Millennium Bank, the Polish unit of BCB, expects to end the third quarter with negative results, due to the provisions made by the bank in connection with the conversion of credits in Swiss francs to zlotys.
After posting a loss of 45 million euros in the second quarter of the year, which increased the negative net result for the semester to nearly 112 million euros, Bank Millennium is expected to maintain negative results in the third quarter of the year, according to the entity report. Its predictions, according to Bloomberg.
Provisions linked to credits in Swiss francs should continue to be set when losses are determined. According to the news agency, the bank has set aside 526.1 million zlotys (114.3 million euros) in provisions, of which 451.8 million is for the provision of foreign currency mortgage loan portfolio and 74.3 million relates to the Eurobank unit credit portfolio.
Despite expectations of losses, the bank says its operating results in the fourth quarter were “good”.
The Polish unit of Poland’s central bank, which is held by the Chinese central bank at 50.1%, has come under pressure due to operations withdrawing the conversion of credits in francs to the local currency. The Bank made an effort to settle as many cases out of court as possible.
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