mBank, Poland’s fifth largest bank by assets, reported a net profit of PLN421.9mn (€98.1mn) in the second quarter, marking a turnaround from a net loss of PLN15.5mn in the same period of the previous year, the Warsaw-listed bank said in a market filing on August 1.
The net result well exceeded expectations, as analysts forecast net profit ranging from PLN302mn to PLN401mn.
The bank’s net result grew 61% quarter on quarter, mBank also said.
mBank's net interest income came in at nearly PLN2.2bn in Q2, close to analysts' expectations of PLN2.13bn, marking a fall of 2% year on year. In q/q terms, net interest income declined 8%.
Fees and commission income gained 1% y/y to PLN491.2mn, matching market estimates of PLN492.8mn; it also increased 2% q/q.
Provisions, excluding those for foreign currency mortgage loans, stood at PLN171.3mn in the second quarter of 2024, 7% below the consensus line. Provisions decreased 4% y/y but surged 257% q/q.
The lender’s total costs were PLN781.1mn in the second quarter, slightly lower than PLN790.5mn expected by analysts. Costs increased 11% y/y but fell 12% q/q.
mBank is the Polish banking business of Germany’s Commerzbank, which holds just over 69% of the Polish entity. Other significant shareholders are pension funds Nationale Nederlanden, Allianz and PZU.
Related Articles
Cracks appear in EU plan to adopt Japan-style LNG model
Proposal to adopt “Japanese model” of LNG investment unlikely to be approved given reselling challenges and climate commitments. WHAT: The EU’s Action Plan for Affordable Energy ... more
EC clears €200mn capital increase at Romanian state-owned CEC Bank
The European Commission has approved Romania’s planned €200mn capital increase for state-owned CEC Bank, allowing the country to proceed with strengthening the lender’s financial position, ... more
Shipping companies fight against biofuel regulations
Offshore Energy reported this week that numerous shipping companies had called on the International Maritime Organization (IMO) to remove “unsustainable” biofuels from its list of ... more
Most Read
-
Indonesia expands military role in government, protesters clash with police in Jakarta
29 days ago
-
Serbian biotech Dren Bio sold to Sanofi for $1.9bn
29 days ago
-
Putin tells Russia's oligarchs that the return of Western business will not be easy or cheap
1 month ago
-
US sets six conditions for Iran talks in Trump letter to Supreme Leader
28 days ago
-
Korean opposition to push for impeachment motion against acting president
29 days ago