On Friday, Bank Millennium boasted its financial results for the third quarter of 2025. At a press conference, the management board commented on the government's plans to increase the corporate income tax for banks.
Bank Millennium estimates that in the short term, it is not possible to limit the impact of an increase in corporate income tax for banks on the results, and in the long term, the market will decide on this, adjusting product prices and commissions.
“Of course, the impact next year will be negative. […] This will have an impact of hundreds of millions of zlotys“- admitted Vice President Fernando Bicho.
“This is certainly a significant impact. Of course, this impact also depends on the cost structure, [tego] what is the share of costs that […] are tax deductible. Each bank has a different structure here,” he explained.
See also: Another tax increase is questionable. Possible US intervention [ANALIZA]
He added that next year the impact of the CIT change will be negative, but this year it is positive because the bank will have to revalue assets with delayed tax and if the tax rate increases from 19%. up to 30 percent, the value of these assets will increase.
“This means there will be a positive impact this year when it comes to banks' results, especially when it comes to taxes. This is not a matter of cash payment but of revaluation of the DTA. This means there will be a positive impact in the fourth quarter […] — but this is only a short-term impact,” explained Fernando Bicho.
Bank Millennium on the future of loans
Bank Millennium said at the conference that it sees room to increase the sales volume of mortgage loans in the fourth quarter of 2025.
“Will be [wolumen nowych kredytów] slightly higher in the next quarter. […] The first and second quarters were even a bit too small compared to our intentions. Now it is a little more than PLN 1 billion and we certainly have room to increase these volumes” – said president Joao Bras Jorge.
“I don't know whether it will be PLN 1.5 or 1.4 billion of new sales, but it is natural that we will reach a higher level in the next quarters. So I think it is probable,” he added.
New sales of mortgage loans by the bank amounted to PLN 1 billion and 88 million in the third quarter compared to PLN 577 million in the previous quarter.
Bank Millennium is a nationwide, universal bank, operating under this brand since 2003. In 1992, the shares of the bank (then BIG) were the first financial institution to debut on the WSE. The strategic shareholder is Banco Comercial Portugues – the largest commercial bank in Portugal.
