Earnings Poll: Poland's mBank seen posting 920 mln zlotys net profit in Q4

Mbank SA

30/01/2025 12:10

* 
      mBank Q4 results due Feb. 6
    

        * 
      Lender's Q4 net profit seen at 920 mln zlotys
    

  
       GDANSK, Jan 30 (Reuters - Commerzbank's  CBKG.DE  Polish
unit mBank  MBK.WA  is expected to post a fourth-quarter net
profit of 920 million zlotys ($227.98 million), a Reuters poll
showed on Thursday.
    Analysts said earnings should be supported by strong core
revenues, a relatively low cost of risk, and positive income tax
effects, despite significant Swiss franc costs and increased
operating expenses. 
    Last year, the bank reported a quarterly net loss of 20.3
million zlotys.
    Analysts expect net interest income to increase by around 7%
year-on-year, supported by slightly rising interest income from
loans and strong interest income from the debt portfolio.
    In January, mBank estimated the fourth-quarter cost of legal
risk related to foreign currency loans would reach 906.9 million
zlotys, down from 1.48 billion zlotys a year earlier.
    Analysts from five banks and brokerages on average estimated
mBank could report full-year net profit of 2.18 billion zlotys,
compared to a profit of 24.0 million zlotys a year earlier.
    Despite heavy Swiss franc-related provisions, the company
may achieve its strongest ever quarterly and annual results,
they said. 
    The following table summarises forecasts for mBank results
(figures in millions of zlotys unless stated otherwise):
    
    FOURTH QUARTER OF 2024

================================================================
               Net Profit        Net Interest       Net Fee  
                                    Income          Income
================================================================
  Median            933               2511           500 
  Average           920               2529           497
  Lowest            876               2498           488
  Highest           961               2590           502
 No. of f'casts       5                  5             5     
  Q4 2023           -20               2355           445    
  Q3 2024           573               2571           499
    
Forecasts provided by: Santander Bank, Millenium Bank, BM Pekao,
Erste Securities, PKO PB


($1 = 4.0355 zlotys)

 (Reporting by Julia Kotowska;
Editing by Mark Potter)
 ((julia.kotowska@thomsonreuters.com; +48 58 769 67 57;))