In Q2 2014 mBank’s net profit reached PLN 324.8 million, which means an increase by almost PLN 47 million per year. The improvement in the results was an effect of a sustainable business development based on an increase in the net fee and commission income as well as the net interest income. For the first time, the bank has reported revenues of more than PLN one billion in one quarter.
With each subsequent month it is confirmed that the strategy based on organic business development brings outstanding results. In Q2, the bank generated PLN one billion of revenues and PLN 325 million of net profit, almost 17 per cent more year on year, said Cezary Stypułkowski, CEO of mBank. In spite of the low interest rates environment, the net interest income in Q2 amounted to PLN 617.2 million whereas in the first three months of the year it totalled PLN 591 million. That is an increase of more than 12 per cent per year. The net fee and commission income is also gradually improving. In Q2 2014 it reached PLN 243.7 million compared to PLN 209.3 million in the same period of last year.
Shareholders surely have an additional reason to be pleased given our low cost to income ratio, which after the first half of 2014 was 44.7 per cent. Thus, mBank is ranked among the top, most effective financial institutions, said Cezary Stypułkowski.
mBank also continually increases the number of serviced clients, both retail (an increase by 62.8 thousand to 4.49 million in Q2) and corporate (406 new companies decided to cooperate with the bank and their total number exceeded 17 thousand).
The bank also sells more and more loans. At the end of Q2, the portfolio of receivables from retail clients reached PLN 39.6 billion, which is an increase by 1.8 per cent in comparison to the result at the end of March. Mortgage loans have been growing the fastest. In Q2 the bank sold PLN 863 million of mortgages (an increase by 76 per cent year on year). The value of corporate loans granted by mBank reached PLN 27.9 billion (excluding reverse repo/buy sell back transactions), which is 3.5 per cent more than in Q1.
Clients use modern forms of communication while contacting mBank more and more actively. After Q2 there were 775 thousand users of mobile banking. Moreover, already every tenth client contacts mBank through the Online Expert.
Also the bank’s brick and mortar branches are evaluated as excellent. In the third edition of the ranking “Jakość na bank” (Quality you can bank on), prepared by TNS Polska and Puls Biznesu, mBank was ranked first for the third time, clearly outclassing the competition.