Q3 2024 mBank SA Earnings Call Transcript
Key Points
- mBank SA (FRA:BRU) achieved record quarterly revenues exceeding PLN3 billion, marking a significant milestone.
- The Swiss franc settlement program is progressing well, with a decline in new and pending court cases.
- Loan growth is evident with a 5% year-on-year increase, and mortgage loan sales exceeded PLN3.3 billion.
- The bank's personal financial management functionalities have expanded, leading to nearly 1.9 million users.
- The successful launch of a PLN500 million senior preferred green bond was almost 6 times oversubscribed, indicating strong investor confidence.
- The cost of risk is expected to increase in Q4 due to seasonality of corporate write-offs.
- Legal provisions related to Swiss franc mortgages increased by PLN971 million, remaining a significant financial burden.
- The net interest margin slightly decreased from 4.4% to 4.3%, indicating pressure on profitability.
- Deposit costs increased, particularly in the corporate sector, impacting the net interest margin.
- The bank anticipates a slight decrease in net interest income in 2025 due to expected interest rate cuts.
Hello, and welcome to our conference, presenting the results of mBank Group in the third-quarter of 2024. The speakers today are Mr. Pascal Ruhland, Chief Financial Officer; Mr. Marek Lusztyn, Chief Risk Officer; and [Acadrow Walworoski], economist from our Macro team. Please use the chat to ask your questions. We will start the Q&A session after the presentation. We can start.
Thank you very much. Welcome also from my side to our Q3 call. And for us, Q3 stands for positive records in our business model. And also, we took another important step forward to close our Swiss franc legacy topic, but now we start our highlights on slide 3.
And on this slide, I would like to outline three topics. First and foremost, total quarterly revenues at a record level exceeding for the first time, PLN3 billion, so more than PLN1 billion total income per month. The leads to an ROE higher 40% in our core bank, and that is
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