Bank Millennium on course for another good financial year

During the first quarter the Bank Millennium Group posted a profit of zł.45.3 million, almost five times higher than in the same period of 2004. This was mainly the effect of the bank developing its primary activities. As the news of the very positive results broke, the company's standing on the bourse rose by 6% in one day. "The market reaction shows that many investors did not believe that the bank would improve its results in the long run. BM posted a 2004 net profit of over zł.240 million, but this was mainly due to the sale of a 10% stake in PZU, as well as a credit portfolio generated by PTF. I believe that this year's results may be similar to last year's even without such large transactions," said Robert Sobieraj, Erste analyst. In Q1 BM increased its interest revenues by 3.1% to zł.162.1 million and its provision revenues by 8.6% to zł.57.5 million. (Puls Biznesu, p. 13; Parkiet, p. 5) D.W.