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mBank

mBank's net interest margin rose 61.3% yoy to 3.80% in 4Q2022

By Helgi Analytics - March 8, 2023

mBank's net interest margin amounted to 3.80% in the fourth quarter of 2022, up from 1.44% when compared to the previous quarter...

mBank's customer deposits rose 5.53% yoy to PLN 170,253 mil in 3Q2022

By Helgi Analytics - March 8, 2023

mBank's customer deposits reached PLN 170,253 mil in 2022-09-30, up 5.68% compared to the previous year. Polish banking sector ...

mBank's customer loans rose 4.70% yoy to PLN 125,289 mil in 3Q2022

By Helgi Analytics - March 8, 2023

mBank's customer loans reached PLN 125,289 mil in 2022-09-30, down 0.660% compared to the previous year. Polish banking sector ...

Annual Quarterly
Profit Statement 2018 2019 2020
Net Interest Income PLN mil 3,500 4,007 4,014
Net Fee Income PLN mil 976 965 1,508
Other Income PLN mil 937 1,355 1,248
Total Revenues PLN mil 5,413 6,327 6,771
Staff Cost PLN mil 952 1,019 975
Operating Profit PLN mil 3,122 3,789 4,125
Provisions PLN mil 528 712 1,226
Net Profit PLN mil 1,091 1,272 931
Balance Sheet 2018 2019 2020
Interbank Loans PLN mil 3,693 4,355 7,458
Customer Loans PLN mil 93,576 105,161 109,540
Investments PLN mil 34,598 36,211 54,316
Total Assets PLN mil 145,781 158,721 180,136
Shareholders' Equity PLN mil 15,171 16,153 16,675
Interbank Borrowing PLN mil 21,872 18,777 16,489
Customer Deposits PLN mil 101,296 115,989 136,834
Issued Debt Securities PLN mil 2,474 2,997 3,350
Ratios 2018 2019 2020
ROE % 7.41 8.12 5.67
ROA % 0.787 0.836 0.550
Costs (As % Of Assets) % 1.65 1.67 1.56
Costs (As % Of Income) % 42.3 40.1 39.1
Capital Adequacy Ratio % 20.7 19.5 19.8
Net Interest Margin % 2.53 2.63 2.37
Loans (As % Of Deposits) % 92.4 90.7 80.1
NPLs (As % Of Loans) % 4.12 3.79 4.18
Provisions (As % Of NPLs) % 76.5 77.7 77.0
Valuation 2018 2019 2020
Market Capitalisation USD mil 4,795 4,351 2,032
Number Of Shares mil 42.3 42.4 42.4
Share Price PLN 424 389 179
Price/Earnings (P/E) 16.5 13.0 8.15
Price/Book Value (P/BV) 1.18 1.02 0.455
Dividend Yield % 0 0 0
Earnings Per Share (EPS) PLN 25.8 30.0 22.0
Book Value Per Share PLN 358 381 393
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
income statement                                                      
Net Interest Income PLN mil ...                                       2,511 2,529 2,836 3,139 3,500    
Total Revenues PLN mil ... ...                                     4,531 4,493 4,988 5,206 5,413    
Operating Profit PLN mil ... ...                                     2,701 2,563 2,954 3,058 3,122    
Net Profit PLN mil ...                                       1,310 1,285 1,199 1,075 1,091    
balance sheet                                                      
Interbank Loans PLN mil                                         8,188 2,945 3,894 1,765 3,693    
Customer Loans PLN mil ... ...                                     70,744 77,403 81,707 84,419 93,576    
Investments PLN mil   ...                     ... ... ...           28,245 31,278 34,440 33,670 34,598    
Total Assets PLN mil ... ...                                     117,986 123,523 133,744 131,424 145,781    
                                                         
Shareholders' Equity PLN mil                                         11,073 12,275 13,051 14,292 15,171    
Interbank Borrowing PLN mil ...                                       20,129 22,059 22,748 19,836 21,872    
Customer Deposits PLN mil                                         68,672 80,047 89,818 91,056 101,296    
Issued Debt Securities PLN mil ...                                       11,475 3,827 3,943 2,158 2,474    
ratios                                                      
ROE % ...                                       12.3 11.0 9.47 7.87 7.41    
ROA % ... ... ...                                   1.18 1.06 0.932 0.811 0.787    
Costs (As % Of Assets) % ... ... ...                                   1.65 1.60 1.58 1.62 1.65    
Costs (As % Of Income) % ... ...                                     40.4 42.9 40.8 41.3 42.3    
Capital Adequacy Ratio %                                         14.7 17.3 20.3 21.0 20.7    
Net Interest Margin % ... ... ...                                   2.26 2.09 2.20 2.37 2.53    
Interest Income (As % Of Revenues) % ... ...                                     55.4 56.3 56.9 60.3 64.7    
Fee Income (As % Of Revenues) % ... ...                                     19.9 20.0 18.2 19.1 18.0    
Staff Cost (As % Of Total Cost) %   ...                 ...                   44.8 43.3 42.5 42.0 41.6    
Equity (As % Of Assets) % ... ...                                     9.39 9.94 9.76 10.9 10.4    
Loans (As % Of Deposits) % ... ...                                     103 96.7 91.0 92.7 92.4    
Loans (As % Assets) % ... ...                                     60.0 62.7 61.1 64.2 64.2    
NPLs (As % Of Loans) % ... ...                 ... ...                 6.68 5.76 5.37 5.16 4.12    
Provisions (As % Of NPLs) % ... ...                 ... ...                 56.8 64.3 62.1 64.6 76.5    
valuation                                                      
Market Capitalisation USD mil                                         5,939 3,376 3,394 5,665 4,795    
Number Of Shares mil   ... ... ... ... ... ...   ... ... ...                   42.2 42.2 42.3 42.3 42.3    
Share Price PLN                                         498 314 335 465 424    
Earnings Per Share (EPS) PLN   ... ... ... ... ... ...   ... ... ...                   31.0 30.4 28.4 25.4 25.8    
Book Value Per Share PLN   ... ... ... ... ... ...   ... ... ...                   262 291 309 338 358    
Dividend Per Share PLN                                         0 0 0 5.15 0    
Price/Earnings (P/E)   ... ... ... ... ... ...   ... ... ...                   16.1 10.3 11.8 18.3 16.5    
Price/Book Value (P/BV)   ... ... ... ... ... ...   ... ... ...                   1.90 1.08 1.09 1.38 1.18    
Dividend Yield %                                         0 0 0 1.11 0    
Earnings Per Share Growth % ... ... ... ... ... ... ... ... ... ... ... ...                 8.28 -1.94 -6.75 -10.4 1.40    
Book Value Per Share Growth % ... ... ... ... ... ... ... ... ... ... ... ...                 7.82 10.8 6.24 9.42 6.08    
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
income statement                                                      
Interest Income PLN mil   ...                                     3,976 3,678 3,876 4,056 4,522    
Interest Cost PLN mil ... ...                                     1,466 1,149 1,040 916 1,022    
Net Interest Income PLN mil ...                                       2,511 2,529 2,836 3,139 3,500    
Net Fee Income PLN mil ... ...                                     902 897 906 992 976    
Fee Income PLN mil ... ...                                     1,400 1,434 1,551 1,660 1,630    
Fee Expense PLN mil ... ...                                     498 537 644 668 654    
Other Income PLN mil ... ...                                     1,119 1,067 1,246 1,075 937    
Total Revenues PLN mil ... ...                                     4,531 4,493 4,988 5,206 5,413    
Staff Cost PLN mil   ...                 ...                   819 835 865 903 952    
Operating Cost PLN mil   ...                                     1,831 1,930 2,035 2,148 2,291    
Operating Profit PLN mil ... ...                                     2,701 2,563 2,954 3,058 3,122    
Provisions PLN mil                                         521 425 367 508 528    
Extra and Other Cost PLN mil ... ...                                     498 541 973 1,042 1,069    
Pre-Tax Profit PLN mil ... ...                                     1,681 1,598 1,613 1,508 1,526    
Tax PLN mil ...                                       369 310 411 429 434    
Minorities PLN mil   ...                                     2.64 2.88 2.94 3.54 -0.082    
Net Profit PLN mil ...                                       1,310 1,285 1,199 1,075 1,091    
Net Profit Avail. to Common PLN mil   ...                                     1,310 1,285 1,199 1,075 1,091    
Dividends PLN mil ... ...                       ... ...           0 0 0 218 0    
growth rates                                                      
Net Interest Income Growth % ... ...                                     11.5 0.727 12.1 10.7 11.5    
Net Fee Income Growth % ... ... ...                                   8.02 -0.501 1.03 9.46 -1.64    
Total Revenue Growth % ... ... ...                                   7.61 -0.837 11.0 4.36 3.99    
Operating Cost Growth % ... ... ...                                   4.40 5.42 5.44 5.55 6.69    
Operating Profit Growth % ... ... ...                                   9.91 -5.08 15.2 3.53 2.09    
Pre-Tax Profit Growth % ... ... ...                                   10.6 -4.96 0.937 -6.50 1.17    
Net Profit Growth % ... ...                                     8.44 -1.89 -6.69 -10.3 1.48    
market share                                                      
Market Share in Revenues % ... ...                                     7.85 8.03 8.41 8.43 8.41    
Market Share in Net Profit % ...               ...   ...                   8.25 11.5 8.62 7.91 8.36    
Market Share in Employees %             ...     ... ... ... ... ...             4.79 5.02 4.98 3.93 4.01   ...
Market Share in Branches % ... ... ... ... ... ... ... ... ... ... ... ...                 2.10 2.74 2.81 3.20 3.61    
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
balance sheet                                                      
Cash & Cash Equivalents PLN mil                                         3,055 5,938 9,164 7,385 9,199    
Interbank Loans PLN mil                                         8,188 2,945 3,894 1,765 3,693    
Customer Loans PLN mil ... ...                                     70,744 77,403 81,707 84,419 93,576    
Retail Loans PLN mil ... ...   ... ... ... ... ... ... ... ...                   41,561 46,259 48,950 48,143 52,925    
Mortgage Loans PLN mil ... ... ... ... ... ... ... ... ... ... ... ... ... ... ...           30,511 34,184 35,369 32,593 34,697    
Consumer Loans PLN mil ... ... ... ... ... ... ... ... ... ... ... ... ... ... ...           11,050 12,075 13,581 15,550 18,229    
Corporate Loans PLN mil ... ...   ... ... ... ... ... ... ... ...                   29,003 32,416 34,118 37,885 30,061    
Investments PLN mil   ...                     ... ... ...           28,245 31,278 34,440 33,670 34,598    
Property and Equipment PLN mil ... ...                                     717 745 757 759 785    
Intangible Assets PLN mil ... ... ...                                   466 519 583 711 776    
Goodwill PLN mil ... ... ... ... ... ... ... ... ... ... ... ... ... ... ...           3.53 3.53 3.53 3.53 3.53   ...
Total Assets PLN mil ... ...                                     117,986 123,523 133,744 131,424 145,781    
                                                         
Shareholders' Equity PLN mil                                         11,073 12,275 13,051 14,292 15,171    
Of Which Minority Interest PLN mil   ...                                     29.7 32.6 27.4 2.19 2.10    
Liabilities PLN mil ... ...                                     106,913 111,248 120,692 117,132 130,609    
Interbank Borrowing PLN mil ...                                       20,129 22,059 22,748 19,836 21,872    
Customer Deposits PLN mil                                         68,672 80,047 89,818 91,056 101,296    
Sight Deposits PLN mil ...                       ...               42,119 49,736 60,583 65,820 74,123    
Term Deposits PLN mil ...                       ...               22,581 25,946 24,358 20,442 22,963    
Issued Debt Securities PLN mil ...                                       11,475 3,827 3,943 2,158 2,474    
Subordinated Debt PLN mil ... ... ... ... ... ... ... ...                         4,128 3,827 3,943 2,158 2,474    
Other Liabilities PLN mil ... ...                                     6,637 5,314 4,184 4,082 4,968    
asset quality                                                      
Non-Performing Loans PLN mil ... ...                 ... ...                 4,915 4,631 4,537 4,504 3,977    
Gross Loans PLN mil                                         73,535 80,378 84,524 87,331 96,619    
Risk-Weighted Assets PLN mil ... ... ... ... ... ... ... ... ... ... ... ...                 66,500 69,392 65,260 68,032 76,240    
Total Provisions PLN mil   ...                                     2,791 2,976 2,818 2,912 3,043    
growth rates                                                      
Customer Loan Growth % ... ... ...                                   8.97 9.41 5.56 3.32 10.8    
Retail Loan Growth % ... ... ... ... ... ... ... ... ... ... ... ...                 8.49 11.3 5.82 -1.65 9.93    
Mortgage Loan Growth % ... ... ... ... ... ... ... ... ... ... ... ... ... ... ... ...         6.33 12.0 3.47 -7.85 6.45    
Consumer Loan Growth % ... ... ... ... ... ... ... ... ... ... ... ... ... ... ... ...         14.9 9.27 12.5 14.5 17.2    
Corporate Loan Growth % ... ... ... ... ... ... ... ... ... ... ... ...                 10.7 11.8 5.25 11.0 -20.7    
Total Asset Growth % ... ... ...                                   13.1 4.69 8.27 -1.73 10.9    
Shareholders' Equity Growth % ...                                       7.96 10.9 6.32 9.50 6.16    
Customer Deposit Growth % ...                                       20.4 16.6 12.2 1.38 11.2    
market share                                                      
Market Share in Customer Loans % ... ...                                     6.81 7.00 7.03 7.00 7.59    
Market Share in Corporate Loans % ... ...   ... ... ... ... ... ... ... ...                   9.64 9.90 9.89 10.4 8.07    
Market Share in Retail Loans % ... ... ... ... ... ... ... ... ... ... ... ... ... ... ...           4.74 4.88 5.22 5.60 6.78    
Market Share in Consumer Loans % ... ...   ... ... ... ... ... ... ... ...                   7.06 7.36 7.41 7.16 7.53    
Market Share in Mortgage Loans % ... ... ... ... ... ... ... ... ... ... ... ... ... ... ...           8.57 8.97 8.84 8.27 7.99    
Market Share in Total Assets % ... ...                                     7.70 7.72 7.82 7.38 7.35    
Market Share in Customer Deposits %                                         6.56 7.18 7.41 7.17 8.20    
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
                                                       
ROE % ...                                       12.3 11.0 9.47 7.87 7.41    
ROTE % ... ... ... ...                                 12.8 11.5 9.90 8.26 7.80    
ROE (@ 15% of RWA) % ... ... ... ... ... ... ... ... ... ... ... ... ...               13.9 12.6 11.9 10.8 10.1    
ROA % ... ... ...                                   1.18 1.06 0.932 0.811 0.787    
Return on Loans % ... ... ...                                   1.93 1.73 1.51 1.29 1.23    
Operating Profit (As % of RWA) % ... ... ... ... ... ... ... ... ... ... ... ... ...               4.31 3.77 4.39 4.59 4.33    
Costs (As % Of Assets) % ... ... ...                                   1.65 1.60 1.58 1.62 1.65    
Costs (As % Of Income) % ... ...                                     40.4 42.9 40.8 41.3 42.3    
Costs (As % Of Loans) % ... ... ...                                   2.70 2.61 2.56 2.59 2.57    
Costs (As % Of Loans & Deposits) % ... ... ...                                   1.40 1.30 1.24 1.24 1.24    
Capital Adequacy Ratio %                                         14.7 17.3 20.3 21.0 20.7    
Tier 1 Ratio % ... ... ... ... ... ... ... ... ... ... ... ... ... ... ...           12.2 14.3 17.3 18.3 17.5    
Net Interest Margin % ... ... ...                                   2.26 2.09 2.20 2.37 2.53    
Interest Spread % ... ... ...                                   2.12 1.99 2.12 2.29 2.44    
Asset Yield % ... ... ...                                   3.58 3.05 3.01 3.06 3.26    
Revenues (As % of RWA) % ... ... ... ... ... ... ... ... ... ... ... ... ...               7.23 6.61 7.41 7.81 7.50    
Cost Of Liabilities % ... ... ...                                   1.46 1.05 0.897 0.771 0.825    
Payout Ratio % ... ...                       ... ...           0 0 0 20.3 0    
Interest Income (As % Of Revenues) % ... ...                                     55.4 56.3 56.9 60.3 64.7    
Fee Income (As % Of Revenues) % ... ...                                     19.9 20.0 18.2 19.1 18.0    
Other Income (As % Of Revenues) % ... ...                                     24.7 23.8 25.0 20.6 17.3    
Staff Cost (As % Of Total Cost) %   ...                 ...                   44.8 43.3 42.5 42.0 41.6    
Equity (As % Of Assets) % ... ...                                     9.39 9.94 9.76 10.9 10.4    
Equity (As % Of Loans) % ... ...                                     15.7 15.9 16.0 16.9 16.2    
Loans (As % Of Deposits) % ... ...                                     103 96.7 91.0 92.7 92.4    
Loans (As % Assets) % ... ...                                     60.0 62.7 61.1 64.2 64.2    
NPLs (As % Of Loans) % ... ...                 ... ...                 6.68 5.76 5.37 5.16 4.12    
Provisions (As % Of NPLs) % ... ...                 ... ...                 56.8 64.3 62.1 64.6 76.5    
Provisions (As % Of Loans) % ... ...                                     3.95 3.84 3.45 3.45 3.25    
Cost of Provisions (As % Of Loans) % ... ... ...                                   0.769 0.574 0.462 0.611 0.593    
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
                                                       
Branches ... ... ... ... ... ... ... ... ... ... ... ...                 256 325 316 333 358    
Employees             ...     ... ... ... ... ...             8,277 8,587 8,401 6,455 6,524   ...
Employees Per Bank Branch ... ... ... ... ... ... ... ... ... ... ... ... ... ...             32.3 26.4 26.6 19.4 18.2   ...
Cost Per Employee USD per month   ...         ...     ... ... ... ... ...             2,517 2,178 2,124 3,043 3,360   ...
Cost Per Employee (Local Currency) PLN per month   ...         ...     ... ... ... ... ...             8,249 8,104 8,583 11,656 12,164   ...
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
                                                       
Customers mil ... ... ... ... ... ... ... ... ... ... ... ... ... ... ... ... ... ... ...   4.55 4.66 5.05 5.34 5.69    
Number of Primary Customers mil ... ... ... ... ... ... ... ... ... ... ... ... ... ... ... ... ... ... ... ... ... 0.565 0.854 1.18 1.48    
Primary (As % of Total Clients) % ... ... ... ... ... ... ... ... ... ... ... ... ... ... ... ... ... ... ... ... ... 12.1 16.9 22.1 26.1    
                                                         
Market Value per Customer (Local Currency) PLN ... ... ... ... ... ... ... ... ... ... ... ... ... ... ... ... ... ... ...   4,619 2,824 2,808 3,692 3,171    
Revenue per Customer (Local Currency) PLN ... ... ... ... ... ... ... ... ... ... ... ... ... ... ... ... ... ... ...   996 964 988 974 952    
Net Profit per Customer (Local Currency) PLN ... ... ... ... ... ... ... ... ... ... ... ... ... ... ... ... ... ... ...   288 276 237 201 192    
Loan per Customer (Local Currency) PLN ... ... ... ... ... ... ... ... ... ... ... ... ... ... ... ... ... ... ...   15,543 16,599 16,175 15,802 16,460    
Deposit per Customer (Local Currency) PLN ... ... ... ... ... ... ... ... ... ... ... ... ... ... ... ... ... ... ...   15,088 17,166 17,780 17,044 17,818    
Market Value per Customer USD ... ... ... ... ... ... ... ... ... ... ... ... ... ... ... ... ... ... ...   1,305 724 672 1,060 843    
Revenue per Customer USD ... ... ... ... ... ... ... ... ... ... ... ... ... ... ... ... ... ... ...   304 259 244 254 263    
Net Profit per Customer USD ... ... ... ... ... ... ... ... ... ... ... ... ... ... ... ... ... ... ...   87.8 74.1 58.8 52.6 53.0    
Loan per Customer USD ... ... ... ... ... ... ... ... ... ... ... ... ... ... ... ... ... ... ...   4,390 4,255 3,870 4,539 4,378    
Deposit per Customer USD ... ... ... ... ... ... ... ... ... ... ... ... ... ... ... ... ... ... ...   4,262 4,400 4,254 4,896 4,739    

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mBank's net profit rose 151% yoy to PLN 835 mil in 4Q2022

By Helgi Analytics - March 8, 2023

mBank made a net profit of PLN 835 mil in the fourth quarter of 2022, up 151% when compared to the same period of last year. This implies a return on equity of 27.6%. Historically, the bank’s net profit reached an all time high of PLN 835 mil in 4Q2022 and an all...

mBank's net profit rose 151% yoy to PLN 835 mil in 4Q2022

By Helgi Analytics - March 8, 2023

mBank made a net profit of PLN 835 mil under revenues of PLN 2,434 mil in the fourth quarter of 2022, up 151% and 50.2% respectively when compared to the same period last year. Historically, the bank’s net profit reached an all time high of PLN 835 mil in 4Q2...

mBank's retail deposits rose 8.84% yoy to PLN 118,549 mil in 3Q2022

By Helgi Analytics - March 8, 2023

mBank's retail deposits reached PLN 118,549 mil in 2022-09-30, up 7.86% compared to the previous year. Polish banking sector accepted retail deposits of PLN 973 bil in 2022-09-30, up 2.72% when compared to the last year. mBank accounted for 12.2% of all r...

mBank's mortgage loans fell 0.921% yoy to PLN 49,359 mil in 3Q2022

By Helgi Analytics - March 8, 2023

mBank's mortgage loans reached PLN 49,359 mil in 2022-09-30, down 4.51% compared to the previous year. Polish banking sector provided mortgage loans of PLN 483 bil in 2022-09-30, down 2.34% when compared to the last year. mBank accounted for 10.2% of all ...

mBank's retail loans rose 0.067% yoy to PLN 73,173 mil in 3Q2022

By Helgi Analytics - March 8, 2023

mBank's retail loans reached PLN 73,173 mil in the third quarter of 2022, down 2.94% compared to the previous year. Polish banking sector provided retail loans of PLN 766 bil in 3Q2022, down 1.71% when compared to the last year. mBank accounted for 9.55% ...

mBank's net interest income rose 64.9% yoy to PLN 1,974 mil in 4Q2022

By Helgi Analytics - March 8, 2023

mBank generated total banking revenues of PLN 2,434 mil in the fourth quarter of 2022, up 50.2% when compared to the same period of last year and 126% when compared to the previous quarter. Historically, the bank’s revenues containing of interest, fee and...

mBank's costs (as % of assets) rose 3.67% yoy to 1.21% in 4Q2022

By Helgi Analytics - March 8, 2023

mBank's cost to income ratio reached 25.9% in the fourth quarter of 2022, down from 76.7% when compared to the previous quarter. Historically, the bank’s costs reached an all time high of 76.7% of income in 3Q2022 and an all time low of 25.9% in 4Q2022. ...

mBank's corporate loans rose 9.15% yoy to PLN 52,207 mil in 4Q2022

By Helgi Analytics - March 8, 2023

mBank's loans reached PLN 123,437 mil in the fourth quarter of 2022, down from PLN 128,677 mil when compared to the previous quarter and up from PLN 120,856 mil when compared to the same period of last year. Historically, the bank’s loans reached an...

mBank's corporate deposits fell 1.27% yoy to PLN 51,055 mil in 3Q2022

By Helgi Analytics - March 8, 2023

mBank's corporate deposits reached in 2017-12-31, down 0% compared to the previous year. Polish banking sector accepted corporate deposits of PLN 369 bil in 2017-12-31, up 9.42% when compared to the last year. mBank accounted for of all corporate deposi...

mBank's consumer loans rose 2.18% yoy to PLN 23,814 mil in 3Q2022

By Helgi Analytics - March 8, 2023

mBank's consumer loans reached PLN 23,814 mil in 2022-09-30, up 0.492% compared to the previous year. Polish banking sector provided consumer loans of PLN 284 bil in 2022-09-30, down 0.631% when compared to the last year. mBank accounted for 8.39% of all ...

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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 6.61% and 7.18% a year on average in the last 10 years. Its loans and deposits have grown by 6.93% and 11.9% a year during that time and loans to deposits ratio reached 80.1% at the end of 2020. The company achieved an average return on equity of 10.2% in the last decade with net profit growing 4.42% a year on average. In terms of operating efficiency, its cost to income ratio reached 39.1% in 2020, compared to 41.5% average in the last decade.

Equity represented 9.26% of total assets or 15.2% of loans at the end of 2020. mBank's non-performing loans were 4.18% of total loans while provisions covered some 77.0% of NPLs at the end of 2020.

Valuation

mBank stock traded at per share at the end of 2020 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 7.07% the bank generated for its shareholders. This closing price put stock at a 12-month trailing price to earnings (PE) of 8.15x and price to book value (PBV) of 0.455x in 2020.

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