19.06.2024
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Bank Millennium has left the Recovery Plan
The Management Board of Bank Millennium has decided to terminate the implementation of the Recovery Plan, launched as a result of the introduction of the Act on the so-called credit holidays in 2022. The measures launched in 2022-2024 have made it possible to raise capital ratios to safe levels. There was no need for the shareholders to recapitalise the Bank. At the same time, the Bank achieved very good operating results in this period, continued to implement the strategy and maintained a high level of innovation and quality of customer service.
Thanks to the profitability enhancement measures, low cost of risk, profit accumulation, securitisation and sale transactions, as well as the change in the structure and partial reversal of negative valuations of debt securities in the portfolio, Bank Millennium announced the completion of the Recovery Plan. In the opinion of the Bank's Management Board, all key assumptions were achieved. In particular, all ratios defined in the above-mentioned plan have reached safe levels; profitability and financial results of the Bank Millennium Group have improved permanently, capital ratios have been restored to levels significantly exceeding the minimum regulatory requirements and the Bank and the Group meet the MREL requirements, including the combined buffer requirements. The Management Board also does not identify future circumstances that would support further implementation of the Recovery Plan.
- Two years ago, when we launched the entire procedure, we clearly declared that the strong foundations that support the Bank would allow us to develop normally during the recovery plan. We kept our word. Last year, we launched a new corporate application, we have just implemented a refreshed app for retail clients, we have increased our active client base to over 3 million, and we have completed a number of securitisation programmes. The complex recovery programme and the effort of the entire Bank's team led to the achievement of capital ratios faster than planned. Exiting the Recovery Plan is a new beginning for further business growth and development of the bank. – says Joao Bras Jorge, Chairman of the Management Board of Bank Millennium.
Currently, Bank Millennium is on the home straight in the implementation of the current strategy “Inspired by people". It can boast a positive result of achieving most of the goals for 2024 and ahead of schedule. It records good business results in both retail and corporate banking. It is also working on a new 2025-28 strategy, which it intends to present in October this year.
For more information visit www.bankmillennium.pl.