mBank (MBK) Q2 2025 earnings summary

Executive summary

• Achieved record net profit in H1 2025, with PLN 1.7 billion, up over 143% year-over-year, and Q2 net profit of PLN 959 million, up 36% quarter-over-quarter.

• Dynamic growth in net loan portfolio and deposit base, both up nearly 10% year-over-year, with improved market shares in both client segments.

• Return on equity (ROE) reached 19.9% in Q2, with return on tangible equity (ROTE) at 25.3%.

• Capital position strengthened by retained earnings and EUR 400 million Tier II bond issuance, supporting further growth.

• Continued reduction in legal risk and exposure related to Swiss franc mortgage loans, with settlements and court cases declining.

Financial highlights

• Total revenues in Q2 2025 reached PLN 3.2 billion, up 5.5% quarter-over-quarter and 10.6% year-over-year.

• Net interest income rose up to 15.4% year-over-year; net interest margin at 4.12% in Q2 2025.

• Net fee and commission income grew up to 18.5% year-over-year in H1; net trading income surged over 61% year-over-year.

• Operating costs rose 15% year-over-year in H1, mainly due to higher contributions to the bank guarantee fund and increased personnel expenses.

• Cost-to-income ratio remained below 30% in H1 and improved to 28.2% in Q2 2025.

Outlook and guidance

• Full-year revenues expected to exceed PLN 12 billion, surpassing 2024 levels.

• Both corporate and retail loan portfolios projected to grow faster than the market.

• Cost-to-income ratio guided to remain below 35% for 2025.

• Cost of risk guidance maintained at around 70 basis points for the full year.

• 2025 expected to be the final year with material FX mortgage-related legal risk.