Portuguese Group Millennium losses in Romania increase by 20% 

Millennium Bank Romania recorded losses worth of 26.7 million euros during the first three quarters of 2009, up 22.4% against the same period of the last year. Back then, the losses amounted to 21.8 million euros, according to the data published by the Portuguese bank and quoted by Romanian press agency NewsIn.

On the operational plan, Millennium bcp incomes in Romania doubled in the first nine months of the current year, from 8.8 to 18.1 million euros. Meanwhile, operational spending increased by 1.6%, from 31.1 million euros to 31.6 during the same time span.

The credits received by the bank’s clients increased by almost a third (32.1%), up from 193 million euros granted by September 30 2008, to 255 million euros by the end of the same month this year.

The rhythm of attracting clients’ deposits increased by 213%, from 77 million euros to 240 million euros for the mentioned period.

Millennium drew attention on the change of strategy In Romania, where the bank had to rethink the method of attracting funds from clients and to transform the units focused on consumption on units focused completely on operations. „Despite the extension, the spending are under control”, Millennium bcp representatives claim.

Regarding the Romanian network, Millennium opened 29 branches within a year, counting a total number of 74 units by the end of September, while a number of employees increased from 619 to 694.

Millennium bank Romania is a Portuguese group Millennium bcp subsidiary and it began its activity on the Romanian market in October 2007, when it opened 39 branches in Bucharest and in other eight cities. The bank aims to count 75 branches by the end of this year.

Millennium bcp increased its net profit for the first nine months by a quarter (25.3%), from 142.1 million euros to 178.1 million euros.