Poland's sixth-largest lender, Bank Millennium - controlled by Portugal's Banco Comercial Portugues (BCP) - may issue another tranche of its bond programme in H1 of 2014, according to its vice-president Fernando Bicho . In late 2013, the lender introduced the previous tranche - worth of PLN 250mn ( EUR 60mn ) - of two-year notes - on the Warsaw bourse's bond market Catalyst. In 2012, the bank's supervisory board approved of a PLN 2.0bn bond programme and a PLN 2.5bn bank securities scheme. Bank Millennium presented its preliminary Q4 results, which slightly exceeded market expectations. Its consolidated net profit was PLN 143mn vs. consensus of PLN 138mn. In the entire 2013, it improved the net result by 13.5% y/y to PLN 536mn, i.e. its historically highest level. The lender's president Joao Bras Jorge announced that this year, net profit should grow "by a high single-digit or low double-digit percent." He explained that the growth's driving force will be - as it was in 2013 - credit action. Bank Millennium stressed that it maintained a very strong capital and liquidity position, expressed by CAR ratio of 14.5% and loan-to-deposit ratio of 91.5%. This strong capital position gives the possibility to come back to regular dividend distribution after two years of full net profit retention, it stressed. Therefore, the bank's management board plans to recommend to its shareholders a proposal to pay as dividend 50% of the consolidated net profit of 2013 (or 54% of unconsolidated net profit of PLN 497mn), which gives PLN 267mn dividend (or 0.22 PLN per share) and implies a 3.1% dividend yield (to PLN 7.20 price from the end of 2013). Earlier, the lender's representatives said they will target a results improvement and a dividend pay-out in 2014.
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