium SA Earnings Call - Q&A Session Transcript

May 12, 2025 / 10:59 AM GMT

Release Date Price: zł14.2 (-2.07%)

Transcript

Key Points

Positve

Bank Millennium SA (WAR:MIL) reported a 40% year-on-year growth in reversed results, indicating strong financial performance.
The bank successfully acquired 150,000 new customers, showcasing effective customer acquisition strategies.
Digital transformation is progressing well, with growth in digital and mobile customers, enhancing customer engagement.
There is a healthy growth in deposits, particularly in asset management, contributing positively to the bank's financial health.
The bank is committed to corporate growth, with plans to double the SME portfolio in the next four years, indicating a strong future growth strategy.

Negative

Deposit costs increased slightly in the first quarter due to promotions, despite expectations of rate cuts.
The bank's mortgage market share decreased to 3.3%, reflecting a conservative approach to new mortgage origination.
Corporate deposit outflows were noted in Q1, attributed to price management and competition.
Fee income, particularly from bank insurance, was lower than expected, impacting overall fee and commission income.
The bank faces ongoing legal risks related to CHF mortgages, with significant costs expected to continue in 2025.

Refinitiv StreetEvents Event Transcript
E D I T E D V E R S I O N

MILP.WA - Bank Millennium SA
Q1 2025 Bank Millennium SA Earnings Call - Q&A Session
May 12, 2025 / NTS GMT

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Presentation
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Unidentified_1 [1]
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Thank you very much, Fernando. What I did is I have just, I'm sending you the questions from the audience which are grouped into.

Topics so it will be easier for you to.

To answer, I subjectively decided to group them.

By topic this time, I think most of interest is on NAI andIM. So I don't miss that from.

These questions.

The first question is why deposit costs are growing in the quarter amid rate cuts.

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Unidentified_2 [2]
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So there was a small increase in the average cost of deposits in the

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