Millennium Bank Q3 results show slight improvement

In the third quarter, the net profit of Millennium Bank (BM) amounted to zł. 3 million. But since the beginning of 2003, the bank has been posting gross losses which currently stand at zł. 36.8 million. The bank explains the losses by insufficient profit from its branch retail network. "We hope that the capital invested in the network will return in the first quarter of next year," said MB president Bogusław Kott. Under the retail network program, the bank created 190 new branches, which gives a total of 300 outlets. The branches are technologically prepared to service a large number of customers. "Our strategy envisages a considerable increase in sales as well as making our position stronger position on the retail market," said Kott. Presently, he does not envisage any acquisitions. (Puls Biznesu, p. 8) A.Z.