In Q1 2018, mBank Group once again reported higher income, while maintaining cost discipline. The bank was growing organically through client acquisition and strengthening its deposit and credit base
In Q1 2018, the income of mBank Group rose by 20.9% to PLN 1,380.6 million. Pre-tax profit amounted to PLN 559.6 million, which represents an increase by 35.9% quarter on quarter. Net profit attributable to the shareholders of mBank reached PLN 411.0 million.
The main drivers of the Group’s financial results in Q1 2018 were as follows:
At the end of March 2018, net loans and advances to clients stood at PLN 85.7 billion, which represents a PLN 1.2 billion increase compared with the end of the previous quarter. Net of reverse repo/buy sell back transactions and the FX effect, loans and advances increased by 1.1%.
In Q1 2018, customer deposits rose by 3.1% compared with Q4 2017 and totalled PLN 94.3 billion with a slight drop in amounts due to corporate clients (-1.6% compared with the end of December 2017) and a small increase in amounts due to individuals (+3.6%).
The loan-to-deposit ratio of mBank Group stood at 90.8%. The Total Capital Ratio reached 20.9% and the Common Equity Tier 1 ratio accounted for 17.9% at the end of March 2018.