mBank Q4 profit up

WSE-listed mBank posted an attributable net profit of PLN 311.6 million in Q4, up by 6.9 percent q/q, and 3.3 percent above the market expectations. Net interest earnings amounted to PLN 825.1 million, up by 3.6 percent q/q, with interest revenues down by 9.9 percent, and costs declining by 13.9 percent q/q. Fee-earnings of PLN 233.5 million were down by 9 percent q/q. Operating costs inched up by 1.8 percent q/q to PLN 494.5 million. The cost to income ratio increased to 43.3 percent from 42.3 percent recorded in Q3.