Millennium Bank enjoys healthy rise in profit

According to Boguslaw Koot, the president of the bank, this improvement is a direct result of its rational policy of cost control which accompanied the expansion of retail network. The net profit is excellent because it is both an increase in revenues and a reduction in costs over and above what Koot had expected. The bank also noticed a significant increase in its loan sector, with the value of mortgage loans increasing by 126% to zl. 6.6 billion. The bank has gained an advantage in this area since Bank BPH ceased granting mortgage loans in francs. Thanks to clients gained by these mortgage deals, Millennium Bank has also increased the sale of its other products. Over the course of one year it issued 129,00 new credit cards and increased its market share by 3.8%. By September it opened 31 new branches and is planning to open 16 more by the end of the year. The company's plan is to expand the number of its branches to 158 by the summer of 2008. (Puls Biznesu p.14) M.M.