Earnings Poll: Poland's Bank Millennium seen posting 30% y/y fall in Q4 profit

Bank Millennium SA

29/01/2025 08:25

* 
      Bank seen posting net profit of 81 mln zlotys 
    

        * 
      Results due on Jan 31 before market opening
    

        * 
      First major Polish bank to release Q4 results
    

  
       GDANSK, Jan 29 (Reuters) - Poland's Bank Millennium
 MILP.WA  fourth-quarter net profit is expected to fall almost
30% year-on-year, mainly due to new costs to settle claims over
its Swiss franc mortgage loans, a Reuters poll showed on
Wednesday.
    The bank is likely to have had a net profit of 81 million
zlotys ($20.09 million) in the fourth quarter, which amounts to
a full-year 2024 profit of 756 million zlotys, analysts from
five banks and brokerage houses say.
    According to the analysts, the quarterly result was hit by
booking the 522 million zlotys in new legal provisions in the
bank's CHF portfolio that were announced by the bank at the
beginning of January.
    The provisions cover settlements, counter-claims and legal
costs around Swiss franc mortgages taken out by hundreds of
thousands of Poles in the early to mid-2000s which cost them
much more than expected.
        
  
    (Figures in millions of zlotys unless stated otherwise)  
                      FOURTH QUARTER OF 2024
==============================================================
               Net Income       Net Interest       Net Fee   
                                   Income          Income   
==============================================================
  Median            55              1501            189
  Average           81              1500            189 
  Lowest            36              1476            187 
  Highest          165           1531         192        
 No. of f'casts     5                5               5          
  Q4 2023          115              1284            190
  Q3 2024          190              1489            199       
Forecasts provided by: DM BOS, DM mBank, Erste Group, PKO BP,
Santander
($1 = 4.0318 zlotys)

 (Reporting by Anna Banacka; Editing by Philippa Fletcher)
 ((Anna.banacka@thomsonreuters.com; +48 58 769 65 65))