Poland's mBank posts 30% jump in quarterly profit, buoyed by loan growth
GDANSK, Poland, Oct 28 (Reuters) - Commerzbank's CBKG.DE Polish unit mBank MBK.WA reported a 29.6% rise in its third-quarter profit on Wednesday, meeting market expectations, as loan portfolio growth and lower costs of Swiss franc mortgage lawsuits offset the bank tax hike aimed at funding defence spending.
Polish banks earned a record 49 billion zlotys ($12.4 billion) on high interest rates in 2025. But while rate cuts, higher taxes and consumer-loan claims squeeze profits this year, lenders with Swiss franc mortgage books are cushioned as costs from related lawsuits fade.
mBank's net profit rose to 1.09 billion zlotys, broadly in line with a company-compiled consensus
It expects annual revenue to be about 2% higher than in 2025, as balance-sheet growth and rising fees offset margin pressure from lower interest rates
Legal risk provisions tied to Swiss franc loans fell 83% to 78 million zlotys, in line with the bank's earlier estimate
Net interest income rose 6.5% to 2.67 billion zlotys, beating analysts' forecast of 2.58 billion, fuelled by 24% growth in the mortgage portfolio and strong corporate financing
The lender, in which Commerzbank owns 69%, said its gross loans grew 18% from a year ago while deposits jumped by 19% on inflows to current and savings accounts
UniCredit CRDI.MI, which recently won ECB approval to control Commerzbank, has secured enough shares to control ordinary shareholder resolutions, while staying below the 50% threshold that would trigger a buyout of mBank's minority investors
($1 = 3.9494 zlotys)