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2019/09/19 / Erste Group Research

Issuer Profile | mBank

mBank is the fourth largest universal bank in Poland. With a 69% stake, Commerzbank ('A-'/'A1'/'BBB+') is the company's major shareholder.

The retail banking unit has provided the largest contribution to earnings in recent years. The regional focus of mBank's business activities is Poland.

mBank's pre-tax earnings grew by 17.8% to PLN 1,800mn in FY2018. One of the main drivers was the increase in net interest income, which rose by 11.5% to PLN 3,497mn. Net interest income and total assets continued to grow in the first half of 2019.

mBank Group issues covered bonds through its wholly owned subsidiary mBank Hipoteczny. Since 27 May 2019 Moody's assigns a rating of 'Aa3' to the covered bonds, which are secured by Polish mortgage loans.

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General information

AuthorErste Group Research
Product nameCredit News
Topic in focusCredits/ Corporate bonds
Economy in focusAustria, Poland
Currency in focusEuro, Polish Zloty
Sector in focus-


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