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Polish bank majority owned by Portugal's Millennium bcp, providing retail and corporate banking services.
Polish bank majority owned by Portugal's Millennium bcp, providing retail and corporate banking services.
Earns mainly the spread between interest on loans and deposits, with mortgages and consumer lending the main products, plus fees from payments and accounts. Provisions for court cases brought by borrowers over old Swiss franc-linked home loans have weighed on reported results for years. Portuguese owner Millennium bcp controls it.
In one line: A Polish subsidiary of a Portuguese banking group.
Moat: narrow (scale, switching costs). Established retail banking franchise, weighed down by a large CHF mortgage legal liability.
Headquarters: Warsaw, Poland · Founded: 1989 · Employees: 6,906
Size Bank Millennium (MIL.WA) is a Poland Financials company (Regional Banks) with a market value of $7.04B, the 15th largest of 83 Poland companies the cockpit tracks. Shares closed at PLN 22.73 on 6 Nov 2026.
Performance Over six months the shares gained 26.3%, against +6.1% for the median peer and +14.3% for the Poland market (cap-weighted) — 3rd highest of 21 in its peer set.
Growth Revenue fell 1.9% over the last twelve months (peer median +7.4%); the operating margin is 45.3% (peer median 44.3%).
Valuation It trades at 2.80× book value against a peer median of 1.33× (3rd most expensive of 21).
Price implies The share price implies a return on equity of about 38.0%; Bank Millennium delivers 15.6%, so the price asks more than the business earns today.
Credit Bank Millennium has 3 bonds outstanding ($1.49B), rated BBB- by the agencies.
Next results Next results expected around 2 Feb 2027 (exchange calendar; dates can move).
| TTM | FY2025 | FY2024 | FY2023 | FY2022 | |
|---|---|---|---|---|---|
| Revenue | PLN 10.6B | PLN 10.6B | PLN 10.2B | PLN 10.4B | PLN 6.11B |
| Revenue growth | — | +4% | -2% | +71% | — |
| Net income | PLN 1.46B | PLN 1.20B | PLN 719M | PLN 576M | -PLN 1.01B |
| Free cash flow | PLN 1.87B | PLN 1.73B | PLN 513M | PLN 5.96B | PLN 3.23B |
| Capital expenditure | PLN 230M | PLN 276M | PLN 222M | PLN 188M | PLN 157M |
| Total debt | PLN 11.0B | PLN 9.39B | PLN 8.20B | PLN 5.60B | PLN 2.81B |
The default views of Competitor Analysis ▸ Charts, drawn from the same data. Open them in the cockpit to change the axes, pin companies and read every value.
| Company | Market cap | 6M return | Revenue growth | ROE | Price / book | Implied ROE |
|---|---|---|---|---|---|---|
| Bank Millennium MIL.WA | $7.04B | +26% | -2% | 16% | 2.80× | 38.0% |
| PKO Bank Polski PKO.WA | $36.5B | +18% | -2% | 20% | 2.56× | 31.9% |
| mBank MBK.WA | $17.7B | +37% | -1% | 19% | 3.05× | 37.6% |
| Bank Polska Kasa Opieki PEO.WA | $17.4B | +12% | -5% | 18% | 2.04× | 25.7% |
Peer set: Industry: the same industry and sector in any market, nearest in size. This is the same default set the interactive Competitor Analysis opens with.
| Measure | MIL.WA | Peer median | Rank in peer set |
|---|---|---|---|
| 1-month return | +3.0% | +1.0% | 9th highest of 21 |
| 6-month return | +26.3% | +6.1% | 3rd highest of 21 |
| Return on equity | 15.6% | 10.6% | 5th highest of 21 |
| Price / book | 2.80× | 1.33× | 3rd most expensive of 21 |
| Trailing P/E | 18.9× | 13.1× | 4th most expensive of 20 |
| ROE the price implies | 38.0% | 8.5% | 2nd most demanding of 20 |
| ROE delivered | 15.6% | 10.9% | 5th highest of 20 |
| Company | Market | Market cap | 6M return | Revenue growth | ROE | Price / book | Implied ROE | Delivered ROE |
|---|---|---|---|---|---|---|---|---|
| Bank Millennium MIL.WA | Poland | $7.04B | +26% | -2% | 16% | 2.80× | 38.0% | 15.6% |
| IDFC First Bank IDFCFIRSTB.NS | India | $7.05B | +10% | +13% | 6% | 1.35× | 24.3% | 6.3% |
| Kyoto Financial Group,Inc 5844.T | Japan | $7.14B | -11% | +19% | 8% | 0.79× | 5.9% | 7.9% |
| KakaoBank 323410.KS | South Korea | $7.28B | -15% | +6% | 7% | 1.46× | 8.5% | n/a |
| AU Small Finance Bank AUBANK.NS | India | $7.39B | -10% | +17% | 16% | 3.21× | 44.0% | 15.7% |
| BNP Paribas Bank Polska Spolka Akcyjna BNP.WA | Poland | $6.65B | +20% | -8% | 16% | 1.59× | 14.8% | 16.2% |
| United Bankshares UBSI | United States | $6.57B | +11% | +4% | 9% | 1.20× | 9.7% | 9.4% |
| Shanghai Commercial & Savings Bank 5876.TW | Taiwan | $7.56B | +34% | -17% | 9% | 1.17× | 4.0% | 8.6% |
| Hachijuni Nagano Bank 8359.T | Japan | $6.53B | +6% | +20% | 7% | 0.85× | 5.6% | 6.5% |
| Ringkjobing Landbobank A/S RILBA.CO | Denmark | $6.44B | +16% | +2% | 20% | 3.58× | 10.2% | 20.5% |
| Bank of Suzhou 002966.SZ | China | $6.41B | +12% | +5% | 11% | 0.79× | 2.8% | 10.9% |
| Rakuten Bank 5838.T | Japan | $6.36B | -9% | +38% | 22% | 2.55× | 8.1% | 21.5% |
| Commerce Bancshares CBSH | United States | $7.82B | +6% | +9% | 15% | 1.87× | 12.1% | 14.9% |
| Luzerner Kantonalbank LUKN.SW | Switzerland | $7.86B | +28% | -3% | 9% | 1.76× | n/a | 8.9% |
| Glacier Bancorp GBCI | United States | $6.27B | -1% | +21% | 9% | 1.45× | 11.2% | 8.8% |
| Western Alliance Bancorp WAL | United States | $8.13B | -8% | +8% | 13% | 1.11× | 12.9% | 13.2% |
| Bank of Changsha 601577.SS | China | $6.03B | 0% | -9% | 11% | 0.52× | 2.8% | 11.1% |
| Qilu Bank 601665.SS | China | $6.02B | +2% | +1% | 12% | 0.75× | 3.2% | 12.2% |
| Home BancShares HOMB | United States | $5.97B | +12% | +2% | 11% | 1.31× | 10.2% | 11.1% |
| Gunma Bank 8334.T | Japan | $5.78B | +11% | +22% | 10% | 1.43× | 7.8% | 10.3% |
| Prosperity Bancshares, Inc.(R) PB | United States | $8.60B | +4% | +19% | 6% | 0.88× | 7.5% | 6.5% |
Bank Millennium has 3 bonds outstanding with $1.49B face value. The agencies rate it BBB-.