mBank posts PLN 218.8 mln attrib. net profit in Q1

WSE-listed mBank posted an attributable net profit of PLN 218.8 million in Q1, down by 25.2 percent q/q, and 2.9 percent below the market expectations. Net interest earnings amounted to PLN 749 million, down by 0.6 percent q/q, with interest revenues down by 2 percent, and costs declining by 6.6 percent q/q. Fee earnings of PLN 249.6 million were also marginally down versus Q1 but slightly exceeded the consensus call. Operating costs rose by 17.4 percent q/q and 20 percent y/y to PLN 577.7 million. Personnel costs were up slightly q/q, mBank noted. Cost to income ratio increased to 53.4 percent from 47.1 percent recorded in Q4.