Investors unimpressed by Millennium Bank's Q3 profit

2007-10-19 00:00

publikacja
2007-10-19 00:00

Net profits for the nine months to September were zł.339.5 million, up by 60.2%. Surprisingly, investors were not impressed: shares in Millennium fell by 3% at the opening of trade yesterday before dipping even further. "This is difficult to explain, because for me the figures were better than expected. I had expected worse results than in Q2," said Andrzej Powierża, chief analyst at DM PKO BP. One reason could be the comment earlier this week by Bogusław Kott, Millennium CEO, that the fourth quarter would be more difficult than the third for the bank. Another cause for concern among investors is the news about rising costs at Millennium, which rose by 24.6% this year, although the company says that excluding the cost of new branch openings, the increase was just 11%. "The Q3 figures are a warning that revenue growth may struggle to catch up with cost growth going forward," said Powierża. Mortgage lending at Millennium reached zł.2 billion in Q3, only marginally less than in the record-breaking Q2. In the nine months to September, the company lent a total of zł.12.3 billion in mortgages, which now account for 89% of its total lending. (Puls Biznesu, p. 12; Parkiet, p, 1, 3; Rzeczpospolita, p. B10) R.M.

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Investors unimpressed by Millennium Bank's Q3 profit

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