Bank Millennium Q2 profit down, but above market consensus

WSE-listed Bank Millennium, posted a net profit of PLN 173.6 million in Q2 2017, down by 41 percent y/y, but above the market consensus for PLN 169.8 million. Last year’s Q2 results were affected by a large one-off gain from VISA Europe sale. Net interest income was up by 4.5 percent q/q to PLN 429.9 million, while fee income stood at PLN 162.5 million, a 2.2 percent q/q drop. Operating costs shot up by 7.4 percent q/q to almost PLN 291 million, but the cost to income ratio improved to 46 percent.