Profil:
mBank SAmBank lender's net profit in Q1 2025 at PLN 705.7 mln, above expectations
Listed lender mBank group's net profit in the first quarter of 2025 rose to PLN 705.7 million (EUR 165.3 mln) from PLN 262.5 milion (EUR 61.5 mln) a year earlier, the bank said in a report. The bank's result was 13.5 percent higher than market expectations, the consensus was for a profit of PLN 621.8 million (EUR 145.6 mln).
The expectations of seven brokerages for first quarter net profit ranged from PLN 602.1 million (EUR 141 mln) to PLN 680 million (EUR 159.3 mln).
The bank's first quarter interest income amounted to PLN 2.438 billion (EUR 571 mln), in line with analysts' expectations of PLN 2.460 billion (EUR 576.1 mln). Net interest income rose 4.2 percent year on year and fell 3 percent quarter on quarter.
Net fee and commission income amounted to PLN 503.1 million (EUR 117.8 mln) and was slightly below the market's estimate, which had expected PLN 512.9 million (EUR 120.1 mln). Net commission income increased 3.9 percent year on year and 1.2 percent quarter on quarter.
The balance of provisions, excluding provisions for foreign currency mortgages, amounted to PLN 165.2 million (EUR 38.7 mln) in the first quarter of 2025. The market, meanwhile, expected write-offs to be 9 percent higher at PLN 181.5 million (EUR 42.5 mln). Provisions rose 244 percent year on year and fell 6 percent quarter on quarter.
Total costs amounted to PLN 1.026 billion (EUR 240.3 mln) in the first quarter, 2.8 percent below expectations (PLN 1.055 billion or EUR 247 mln). Costs increased 15.5 percent year on year and 13.4 percent quarter on quarter.
Legal risk costs related to foreign currency loans amounted to PLN 661.8 million (EUR 155 mln).
seb/ han/