Bank Millennium decided to create provisions for legal risk related to FX mortgage loans granted by the bank in the amount of PLN 451.2 million, charged to the results of Q1 2022, the bank said. As a result, the bank’s net result for Q1 will be negative, it was also announced.
Additional provisions in the amount of PLN 48 million will also be created for the legal risk of the portfolio of mortgage loans granted by the former Euro Bank S.A., however, they will not have an impact on the financial result. The provisions reflect the continuing negative trends in the scope of court decisions, inflow of new court cases and the resulting changes in the bank’s legal risk assessment methodology, this bank announced.
As a result of such a level of provisions, despite good operating results, the bank will report a negative net result for the first quarter of 2022.
Bank Millennium is a nationwide, universal bank that has been operating under this brand since 2003. In 1992, the shares of the bank (then BIG SA) as the first financial institution – made their debut on the WSE. The strategic shareholder of Bank Millennium is Banco Comercial Portugues (Millennium bcp) – the largest commercial bank in Portugal.
Source: Bank Millennium and ISBnews
