Earnings Poll: Poland's mBank seen returning to profit in Q2

Ipopema Securities SA

29/07/2024 11:41

* 
      mBank Q2 results due Aug. 1
    

        * 
      Lender's net profit seen at 348 mln zlotys
    

        * 
      Supported by strong revenues and lower provisions, say
analysts
    

  
       GDANSK, July 29 (Reuters - Poland's mBank  MBK.WA  is
expected to post a second-quarter net profit of 348 million
zlotys ($88 million), helped by net interest income, fees and
commissions, and lower provisions for foreign exchange
mortgages, a Reuters poll showed on Monday.
    Last year, the bank ended the second quarter 15.5 million
zlotys in the red, after a 1.5 billion-zloty provision for legal
risk associated with mortgages in Swiss francs. 
    However, mBank has estimated such costs will drop to 1.01
billion zlotys for the second quarter of this year.
    Analysts from eight banks and brokerages on average
estimated the Polish unit of Germany's Commerzbank  CBKG.DE 
made a net profit of almost 611 million zlotys for first half of
2024, compared with a little over 127 million a year earlier.
    The following table summarises forecasts for mBank results
(figures in millions of zlotys unless stated otherwise):
    
    SECOND QUARTER OF 2024    

================================================================
               Net Profit        Net Interest       Net Fee  
                                    Income          Income
================================================================
  Median           346              2,149            493        
  Average          348              2,228            493        
  Lowest           303              2,113            488        
  Highest          401              2,392            501        
 No. of f'casts     8                 8               8         
 
  Q2 2023          -15              2,201            488        
  Q1 2024          263              2,340            484        
    
Forecasts provided by: Erste Group, DM Pekao, DM BOS, Trigon DM,
Ipopema Securities, DM Millennium, DM PKO BP, and Wood&Co. 
($1 = 3.9554 zlotys)

 (Reporting by Mateusz Rabiega;
Editing by Mark Potter)
 ((Mateusz.Rabiega@thomsonreuters.com; +48 58 769 67 57;))