Bank Millennium profit up by 78% in Q2 y/y

Bank Millennium, a unit of Portuguese Millennium BCP, recorded a consolidated net profit of PLN 293.8 million in the second quarter of 2016, which means a 77.8 percent growth on a yearly basis and 114.1 percent increase in comparison with the previous quarter, the company informed on Tuesday. The result was slightly lower than a consensus compiled by the Polish Press Agency, which stood at PLN 320.5  million. Bank Millennium’s net interest income grew by 12.3 percent year-on-year and reached PLN 391.2 million in Q2 2016. Net fees and commissions fell by 5.2 percent and came in at PLN 139.7 million. The Q2 result included PLN 283 million in gross profits on the sale of the bank's stake in Visa Europe, the bank indicated.