By Bank Millennium
Bank Millennium Group reported net profit of PLN 400 million for the third quarter of 2026, broadly stable quarter on quarter. Nine-month net profit reached PLN 1.109 billion, up 30% year on year. Reported return on equity stood at 14.2% in Q3 and 13.8% over the first nine months. The growth came despite lower market interest rates and a higher statutory corporate income tax rate, supported by fee income, cost discipline and sharply reduced foreign-currency mortgage costs.
“I am pleased with our third-quarter results, which reflect both the resilience of our business model and progress in our commercial activities. After three quarters, we delivered 30% growth in reported net profit and sustained double-digit loan growth, while reducing the impact of foreign-currency mortgage exposure. These results demonstrate the quality of our organisation, customer trust and consistent implementation of our strategy. It is particularly encouraging that growth spans both retail and corporate banking, supported by strong commercial momentum, prudent risk management and a highly effective digital platform,” said Joao Bras Jorge, CEO of Bank Millennium.
Loan portfolio expands 11%
Business momentum remained strong during the quarter. The loan portfolio grew 11% year on year at the end of September 2026, compared with 10% at the end of June. Growth broadened across segments: net corporate lending increased 25% year on year, consumer loans 7% and zloty-denominated mortgages 5%.
New retail lending also accelerated. Production of zloty mortgages increased 151% year on year in Q3 and 224% over the nine-month period. Consumer loan production rose 42% in the quarter and 26% over nine months.
Corporate activity remained strong, with new lending up 25% year on year over nine months, leasing production up 22% and factoring turnover up 22%.
Retail customer base reaches 3.39 million
The number of active retail customers increased to 3.39 million at the end of September, around 160,000 more than a year earlier. Digital adoption remained high: 95% of active customers used digital channels, with mobile banking accounting for most digital activity.
Funding and liquidity remained robust. Customer deposits grew 11% year on year, while the loan-to-deposit ratio remained low at 58%. Asset quality was described as solid despite accelerating loan growth.
Foreign-currency mortgage costs fall 64%
Foreign-currency mortgage risks continued to decline in Q3, with both active claims and outstanding foreign-currency mortgages decreasing further.
Total profit-and-loss costs related to foreign-currency mortgages were 64% lower year on year over the first nine months of 2026, reducing their drag on earnings and the group’s risk profile.
Capital and funding were supported by a PLN 1.5 billion Additional Tier 1 issuance completed in January 2026, a €500 million Tier 2 issuance in May and continued organic capital generation.
At the end of September, the group’s total capital ratio (TCR) stood at 20.6%, its Tier 1 ratio at 16.1% and its common equity Tier 1 (CET1) ratio at 13.70%. The bank said these levels provided comfortable buffers above regulatory requirements and capacity for further business expansion.
Value and Growth Strategy 2028
“We are approaching the midpoint of our Strategy 2028, and the results confirm that our direction is delivering tangible value. We have achieved strong growth in both retail and corporate banking, expanded our customer base, strengthened profitability and improved our risk profile despite an increasingly competitive and complex operating environment. Our strategic ambitions for the remaining two years are unchanged. Following a thorough review of progress, we have identified areas where we can accelerate execution and unlock additional value sooner than originally planned, while maintaining discipline in risk management and capital allocation,” Bras Jorge said.
Bank Millennium continued implementing its 2025–2028 Value and Growth strategy, focusing on sustainable expansion, strengthening retail and corporate banking, accelerating digital transformation and improving profitability. A recent strategic review confirmed progress in key businesses and transformation programmes and identified selected areas where execution could be accelerated.
In Q3, the bank expanded its digital and investment offering for retail customers. It surpassed 3 million active mobile app users, launched a new version of its mobile application and introduced additional investment and payment solutions.
For business customers, Bank Millennium expanded financing and guarantee products, developed digital banking capabilities and strengthened its leasing offer.
The bank also supported sustainability, financial education, cultural and social responsibility initiatives. During the quarter, it received industry awards for digital banking, innovation and customer experience.
