In 2017, staff-related expenses went up by PLN 26.2 million, i.e. 3.0%, mainly due to an increase in remuneration costs. The number of FTEs decreased by 73 to 6,455 FTEs at the end of 2017.
Material costs increased in the reported period by PLN 33.9 million, i.e. 5.0%. In 2017, mBank Group also marked higher material costs in the logistics area and higher costs of consulting services, due to the strategic and regulatory projects carried out at the bank.
The contribution to the Bank Guarantee Fund BFG paid by mBank Group increased by PLN 18.3 million compared with 2016 as a result of modifications in the method for calculation of contributions to the deposit guarantee scheme and forced restructuring.
Amortisation remained stable year on year.
As a result of changes in income and expenses, no major change was reported in the cost to income ratio, which stood at 45.9% (45.7% in 2016).