Poland’s mBank posts net profit of PLN422mn in Q2

By bne IntelliNews August 1, 2024

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.

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