Raport roczny mBank S.A. za 2025 rok

mBank S.A. has reported record financial results for 2025, achieving the highest net profit in its history at PLN 3.54 billion, up 58% from 2024. The bank’s total income reached PLN 12.47 billion (up 3.8% year-on-year), with net interest income at PLN 10.0 billion and net fee and commission income at PLN 2.2 billion. The cost-to-income ratio remained among the best in the sector at 31.0%, despite a 14.2% increase in total costs, mainly due to higher contributions to the Bank Guarantee Fund and investments in IT and staff.

The loan portfolio grew by 9.4% to PLN 136.8 billion, with retail loans up 11.2% and corporate loans up 7.1%. Deposits increased by 14.1% to PLN 229.1 billion, mainly due to inflows into current accounts. The non-performing loan (NPL) ratio improved to 3.5% (down from 4.1% in 2024), and the cost of risk remained low at 0.58%.

Legal risk costs related to foreign currency mortgage loans dropped by more than half to PLN 2.04 billion (from PLN 4.31 billion in 2024), reflecting a sharp decline in new lawsuits and active contracts. The number of active CHF loan agreements fell by 93% from the initial number, and the number of pending court proceedings decreased by 63% to below 5,900. The bank concluded over 10,500 settlements in 2025, with a total of nearly 32,400 since September 2022.

mBank’s capital position remains strong, with a Total Capital Ratio of 16.3% and a Tier 1 ratio of 14.4%, both well above regulatory minimums. The bank successfully issued EUR 400 million in Tier 2 subordinated bonds and EUR 500 million in green senior non-preferred bonds, both attracting high investor demand. Liquidity is robust, with a net loans-to-deposits ratio of 58.1% and high LCR/NSFR ratios.

Strategic Developments:

• In September 2025, mBank announced its new 2026–2030 strategy “Full Speed Ahead!”, focusing on dynamic growth, technological innovation, and a return to dividend payments. The strategy includes ambitious climate targets, with a commitment to net-zero emissions by 2050 and a doubling of energy-efficient mortgage sales by 2030.
• The bank completed a major IT modernization, migrating core systems to modern platforms and winning the Forrester Technology Strategy Impact Award for EMEA 2025.
• mBank’s market share in loans and deposits increased, with record sales of mortgages (PLN 14.7 billion, +38% y/y) and non-mortgage loans (PLN 13.7 billion, +20% y/y).
• The bank’s share price reached an all-time high of PLN 1,061.5, and market capitalization doubled to PLN 45.1 billion, outperforming sector indices.

Risks: The main risks remain potential future legal costs for foreign currency loans, regulatory changes (including higher CIT rates for banks from 2026), and ongoing macroeconomic/geopolitical uncertainties. However, the bank’s strong capital and liquidity buffers, as well as the declining CHF portfolio, reduce these risks.

Opportunities: The new strategy’s focus on digitalization, sustainable finance, and customer growth positions mBank for further market share gains and improved profitability. The resumption of dividend payments is planned from 2026, subject to regulatory approval and market conditions.

Key terms explained:

• Cost-to-income ratio (C/I): Measures how much the bank spends to generate income. Lower is better.
• Net interest margin: The difference between interest income and expenses, as a percentage of assets. Indicates profitability of lending.
• Cost of risk: The cost of potential loan losses, as a percentage of the loan portfolio.
• Non-performing loan (NPL) ratio: The share of loans not being repaid on time. Lower means better loan quality.
• Tier 1/Total Capital Ratio: Measures the bank’s capital strength. Higher ratios mean greater ability to absorb losses.