For the first time in its history, mBank Group’s total quarterly income exceeded PLN 2 billion. The bank’s net profit in Q1 2022 stood at over PLN 512 million.
Despite a 27% increase in costs, the cost-to-income ratio reached 38.7%. Higher interest rates boosted the bank’s net interest income by 58.3%. Also net commission income saw a significant improvement (+27.8%).
In March, mBank and PGGM concluded a transaction consisting in the transfer of risk of the bank’s portfolio of corporate loans and loans for small and medium-sized enterprises worth a total of PLN 9 billion. It is the first transaction concluded between the Polish bank and the Dutch pension fund PGGM, and mBank’s first securitisation transaction overall.
The bank also introduced new features in the mobile app for retail clients: the finance manager and improved navigation, and it announced further changes to be implemented gradually.
mBank is the first Polish bank to join the Partnership for Carbon Accounting Financials (PCAF). This alliance will allow the bank to determine the carbon footprint of its credit portfolio in line with the best standards. This decision was a necessary step towards reaching climate neutrality by 2050.
A significant improvement in revenue accompanied by cost control translated into a 15% return on equity.