Bank Millennium with PLN 140.5 mln net profit in Q1

WSE-listed Bank Millennium, posted a PLN 140.5 million net profit in Q1, beating the market consensus for PLN 116.8 million. The bank claimed that comparable net profit increased 30 percent y/y. ROE stood at 8.1 percent. The lender had 1.52 million active customers. 136k more y/y, while retail deposits crossed PLN 41 billion with 13 percent y/y growth. In core banking income, Millennium clearly beat expectations: net interest income was up by 12.7 percent y/y at PLN 411.2 million. Net interest margin was listed at 2.47 percent, up from 2.28 percent in Q1 2016. An average cost of deposit fell 26 bps for the year to 1.15 percent.