Millennium Bank Romania reduces losses in 2011

Millennium Bank Romania posted a net loss of EUR 17.8 million in 2011, down from the EUR 23 million loss reported in 2010, mainly due to turnover growth, according to the bank's most recent financial results. The bank’s loss in the first half of 2011 was EUR 10.1 million, down 23 percent on the same period of the previous year. Romania and Greece were the only countries where the bank posted losses last year, while profits in Poland, Angola and Mozambique increased year-on-year.

The bank’s loan portfolio increased by almost 16 percent last year, to a total of EUR 398 million. Customer deposits went down by 2.8 percent, to some EUR 275 million. Millennium Bank is part of the Portuguese financial group Millennium bcp and started activity in Romania in October 2007. The bank had 66 branches at the end of 2011 in Romania, down from 74 at end-2010, and 690 employees in the country, 40 less than at end-2010. Get the full earnings release here. Irina Popescu, irina.popescu@romania-insider.com