Bank Millennium sets itself tough goals

Bank Millennium (BM) plans to increase its market share as well as its ROE index. On Friday, BM presented its strategic investor, Banco Commercial Portugues, its plan to achieve a 12% ROE in 2006 and 15% in 2007. During the first quarter of 2004, the ROE index reached 4.6%. The bank wants to concentrate on increasing its profitability, mainly through granting more loans. BM is currently restructuring, a process which should lead to savings of zł.100 million by the end of 2005. The company also wants to increase its share of the bank loans market from 3.7% in 2003 to 4.6% by the end of 2006, and in the deposits market from 3.8% to 4.7%. The Bank Millennium group closed the first quarter with a net profit of zł.20 million, a 100% increase over the zł.10 million it had for the same period of last year. (Parkiet, p. 4) D.W.