Q1 2025 Bank Millennium SA Earnings Call Transcript
Key Points
- Bank Millennium SA (WAR:MIL) reported a net profit of 179 million slottis, marking a 40% growth compared to the previous year.
- The net interest income increased by 5% year on year, with a net interest margin of 4.23%.
- The bank maintained a strong capital position with a consolidated total capital ratio of 17.3% and a core tier one ratio of 15.2%.
- Asset quality remained robust, with a stable NPL ratio at 4.5% and improved coverage of NPLs by total provisions to 74%.
- Customer acquisition continued at a solid pace, with a net addition of 28,000 retail clients and 5,000 active microbusiness clients in the first quarter.
- Total costs increased by 12% year on year, with adjusted costs rising by 7% due to higher regulatory expenses.
- Net fee and commission income dropped by 9% year on year, impacted by changes in the bank assurance business model.
- There was a significant decrease in mortgage loan sales, which fell to 800 million slottis, nearly half of the previous year's origination.
- Corporate deposits contracted by 9% year on year, driven by a 30% decrease in term deposits.
- The FX mortgage portfolio saw a 9% drop in the quarter, with provisions for legal risk amounting to 411 million slottis.
Good afternoon, ladies and gentlemen. A warm welcome to Bank Millennium First Quarter '25 Results Call. With us, as usual, we have Mr. Joao Bras Jorge, Chairman of the Board and CEO; Mr. Fernando Bicho, Deputy Chairman of the Board and our CFO.
My name is Dariusz Gorski.
I'm Head of IR. I'll be hosting or actually managing the traffic here today as usual. We will start with the presentation, which will hopefully be relatively short, and then we will have more time for questions. Over to you, Fernando.
Thank you. Good afternoon, Jin Dore.
Thank you very much for attending our next.
Results, conference, so, we will go through the main points of the financial and business performance of the first quarter, so.
I go directly to page number 5 with a summary of the main achievements in this first quarter.
So we had a net profit of 179 million slottis, a growth of 40%
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