mBank

mBank's net interest margin rose 5.39% yoy to 2.63% in 2Q2019

By Helgi Analytics - August 14, 2019

mBank's net interest margin amounted to 2.63% in the second quarter of 2019, up from 2.51% when compared to the previous quarter...

mBank's price/earnings (P/E) fell 68.5% yoy to 4.08 in 2Q2019

By Helgi Analytics - August 14, 2019

mBank stock traded at PLN 426 per share at the end second quarter of 2019 implying a market capitalization of USD 4,770 mil. Since the ...

mBank's employees rose 5.02% yoy to 6,677 in 2Q2019

By Helgi Analytics - August 14, 2019

mBank employed 6,677 persons in 2019-06-30, up 1.52% when compared to the previous year. Historically, the bank's workforce hit ...

Profit Statement 2016 2017 2018
Net Interest Income PLN mil 2,833 3,136 3,496
Net Fee Income PLN mil 906 992 976
Other Income PLN mil 556 326 587
Total Revenues PLN mil 4,295 4,454 5,059
Staff Cost PLN mil 877 903 952
Operating Profit PLN mil 2,332 2,410 2,895
Provisions PLN mil 365 508 694
Net Profit PLN mil 1,219 1,092 1,316
Balance Sheet 2016 2017 2018
Interbank Loans PLN mil 3,083 1,708 2,546
Customer Loans PLN mil 81,763 84,476 94,766
Debt Securities PLN mil 37,003 34,906 35,531
Total Assets PLN mil 133,744 131,424 145,750
Shareholders' Equity PLN mil 13,051 14,292 15,216
Interbank Borrowing PLN mil 8,487 5,073 3,078
Customer Deposits PLN mil 91,418 91,496 102,009
Issued Debt Securities PLN mil 18,320 17,576 21,505
Ratios 2016 2017 2018
ROE % 9.63 7.98 8.92
ROA % 0.948 0.823 0.950
Costs (As % Of Assets) % 1.53 1.54 1.56
Costs (As % Of Income) % 45.7 45.9 42.8
Capital Adequacy Ratio % 20.3 21.0 20.7
Net Interest Margin % 2.20 2.37 2.52
Loans (As % Of Deposits) % 89.4 92.3 92.9
NPLs (As % Of Loans) % 5.36 5.15 4.82
Provisions (As % Of NPLs) % 62.1 64.6 64.5
Valuation 2016 2017 2018
Market Capitalisation (End Of Period) USD mil 3,369 5,769 4,765
Share Price (End Of Period) PLN 333 475 424
Price/Earnings (P/E) 11.5 18.4 13.6
Price/Book Value (P/BV) 1.08 1.41 1.18
Dividend Yield % 0 0 0
Earnings Per Share (EPS) PLN 28.8 25.8 31.1
Book Value Per Share PLN 309 338 359
Dividend Per Share PLN 0 0 0

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summary Unit 1999 2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018
income statement                                        
Net Interest Income PLN mil ... ...                       2,280 2,226 2,491 2,511 2,833    
Total Revenues PLN mil ... ...                       3,757 3,884 4,180 4,279 4,295    
Operating Profit PLN mil ... ...                       1,909 1,995 2,169 2,093 2,332    
Net Profit PLN mil ... ...                       1,197 1,206 1,287 1,301 1,219    
balance sheet                                        
Interbank Loans PLN mil ... ...                       3,945 3,471 3,751 1,897 3,083    
Customer Loans PLN mil ... ...                       66,947 68,210 74,582 78,434 81,763    
Debt Securities PLN mil ... ...                       23,949 28,455 34,285 34,644 37,003    
Total Assets PLN mil ... ...                       135,591 140,183 117,986 123,523 133,744    
Shareholders' Equity PLN mil ... ...                       9,619 10,256 11,073 12,275 13,051    
Interbank Borrowing PLN mil ... ...                       21,111 19,224 13,384 12,019 8,487    
Customer Deposits PLN mil ... ...                       57,984 61,674 72,423 81,141 91,418    
Issued Debt Securities PLN mil ... ...                       11,596 11,620 19,292 16,047 18,320    
ratios                                        
ROE % ... ...                       13.5 12.1 12.1 11.1 9.63    
ROA % ... ...                       1.02 0.875 0.997 1.08 0.948    
Costs (As % Of Assets) % ... ...                       1.58 1.37 1.56 1.81 1.53    
Costs (As % Of Income) % ... ...                       49.2 48.6 48.1 51.1 45.7    
Capital Adequacy Ratio % ... ...                       18.7 19.4 14.7 17.3 20.3    
Net Interest Margin % ... ...                       1.94 1.61 1.93 2.08 2.20    
Interest Income (As % Of Revenues) % ... ...                       60.7 57.3 59.6 58.7 65.9    
Fee Income (As % Of Revenues) % ... ...                       20.9 21.5 21.6 21.0 21.1    
Staff Cost (As % Of Total Cost) % ... ...                       43.7 42.8 42.0 39.1 44.7    
Equity (As % Of Assets) % ... ...                       7.09 7.32 9.39 9.94 9.76    
Loans (As % Of Deposits) % ... ...                       115 111 103 96.7 89.4    
Loans (As % Assets) % ... ...                       49.4 48.7 63.2 63.5 61.1    
NPLs (As % Of Loans) % ... ...                       5.23 6.27 6.35 5.69 5.36    
Provisions (As % Of NPLs) % ... ...                       69.6 53.6 56.8 64.3 62.1    
valuation                                        
Market Capitalisation (End Of Period) USD mil ... ...                       4,442 6,977 5,932 3,842 3,369    
Number Of Shares (Average) mil                           42.2 42.2 42.2 42.2 42.3    
Share Price (End Of Period) PLN ... ...                       326 499 498 322 333    
Earnings Per Share (EPS) PLN ... ...                       28.4 28.6 30.5 30.8 28.8    
Book Value Per Share PLN ... ...                       228 243 263 291 309    
Dividend Per Share PLN                           9.99 17.0 0 0 0    
Price/Earnings (P/E) ... ...   ...   ...               11.5 17.4 16.3 10.5 11.5    
Price/Book Value (P/BV) ... ...                       1.43 2.05 1.90 1.11 1.08    
Dividend Yield % ... ...                       3.06 3.41 0 0 0    
Earnings Per Share Growth % ... ... ...                     5.48 0.719 6.66 0.979 -6.39    
Book Value Per Share Growth % ... ... ...                     19.1 6.54 7.96 10.7 6.22    
income statement Unit 1999 2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018
income statement                                        
Interest Income PLN mil ... ...                       4,523 3,950 3,956 3,661 3,873    
Interest Cost PLN mil ... ...                       2,244 1,724 1,466 1,149 1,040    
Net Interest Income PLN mil ... ...                       2,280 2,226 2,491 2,511 2,833    
Net Fee Income PLN mil ... ...                       787 835 902 897 906    
Other Income PLN mil ... ...                       691 823 788 871 556    
Total Revenues PLN mil ... ...                       3,757 3,884 4,180 4,279 4,295    
Staff Cost PLN mil ... ...                       808 808 844 855 877    
Depreciation PLN mil ... ...                       196 188 190 200 224    
Other Cost PLN mil ... ...                       844 892 978 1,131 863    
Operating Cost PLN mil ... ...                       1,848 1,888 2,012 2,186 1,963    
Operating Profit PLN mil ... ...                       1,909 1,995 2,169 2,093 2,332    
Provisions PLN mil ... ...                       445 478 516 421 365    
Extra and Other Cost PLN mil ... ...                       0 0 0 54.2 329    
Pre-Tax Profit PLN mil ... ...                       1,465 1,518 1,653 1,618 1,638    
Tax PLN mil ... ...                       267 309 363 314 416    
Minorities PLN mil ... ...                       0.581 2.60 2.64 2.88 2.94    
Net Profit PLN mil ... ...                       1,197 1,206 1,287 1,301 1,219    
Dividends PLN mil                           421 717 0 0 0    
growth rates                                        
Net Interest Income Growth % ... ... ...                     5.19 -2.36 11.9 0.832 12.8    
Net Fee Income Growth % ... ... ...                     -6.36 6.13 8.02 -0.501 1.03    
Total Revenue Growth % ... ... ...                     6.72 3.37 7.64 2.37 0.379    
Operating Cost Growth % ... ... ...                     9.97 2.19 6.54 8.66 -10.2    
Operating Profit Growth % ... ... ...                     3.75 4.51 8.68 -3.47 11.4    
Pre-Tax Profit Growth % ... ... ...                     -0.196 3.61 8.89 -2.11 1.23    
Net Profit Growth % ... ... ...                     5.54 0.756 6.66 1.13 -6.30    
market share                                        
Market Share in Revenues % ... ...                       6.39 7.00 7.25 7.65 7.24   ...
Market Share in Net Profit % ... ...   ...   ...               7.74 7.95 8.10 11.6 8.76   ...
Market Share in Employees % ... ... ... ... ...                 3.37 3.39 3.59 3.73 3.77   ...
Market Share in Bank Cards % ... ... ... ... ... ...               16.5 7.78 7.67 10.4 8.95   ...
Market Share in Debit Cards % ... ... ... ... ... ... ...             18.0 8.45 8.22 11.1 9.36   ...
Market Share in Credit Cards % ... ... ... ... ... ... ...             10.9 4.76 4.91 5.72 5.26   ...
Market Share in Branches % ... ... ... ... ... ...               1.48 1.48 1.72 1.92 2.18   ...
balance sheet Unit 1999 2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018
balance sheet                                        
Cash PLN mil ... ...                       4,819 1,650 3,055 5,938 9,164    
Interbank Loans PLN mil ... ...                       3,945 3,471 3,751 1,897 3,083    
Customer Loans PLN mil ... ...                       66,947 68,210 74,582 78,434 81,763    
Retail Loans PLN mil ... ... ... ... ...                 37,704 38,308 41,561 46,259 48,950    
Mortgage Loans PLN mil ... ... ... ... ... ...               29,094 28,693 30,511 34,184 35,369    
Consumer Loans PLN mil ... ... ... ... ... ...               8,610 9,615 11,050 12,075 13,581    
Corporate Loans PLN mil ... ... ... ... ...                 28,405 29,475 32,841 33,447 34,174    
Debt Securities PLN mil ... ...                       23,949 28,455 34,285 34,644 37,003    
Fixed Assets PLN mil ... ...                       1,210 1,165 1,183 1,264 1,340    
Total Assets PLN mil ... ...                       135,591 140,183 117,986 123,523 133,744    
Shareholders' Equity PLN mil ... ...                       9,619 10,256 11,073 12,275 13,051    
Of Which Minority Interest PLN mil ... ...                       24.5 27.1 29.7 32.6 27.4    
Liabilities PLN mil ... ...                       125,972 129,926 106,913 111,248 120,692    
Interbank Borrowing PLN mil ... ...                       21,111 19,224 13,384 12,019 8,487    
Customer Deposits PLN mil ... ...                       57,984 61,674 72,423 81,141 91,418    
Retail Deposits PLN mil ... ... ... ... ...                 33,234 34,203 39,285 46,117 53,495    
Corporate Deposits PLN mil ... ... ... ... ...                 24,249 26,753 32,237 34,424 37,384    
Sight Deposits PLN mil ... ... ... ... ... ... ... ... ... ... ... ... ... ... ... 42,119 49,736 60,583    
Term Deposits PLN mil ... ... ... ... ... ... ... ... ... ... ... ... ... ... ... 30,304 31,405 30,835    
Issued Debt Securities PLN mil ... ...                       11,596 11,620 19,292 16,047 18,320    
Other Liabilities PLN mil ... ...                       35,282 37,409 1,815 2,041 2,468    
asset quality                                        
Non-Performing Loans PLN mil ... ...                       3,632 4,424 4,915 4,631 4,537    
Gross Loans PLN mil ... ...                       69,475 70,582 77,373 81,409 84,581    
Total Provisions PLN mil ... ...                       2,529 2,371 2,791 2,976 2,818    
growth rates                                        
Customer Loan Growth % ... ... ...                     -1.33 1.89 9.34 5.16 4.25    
Retail Loan Growth % ... ... ... ... ... ...               -2.55 1.60 8.49 11.3 5.82    
Mortgage Loan Growth % ... ... ... ... ... ... ...             -5.97 -1.38 6.33 12.0 3.47    
Consumer Loan Growth % ... ... ... ... ... ... ...             11.1 11.7 14.9 9.27 12.5    
Corporate Loan Growth % ... ... ... ... ... ...               1.85 3.77 11.4 1.84 2.18    
Total Asset Growth % ... ... ...                     37.1 3.39 -15.8 4.69 8.27    
Shareholders' Equity Growth % ... ... ...                     19.2 6.63 7.96 10.9 6.32    
Customer Deposit Growth % ... ... ...                     6.89 6.36 17.4 12.0 12.7    
Retail Deposit Growth % ... ... ... ... ... ...               24.5 2.92 14.9 17.4 16.0    
Corporate Deposit Growth % ... ... ... ... ... ...               -10.2 10.3 20.5 6.78 8.60    
market share                                        
Market Share in Customer Loans % ... ...                       7.15 7.02 7.18 7.10 7.03   ...
Market Share in Corporate Loans % ... ... ... ... ...                 10.4 10.6 10.9 10.2 9.91   ...
Market Share in Retail Loans % ... ... ... ... ... ...               4.07 4.39 4.74 4.88 5.22   ...
Market Share in Consumer Loans % ... ... ... ... ...                 7.07 6.91 7.06 7.36 7.41   ...
Market Share in Mortgage Loans % ... ... ... ... ... ...               9.04 8.55 8.57 8.97 8.84   ...
Market Share in Total Assets % ... ...                       10.0 9.97 7.70 7.72 7.82   ...
Market Share in Customer Deposits % ... ...                       6.24 6.31 6.92 7.28 7.54   ...
Market Share in Retail Deposits % ... ... ... ... ...                 6.44 6.24 6.48 6.93 7.32   ...
Market Share in Corporate Deposits % ... ... ... ... ...                 12.7 12.8 14.1 13.6 13.6   ...
ratios Unit 1999 2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018
ratios                                        
ROE % ... ...                       13.5 12.1 12.1 11.1 9.63    
ROA % ... ...                       1.02 0.875 0.997 1.08 0.948    
Costs (As % Of Assets) % ... ...                       1.58 1.37 1.56 1.81 1.53    
Costs (As % Of Income) % ... ...                       49.2 48.6 48.1 51.1 45.7    
Capital Adequacy Ratio % ... ...                       18.7 19.4 14.7 17.3 20.3    
Tier 1 Ratio % ... ... ... ... ... ... ... ... ...     ... ... ... ... 12.2 14.3 17.3    
Net Interest Margin % ... ...                       1.94 1.61 1.93 2.08 2.20    
Interest Spread % ... ... ...                     1.79 1.52 1.83 1.98 2.11    
Asset Yield % ... ...                       3.86 2.86 3.06 3.03 3.01    
Cost Of Liabilities % ... ... ...                     2.07 1.35 1.24 1.05 0.897    
Payout Ratio % ... ...                       35.2 59.4 0 0 0    
Interest Income (As % Of Revenues) % ... ...                       60.7 57.3 59.6 58.7 65.9    
Fee Income (As % Of Revenues) % ... ...                       20.9 21.5 21.6 21.0 21.1    
Other Income (As % Of Revenues) % ... ...                       18.4 21.2 18.9 20.3 12.9    
Cost Per Employee USD per month ... ... ... ... ...                 3,373 3,509 3,398 3,324 2,770    
Cost Per Employee (Local Currency) PLN per month ... ... ... ... ...                 10,976 11,091 11,134 10,891 11,191    
Staff Cost (As % Of Total Cost) % ... ...                       43.7 42.8 42.0 39.1 44.7    
Equity (As % Of Assets) % ... ...                       7.09 7.32 9.39 9.94 9.76    
Loans (As % Of Deposits) % ... ...                       115 111 103 96.7 89.4    
Loans (As % Assets) % ... ...                       49.4 48.7 63.2 63.5 61.1    
NPLs (As % Of Loans) % ... ...                       5.23 6.27 6.35 5.69 5.36    
Provisions (As % Of NPLs) % ... ...                       69.6 53.6 56.8 64.3 62.1    
Provisions (As % Of Loans) % ... ...                       3.78 3.48 3.74 3.79 3.45    
Cost of Provisions (As % Of Loans) % ... ...                       0.660 0.707 0.723 0.551 0.456    
other data Unit 1999 2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018
other data                                        
Branches ... ... ... ... ... ...               227 226 258 278 316    
Employees ... ... ... ... ...                 6,138 6,073 6,318 6,540 6,528    
Clients mil ... ... ... ... ... ...               4.13 4.37 4.69 4.97 5.07    
Payment Cards '000 ... ... ... ... ... ...               5,485 2,676 2,742 3,575 3,185    
Debit Cards '000 ... ... ... ... ... ... ...             4,784 2,385 2,445 3,243 2,876    
Credit Cards '000 ... ... ... ... ... ... ...             702 292 297 332 309    
Sight (As % Of Customer Deposits) % ... ... ... ... ... ... ... ... ... ... ... ... ... ... ... 58.2 61.3 66.3    
Risk-Weighted Assets PLN mil ... ... ... ... ... ... ... ... ... ... ... ... ... ... ... 55,473 59,040 55,821    

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mBank's corporate loans rose 15.4% yoy to PLN 47,047 mil in 2Q2019

By Helgi Analytics - August 14, 2019

mBank's loans reached PLN 103,651 mil in the second quarter of 2019, up from PLN 100,855 mil when compared to the previous quarter and up from PLN 92,655 mil when compared to the same period of last year. Historically, the bank’s loans reached an al...

mBank's capital adequacy ratio fell 2.01% yoy to 19.7% in 2Q2019

By Helgi Analytics - August 14, 2019

mBank's capital adequacy ratio reached 19.7% at the end of second quarter of 2019, down from 20.6% when compared to the previous quarter. Historically, the bank’s capital ratio hit an all time high of 21.6% in 1Q2017 and an all time low of 14.7% in 4Q2014. Th...

mBank's share price (end of period) rose 6.55% yoy to PLN 426 in 2Q2019

By Helgi Analytics - August 14, 2019

mBank stock traded at PLN 426 per share at the end of second quarter of 2019 implying a market capitalization of USD 4,770 mil. Over the last five years, the stock has depreciated by -15.6 % implying an annual average growth of -3.35 %. In absolute terms, the value of...

mBank's net profit rose 13.1% yoy to PLN 332 mil in 2Q2019

By Helgi Analytics - August 14, 2019

mBank made a net profit of PLN 332 mil in the second quarter of 2019, up 13.1% when compared to the same period of last year. This implies a return on equity of 8.56%. Historically, the bank’s net profit reached an all time high of PLN 698 mil in 1Q2008 and an al...

mBank's net interest income rose 16.8% yoy to PLN 998 mil in 2Q2019

By Helgi Analytics - August 14, 2019

mBank generated total banking revenues of PLN 1,329 mil in the second quarter of 2019, up 9.37% when compared to the same period of last year and 5.38% when compared to the previous quarter. Historically, the bank’s revenues containing of interest, fee an...

mBank's costs (as % of assets) fell 4.71% yoy to 1.42% in 2Q2019

By Helgi Analytics - August 14, 2019

mBank's cost to income ratio reached 40.4% in the second quarter of 2019, down from 56.7% when compared to the previous quarter. Historically, the bank’s costs reached an all time high of 58.6% of income in 4Q2015 and an all time low of 40.4% in 2Q2019. ...

mBank's npls (as % of loans) fell 7.02% yoy to 4.79% in 2Q2019

By Helgi Analytics - August 14, 2019

mBank's non-performing loans reached 4.79% of total loans at the end of 2019-06-30, down from 5.15% compared to the previous year. Historically, the NPL ratio hit an all time high of 6.37% in 2014-06-30 and an all time low of 2.21% in 2008-12-31. Provision ...

mBank's market capitalisation (end of period) rose 0.827% to USD 4,770 mil in 2Q2019

By Helgi Analytics - January 26, 2020

mBank stock traded at PLN 426 per share at the end of second quarter of 2019 implying a market capitalization of USD 4,770 mil. Over the last five years, the stock has depreciated by 15.6 implying an annual average growth of -3.35% In absolute terms, the ...

mBank's equity (as % of assets) fell 0.802% yoy to 10.3% in 2Q2019

By Helgi Analytics - October 7, 2019

mBank's Equity reached 11.2% of total assets in the 2Q2019, down from 11.7% for the previous year. As a share of net customer loans, the ratio amounted to 17.1% at the end of the second quarter of 2019. ...

mBank's Cost of Risk fell 5.20% yoy to 0.588% in 2Q2019

By Helgi Analytics - August 23, 2019

mBank's Cost of Risk (loan loss provisions as % of total assets) amounted to 0.588% in the second quarter of 2019, up from 0.386% when compared to the previous quarter. Historically, the bank’s cost of risk reached an all time high of 2.17% in 2Q2009 and an ...

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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 5.87% and 5.84% a year on average in the last 10 years. Its loans and deposits have grown by 6.16% and 10.5% a year during that time and loans to deposits ratio reached 92.9% at the end of 2018. The company achieved an average return on equity of 10.5% in the last decade with net profit growing 4.38% a year on average. In terms of operating efficiency, its cost to income ratio reached 42.8% in 2018, compared to 48.5% average in the last decade.

Equity represented 10.4% of total assets or 16.1% of loans at the end of 2018. mBank's non-performing loans were 4.82% of total loans while provisions covered some 64.5% of NPLs at the end of 2018.

Valuation

mBank stock traded at PLN 424 per share at the end of 2018 resulting in a market capitalization of USD 4,765 mil. Over the previous five years, stock price fell by 14.9% or 3.18% a year on average. That’s compared to an average ROE of 9.95% the bank generated for its shareholders. This closing price put stock at a 12-month trailing price to earnings (PE) of 13.6x and price to book value (PBV) of 1.18x in 2018.