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mBank falls short of expected net profit, posts 218.8 mn PLN as opppsed to the expected 225.2 mn PLN, Equities News - EquitiesPoland.pl
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mBank falls short of expected net profit, posts 218.8 mn PLN as opppsed to the expected 225.2 mn PLN

TAG'S: mBank SA, Banking

mBank, the Warsaw-listed unit of Germany's Commerzbank, posted an attributable net profit of PLN 218.8 mln in Q1 2017, slightly below expectations for PLN 225.2 mln net take, the bank's financial report out Thursday showed.



Full size
 Q1 2017ConsensusQ1 q/qvs. Cons
  PLN mln PLN mln % %
Net interest earnings 749,0 753,5 -0,6 -0,6
Net fee income 249,6 241,9 -0,4 3,2
Provisioning -82,9 -87,9 109,0 -5,7
OPEX - ttl -577,7 -565,5 17,4 2,2
EBIT ex-provisions 504,1 - -8,8 -
Pre-tax profit 329,9 - -21,5 -
net profit (attributable) 218,8 225,2 -25,2 -2,9



The bank’s results showed no surprises, net interest income was weaker, however that’s the feature of the sector and that’s what we also expect to see at other banks. Costs are much higher, yet they are at the level expected.


I think in general the results met the expectations and are decent, hovering near levels that were predictable in such a generally weak quarter.


The bank has shown stronger results in other income but this resulted from trading, which was interesting as, looking on the market, trading remains at a mediocre level.


I think the results are to be neutrally assessed.




Results are near expectations at first glance and the discrepancy to consensus at the net level is the result of a 36.6% effective tax rate. We view the strong fee result and lower provisioning positively, but the weaker net interest income result and the higher OPEX countered those positive impacts.



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WWW (WWW.AIKIJUJUTSU-YOSEIKAN.PL), 2017-07-16 06:30:54

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