Millennium records threefold increase in net profits

In the first three quarters of the year the bank recorded a net profit of zł.129.2 million, which is a threefold increase in comparison to the same period in the previous year. The cost to revenues ratio amounted to 71.7% by the end of September, and if it was not for the sale of PTF loans in Q2, the result would have been 86.7%. Millennium has also recorded an improvement in the quality of credits, where the total value of endangered credits fell by almost zł.1.1 billion. The bank's solvency ratio increased to 18.5% from 12.2% in late September 2003. Despite the rights to sell its 10% stake in PZU being valid from November 5, the bank's president Bogusław Kott announced that there were no plans to do so. (Parkiet, p. 3) A.K.