Millennium Bank Romania, the Romanian subsidiary of the Portuguese lender Millennium bcp, reported a loss of €6.5m in the first half of the year due in part to impairment charge reductions and the cost reduction policy.
The bank’s income fell by 22.1 percent to €10.5m, while it operating costs fell by 19 percent to €16.7m.
The lender said the income decrease was a result of a new IFRS policy in Romania that changed the calculation of interest on income.
Millennium closed one branch and operates 65 units across Romania. The number of employees was also cut by 23 to 668.
