Bank Millennium post good first half results

On Friday Bank Millennium revealed that it recorded a consolidated net profit of zł.112 million for the first six months of 2004. This is three times more than in comparison with the previous year. In the second quarter, the bank's profit amounted to zł.92 million as compared to zł.4 million last year. The excellent results are due to the sale of its portfolio of car credits to Spanish Santander, which gave the bank revenues of zł.111.5 million. The results were lowered by the creation of zł.50 million reserve connected with the implementation of the International Accountancy Standards (MSR) which enter force next year. Millennium was the first bank on the stock exchange to publish its financial results. (Parkiet, p. 3) A.F.