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mBank

mBank's price/earnings (P/E) fell 2,688% yoy to -279 in 2Q2023

By Helgi Library - September 14, 2023

mBank stock traded at per share at the end first quarter of 1970 implying a market capitalization of. Since the end of 1Q1965, the sto...

mBank's net interest margin rose 21.7% yoy to 4.09% in 2Q2023

By Helgi Library - August 8, 2023

mBank's net interest margin amounted to 4.09% in the second quarter of 2023, up from 3.81% when compared to the previous quarter...

mBank's customer deposits rose 9.66% yoy to PLN 176,662 mil in 2Q2023

By Helgi Library - August 8, 2023

mBank's customer deposits reached PLN 176,662 mil in 2023-06-30, down 2.35% compared to the previous year. Polish banking secto...

Annual Quarterly
Profit Statement 2020 2021 2022
Net Interest Income PLN mil 4,014 4,126 5,924
Net Fee Income PLN mil 1,508 1,868 2,120
Other Income PLN mil 1,248 117 -187
Total Revenues PLN mil 6,771 6,111 7,857
Staff Cost PLN mil 975 1,071 1,227
Operating Profit PLN mil 4,125 3,654 4,538
Provisions PLN mil 1,226 3,637 3,962
Net Profit PLN mil 931 -1,179 -703
Balance Sheet 2020 2021 2022
Interbank Loans PLN mil 7,458 7,230 9,806
Customer Loans PLN mil 109,540 117,677 120,183
Investments PLN mil 54,316 52,676 55,335
Total Assets PLN mil 180,136 198,373 209,892
Shareholders' Equity PLN mil 16,675 13,718 12,715
Interbank Borrowing PLN mil 16,489 5,266 5,356
Customer Deposits PLN mil 136,834 157,072 174,131
Issued Debt Securities PLN mil 3,350 16,054 12,206
Ratios 2020 2021 2022
ROE % 5.67 -7.76 -5.32
ROA % 0.550 -0.623 -0.344
Costs (As % Of Assets) % 1.56 1.30 1.63
Costs (As % Of Income) % 39.1 40.2 42.2
Capital Adequacy Ratio % 19.8 16.6 16.4
Net Interest Margin % 2.37 2.18 2.90
Loans (As % Of Deposits) % 80.1 74.9 69.0
NPLs (As % Of Loans) % 4.18 3.93 3.97
Provisions (As % Of NPLs) % 77.0 66.8 66.3
Valuation 2020 2021 2022
Market Capitalisation USD mil 2,032 4,522 2,536
Number Of Shares mil 42.4 42.4 42.4
Share Price PLN 179 433 296
Price/Earnings (P/E) 8.15 ... ...
Price/Book Value (P/BV) 0.455 1.34 0.988
Dividend Yield % 0 0 0
Earnings Per Share (EPS) PLN 22.0 -27.8 -16.6
Book Value Per Share PLN 393 324 300
Dividend Per Share PLN 0 0 0

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summary Unit 1994 1995 1996 1997 1998 1999 2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019 2020 2021 2022
income statement                                                          
Net Interest Income PLN mil ... ...                                         2,836 3,139 3,500 4,007 4,014    
Total Revenues PLN mil ... ...                                         4,988 5,206 5,413 6,327 6,771    
Operating Profit PLN mil ... ...                                         2,954 3,058 3,122 3,789 4,125    
Net Profit PLN mil ... ...                                         1,199 1,075 1,091 1,272 931    
balance sheet                                                          
Interbank Loans PLN mil ... ...                                         3,894 1,765 3,693 4,355 7,458    
Customer Loans PLN mil ... ...                                         81,707 84,419 93,576 105,161 109,540    
Investments PLN mil ... ...                                         34,440 33,670 34,598 36,211 54,316    
Total Assets PLN mil ... ...                                         133,744 131,424 145,781 158,721 180,136    
                                                             
Shareholders' Equity PLN mil ... ...                                         13,051 14,292 15,171 16,153 16,675    
Interbank Borrowing PLN mil ... ...                                         22,748 19,836 21,871 18,777 16,489    
Customer Deposits PLN mil ... ...                                         89,817 91,056 101,296 115,989 136,834    
Issued Debt Securities PLN mil ... ...                                         3,943 2,158 2,474 2,997 3,350    
ratios                                                          
ROE % ... ...                                         9.47 7.87 7.41 8.12 5.67    
ROA % ... ...                                         0.932 0.811 0.787 0.836 0.550    
Costs (As % Of Assets) % ... ...                                         1.58 1.62 1.65 1.67 1.56    
Costs (As % Of Income) % ... ...                                         40.8 41.3 42.3 40.1 39.1    
Capital Adequacy Ratio %                                             20.3 21.0 20.7 19.5 19.8    
Net Interest Margin % ... ...                                         2.20 2.37 2.53 2.63 2.37    
Interest Income (As % Of Revenues) % ... ...                                         56.9 60.3 64.7 63.3 59.3    
Fee Income (As % Of Revenues) % ... ...                                         18.2 19.1 18.0 15.2 22.3    
Staff Cost (As % Of Total Cost) % ... ...                                         42.5 42.0 41.6 40.2 36.8    
Equity (As % Of Assets) % ... ...                                         9.76 10.9 10.4 10.2 9.26    
Loans (As % Of Deposits) % ... ...                                         91.0 92.7 92.4 90.7 80.1    
Loans (As % Assets) % ... ...                                         61.1 64.2 64.2 66.3 60.8    
NPLs (As % Of Loans) % ... ...                                         5.37 5.16 4.12 3.79 4.18    
Provisions (As % Of NPLs) % ... ...                                         62.1 64.6 76.5 77.7 77.0    
valuation                                                          
Market Capitalisation USD mil                                             3,394 5,665 4,795 4,351 2,032    
Number Of Shares mil                                             42.3 42.3 42.3 42.4 42.4    
Share Price PLN                                             335 465 424 389 179    
Earnings Per Share (EPS) PLN   ...                                         28.4 25.4 25.8 30.0 22.0    
Book Value Per Share PLN ... ...                                         309 338 358 381 393    
Dividend Per Share PLN                                             0 5.15 0 0 0    
Price/Earnings (P/E)   ...             ...   ...                       11.8 18.3 16.5 13.0 8.15 ... ...
Price/Book Value (P/BV) ... ...                                         1.09 1.38 1.18 1.02 0.455    
Dividend Yield %                                             0 1.11 0 0 0    
Earnings Per Share Growth % ... ... ...                                       -6.75 -10.4 1.40 16.5 -26.8    
Book Value Per Share Growth % ... ... ...                                       6.24 9.42 6.08 6.44 3.18    
income statement Unit 1994 1995 1996 1997 1998 1999 2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019 2020 2021 2022
income statement                                                          
Interest Income PLN mil ... ...                                         3,876 4,056 4,522 5,076 4,693    
Interest Cost PLN mil ... ...                                         1,040 916 1,022 1,069 679    
Net Interest Income PLN mil ... ...                                         2,836 3,139 3,500 4,007 4,014    
Net Fee Income PLN mil ... ...                                         906 992 976 965 1,508    
Fee Income PLN mil ... ...                                         1,551 1,660 1,630 1,705 2,245    
Fee Expense PLN mil ... ...                                         644 668 654 740 736    
Other Income PLN mil ... ...                                         1,246 1,075 937 1,355 1,248    
Insurance Premium Earned PLN mil ... ... ... ... ... ... ... ... ... ... ... ... ... ... ... ... ... ... ... ... ... ... ... ... ... ... ... ... ...
Total Revenues PLN mil ... ...                                         4,988 5,206 5,413 6,327 6,771    
Staff Cost PLN mil ... ...                                         865 903 952 1,019 975    
Depreciation PLN mil ... ... ... ... ... ... ...                               224 224 253 375 431    
Other Cost PLN mil ... ... ... ... ... ... ...                               946 1,021 1,087 1,142 1,241    
Operating Cost PLN mil ... ...                                         2,035 2,148 2,291 2,537 2,646    
Operating Profit PLN mil ... ...                                         2,954 3,058 3,122 3,789 4,125    
Provisions PLN mil ... ...                                         367 508 528 712 1,226    
Extra and Other Cost PLN mil ... ...                                         973 1,042 1,069 1,199 1,268    
Pre-Tax Profit PLN mil ... ...                                         1,613 1,508 1,526 1,878 1,631    
Tax PLN mil ... ...                                         411 429 434 606 700    
Minorities PLN mil ... ...                                         2.94 3.54 -0.082 -0.098 -0.074    
Net Profit PLN mil ... ...                                         1,199 1,075 1,091 1,272 931    
Net Profit Avail. to Common PLN mil ... ...                                         1,199 1,075 1,091 1,272 931    
Dividends PLN mil ... ...                                         0 218 0 0 0    
growth rates                                                          
Net Interest Income Growth % ... ... ...                                       12.1 10.7 11.5 14.5 0.181    
Net Fee Income Growth % ... ... ...                                       1.03 9.46 -1.64 -1.15 56.4    
Total Revenue Growth % ... ... ...                                       11.0 4.36 3.99 16.9 7.02    
Operating Cost Growth % ... ... ...                                       5.44 5.55 6.69 10.7 4.29    
Operating Profit Growth % ... ... ...                                       15.2 3.53 2.09 21.4 8.85    
Pre-Tax Profit Growth % ... ... ...                                       0.937 -6.50 1.17 23.1 -13.1    
Net Profit Growth % ... ... ...                                       -6.69 -10.3 1.48 16.6 -26.8    
market share                                                          
Market Share in Revenues % ... ...                                         8.43 8.41 8.41 8.99 11.0   ...
Market Share in Net Profit % ... ...                                         8.62 7.87 8.36 9.24 -276    
Market Share in Employees %                                             4.98 3.93 4.01 4.32 4.49    
Market Share in Bank Cards % ... ... ... ... ... ... ... ... ... ... ...                       8.64 8.86 8.88 8.35 ... ... ...
Market Share in Debit Cards % ... ... ... ... ... ... ... ... ... ... ...                       9.28 9.43 9.39 8.69 ... ... ...
Market Share in Credit Cards % ... ... ... ... ... ... ... ... ... ... ...                       5.26 5.60 5.81 6.14 ... ... ...
Market Share in Branches % ... ... ... ... ... ... ... ... ... ... ... ...                     2.32 2.40 2.83 3.18 3.67 ... ...
balance sheet Unit 1994 1995 1996 1997 1998 1999 2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019 2020 2021 2022
balance sheet                                                          
Cash & Cash Equivalents PLN mil ... ...                                         9,164 7,385 9,199 7,897 3,969    
Interbank Loans PLN mil ... ...                                         3,894 1,765 3,693 4,355 7,458    
Customer Loans PLN mil ... ...                                         81,707 84,419 93,576 105,161 109,540    
Retail Loans PLN mil ... ...   ... ... ... ... ... ... ...                         48,950 48,143 52,925 59,999 67,154    
Mortgage Loans PLN mil ... ... ... ... ... ... ... ... ... ...                         35,369 32,593 34,697 38,979 45,979    
Consumer Loans PLN mil ... ... ... ... ... ... ... ... ... ...                         13,581 15,550 18,229 21,020 21,175    
Corporate Loans PLN mil ... ...   ... ... ... ... ... ... ...                         34,118 37,885 30,061 35,718 33,464    
Investments PLN mil ... ...                                         34,440 33,670 34,598 36,211 54,316    
Property and Equipment PLN mil ... ...                                         757 759 785 1,262 1,515    
Intangible Assets PLN mil ... ... ...                                       583 711 776 955 1,179    
Goodwill PLN mil ... ... ... ... ... ... ... ... ... ... ... ... ... ... ...               3.53 3.53 3.53 27.8 ... ... ...
Total Assets PLN mil ... ...                                         133,744 131,424 145,781 158,721 180,136    
                                                             
Shareholders' Equity PLN mil ... ...                                         13,051 14,292 15,171 16,153 16,675    
Of Which Minority Interest PLN mil ... ...                                         27.4 2.19 2.10 2.00 1.93    
Liabilities PLN mil ... ...                                         120,692 117,132 130,609 142,567 163,461    
Interbank Borrowing PLN mil ... ...                                         22,748 19,836 21,871 18,777 16,489    
Customer Deposits PLN mil ... ...                                         89,817 91,056 101,296 115,989 136,834    
Retail Deposits PLN mil ... ... ... ... ... ... ... ... ... ...                         53,495 55,694 65,924 77,664 97,976    
Corporate Deposits PLN mil ... ... ... ... ... ... ... ... ... ...                         33,182 30,447 31,889 34,702 35,250    
Sight Deposits PLN mil ... ...                                         60,583 65,820 74,123 88,074 121,812    
Term Deposits PLN mil ... ...                                         24,358 20,442 22,963 24,175 10,890    
Issued Debt Securities PLN mil ... ...                                         3,943 2,158 2,474 2,997 3,350    
Subordinated Debt PLN mil ... ... ... ... ... ... ... ...                             3,943 2,158 2,474 2,500 2,578    
Other Liabilities PLN mil ... ...                                         4,184 4,082 4,968 4,804 6,788    
asset quality                                                          
Non-Performing Loans PLN mil ... ...                                         4,537 4,504 3,977 4,106 4,730    
Gross Loans PLN mil ... ...                                         84,524 87,331 96,619 108,352 113,181    
Risk-Weighted Assets PLN mil ... ... ... ... ... ... ... ... ... ... ... ...                     65,260 68,032 76,240 84,106 88,540    
Total Provisions PLN mil ... ...                                         2,817 2,912 3,043 3,190 3,641    
growth rates                                                          
Customer Loan Growth % ... ... ...                                       5.56 3.32 10.8 12.4 4.16    
Retail Loan Growth % ... ... ... ... ... ... ... ... ... ... ...                       5.82 -1.65 9.93 13.4 11.9    
Mortgage Loan Growth % ... ... ... ... ... ... ... ... ... ... ...                       3.47 -7.85 6.45 12.3 18.0    
Consumer Loan Growth % ... ... ... ... ... ... ... ... ... ... ...                       12.5 14.5 17.2 15.3 0.741    
Corporate Loan Growth % ... ... ... ... ... ... ... ... ... ... ...                       5.25 11.0 -20.7 18.8 -6.31    
Total Asset Growth % ... ... ...                                       8.27 -1.73 10.9 8.88 13.5    
Shareholders' Equity Growth % ... ... ...                                       6.32 9.50 6.16 6.47 3.23    
Customer Deposit Growth % ... ... ...                                       12.2 1.38 11.2 14.5 18.0    
Retail Deposit Growth % ... ... ... ... ... ... ... ... ... ... ...                       16.0 4.11 18.4 17.8 26.2    
Corporate Deposit Growth % ... ... ... ... ... ... ... ... ... ... ...                       -3.61 -8.24 4.74 8.82 1.58    
market share                                                          
Market Share in Customer Loans % ... ...                                         6.99 6.97 7.01 7.55 7.82    
Market Share in Corporate Loans % ... ...   ... ... ... ... ... ... ...                         9.89 10.4 8.07 9.32 9.12    
Market Share in Retail Loans % ... ...   ... ... ... ... ... ... ...                         7.46 7.21 7.53 8.11 8.85    
Market Share in Consumer Loans % ... ... ... ... ... ... ... ... ... ...                         5.22 5.60 5.68 6.22 6.32    
Market Share in Mortgage Loans % ... ... ... ... ... ... ... ... ... ...                         8.91 8.34 9.08 9.70 10.8    
Market Share in Total Assets % ... ...                                         8.01 7.60 7.73 7.97 7.70    
Market Share in Customer Deposits % ... ...                                         7.44 7.22 7.43 7.86 8.13    
Market Share in Retail Deposits % ... ... ... ... ... ... ... ... ... ...                         7.99 8.03 8.66 9.33 10.9    
Market Share in Corporate Deposits % ... ... ... ... ... ... ... ... ... ... ... ... ... ... ... ...             9.44 8.25 8.18 8.08 6.71    
ratios Unit 1994 1995 1996 1997 1998 1999 2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019 2020 2021 2022
                                                           
ROE % ... ...                                         9.47 7.87 7.41 8.12 5.67    
ROTE % ... ... ... ...                                     9.90 8.26 7.80 8.60 6.07    
ROE (@ 15% of RWA) % ... ... ... ... ... ... ... ... ... ... ... ... ...                   11.9 10.8 10.1 10.6 7.19    
ROA % ... ...                                         0.932 0.811 0.787 0.836 0.550    
Return on Loans % ... ...                                         1.51 1.29 1.23 1.28 0.868    
Operating Profit (As % of RWA) % ... ... ... ... ... ... ... ... ... ... ... ... ...                   4.39 4.59 4.33 4.73 4.78    
Costs (As % Of Assets) % ... ...                                         1.58 1.62 1.65 1.67 1.56    
Costs (As % Of Income) % ... ...                                         40.8 41.3 42.3 40.1 39.1    
Costs (As % Of Loans) % ... ...                                         2.56 2.59 2.57 2.55 2.46    
Costs (As % Of Loans & Deposits) % ... ... ...                                       1.24 1.24 1.24 1.22 1.13    
Capital Adequacy Ratio %                                             20.3 21.0 20.7 19.5 19.8    
Tier 1 Ratio % ... ... ... ... ... ... ... ... ... ... ... ... ... ... ...               17.3 18.3 17.5 16.5 16.9    
Net Interest Margin % ... ...                                         2.20 2.37 2.53 2.63 2.37    
Interest Spread % ... ...                                         2.12 2.29 2.44 2.55 2.33    
Asset Yield % ... ...                                         3.01 3.06 3.26 3.33 2.77    
Revenues (As % of RWA) % ... ... ... ... ... ... ... ... ... ... ... ... ...                   7.41 7.81 7.50 7.89 7.84    
Cost Of Liabilities % ... ...                                         0.897 0.771 0.825 0.783 0.444    
Payout Ratio % ... ...                                         0 20.3 0 0 0    
Interest Income (As % Of Revenues) % ... ...                                         56.9 60.3 64.7 63.3 59.3    
Fee Income (As % Of Revenues) % ... ...                                         18.2 19.1 18.0 15.2 22.3    
Other Income (As % Of Revenues) % ... ...                                         25.0 20.6 17.3 21.4 18.4    
Staff Cost (As % Of Total Cost) % ... ...                                         42.5 42.0 41.6 40.2 36.8    
Equity (As % Of Assets) % ... ...                                         9.76 10.9 10.4 10.2 9.26    
Equity (As % Of Loans) % ... ...                                         16.0 16.9 16.2 15.4 15.2    
Loans (As % Of Deposits) % ... ...                                         91.0 92.7 92.4 90.7 80.1    
Loans (As % Assets) % ... ...                                         61.1 64.2 64.2 66.3 60.8    
NPLs (As % Of Loans) % ... ...                                         5.37 5.16 4.12 3.79 4.18    
Provisions (As % Of NPLs) % ... ...                                         62.1 64.6 76.5 77.7 77.0    
Provisions (As % Of Loans) % ... ...                                         3.45 3.45 3.25 3.03 3.32    
Cost of Provisions (As % Of Loans) % ... ...                                         0.462 0.611 0.593 0.717 1.14    
other data Unit 1994 1995 1996 1997 1998 1999 2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019 2020 2021 2022
                                                           
Branches ... ... ... ... ... ... ... ... ... ... ... ...                     316 333 358 390 383    
ATMs ... ... ... ... ... ... ... ... ... ... ... ... ... ... ... ... ... ... ... ... ... ... ... ... ... ... ... ... ...
ATMs (As % of Bank Branches) % ... ... ... ... ... ... ... ... ... ... ... ... ... ... ... ... ... ... ... ... ... ... ... ... ... ... ... ... ...
Employees                                             8,401 6,455 6,524 6,771 6,688    
Employees Per Bank Branch ... ... ... ... ... ... ... ... ... ... ... ...                     26.6 19.4 18.2 17.4 17.5    
Cost Per Employee USD per month ... ...                                         2,124 3,043 3,360 3,320 3,115    
Cost Per Employee (Local Currency) PLN per month ... ...                                         8,583 11,656 12,164 12,545 12,145    
Revenues From Abroad PLN mil ... ... ... ... ... ... ... ... ... ... ... ... ... ... ... ... ... ... ... ... ... ... ... ... ... ... ... ... ...
Profit From Abroad PLN mil ... ... ... ... ... ... ... ... ... ... ... ... ... ... ... ... ... ... ... ... ... ... ... ... ... ... ... ... ...
Revenues From Abroad (As % Of Total) % ... ... ... ... ... ... ... ... ... ... ... ... ... ... ... ... ... ... ... ... ... ... ... ... ... ... ... ... ...
Profit From Abroad (As % Of Total) % ... ... ... ... ... ... ... ... ... ... ... ... ... ... ... ... ... ... ... ... ... ... ... ... ... ... ... ... ...
Insurance Income (As % Of Revenues) % ... ... ... ... ... ... ... ... ... ... ... ... ... ... ... ... ... ... ... ... ... ... ... ... ... ... ... ... ...
Insurance Fee Income (As % of Loans) % ... ... ... ... ... ... ... ... ... ... ... ... ... ... ... ... ... ... ... ... ... ... ... ... ... ... ... ... ...
customer breakdown Unit 1994 1995 1996 1997 1998 1999 2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019 2020 2021 2022
                                                           
Customers mil ... ... ... ... ... ... ... ... ... ... ...                       5.05 5.34 5.69 5.60 5.66    
Number of Accounts mil ... ... ... ... ... ... ... ... ... ... ... ... ... ... ... ... ... ... ... ... ... ... ... ... ... ... ... ... ...
Number of Primary Customers mil ... ... ... ... ... ... ... ... ... ... ... ... ... ... ... ... ... ... ... ... ...   0.854 1.18 1.48 1.90 2.27 ... ...
Payment Cards mil ... ... ... ... ... ... ... ... ... ... ...                       3.19 3.46 3.66 3.59 3.82    
Debit Cards mil ... ... ... ... ... ... ... ... ... ... ...                       2.88 3.14 3.32 3.23 3.47    
Credit Cards mil ... ... ... ... ... ... ... ... ... ... ...                       0.309 0.326 0.341 0.355 0.349    
Number of Mortgages mil ... ... ... ... ... ... ... ... ... ... ... ... ... ... ... ... ... ... ... ... ... ... ... ... ... ... ... ... ...
Number of Consumer Loans mil ... ... ... ... ... ... ... ... ... ... ... ... ... ... ... ... ... ... ... ... ... ... ... ... ... ... ... ... ...
Average Size of Deposit PLN ... ... ... ... ... ... ... ... ... ... ... ... ... ... ... ... ... ... ... ... ... ... ... ... ... ... ... ... ...
Average Size of Mortgage Loan PLN ... ... ... ... ... ... ... ... ... ... ... ... ... ... ... ... ... ... ... ... ... ... ... ... ... ... ... ... ...
Average Size of Consumer Loan PLN ... ... ... ... ... ... ... ... ... ... ... ... ... ... ... ... ... ... ... ... ... ... ... ... ... ... ... ... ...
Accounts (As % of Total Clients) % ... ... ... ... ... ... ... ... ... ... ... ... ... ... ... ... ... ... ... ... ... ... ... ... ... ... ... ... ...
Primary (As % of Total Clients) % ... ... ... ... ... ... ... ... ... ... ... ... ... ... ... ... ... ... ... ... ...   16.9 22.1 26.1 33.8 40.2 ... ...
Mortgages (As % of Total Clients) % ... ... ... ... ... ... ... ... ... ... ... ... ... ... ... ... ... ... ... ... ... ... ... ... ... ... ... ... ...
Consumer Loans (As % of Total Clients) % ... ... ... ... ... ... ... ... ... ... ... ... ... ... ... ... ... ... ... ... ... ... ... ... ... ... ... ... ...
Payments Cards (As % of Total Clients) % ... ... ... ... ... ... ... ... ... ... ...                       63.1 64.8 64.4 64.0 67.5    
Debit Cards (As % of Total Clients) % ... ... ... ... ... ... ... ... ... ... ...                       56.9 58.7 58.4 57.7 61.3    
Credit Cards (As % of Total Clients) % ... ... ... ... ... ... ... ... ... ... ...                       6.12 6.10 6.00 6.34 6.17    
                                                             
Market Value per Customer (Local Currency) PLN ... ... ... ... ... ... ... ... ... ... ...                       2,808 3,692 3,171 2,948 1,349    
Revenue per Customer (Local Currency) PLN ... ... ... ... ... ... ... ... ... ... ...                       988 974 952 1,129 1,196    
Net Profit per Customer (Local Currency) PLN ... ... ... ... ... ... ... ... ... ... ...                       237 201 192 227 165    
Loan per Customer (Local Currency) PLN ... ... ... ... ... ... ... ... ... ... ...                       16,175 15,802 16,460 18,766 19,347    
Deposit per Customer (Local Currency) PLN ... ... ... ... ... ... ... ... ... ... ...                       17,780 17,044 17,818 20,698 24,168    
Market Value per Customer USD ... ... ... ... ... ... ... ... ... ... ...                       672 1,060 843 776 359    
Revenue per Customer USD ... ... ... ... ... ... ... ... ... ... ...                       244 254 263 299 307    
Net Profit per Customer USD ... ... ... ... ... ... ... ... ... ... ...                       58.8 52.6 53.0 60.1 42.2    
Loan per Customer USD ... ... ... ... ... ... ... ... ... ... ...                       3,870 4,539 4,378 4,941 5,148    
Deposit per Customer USD ... ... ... ... ... ... ... ... ... ... ...                       4,254 4,896 4,739 5,450 6,430    

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mBank's total revenues rose 24.7% yoy to PLN 2,695 mil in 2Q2023

By Helgi Library - August 8, 2023

mBank generated total banking revenues of PLN 2,695 mil in 2023-06-30, up 7.74% compared to the previous year. Polish banking sector banking sector generated total revenues of PLN 26,662 mil in 2023-06-30, down 4.41% when compared to the last year. ...

mBank's retail deposits rose 14.6% yoy to PLN 125,925 mil in 2Q2023

By Helgi Library - September 14, 2023

mBank's retail deposits reached PLN 125,925 mil in 2023-06-30, down 2.42% compared to the previous year. Polish banking sector accepted retail deposits of PLN 1,068 bil in 2023-06-30, up 1.91% when compared to the last year. mBank accounted for 11.8% of a...

mBank's mortgage loans fell 12.9% yoy to PLN 45,020 mil in 2Q2023

By Helgi Library - September 14, 2023

mBank's mortgage loans reached PLN 45,020 mil in 2023-06-30, down 3.95% compared to the previous year. Polish banking sector provided mortgage loans of PLN 445 bil in 2023-06-30, down 1.64% when compared to the last year. mBank accounted for 10.1% of all ...

mBank's employees rose 2.46% yoy to 7,171 in 2Q2023

By Helgi Library - September 14, 2023

mBank employed 7,171 persons in 2023-06-30, up 1.24% when compared to the previous year. Historically, the bank's workforce hit an all time high of 8,136 persons in 2011-06-30 and an all time low of 4,404 in 2006-03-31. Average cost reached USD 3,292 per month pe...

mBank's customer loans fell 6.19% yoy to PLN 118,319 mil in 2Q2023

By Helgi Library - August 8, 2023

mBank's customer loans reached PLN 118,319 mil in 2023-06-30, down 2.64% compared to the previous year. Polish banking sector provided customer loans of PLN 1,584 bil in 2023-06-30, down 0.064% when compared to the last year. mBank accounted for 7.47% of ...

mBank's retail loans fell 9.59% yoy to PLN 68,155 mil in 2Q2023

By Helgi Library - September 14, 2023

mBank's retail loans reached PLN 68,155 mil in the second quarter of 2023, down 2.95% compared to the previous year. Polish banking sector provided retail loans of PLN 722 bil in 2Q2023, down 0.570% when compared to the last year. mBank accounted for 9.44...

mBank's costs (as % of assets) fell 34.9% yoy to 1.31% in 2Q2023

By Helgi Library - September 14, 2023

mBank's cost to income ratio reached 26.1% in the second quarter of 2023, down from 34.2% when compared to the previous quarter. Historically, the bank’s costs reached an all time high of 76.5% of income in 3Q2022 and an all time low of 25.9% in 4Q2022. ...

mBank's corporate loans fell 0.978% yoy to PLN 53,429 mil in 2Q2023

By Helgi Library - September 14, 2023

mBank's loans reached PLN 121,727 mil in the second quarter of 2023, down from PLN 124,800 mil when compared to the previous quarter and down from PLN 129,483 mil when compared to the same period of last year. Historically, the bank’s loans reached ...

mBank's corporate deposits rose 1.79% yoy to PLN 50,215 mil in 2Q2023

By Helgi Library - September 14, 2023

mBank's corporate deposits reached PLN 50,215 mil in 2023-06-30, down 2.11% compared to the previous year. Polish banking sector accepted corporate deposits of PLN 634 bil in 2023-06-30, up 0.855% when compared to the last year. mBank accounted for 7.92% ...

mBank's consumer loans fell 2.37% yoy to PLN 23,135 mil in 2Q2023

By Helgi Library - September 14, 2023

mBank's consumer loans reached PLN 23,135 mil in 2023-06-30, down 0.924% compared to the previous year. Polish banking sector provided consumer loans of PLN 277 bil in 2023-06-30, up 1.20% when compared to the last year. mBank accounted for 8.35% of all c...

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mBank (formerly known as BRE Bank) is a Poland-based commercial bank. The Bank’s customer base includes 5.6 mil retail customers and 25 thousand corporations. The bank was established in 1986 as a small specialised bank, but the bank’s business profile changed substantially in late 2000 when BRE Bank launched its retail banking arm: mBank, the first Internet bank in Poland for mass clients and micro-enterprises. The domestic success of mBank meant that in 2007, the retail banking arm expanded abroad: mBank outlets were set up in the Czech Republic and Slovakia. Apart from offering the traditional banking services, mBank offers a wide range of other services such as leasing, factoring, brokerage and insurance

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Finance

mBank has been growing its revenues and asset by 6.78% and 7.47% a year on average in the last 10 years. Its loans and deposits have grown by 6.35% and 12.0% a year during that time and loans to deposits ratio reached 69.0% at the end of 2022. The company achieved an average return on equity of 6.09% in the last decade with net profit growing % a year on average. In terms of operating efficiency, its cost to income ratio reached 42.2% in 2022, compared to 41.1% average in the last decade.

Equity represented 6.06% of total assets or 10.6% of loans at the end of 2022. mBank's non-performing loans were 3.97% of total loans while provisions covered some 66.3% of NPLs at the end of 2022.

Valuation

mBank stock traded at per share at the end of 2022 resulting in a market capitalization of . Over the previous three years, stock price rose by 0% or 0% a year on average. That’s compared to an average ROE of -2.47% the bank generated for its shareholders. This closing price put stock at a 12-month trailing price to earnings (PE) of x and price to book value (PBV) of 0.988x in 2022.

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