Bank Millennium net profit falls y/y to PLN 138.8 mln in Q3

The consolidated net profit of Bank Millennium fell in Q3 of 2016 to PLN 138.8 million from PLN 165.7 million a year earlier, the bank reported. The net profit was close to the PAP consensus of PLN 135.9 million. However, the net profit for the period Q1-3 was up sharply y/y, amounting to PLN 569.8 million, which was 15.5 percent higher than a year earlier. According to the bank, this was mainly the result of one-off income from a VISA Europe transaction of PLN 283 million in Q2. Return on equity in Q1-3 was 11.4 percent.