Millennium Bank reports net losses in 2010

Millennium Bank on Wednesday reported a 3.0-pct increase in its pre-tax operating earnings (excluding provisions and financial results) to 35 million euros last year from its operations in Greece.

The bank said it attracted 23,000 new customers in 2010 to a total of more than 563,000 and announced that saving deposits totaled 3.1 billion euros.

Provisions for bad debt totaled 56.6 million euros, up 129 pct compared with 2009, while operating spending was unchanged at 2009 levels. Millennium Bank reported net losses of 16 million euros in 2010, after earnings of 9.0 million euros in the previous year.

Rui Coimbra, Millennium Bank’s chief executive, commenting on the results said the bank completed 10 years of successful operations in Greece and stressed that the bank completed a restructuring of its corporate governance model, based on international practices, reorganizing its network focusing more on retail banking and further enhancing risk management.

Coimbra said the bank will continue this strategy this year.

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