Millennium’s operating revenues on its Romanian business doubled in the nine months through September, from €8.8 million to €18.1 million, while operating expenses increased by only 1.6% from €31.6 million.

Loans to customers increased by roughly a third (32.1%), from €193 million in 2008, to €255 million at the end of September this year.

Business volumes showed a growth of 213% in customer deposit, from €77 million from €240 million in the year-ago period.

Millennium stressed the need of changing the market approach in Romania, where it had to shift focus to drawing funds from customers. “Despite the expansion of the distribution network, costs remained under control”, Millennium said.

Millennium added 29 new branches to its Romanian network over the past 12 months, to 74 units at the end of September. Workforce increased from 619 to 694.

Personnel expenses totaled €12.8 million in Romania in Q1-Q3, 3% less than €13.2 million year-ago period.