Bank Millennium's Q1 results well above expectations

The value of mortgage loans granted by the bank in the first three months of the year fell by 19% as compared to the same period of 2007. However, Millennium is making up for the poor results of its investment fund and on the mortgage market by increasing sales of other financial products. The institution recorded a net profit of zł.127 million, which is 51.2% more than last year, and above analysts' expectations. "The bank is placing emphasis on bancassurance products, credit cards as well as cash loans. If this segment continues to grow as fast as it is then maybe the effects of the poor situation on the investment market might not be so significant," said Marta Jeżewska an analyst with DI BRE. Bank Millennium is the first financial institution to post its Q1 results, and according to analysts the results of the whole sector might depend on the involvement of particular institutions on the investment fund sector. (Parkiet, p. 1; Puls Biznesu, pp. 1, 6) A.K.