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BCP in Poland with losses of 68.6 million euros - banking and financing

BCP in Poland with losses of 68.6 million euros – banking and financing

Bank Millennium, the Polish unit of BCB Bank, closed the first quarter of the year with losses of 311 million zlotys (about 68.6 million euros), according to figures released on Tuesday 11 May.

The losses were slightly less than expected by analysts polled by Bloomberg, who indicated losses of 321 million zlotys.

In a statement issued to CMVM, BCP explained that the result was “significantly affected” by the provisions regarding legal risks associated with mortgage loans granted in foreign currency, totaling 533 million zlotys (117.4 million euros), of which 21 million zlotys (4.6 million euros) related In the Euro Bank portfolio.

Excluding extraordinary items, net income amounted to 209 million zlotys (46.1 million euros), with an adjusted equity return of 9.3%.

According to the statement, new production of mortgage credit reached a record volume of 2.2 billion zlotys, an increase of 5% quarterly and 64% year-on-year.

The bank that owns 50.1% of the Chinese central bank saw operating income decrease by 6% and net interest income decreased by 10% year-on-year. Commissions increased by 5% in the same period, while operating costs decreased by 17%.

BCP will present its results for the first three months of the year on May 17th. CaixaBank / BPI analysts expect a “good set of results”, with a profit of 48 million euros. These are numbers that experts see as positive given the provisions regarding Swiss franc credits in Poland.

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