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
Ghana becomes first African nation to export legal timber to EU under FLEGT licence
Ghana has issued its first timber legality licences, making it the first country in Africa and only the second in the world after Indonesia cleared to export timber to the European Union, reports ... more
Egypt and Greece to accelerate sub-sea power interconnection project
Egypt and Greece agreed to accelerate the 3GW Egypt–Europe electricity interconnection project via Cyprus, Al Mal reported on August 15, citing a statement from the Egyptian Minister of Electricity ... more
Viktor Orban hints at possible EU exit scenario in conversation with hard-right platform
Prime Minister Viktor Orban said Hungary's EU membership remains worthwhile for now, but there could come a time when this changes. "There could theoretically be a point when it's no longer worth ... more
Most Read
-
Renewable capacity growth is faster than ever, but more acceleration needed to meet Paris 2030 goal, says IEA
1 year ago
-
Kyrgyzstan abandons attempt to rescue Russian climber trapped on icy summit of country’s highest mountain
21 days ago
-
BERTRAND: China after Communism, preparing for a post-CCP China
1 month ago
-
Hungarian economy faces weak growth, slow path to price stability, central bank report shows
2 months ago
-
UKRAINE REMONT: The battle to build: signs of recovery in Ukraine's construction industry
5 months ago