mBank (MBK) Q3 2025 earnings summary

Executive summary

• Net profit for the first nine months of 2025 reached PLN 2.5 billion, doubling year on year, with Q3 net profit at PLN 837 million, up 46% year on year but down 13% quarter on quarter.

• Revenues for the first nine months exceeded PLN 9.4 billion, up 5% year on year, driven by higher net interest income and robust fee growth despite interest rate cuts.

• Return on tangible equity (ROTE) was 20% for the nine months, with Q3 ROTE at 18.9% and ROE at 16.4%–17.3%.

• Strategic focus on market share growth, digital innovation, and sustainability, including validated decarbonization targets and a new 2026–2030 strategy.

• Legal risk provisions for FX loans declined by over 50% year on year, with continued settlements and a shrinking CHF mortgage portfolio.

Financial highlights

• Core gross loans (excluding reverse repo and FX mortgage loans) grew 11% year on year to nearly PLN 134 billion by September; total gross loans to customers reached PLN 139.7 billion (+9.6% YoY).

• Mortgage loan sales hit a record PLN 4.6 billion in Q3, up 24% quarter on quarter and 37% year on year; non-mortgage lending was PLN 3.4 billion, up 20% year on year.

• Customer deposits grew 4% quarter on quarter and 10.6% year on year, mainly from retail accounts; total deposits reached PLN 214.0 billion.

• Net interest income for Q3 2025 was PLN 2,461 million, down 1.4% quarter on quarter and 4.3% year on year; net fee and commission income was PLN 580 million, up 16.2% year on year.

• Operating costs increased 3.3% quarter on quarter, mainly due to higher marketing spend; cost-to-income ratio was 29.2%.

Outlook and guidance

• Total income for 2025 expected to exceed PLN 12 billion, marking a record year, with stable or modestly declining interest rates anticipated.

• 2025 is projected as the last year with significant legal risk costs from FX mortgage loans, with further declines expected in 2026.

• Focus remains on business expansion, market share growth, and strengthening capital and funding, including planned green bond issuance.

• Bank is analyzing new EBA operational risk standards and regulatory changes, which may impact risk-weighted assets and tax rates in 2026.

• Investment recovery is expected to continue, with main effects in 2026 due to delayed EU fund disbursements.