mBank 2Q20 - Above expectations on good core revenues, lower risk costs
mBank reported a 2Q 20 net profit of PLN 87 mn, beating clearly consensus and in particular our estimates (we were more conservative along the P&L). Better core revenues, some unrecurring items and lower risk provisions are the main sources of the surprise. FX mortgage related provision of PLN 189 mn has been fully digested in expectations following the profit warning early July. The effective tax rate of ca. 60% was above RCBe (40%) but in line with market expectation.mBank is a provider of comprehensive corporate banking services in Poland. Co. and its subsidiaries make up the mBank Group which is engaged in offering financial services. Co.'s service offering includes a comprehensive financial offer tailored to the needs of corporate clients, Private Banking clients, and retail clients. The business activities of Co. is conducted in the following business segments: Retail Banking and Corporates and Markets.
The Institutional Equity Research team of Raiffeisen Bank International AG covers 85 stocks from Austria, Central & Eastern Europe with sell-side research and thus levers our local broker status with excellent company relationships. For corporates in Austria, CEE and Western Europe, we offer co-sponsored research, which includes research coverage and marketing activities to investors. Additionally, through our Spotlight Research product we also shed light on leading European small and micro-caps, seeking greater visibility with investors.
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