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Key financial and operational data

Income of mBank Group

In 2017, the total income of mBank Group was at historically high level of PLN 4,453.6 million. In comparison to the previous year, the income increased by 3.7%. In turn, excluding the impact of oneoff transaction in 2016, i.e. the settlement of the Visa Europe takeover transaction by Visa Inc., the increase would be 10.0%.

The growth resulted mainly from record-high core income, which consists of net interest income and net fee and commission income. Net interest income grew by 10.7% year on year and reached PLN 3,135.7 million, while net fee and commission income increased by 9.5% to PLN 992.2 million.

Costs of mBank Group

In 2017, total overhead costs (including amortisation) of mBank Group grew by 4.1% and stood at PLN 2,043.2 million. The increase in costs resulted from investments in future growth, slight increase in remuneration costs and higher contribution to the Bank Guarantee Fund.

Net profit of mBank Group

The Group generated net profit attributable to the owners of mBank of PLN 1,091.5 million in 2017. The result was 10.5% lower than PLN 1,219.3 million of net profit reported in 2016.

However, it should be emphasized, that after excluding 2016 base effect caused by one-off event, the 2017 net profit would be 6% higher than the profit achieved in the previous year.

Assets of mBank Group

The balance sheet total of mBank Group stood at PLN 131,424 million at the end of 2017 and was slightly lower compared to PLN 133,744 million in 2016.

The main factor influencing decrease of assets was the strengthening of the zloty against other currencies. The share of assets in foreign currencies in the balance sheet of the mBank Group amounted to over 30%, mainly loans in EUR and CHF.

At the end of 2017, loans and advances to customers were the largest asset category of mBank Group (64.3%). Their net value amounted to PLN 84,475.8 million.

Investment securities constituted mBank Group’s second largest asset category. They amounted to PLN 32,144.7 million, i.e. 24.5% of the total assets at the end of 2017, and increased by 2.4% year on year.