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Profits up 83% at Bank Millennium

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Bank Millennium has posted second-quarter net profits of $47 million - an 83 per cent rise from the year ago period.

The bank attributed the improved performance to higher fees from brokerage services and from asset management as well as continued growth in the domestic mortgage market.

The return is significantly better than expected, with analysts polled by Thomson predicting a return of $35.7 million, while a poll conducted by Reuters forecast profit of $33.4 million.

First-half profit for Millennium now stands at $77.89 milllion - up from $51.44 million for the same period last year.

A statement from Millennium, in which Portugal's Banco Comercial Portgues holds a stake of 65.5 per cent, stated that it is now targeting a cost to income ratio of per cent and a return of equity ratio of 20 per cent by the end of 2009.

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