These Selected Non-Audited Consolidated Financial Information of mBank S.A. Group for the Fourth Quarter of 2025 does not meet the definition of an interim report included in the International Accounting Standard 34 Interim Financial Reporting or the Regulation of the Minister of Finance of 6 June 2025 on current and financial reports published by the issuers of securities and the rules of equal treatment of the information required by the laws of a non-member state.
Legal basis: article 17 (1) of Regulation (EU) No 596/2014 of the European Parliament and the Council of 16 April 2014 on market abuse (MAR).
CONDENSED CONSOLIDATED INCOME STATEMENT 3
CONDENSED CONSOLIDATED STATEMENT OF COMPREHENSIVE INCOME 4
CONDENSED CONSOLIDATED STATEMENT OF FINANCIAL POSITION 5
CONDENSED SEPARATE INCOME STATEMENT 6
CONDENSED SEPARATE STATEMENT OF COMPREHENSIVE INCOME 7
CONDENSED SEPARATE STATEMENT OF FINANCIAL POSITION 8
Summary of mBank Group results in Q4 2025 9
Legal risk related to mortgage and housing loans granted to individual customers indexed to CHF and other foreign currencies 9
Net interest income 14
Net fee and commission income 15
Gains or losses on non-trading financial assets mandatorily at fair value through profit or loss 16
Overhead costs 16
Staff-related expenses 16
Comment to the consolidated statement of financial position of mBank S.A. Group 16
Financial assets and liabilities held for trading and derivatives held for hedges 18
Non-trading financial assets mandatorily at fair value through profit or loss 18
Financial assets at fair value through other comprehensive income 19
Financial assets at amortised cost 19
Financial liabilities measured at amortised cost 22
Business segments 23
Comparative data 25
CONDENSED CONSOLIDATED INCOME STATEMENTPeriod from 01.10.2025 to 31.12.2025 | Period from 01.01.2025 to 31.12.2025 | Period from 01.10.2024 to 31.12.2024 | Period from 01.01.2024 to 31.12.2024 | |
Interest income, including: | 3 564 409 | 14 590 463 | 3 771 020 | 14 523 266 |
Interest income accounted for using the effective interest method | 3 451 123 | 14 193 835 | 3 684 523 | 14 257 452 |
Income similar to interest on financial assets at fair value through profit or loss | 113 286 | 396 628 | 86 497 | 265 814 |
Interest expenses | (1 081 956) | (4 571 439) | (1 258 090) | (4 934 243) |
Net interest income | 2 482 453 | 10 019 024 | 2 512 930 | 9 589 023 |
Fee and commission income | 889 641 | 3 530 795 | 830 908 | 3 207 707 |
Fee and commission expenses | (346 667) | (1 322 442) | (333 622) | (1 235 823) |
Net fee and commission income | 542 974 | 2 208 353 | 497 286 | 1 971 884 |
Dividend income | 74 | 8 448 | 146 | 14 279 |
Net trading income | (15 901) | 82 671 | 45 396 | 176 678 |
Gains or losses on non-trading financial assets mandatorily at fair value through profit or loss | 6 975 | 62 388 | 22 224 | 64 449 |
Gains or losses on derecognition of financial assets and liabilities not measured at fair value through profit or loss | 32 072 | 41 070 | (6 060) | 598 |
Other operating income | 81 257 | 364 546 | 81 504 | 477 551 |
Impairment or reversal of impairment on financial assets not measured at fair value through profit or loss | (257 821) | (749 042) | (176 599) | (585 958) |
Costs of legal risk related to foreign currency loans | (379 265) | (2 039 726) | (932 212) | (4 306 964) |
Overhead costs | (836 384) | (3 216 535) | (736 386) | (2 801 710) |
Depreciation | (175 571) | (651 384) | (168 828) | (586 630) |
Other operating expenses | (70 617) | (330 830) | (107 347) | (287 094) |
Operating profit | 1 410 246 | 5 798 983 | 1 032 054 | 3 726 106 |
Taxes on the Group balance sheet items | (204 859) | (778 149) | (194 328) | (752 381) |
Profit before income tax | 1 205 387 | 5 020 834 | 837 726 | 2 973 725 |
Income tax expense | (163 898) | (1 477 294) | 148 281 | (730 357) |
Net profit | 1 041 489 | 3 543 540 | 986 007 | 2 243 368 |
Net profit attributable to: | ||||
- Owners of mBank S.A. | 1 041 489 | 3 543 540 | 986 002 | 2 243 245 |
- Non-controlling interests | - | - | 5 | 123 |
Earnings per share (in PLN) | 24.49 | 83.35 | 23.20 | 52.80 |
Diluted earnings per share (in PLN) | 24.47 | 83.26 | 23.17 | 52.73 |
Period from 01.10.2025 to 31.12.2025 | Period from 01.01.2025 to 31.12.2025 | Period from 01.10.2024 to 31.12.2024 | Period from 01.01.2024 to 31.12.2024 | |
Net profit | 1 041 489 | 3 543 540 | 986 007 | 2 243 368 |
Other comprehensive income net of tax, including: | 13 672 | 229 062 | (49 435) | 274 242 |
Items that may be reclassified subsequently to the income statement | 17 314 | 244 140 | (41 059) | 282 618 |
Exchange differences on translation of foreign operations (net) | (4 769) | 2 204 | (1 991) | (5 820) |
Cash flows hedges (net) | 8 182 | 103 473 | 42 235 | 192 606 |
Cost of hedge (net) | - | 621 | (834) | (7 012) |
Debt instruments at fair value through other comprehensive income (net) | 13 901 | 137 842 | (80 469) | 102 844 |
Items that will not be reclassified to the income statement | (3 642) | (15 078) | (8 376) | (8 376) |
Actuarial gains and losses relating to post-employment benefits (net) | (3 642) | (3 642) | (8 376) | (8 376) |
Sale of investment properties (net) | - | (11 436) | - | - |
Total comprehensive income (net) | 1 055 161 | 3 772 602 | 936 572 | 2 517 610 |
Total comprehensive income (net), attributable to: | ||||
- Owners of mBank S.A. | 1 055 161 | 3 772 602 | 936 567 | 2 517 487 |
- Non-controlling interests | - | - | 5 | 123 |
ASSETS | 31.12.2025 | 30.09.2025 | 31.12.2024 |
Cash and cash equivalents | 40 481 387 | 21 972 629 | 36 680 926 |
Financial assets held for trading and derivatives held for hedges | 4 280 130 | 3 103 272 | 1 840 714 |
Non-trading financial assets mandatorily at fair value through profit or loss, including: | 779 355 | 798 281 | 925 786 |
Equity instruments | 376 346 | 370 100 | 407 732 |
Debt securities | 12 229 | 12 789 | 31 204 |
Loans and advances to customers | 390 780 | 415 392 | 486 850 |
Financial assets at fair value through other comprehensive income - Debt securities | 33 807 473 | 25 759 198 | 34 588 843 |
Financial assets at amortised cost, including: | 193 254 235 | 202 610 756 | 164 592 877 |
Debt securities | 47 235 027 | 46 179 598 | 33 965 644 |
Loans and advances to banks | 13 192 564 | 20 540 865 | 9 738 457 |
Loans and advances to customers | 132 826 644 | 135 890 293 | 120 888 776 |
Fair value changes of the hedged items in portfolio hedge of interest rate risk | 7 642 | 21 128 | 16 891 |
Fixed assets and disposal groups classified as held for sale | 10 779 | 11 903 | 102 810 |
Intangible assets | 2 248 537 | 2 066 140 | 1 956 693 |
Tangible assets | 1 423 530 | 1 371 494 | 1 461 811 |
Current income tax assets | 70 948 | 60 323 | 59 655 |
Deferred income tax assets | 1 213 894 | 984 633 | 1 364 017 |
Other assets | 2 675 317 | 2 778 662 | 2 366 340 |
TOTAL ASSETS | 280 253 227 | 261 538 419 | 245 957 363 |
LIABILITIES AND EQUITY | |||
LIABILITIES | |||
Financial liabilities held for trading and derivatives held for hedges | 1 456 404 | 2 065 941 | 1 094 037 |
Financial liabilities measured at amortised cost, including: | 249 246 861 | 231 016 825 | 219 411 062 |
Amounts due to banks | 2 433 572 | 2 817 838 | 3 059 431 |
Amounts due to customers | 229 145 729 | 213 961 889 | 200 808 978 |
Lease liabilities | 652 757 | 683 514 | 736 780 |
Debt securities issued | 13 611 091 | 9 920 555 | 12 130 336 |
Subordinated liabilities | 3 403 712 | 3 633 029 | 2 675 537 |
Fair value changes of the hedged items in portfolio hedge of interest rate risk | 305 818 | 129 243 | (393 568) |
Liabilities held for sale | 529 | 517 | 30 940 |
Provisions | 2 028 905 | 2 217 992 | 3 277 171 |
Current income tax liabilities | 114 492 | 90 318 | 238 277 |
Other liabilities | 5 691 093 | 5 587 698 | 4 532 450 |
TOTAL LIABILITIES | 258 844 102 | 241 108 534 | 228 190 369 |
EQUITY | |||
Equity attributable to Owners of mBank S.A. | 19 909 125 | 18 929 885 | 16 266 994 |
Share capital: | 3 637 561 | 3 637 561 | 3 625 801 |
Registered share capital | 170 103 | 170 103 | 169 988 |
Share premium | 3 467 458 | 3 467 458 | 3 455 813 |
Retained earnings, including: | 16 298 788 | 15 333 220 | 12 897 479 |
- Profit from the previous years | 12 755 248 | 12 831 169 | 10 654 234 |
- Profit for the current year | 3 543 540 | 2 502 051 | 2 243 245 |
Other components of equity | (27 224) | (40 896) | (256 286) |
Additional equity components | 1 500 000 | 1 500 000 | 1 500 000 |
TOTAL EQUITY | 21 409 125 | 20 429 885 | 17 766 994 |
TOTAL LIABILITIES AND EQUITY | 280 253 227 | 261 538 419 | 245 957 363 |
Period from 01.10.2025 to 31.12.2025 | Period from 01.01.2025 to 31.12.2025 | Period from 01.10.2024 to 31.12.2024 | Period from 01.01.2024 to 31.12.2024 | |
Interest income, including: | 3 383 023 | 13 860 055 | 3 584 372 | 13 812 412 |
Interest income accounted for using the effective interest method | 3 267 109 | 13 437 374 | 3 485 343 | 13 503 082 |
Income similar to interest on financial assets at fair value through profit or loss | 115 914 | 422 681 | 99 029 | 309 330 |
Interest expenses | (1 063 665) | (4 469 723) | (1 219 548) | (4 764 226) |
Net interest income | 2 319 358 | 9 390 332 | 2 364 824 | 9 048 186 |
Fee and commission income | 799 518 | 3 205 354 | 760 686 | 2 931 826 |
Fee and commission expenses | (293 831) | (1 133 350) | (291 086) | (1 072 962) |
Net fee and commission income | 505 687 | 2 072 004 | 469 600 | 1 858 864 |
Dividend income | 74 | 19 104 | 146 | 6 652 |
Net trading income | (2 331) | 89 871 | 44 646 | 168 007 |
Gains or losses on non-trading financial assets mandatorily at fair value through profit or loss | 6 975 | 62 456 | 20 066 | 62 291 |
Gains or losses on derecognition of financial assets and liabilities not measured at fair value through profit or loss | 29 238 | 40 566 | (8 528) | (5 755) |
Other operating income | 34 418 | 171 176 | 26 055 | 260 535 |
Impairment or reversal of impairment on financial assets not measured at fair value through profit or loss | (229 192) | (630 666) | (172 304) | (510 912) |
Costs of legal risk related to foreign currency loans | (379 265) | (2 039 726) | (932 212) | (4 306 964) |
Overhead costs | (745 722) | (2 888 898) | (655 696) | (2 514 475) |
Depreciation | (152 248) | (561 444) | (148 208) | (509 746) |
Other operating expenses | (60 835) | (271 228) | (65 171) | (170 868) |
Operating profit | 1 326 157 | 5 453 547 | 943 218 | 3 385 815 |
Taxes on the Bank balance sheet items | (198 671) | (752 987) | (188 628) | (730 875) |
Share in profits of entities under the equity method | 57 178 | 257 516 | 60 166 | 250 442 |
Profit before income tax | 1 184 664 | 4 958 076 | 814 756 | 2 905 382 |
Income tax expense | (144 946) | (1 410 757) | 168 194 | (669 707) |
Net profit | 1 039 718 | 3 547 319 | 982 950 | 2 235 675 |
Earnings per share (in PLN) | 24.45 | 83.44 | 23.13 | 52.62 |
Diluted earnings per share (in PLN) | 24.41 | 83.34 | 23.10 | 52.55 |
Period from 01.10.2025 to 31.12.2025 | Period from 01.01.2025 to 31.12.2025 | Period from 01.10.2024 to 31.12.2024 | Period from 01.01.2024 to 31.12.2024 | |
Net profit | 1 039 718 | 3 547 319 | 982 950 | 2 235 675 |
Other comprehensive income net of tax, including: | 16 016 | 279 521 | (9 767) | 350 810 |
Items that may be reclassified subsequently to the income statement | 19 713 | 294 654 | (1 556) | 359 021 |
Exchange differences on translation of foreign operations (net) | (4 658) | 1 889 | (1 978) | (5 556) |
Cash flows hedges (net) | 8 182 | 84 061 | 32 317 | 156 532 |
Share of other comprehensive income of entities under the equity method (net) | 2 901 | 28 367 | 6 392 | 36 641 |
Debt instruments at fair value through other comprehensive income (net) | 13 288 | 180 337 | (38 287) | 171 404 |
Items that will not be reclassified to the income statement | (3 697) | (15 133) | (8 211) | (8 211) |
Actuarial gains and losses relating to post-employment benefits (net) | (3 697) | (3 697) | (8 211) | (8 211) |
Sale of investment properties (net) | - | (11 436) | - | - |
Total comprehensive income (net) | 1 055 734 | 3 826 840 | 973 183 | 2 586 485 |
ASSETS | 31.12.2025 | 30.09.2025 | 31.12.2024 |
Cash and cash equivalents | 40 411 289 | 21 907 908 | 36 601 484 |
Financial assets held for trading and derivatives held for hedges | 4 280 721 | 3 104 719 | 1 850 456 |
Non-trading financial assets mandatorily at fair value through profit or loss, including: | 711 939 | 729 312 | 781 069 |
Equity instruments | 308 930 | 301 131 | 263 015 |
Debt securities | 12 229 | 12 789 | 31 204 |
Loans and advances to customers | 390 780 | 415 392 | 486 850 |
Financial assets at fair value through other comprehensive income, including: | 46 192 553 | 38 124 291 | 49 313 947 |
Debt securities | 33 295 067 | 25 066 095 | 33 405 946 |
Loans and advances to customers | 12 897 486 | 13 058 196 | 15 908 001 |
Financial assets at amortised cost, including: | 177 925 632 | 188 153 411 | 145 661 493 |
Debt securities | 51 144 610 | 50 089 958 | 37 373 491 |
Loans and advances to banks | 17 232 959 | 25 888 724 | 13 248 554 |
Loans and advances to customers | 109 548 063 | 112 174 729 | 95 039 448 |
Investments in subsidiaries | 2 659 610 | 2 601 083 | 2 559 341 |
Fixed assets and disposal groups classified as held for sale | 10 779 | 11 903 | 102 810 |
Intangible assets | 1 968 818 | 1 803 485 | 1 734 762 |
Tangible assets | 1 073 886 | 1 023 176 | 1 112 091 |
Current income tax assets | 58 615 | 45 582 | 58 909 |
Deferred income tax assets | 635 603 | 412 541 | 776 659 |
Other assets | 1 938 736 | 2 017 246 | 1 715 364 |
TOTAL ASSETS | 277 868 181 | 259 934 657 | 242 268 385 |
LIABILITIES AND EQUITY | |||
LIABILITIES | |||
Financial liabilities held for trading and derivatives held for hedges | 1 457 318 | 2 067 622 | 1 070 747 |
Financial liabilities measured at amortised cost, including: | 247 521 974 | 229 952 773 | 216 362 457 |
Amounts due to banks | 2 449 727 | 2 823 552 | 3 085 267 |
Amounts due to customers | 229 267 155 | 214 017 325 | 200 775 756 |
Lease liabilities | 673 056 | 707 748 | 763 400 |
Debt securities issued | 11 728 324 | 8 771 119 | 9 062 497 |
Subordinated liabilities | 3 403 712 | 3 633 029 | 2 675 537 |
Fair value changes of the hedged items in portfolio hedge of interest rate risk | 305 818 | 129 243 | (393 568) |
Liabilities held for sale | 529 | 517 | 30 940 |
Provisions | 1 971 803 | 2 155 569 | 3 202 145 |
Current income tax liabilities | 110 832 | 87 152 | 235 251 |
Other liabilities | 5 039 795 | 5 061 482 | 3 996 670 |
TOTAL LIABILITIES | 256 408 069 | 239 454 358 | 224 504 642 |
EQUITY | |||
Share capital: | 3 637 561 | 3 637 561 | 3 625 801 |
Registered share capital | 170 103 | 170 103 | 169 988 |
Share premium | 3 467 458 | 3 467 458 | 3 455 813 |
Retained earnings: | 16 228 641 | 15 264 844 | 12 823 553 |
- Profit from the previous years | 12 681 322 | 12 757 243 | 10 587 878 |
- Profit for the current year | 3 547 319 | 2 507 601 | 2 235 675 |
Other components of equity | 93 910 | 77 894 | (185 611) |
Additional equity components | 1 500 000 | 1 500 000 | 1 500 000 |
TOTAL EQUITY | 21 460 112 | 20 480 299 | 17 763 743 |
TOTAL LIABILITIES AND EQUITY | 277 868 181 | 259 934 657 | 242 268 385 |
Net profit attributable to the shareholders of mBank Group in Q4 2025 amounted to PLN 1 041.5 million, compared with net profit of PLN 837.0 million in Q3 2025.
At the same time, profit before tax of the Core Business (defined as mBank Group excluding the FX Mortgage Loans segment) amounted to PLN 1 322.6 million compared to PLN 1 435.0 million reported in Q3 2025.
Total income posted by mBank Group decreased by 3.8% on the previous quarter and reached PLN 3 059.8 million.
Net interest income totalled PLN 2 482.5 million in Q4 2025, down by 1.2% quarter on quarter. Net interest margin in mBank Group decreased slightly on a quarterly basis and amounted to 3.74% in Q4 2025.
Net fee and commission income declined on a quarterly basis (-6.4%) and amounted to PLN 543.0 million. The decrease was mainly due to the recognition of a settlement with Mastercard amounting to PLN 41.6 million in Q3 2025.
Net trading income was lower in Q4 2025 and amounted to PLN -15.9 million.
In Q4 2025, total overhead costs and depreciation in mBank Group increased by 8.9% compared with the previous quarter to PLN 1 012.0 million. Staff-related expenses grew by 10.5%, driven primarily by higher remuneration cost. At the same time, material costs increased by 7.5%, mainly due to higher consulting and IT service expenses. Depreciation rose by 7.5% on a quarterly basis.
These trends resulted in a cost-to-income ratio of 33.1%.
Net impairment losses and fair value change on loans and advances (the sum of two positions: impairment or reversal of impairment on financial assets not measured at fair value through profit or loss and gains or losses from non-trading loans and advances mandatorily measured at fair value through profit or loss) increased by 25.1% compared to the previous quarter and amounted to PLN 258.4 million in Q4 2025 (cost of risk reached 77 bps, compared to 61 bps in the previous quarter). The increase was observed in both the Corporate and Investment Banking segment as well as the Retail Banking segment.
A significant negative impact on the operating income of mBank Group resulted from costs of legal risk related to foreign currency loans, which totalled PLN 379.3 million. They are mainly due to updates to the projected number of lawsuits, and the cost of the settlement program as well as updates remaining model parameters. More information on the calculation of these costs is provided later in this report.
Legal risk related to mortgage and housing loans granted to individual customers indexed to CHF and other foreign currencies IntroductionIn recent years, a significant number of individual customers who entered into mortgage and housing loan agreements with the Bank in Swiss francs (CHF) or other foreign currencies, challenged in court some of the provisions or entire agreements on the basis of which the Bank granted these loans. In case law, there were divergences regarding the legal classification of contractual clauses introducing indexation mechanisms and the legal consequences of recognizing them as unfair. Currently, the judgments being issued are almost exclusively unfavourable to the Bank.
The carrying amount of mortgage and housing loans granted to natural persons in CHF as of 31 December 2025 amounted to PLN 73.8 million (i.e. CHF 16.3 million) compared to PLN 665.6 million (i.e. CHF 146.7 million) as of 31 December 2024.
The carrying amount of mortgage and housing loans granted to natural persons in other foreign currencies by mBank in Poland as of 31 December 2025 amounted to PLN 774.2 million, compared to PLN 1 170.0 million in 31 December 2024.
The volume of the portfolio of loans indexed to CHF granted to natural persons in Poland (i.e., the sum of loan tranches disbursed to customers), taking into account the exchange rate on the date of disbursement of individual loan tranches, amounted to PLN 19.5 billion (85.5 thousand loan agreements). The volume of the portfolio of loans indexed to other foreign currencies granted to natural persons in Poland, taking into account the exchange rate on the date of disbursement of individual loan tranches, amounted to PLN 4.1 billion (13.4 thousand loan agreements).
31.12.2025 | 31.12.2024 | |||
PLN billion | Number of loan contracts (thousand) | PLN billion | Number of loan contracts (thousand) | |
The volume of the portfolio (disbursed amounts) of loans indexed to CHF granted to natural persons in Poland that were active taking into account the exchange rate on the date of disbursement of individual loan tranches | 1.8 | 6.0 | 4.8 | 16.4 |
The volume of the portfolio (disbursed amounts) of loans indexed to other foreign currencies granted to natural persons in Poland that were active taking into account the exchange rate on the date of disbursement of individual loan tranches | 1,8 | 5.5 | 2.2 | 6.7 |
The volume of the portfolio (disbursed amounts) of loans indexed to CHF granted to natural persons in Poland that were inactive taking into account the exchange rate on the date of disbursement of individual loan tranches, of which: | 17.7 | 79.5 | 14.7 | 69.1 |
- Fully repaid loans | 5.7 | 33.1 | 6.6 | 37.4 |
- Settled loans | 8.0 | 32.4 | 5.5 | 22.9 |
- Loans after final verdict | 4.0 | 14,0 | 2.6 | 8.8 |
Due to the significance of the legal issues related to the foreign currencies loan portfolio for the financial position of mBank Group as at 31 December 2025, detailed information is presented below regarding court proceedings and significant rulings, which, in the Bank's assessment, may have affected the development of case law in matters concerning ruling on loans indexed to foreign currencies, the Bank's policy regarding settlements offered to clients, accounting principles for the recognition of legal risk related to these court cases and the settlement program, as well as information on the impact of legal risk related to these court cases on the balance sheet and profit or loss account of mBank Group and the methodology used to determine this impact.
Individual court cases against the Bank concerning loans indexed to CHF and other foreign currencies
As of 31 December 2025, the Bank observed currently pending individual lawsuits regarding 5 856 loan agreements indexed to CHF including of which 4 400 active loan agreements and 1 456 repaid loan agreements (as of 31 December 2024: 15 996 of which 12 547 active and 3 449 repaid loans). Additionally, as of 31 December 2025, the Bank observed individual lawsuits regarding 496 loan agreements indexed to other foreign currencies including of which 396 active loan agreements and 100 repaid loan agreements (as of 31 December 2024: 683 of which 578 active and 105 repaid loans).
As of 31 December 2025, mBank received and executed final rulings in individual lawsuits concerning 14 203 loan agreements indexed to CHF (31 December 2024: 8 916 loans), out of which 168 rulings were favourable or partially favourable to the Bank and 14 035 rulings were unfavourable (31 December 2024: 118 rulings favourable or partially favourable and 8 798 unfavourable). Additionally, as of 31 December 2025, mBank received final rulings in individual lawsuits concerning 240 loan agreements indexed to other foreign currencies (31 December 2024: 102 loans), out of which 5 rulings were favourable or partially favourable to the Bank and 235 rulings were unfavourable (31 December 2024: 5 rulings favourable or partially favourable and 97 unfavourable).
In total so far, approximately 97% approximately 97% of unfavourable verdicts led to the invalidation of the loan agreement, others led to the conversion of the agreement into PLN + LIBOR/WIBOR and substitution of FX clause by the fixing rate of the NBP.
Class action against mBank S.A. concerning indexation clauses
On 4 April 2016, a lawsuit was filed against the Bank by the Municipal Consumer Ombudsman representing a group of 1 731 individuals - retail banking customers who entered into mortgage loan agreements indexed to CHF.
On 6 November 2024, the Court of First Instance handed down a judgment in which it discontinued the proceedings with respect to the class members who had reached settlements and those who had obtained judgments in individual cases, and to the remaining extent declared the agreements invalid.
On 4 July 2025, the Court of Appeal in Łódź issued a judgment in which it overturned the first-instance court's ruling with regard to the claims of certain members of the Group in respect of whom, despite the conclusion of a settlement or obtaining a judgment in individual proceedings, the Court of First Instance had declared the agreements invalid. The case was dismissed in relation to these participants. In its judgment, the court also accepted mBank's request, excluded from the proceedings individuals who, after the first-instance court's ruling in 2024, entered into settlements with the bank, or those who obtained final rulings in individual proceedings. The Bank's appeal was dismissed in the remaining scope. The Court of Appeal concurred with the position of the first-instance court and upheld the judgment declaring the invalidity of the loan agreements concluded by the remaining members of the Group. The judgment is final.
As a result, nearly half of the participants chose to resolve the dispute amicably by entering into settlements with the bank. The Bank has complied with the judgment in respect of all members of the group covered by it.
On 7 November 2025, the Bank filed a cassation appeal in the part concerning 14 borrowers, in whose cases according to the Bank different factual circumstances obtained, arising from a change of the contract currency during the course of performance.
More details about the class action lawsuit against mBank S.A. regarding indexation clauses are presented in Note 34 of the Consolidated Financial Statements of the mBank S.A. Group for the year 2024, published on 28 February 2025.
Information on the most important court proceedings regarding loans indexed to foreign currencyIn recent years, jurisprudence on loans indexed to foreign currency exchange rates has undergone significant harmonization, primarily due to rulings by the Court of Justice of the European Union (CJEU) and the Supreme Court (SC). This process has led to the development of a consistent line of case law, which is largely favourable to consumers. A full description of the case law of the CJEU and the Supreme Court regarding loans indexed to foreign currency is presented in Note 34 of the Consolidated Financial Statements of the mBank S.A. Group for the year 2024, published on 28 February 2025.
Among the many rulings, the CJEU judgment of 3 October 2019, in case C-260/18 should be highlighted, in which it indicated that the issue of the abusiveness of contracts should be decided by national courts. The CJEU pointed that the invalidity of a contract may be unfavourable for the client and ruled out the possibility of applying general provisions referring to custom or principles of equity. In its judgment of 15 June 2023, in case C-520/21, the CJEU ruled that bank is not entitled to demand compensation from the consumer beyond the return of the principal paid for the performance of that agreement and beyond the payment of statutory default interest from the date of the demand for payment.
In its resolution of 16 February 2021, in case III CZP 11/20, the Supreme Court stated that in the event of the invalidity of a loan agreement, the appropriate method for settling the parties' claims is the theory of two conditions, which involves the separate settlement of claims of both parties to the loan agreement -the borrower and the bank. This position was subsequently developed in case law, including in the resolution of 7 May 2021 (III CZP 6/21) and in the resolution of the full Civil Chamber of 25 April 2024 (III CZP 25/22), which emphasized that a consumer's declaration of lack of consent to be bound by an abusive clause does not require any special form
In its judgment of 19 June 2025 in case C-396/24, the CJEU addressed, among other things, the entrepreneur's right to demand from the consumer the return of the full nominal amount of the loan granted, regardless of the amount of repayments made by the consumer in performance of that agreement and regardless of the remaining amount to be repaid. The Court emphasized that in the event of the invalidity of a contract containing abusive clauses, the national court should employ all necessary measures to protect the consumer from particularly harmful consequences that may arise from the invalidity of the contract. The Court expressed a negative view on the current practice of Polish courts insofar as it allows the entrepreneur to demand the full nominal amount of the loan from the consumer, based on the so-called theory of two conditions. According to this theory, where a term of the credit agreement deemed unfair leads to the invalidity of that agreement, the entrepreneur has the right to demand from the consumer the return of the full nominal amount of the loan granted, regardless of the repayments already made by the consumer under that agreement and regardless of the remaining amount to be repaid. The judgment raises interpretative doubts regarding the possibility and scope of potential modification or replacement of the theory of two of two conditions in the case law of Polish courts. Against this background, in case C- 510/25, the Polish court has referred new preliminary questions to the CJEU concerning the rules for settling the parties' accounts under a void credit agreement. This question may influence current settlement practices and contribute to the further development of case law in Poland.
On 14 December 2023, the CJEU in case C-28/22 not permissible is situation in which the limitation period for the business entity's claims begins to run only from the date on which the contract becomes permanently ineffective, while the limitation period for the consumer's claims begins to run at the moment when he/she learned or should have learned about the unfair nature of the contract provision giving rise to invalidity.
In turn, in its judgment of 11 December 2025 in case C 767/24, the Court held that the consumer's
submission of a set off declaration does not amount to an implied waiver of the limitation period defence.
These judgments have opened up a debate for national courts as to what moment should be considered as the beginning of the limitation period for a bank's claim. Issues related to this matter are currently the subject of numerous preliminary questions in the CJEU, including cases, C-752/24 and in the joined cases C 261/25 and C 262/25. The bank is monitoring the development of case law in this area.
On 6 February 2025, the draft act on special solutions for the recognition of cases concerning credit agreements denominated or indexed to the CHF was posted on the website of the Government Legislative Center. On 1 July 2025, the Ministry of Justice published a revised draft of the bill. This draft already takes into account the position expressed by the Court of Justice of the European Union in its judgment of 19 June 2025 in case C-396/24. On 16 October 2025, the first reading of the bill took place, after which it was referred for further work in committee. The Bank will follow the legislative process.
Settlement program
On 26 September 2022, the Bank decided to launch the settlement program for borrowers who have active CHF indexed loan including borrowers currently in court dispute with the Bank based on the assumptions presented by the PFSA's Chairman. Over time, the program was expanded to cover all loans indexed to foreign currencies.
Settlements terms are individually negotiated with customers, which allows them to be tailored to the specific needs and expectations of each party. This makes the negotiation process flexible and takes into account various financial aspects and the personal situations of clients, enabling the development of beneficial solutions.
Settlements, due to the noticeable effectiveness of this process, are mainly signed out of court mode. However, for any client who expresses such a wish, the Bank allows for the conclusion of a court settlement or at an arbitration court.
As of 31 December 2025, the Bank concluded 33 376 settlements (as of 31 December 2024: 22 902 settlements).
Accounting policies for recognising the effect of legal risk related to court cases concerning mortgage and housing loans to individual customers in foreign currencies and the voluntary settlement programThe Group recognises the impact of the legal risk related to court cases concerning indexation clauses in mortgage and housing loans in foreign currencies and settlements offered to CHF borrowers as reflected under:
IFRS 9 "Financial instruments" in relation to active loans and settlements, andIAS 37 "Provisions, contingent liabilities and contingent assets" in relation to repaid loans.
More information on accounting policies for recognising the effect of legal risk related to court cases concerning mortgage and housing loans to individual customers in foreign currencies and the voluntary settlement program was presented in Note 34 of the Consolidated Financial Statements of the mBank S.A. Group for the year 2024, published on 28 February 2025.
The impact of the legal risk related to court cases concerning indexation clauses in mortgage and housing loans in foreign currencies and the voluntary settlement programThe methodology used to calculate the impact of the legal risk related to court cases concerning indexation clauses in mortgage and housing loans in foreign currencies and the settlement program is based on historical observations and due to the lack of market data and partially on expert assumption that are highly judgmental and with a high range of possible values. It is possible that the impact of the legal risk will need to be adjusted significantly in the future, particularly that important parameters used in calculations are significantly interdependent.
The cumulative impact of legal risk associated with litigation related to indexation clauses in foreign currencies mortgages and housing loans and the settlement program included in the Group's statement of financial position is shown in the table below.
31.12.2025 | 31.12.2024 | |
Impact of legal risk concerning individual lawsuits and settlement program related to active loans recognised as a reduction of gross carrying amount of loans, including loans in: | 1 890 406 | 4 115 786 |
- CHF | 1 494 256 | 3 802 760 |
- USD | 40 780 | 85 603 |
- EUR | 253 501 | 138 751 |
- GBP | - | 196 |
- PLN | 101 869 | 88 476 |
Impact of legal risk concerning individual lawsuits related to repaid loans and low value active loans recorded as provisions for legal proceedings | 1 581 500 | 2 847 739 |
The cumulative impact of legal risk associated with litigation related to indexation clauses mortgages and housing loans in foreign currencies and settlement program | 3 471 906 | 6 963 525 |
The impact of legal risk concerning loans in PLN amounting to PLN 101.9 million, presented in the table above, refers to contracts that were historically indexed to foreign currencies and are currently denominated in PLN.
Total costs of legal risk related to foreign currency loans recognised in the income statement for the year 2025 amounted to PLN 2 039.7 million (in 2024: PLN 4 307.0 million). They are mainly due to, updates to the projected number of lawsuits, and the cost of the settlement program as well as updates remaining model parameters.
Methodology of calculating the impact of the legal risk related to individual court cases regarding credit loans indexed to CHFThe methodology of calculating the impact of the legal risk related to individual court cases concerning both active and repaid loans applied by the Bank depends on numerous assumptions that take into account historical data adjusted with the Bank's expectations regarding the future. The most important assumptions are an expected population of borrowers who will file a lawsuit against the Bank, the distribution of expected verdicts judged by the courts and the loss to be incurred by the Bank in case of losing the case in court and the expected level of settlement acceptance.
Expected population of borrowers who will file a lawsuit
The population of borrowers who will file a lawsuit against the Bank has been projected based on the Bank's litigation history and assumptions about the influx of new cases over the full projection period.
For the purpose of calculating the impact of legal risk mBank assumes that approximately 3.5 thousand CHF borrowers including 0.6 thousand with active loans and 2.9 thousand with repaid loans, will file a lawsuit against the Bank in the future (as of 31 December 2024: 5.3 thousand of which 1.7 thousand active and 3.6 thousand repaid loans). Moreover, the Bank assumed that some portion of CHF borrowers will sign settlements. These assumptions, due to significant uncertainties surrounding CHF cases as well as other external factors that may shape clients' preferences to file the lawsuits, is highly judgmental and may be a subject to an adjustment in future. If an additional 100 borrowers with active loans indexed to CHF filed a lawsuit against the Bank and the loan was invalidated in its entirety, the impact of the legal risk would increase by approximately PLN 31.1 million (while other relevant assumptions remain constant) as compared to 31 December 2025, reducing gross carrying amount of the loans. If an additional 100 borrowers with repaid loans indexed to CHF filed a lawsuit against the Bank and the loan was invalidated in its entirety, the impact of the legal risk would increase by approximately PLN 7.7 million (while other relevant assumptions remain constant) increasing the provisions for legal proceedings.
The Bank estimates that 0.6 thousand borrowers with active CHF indexed loans will not decide to sue the Bank or sign a settlement with the Bank in the future and 28.8 thousand borrowers with repaid CHF indexed loans will not sue the Bank in future. In the Bank's opinion this will be influenced by the following factors: clients' expectations regarding future costs of PLN loans, changes in jurisprudence in CHF loan cases, tax solutions regarding settlements, costs and duration of court proceedings, individual factors (in particular the loan repayment period and the current amount of debt). The population of borrowers who will not decide to sue the Bank is not a direct estimate, but is the result of the difference between the estimate of the population of clients already in dispute with the Bank or intending to do so and the estimate of the population of clients who decide to settle and the number of clients with an active CHF credit agreement and borrowers who have already repaid their loans.
Distribution of expected court rulings
The expected distribution of court rulings was based on final judgments issued in recent cases against the Bank. As of 31 December 2025, the Bank assumed a loss in 100% of pending or future lawsuits (in comparison to 99% as of 31 December 2024). In the loss scenario Bank took into account only scenario for termination of court proceedings in which the contract is invalid in its entirety, as removing the exchange rate clause would be too far-reaching change (assuming that the clause specifies the main subject of the contract).
The Bank estimates that if all Bank's originated loan agreements currently under individual court proceedings were declared invalid the pre-tax cost, without taking into account possible settlements, could reach ca. PLN 2.6 billion (compared to PLN 3.5 billion cumulative impact of legal risk associated with litigation related to indexation clauses mortgages and housing loans in foreign currencies as at 31 December 2025). Overall losses would be higher or lower depending on the final court verdicts.
Risk of statute of limitations on principal
In the calculation and accounting of the legal risk effects related to individual court cases concerning loans indexed to CHF, the risk of the statute of limitations on the Bank's claims for the return of the disbursed capital has been taken into account. According to the resolution of the Full Court of the Civil Chamber of the Supreme Court dated 25 April 2024, the beginning of the statute of limitations period starts from the
day following the day the first letter from the borrower challenging the loan agreement is received by the bank. Based on the available information regarding the statements made by clients in which the agreement was challenged the Bank determined probabilities for these contracts which range from 5% to 50%, assuming that the Bank's claims would be considered time-barred, despite the fact that restitution claim could have been filed by the Bank before the expiration of 3 years from the date of the borrower's lawsuit. If assumed that individual probabilities will change by +/- 1 percentage point and all other relevant assumptions remained unchanged, the impact of the legal risk would change by PLN 1.9 million, of which PLN 1.3 million would change the gross carrying amount of loans and PLN 0.6 million provisions for legal proceedings.
Probability of settlement acceptance
The Bank assumed the probability of accepting settlements based on the results of an actively conducted settlement program and available market data and based on its own projections. As of 31 December 2025, the Bank assumed that it would conclude 2.7 thousand settlements in the future which accounts for approximately 45% of active portfolio (as of 31 December 2024: 6.5 thousand, approximately 39%), including the borrowers who already filed file a lawsuit against the Bank.
Methodology of calculating the impact of the legal risk related to the other foreign currencies loansIn order to calculate the legal risk costs related to loans indexed to currencies other than CHF, the methodology described above for calculating the impact of the legal risk related to individual cases concerning loans indexed to CHF was used and it was applied to the whole population of loans indexed to other foreign currencies. The distribution of expected court rulings used is the same as for individual cases in CHF.
As of 31 December 2025, the Bank recognised the impact of legal risk of loans indexed to other foreign currencies in the amount of PLN 508.1 million.
Net interest incomePeriod | from 01.10.2025 to 31.12.2025 | from 01.01.2025 to 31.12.2025 | from 01.10.2024 to 31.12.2024 | from 01.01.2024 to 31.12.2024 |
Interest income | ||||
Interest income accounted for using the effective interest method | 3 451 123 | 14 193 835 | 3 684 523 | 14 257 452 |
Interest income of financial assets at amortised cost, including: | 3 120 385 | 12 742 316 | 3 243 688 | 12 497 452 |
- Loans and advances | 2 456 978 | 10 211 821 | 2 663 962 | 10 441 072 |
- Debt securities | 502 685 | 1 843 375 | 323 461 | 1 085 997 |
- Cash and short-term placements | 161 432 | 672 509 | 235 976 | 1 042 633 |
- Gains or losses on non-substantial modification (net) | (6 645) | (24 323) | 4 063 | (155 839) |
- Other | 5 935 | 38 934 | 16 226 | 83 589 |
Interest income on financial assets at fair value through other comprehensive income, including: | 330 738 | 1 451 519 | 440 835 | 1 760 000 |
- Debt securities | 330 738 | 1 451 519 | 440 835 | 1 760 000 |
Income similar to interest on financial assets at fair value through profit or loss | 113 286 | 396 628 | 86 497 | 265 814 |
Financial assets held for trading, including: | 33 043 | 118 696 | 20 035 | 64 536 |
- Loans and advances | - | 3 311 | 1 190 | 4 911 |
- Debt securities | 33 043 | 115 385 | 18 845 | 59 625 |
Non-trading financial assets mandatorily at fair value through profit or loss, including: | 11 954 | 60 109 | 17 901 | 80 379 |
- Loans and advances | 11 954 | 60 109 | 17 901 | 80 379 |
Interest income on derivatives classified into banking book | 68 289 | 217 823 | 48 561 | 120 899 |
Total interest income | 3 564 409 | 14 590 463 | 3 771 020 | 14 523 266 |
Period | from 01.10.2025 to 31.12.2025 | from 01.01.2025 to 31.12.2025 | from 01.10.2024 to 31.12.2024 | from 01.01.2024 to 31.12.2024 |
Interest expenses | ||||
Financial liabilities held for trading | (5 785) | (27 676) | (4 349) | (19 617) |
Financial liabilities measured at amortised cost, including: | (1 036 119) | (4 008 205) | (980 529) | (3 787 662) |
- Deposits | (799 141) | (3 135 459) | (813 939) | (3 072 090) |
- Loans received | (186) | (2 876) | (1 113) | (4 377) |
- Issue of debt securities | (188 297) | (699 216) | (117 554) | (514 905) |
- Subordinated liabilities | (37 726) | (129 179) | (40 330) | (164 177) |
- Other financial liabilities | (8 523) | (33 015) | (6 371) | (27 867) |
- Lease liabilities | (2 246) | (8 460) | (1 222) | (4 246) |
Interest expenses on derivatives concluded under the fair value hedge | (31 526) | (374 988) | (203 374) | (798 612) |
Interest expenses on derivatives concluded under the cash flow hedge | (6 843) | (158 304) | (67 872) | (326 205) |
Other | (1 683) | (2 266) | (1 966) | (2 147) |
Total interest expense | (1 081 956) | (4 571 439) | (1 258 090) | (4 934 243) |
Net fee and commission income | ||||
Period | from 01.10.2025 to 31.12.2025 | from 01.01.2025 to 31.12.2025 | from 01.10.2024 to 31.12.2024 | from 01.01.2024 to 31.12.2024 |
Fee and commission income | ||||
Payment cards-related fees | 213 014 | 887 623 | 198 496 | 766 190 |
Credit-related fees and commissions | 167 601 | 651 995 | 161 207 | 623 393 |
Commissions from currency transactions | 130 918 | 497 289 | 124 628 | 484 935 |
Commissions from bank accounts | 79 594 | 323 038 | 79 760 | 311 163 |
Commissions from money transfers | 63 102 | 249 824 | 65 517 | 251 929 |
Commissions for agency service regarding sale of insurance products of external financial entities | 49 504 | 222 788 | 37 805 | 149 576 |
Fees from brokerage activity and debt securities issue | 45 228 | 188 167 | 42 536 | 165 469 |
Commissions for agency service regarding sale of other products of external financial entities | 41 558 | 141 971 | 33 413 | 119 446 |
Commissions due to guarantees granted and trade finance commissions | 34 413 | 126 192 | 28 501 | 114 560 |
Fees from cash services | 15 263 | 65 470 | 15 800 | 65 688 |
Fees from portfolio management services and other management-related fees | 18 849 | 54 526 | 11 837 | 36 439 |
Commissions on trust and fiduciary activities | 8 333 | 33 765 | 8 133 | 31 573 |
Other | 22 264 | 88 147 | 23 275 | 87 346 |
Total fee and commission income | 889 641 | 3 530 795 | 830 908 | 3 207 707 |
Period | from 01.10.2025 to 31.12.2025 | from 01.01.2025 to 31.12.2025 | from 01.10.2024 to 31.12.2024 | from 01.01.2024 to 31.12.2024 |
Fee and commission expense | ||||
Payment cards-related fees | (92 112) | (360 709) | (103 525) | (375 879) |
Commissions paid to external entities for sale of the Group's products | (72 168) | (287 116) | (64 527) | (242 339) |
Commissions of insurance products | (5 742) | (20 576) | (4 921) | (17 506) |
Commissions paid for sale of external financial entities' products | (17 580) | (60 814) | (14 053) | (61 655) |
Discharged brokerage fees | (11 469) | (41 955) | (11 720) | (38 910) |
Cash services | (18 706) | (62 558) | (20 002) | (67 097) |
Fees to NBP, KIR and GPW Benchmark | (8 087) | (26 750) | (8 908) | (26 012) |
Other discharged fees | (120 803) | (461 964) | (105 966) | (406 425) |
Total fee and commission expense | (346 667) | (1 322 442) | (333 622) | (1 235 823) |
15 | ||||
Period | from 01.10.2025 to 31.12.2025 | from 01.01.2025 to 31.12.2025 | from 01.10.2024 to 31.12.2024 | from 01.01.2024 to 31.12.2024 |
Equity instruments | 7 995 | 70 842 | 16 681 | 58 473 |
Debt securities | (459) | 2 260 | 3 961 | 5 526 |
Loans and advances | (561) | (10 714) | 1 582 | 450 |
Total gains or losses on non-trading financial assets mandatorily at fair value through profit or loss | 6 975 | 62 388 | 22 224 | 64 449 |
Period | from 01.10.2025 to 31.12.2025 | from 01.01.2025 to 31.12.2025 | from 01.10.2024 to 31.12.2024 | from 01.01.2024 to 31.12.2024 |
Staff-related expenses | (480 553) | (1 782 882) | (449 175) | (1 618 966) |
Material costs, including: | (310 742) | (1 073 870) | (265 814) | (967 360) |
- costs of administration and real estate services | (97 924) | (369 762) | (80 132) | (349 622) |
- IT costs | (88 094) | (320 267) | (71 124) | (276 625) |
- marketing costs | (79 434) | (252 694) | (65 287) | (215 580) |
- consulting costs | (34 421) | (99 433) | (42 725) | (105 045) |
- other material costs | (10 869) | (31 714) | (6 546) | (20 488) |
Taxes and fees | (13 682) | (52 862) | (12 696) | (48 319) |
Contributions and transfers to the Bank Guarantee Fund | (24 155) | (286 136) | - | (146 790) |
Contributions to the Social Benefits Fund | (7 252) | (20 785) | (8 701) | (20 275) |
Total overhead costs | (836 384) | (3 216 535) | (736 386) | (2 801 710) |
Period | from 01.10.2025 to 31.12.2025 | from 01.01.2025 to 31.12.2025 | from 01.10.2024 to 31.12.2024 | from 01.01.2024 to 31.12.2024 |
Wages and salaries | (374 383) | (1 414 524) | (351 361) | (1 286 262) |
Social security expenses | (60 546) | (252 612) | (56 257) | (227 880) |
Remuneration concerning share-based payments, including: | (4 155) | (15 109) | (3 815) | (14 708) |
- share-based payments settled in mBank S.A. subscription warrants | (4 022) | (14 746) | (3 629) | (14 193) |
- cash-settled share-based payments | (133) | (363) | (186) | (515) |
Other staff expenses | (41 469) | (100 637) | (37 742) | (90 116) |
Staff-related expenses, total | (480 553) | (1 782 882) | (449 175) | (1 618 966) |
The balance sheet total of mBank Group stood at PLN 280 253.2 million at the end of 2025 and increased by 7.2% compared with the end of September 2025.
Assets of mBank GroupThe largest asset category at the end of 2025 comprised loans and advances to customers. As at 31 December 2025, they accounted for 47.5% of the balance sheet total compared with 52.1% at the end of September 2025. Net loans and advances stood at PLN 133 217.4 million, down by PLN -3 088.3 million,
i.e. -2.3% quarter on quarter.
The volume of gross loans to retail clients increased by 2.2% compared with the end of Q3 2025 and amounted to PLN 78 526.2 million. The value was positively impacted by high sales of retail loans and negatively by the adjustment related to the costs of legal risk related to foreign currency loans. Net of FX movements, loans and advances to individual clients increased by 2.3% in Q4 2025. Excluding the FX Mortgage Loans segment and FX effects, loans to individuals increased by 2.5% quarter on quarter.
Gross loans and advances to corporate clients decreased to PLN 58 121.8 million, i.e. -7.4% quarter on quarter. Excluding reverse repo/buy-sell-back transactions and FX effects, the value of loans and advances to corporate entities decreased by 2.1%.
Investment securities were the second largest asset category at the end of 2025, amounting to PLN 81 431.1 million, higher by 12.6% quarter on quarter. The growth was driven mainly by allocating the funds deposited by clients into Treasury bonds and money market bills.
Cash and cash equivalents increased quarterly by PLN 18 508.8 million, i.e. 84.2%, to PLN 40 481.4 million, driven primarily by an increase in overnight deposits.
Loans and advances to banks decreased by PLN 7 348.3 million, i.e. -35.8%, to PLN 13 192.6 million, mainly due to a reduction in reverse repo/buy-sell-back transactions.
Securities held for trading and derivative instruments increased by PLN 1 176.9 million, i.e. 37.9%, to PLN 4 280.1 million, supported mainly by higher holdings of debt securities issued by government and local government institutions.
Equity and liabilities of mBank GroupIn Q4 2025, amounts due to clients, which are the principal source of funding of mBank Group, increased by PLN 15 183.8 million, i.e. 7.1%, to PLN 229 145.7 million.
Amounts due to individual clients stood at PLN 164 813.2 million at the end of 2025, up by 7.4% quarter on quarter. The increase was driven by the rise in current account balances (+PLN 12 172.4 million, i.e. 9.5%), accompanied by a decline in term deposits (PLN -785.5 million, i.e. -3.2%).
Amounts due to corporate clients stood at PLN 63 224.5 million at the end of Q4 2025, which represents an increase of 7.2% quarter on quarter. The position was mainly affected by an increase in current account balances (+PLN 5 157.7 million, i.e. 12.1%) and a simultaneous decrease in term deposits (PLN -612.7 million, i.e. -4.3%).
Amounts due to other banks fell by PLN 384.3 million, i.e. -13.6%, to PLN 2 433.6 million, mainly due to a decline in funds held by other banks on accounts in mBank.
Liabilities from debt securities in issue increased by PLN 3 690.5 million, i.e. 37.2%, to PLN 13 611.1 million. The changes resulted from a new issuance of green senior non-preferred bonds of EUR 500 million under the EMTN Programme, the issuance of CLN bonds of PLN 831 million related to a new securitisation transaction, as well as one new issuance of covered bonds by mBank Hipoteczny totalling PLN 750 million.
Subordinated liabilities decreased by PLN 229.3 million, i.e. -6.3%, to PLN 3 403.7 million, mainly due to the early redemption of subordinated bonds issued on October 9, 2018 (original maturity 10 October 2030) with a nominal value of PLN 200 million.
Total equity increased quarterly by PLN 979.2 million, i.e. 4.8%, to PLN 21 409.1 million at the end of Q4 2025, mainly as a result of an increase in retained earnings driven by higher profit for the current year.
The share of equity in total liabilities and equity stood at 7.6%, lower than as at the end of September 2025 (7.8%).
Capital RatiosThe level of capital ratios reported by mBank Group decreased in Q4 2025. The Group maintains a high level of buffers above the supervisory capital requirements of the Polish Financial Supervision Authority KNF: 4.7 p.p. above the requirement for the Common Equity Tier 1 ratio, 4.3 p.p. above the requirement for Tier I Ratio and 4.3 p.p. above the requirement for the total capital ratio.
The stand alone and consolidated capital ratios reported as of 31 December 2025 are presented in the table below.
Capital ratios as of 31 December 2025 | mBank S.A. | mBank S.A. Group |
Common Equity Tier 1 ratio (in %) | 15.7 | 13.2 |
Tier 1 Ratio (in %) | 17.1 | 14.4 |
Total capital ratio (in %) | 19.4 | 16.3 |
31.12.2025 | 30.09.2025 | 31.12.2024 | |
Derivatives | 782 151 | 533 737 | 609 993 |
Held for trading derivative financial instruments classified into banking book | 270 902 | 240 341 | 304 114 |
Held for trading derivative financial instruments classified into trading book | 584 248 | 400 001 | 473 880 |
Derivative financial instruments held for fair value hedging | 732 980 | 562 480 | 397 537 |
Derivative financial instruments held for cash flow hedging | - | 1 799 | - |
Offsetting effect | (805 979) | (670 884) | (565 538) |
Equity instruments | 12 870 | 12 460 | 11 402 |
Other financial institutions | 12 870 | 12 460 | 11 402 |
Debt securities | 3 485 109 | 2 557 075 | 1 176 347 |
General governments | 3 134 791 | 2 212 112 | 920 469 |
Other financial institutions | 147 333 | 71 392 | 72 463 |
Non-financial corporations | 202 985 | 273 571 | 183 415 |
Loans and advances to customers | - | - | 42 972 |
Corporate customers | - | - | 42 972 |
Total financial assets held for trading and derivatives held for hedges | 4 280 130 | 3 103 272 | 1 840 714 |
31.12.2025 | 30.09.2025 | 31.12.2024 | |
Derivatives | 737 099 | 528 211 | 748 327 |
Held for trading derivative financial instruments classified into banking book | 244 895 | 181 131 | 180 905 |
Held for trading derivative financial instruments classified into trading book | 566 430 | 433 545 | 648 529 |
Derivative financial instruments held for fair value hedging | 143 791 | 170 716 | 537 716 |
Derivative financial instruments held for cash flow hedging | - | - | 105 836 |
Offsetting effect | (218 017) | (257 181) | (724 659) |
Liabilities from short sale of securities | 719 305 | 1 537 730 | 345 710 |
Total financial liabilities held for trading and derivatives held for hedges | 1 456 404 | 2 065 941 | 1 094 037 |
31.12.2025 | 30.09.2025 | 31.12.2024 | |
Equity instruments | 376 346 | 370 100 | 407 732 |
Other financial institutions | 312 664 | 304 860 | 267 831 |
Non-financial corporations | 63 682 | 65 240 | 139 901 |
Debt securities | 12 229 | 12 789 | 31 204 |
Other financial institutions | 12 229 | 12 789 | 31 204 |
Loans and advances to customers | 390 780 | 415 392 | 486 850 |
Individual customers | 352 298 | 376 590 | 434 565 |
Corporate customers | 38 344 | 38 755 | 52 151 |
Public sector customers | 138 | 47 | 134 |
Total non-trading financial assets mandatorily at fair value through profit or loss | 779 355 | 798 281 | 925 786 |
31.12.2025 | Carrying | Gross carrying amount including valuation to fair value | Accumulated impairment | ||||||
amount | Stage 1 | Stage 2 | Stage 3 | POCI | Stage 1 | Stage 2 | Stage 3 | POCI | |
Debt securities | 33 807 473 | 33 489 426 | 326 538 | 39 367 | - | (11 754) | (3 255) | (32 849) | - |
Central banks | 15 053 332 | 15 058 093 | - | - | - | (4 761) | - | - | - |
General governments | 16 793 630 | 16 798 876 | - | - | - | (5 246) | - | - | - |
Credit institutions | 401 866 | 402 106 | - | - | - | (240) | - | - | - |
Other financial institutions | 374 766 | 330 317 | 38 557 | 39 367 | - | (454) | (172) | (32 849) | - |
Non-financial corporations | 1 183 879 | 900 034 | 287 981 | - | - | (1 053) | (3 083) | - | - |
Total financial assets at fair value through other comprehensive income | 33 807 473 | 33 489 426 | 326 538 | 39 367 | - | (11 754) | (3 255) | (32 849) | - |
30.09.2025 | Carrying amount | Gross carrying amount including valuation to fair value | Accumulated impairment | ||||||
Stage 1 | Stage 2 | Stage 3 | POCI | Stage 1 | Stage 2 | Stage 3 | POCI | ||
Debt securities | 25 759 198 | 25 423 111 | 350 166 | - | - | (9 151) | (4 928) | - | - |
Central banks | 3 173 150 | 3 174 174 | - | - | - | (1 024) | - | - | - |
General governments | 21 051 305 | 21 057 432 | - | - | - | (6 127) | - | - | - |
Credit institutions | 415 004 | 415 337 | - | - | - | (333) | - | - | - |
Other financial institutions | 208 033 | 140 313 | 69 963 | - | - | (385) | (1 858) | - | - |
Non-financial corporations | 911 706 | 635 855 | 280 203 | - | - | (1 282) | (3 070) | - | - |
Total financial assets at fair value through other comprehensive income | 25 759 198 | 25 423 111 | 350 166 | - | - | (9 151) | (4 928) | - | - |
31.12.2024 | Carrying amount | Gross carrying amount including valuation to fair value | Accumulated impairment | ||||||
Stage 1 | Stage 2 | Stage 3 | POCI | Stage 1 | Stage 2 | Stage 3 | POCI | ||
Debt securities | 34 588 843 | 34 487 450 | 110 901 | - | - | (8 326) | (1 182) | - | - |
Central banks | 14 828 961 | 14 831 236 | - | - | - | (2 275) | - | - | - |
General governments | 17 637 073 | 17 639 750 | - | - | - | (2 677) | - | - | - |
Credit institutions | 344 055 | 344 696 | - | - | - | (641) | - | - | - |
Other financial institutions | 1 061 981 | 1 031 618 | 31 428 | - | - | (580) | (485) | - | - |
Non-financial corporations | 716 773 | 640 150 | 79 473 | - | - | (2 153) | (697) | - | - |
Total financial assets at fair value through other comprehensive income | 34 588 843 | 34 487 450 | 110 901 | - | - | (8 326) | (1 182) | - | - |
31.12.2025 | Carrying | Gross carrying amount | Accumulated impairment | ||||||
amount | Stage 1 | Stage 2 | Stage 3 | POCI | Stage 1 | Stage 2 | Stage 3 | POCI | |
Debt securities | 47 235 027 | 47 248 274 | - | - | - | (13 247) | - | - | - |
General governments | 37 727 573 | 37 739 128 | - | - | - | (11 555) | - | - | - |
Credit institutions | 3 463 463 | 3 464 542 | - | - | - | (1 079) | - | - | - |
Other financial institutions | 6 043 991 | 6 044 604 | - | - | - | (613) | - | - | - |
Loans and advances to banks | 13 192 564 | 13 184 680 | 9 022 | - | - | (397) | (741) | - | - |
Loans and advances to customers | 132 826 644 | 107 213 897 | 24 474 817 | 4 075 479 | 617 581 | (415 421) | (678 077) | (2 388 791) | (72 841) |
Individual customers | 76 272 094 | 64 694 890 | 11 008 438 | 2 042 634 | 427 894 | (194 928) | (509 470) | (1 079 711) | (117 653) |
Corporate customers | 56 450 625 | 42 484 995 | 13 402 182 | 2 006 554 | 189 687 | (220 353) | (163 042) | (1 294 210) | 44 812 |
Public sector customers | 103 925 | 34 012 | 64 197 | 26 291 | - | (140) | (5 565) | (14 870) | - |
Total financial assets at amortised cost | 193 254 235 | 167 646 851 | 24 483 839 | 4 075 479 | 617 581 | (429 065) | (678 818) | (2 388 791) | (72 841) |
30.09.2025 | Carrying | Gross carrying amount | Accumulated impairment | ||||||
amount | Stage 1 | Stage 2 | Stage 3 | POCI | Stage 1 | Stage 2 | Stage 3 | POCI | |
Debt securities | 46 179 598 | 46 192 950 | - | - | - | (13 352) | - | - | - |
General governments | 37 493 081 | 37 504 818 | - | - | - | (11 737) | - | - | - |
Credit institutions | 3 263 463 | 3 264 501 | - | - | - | (1 038) | - | - | - |
Other financial institutions | 5 423 054 | 5 423 631 | - | - | - | (577) | - | - | - |
Loans and advances to banks | 20 540 865 | 20 533 547 | 8 463 | - | - | (780) | (365) | - | - |
Loans and advances to customers | 135 890 293 | 112 295 456 | 22 419 114 | 4 041 934 | 573 686 | (437 739) | (631 466) | (2 347 873) | (22 819) |
Individual customers | 74 586 220 | 64 508 634 | 9 504 655 | 2 089 373 | 380 688 | (190 098) | (492 950) | (1 110 378) | (103 704) |
Corporate customers | 61 187 397 | 47 744 514 | 12 849 009 | 1 925 819 | 192 998 | (247 556) | (136 365) | (1 221 907) | 80 885 |
Public sector customers | 116 676 | 42 308 | 65 450 | 26 742 | - | (85) | (2 151) | (15 588) | - |
Total financial assets at amortised cost | 202 610 756 | 179 021 953 | 22 427 577 | 4 041 934 | 573 686 | (451 871) | (631 831) | (2 347 873) | (22 819) |
Carrying | Gross carrying amount | Accumulated impairment | |||||||
31.12.2024 | amount | Stage 1 | Stage 2 | Stage 3 | POCI | Stage 1 | Stage 2 | Stage 3 | POCI |
Debt securities | 33 965 644 | 33 970 318 | - | - | - | (4 674) | - | - | - |
General governments | 24 966 741 | 24 970 435 | - | - | - | (3 694) | - | - | - |
Credit institutions | 3 433 368 | 3 433 879 | - | - | - | (511) | - | - | - |
Other financial institutions | 5 565 535 | 5 566 004 | - | - | - | (469) | - | - | - |
Loans and advances to banks | 9 738 457 | 9 738 787 | 239 | - | - | (569) | - | - | - |
Loans and advances to customers | 120 888 776 | 104 409 480 | 15 041 865 | 4 617 803 | 386 046 | (436 059) | (579 957) | (2 534 556) | (15 846) |
Individual customers | 68 183 621 | 58 600 833 | 8 856 463 | 2 392 064 | 305 125 | (219 017) | (480 267) | (1 196 614) | (74 966) |
Corporate customers | 52 581 735 | 45 760 203 | 6 118 332 | 2 196 541 | 80 921 | (216 954) | (96 191) | (1 320 237) | 59 120 |
Public sector customers | 123 420 | 48 444 | 67 070 | 29 198 | - | (88) | (3 499) | (17 705) | - |
Total financial assets at amortised cost | 164 592 877 | 148 118 585 | 15 042 104 | 4 617 803 | 386 046 | (441 302) | (579 957) | (2 534 556) | (15 846) |
Loans and advances to customers Gross carrying | including: | |||
31.12.2025 | amount | Individual customers | Corporate customers | Public sector customers |
Current accounts | 15 099 830 | 7 504 424 | 7 579 604 | 15 802 |
Term loans, including: | 100 131 843 | 70 565 254 | 29 457 891 | 108 698 |
- housing and mortgage loans to natural persons | 51 781 989 | 51 781 989 | ||
Reverse repo or buy/sell back | 1 215 287 | - | 1 215 287 | - |
Finance leases | 15 590 665 | - | 15 590 665 | - |
Other loans and advances | 3 863 885 | - | 3 863 885 | - |
Other receivables | 480 264 | 104 178 | 376 086 | - |
Total gross carrying amount | 136 381 774 | 78 173 856 | 58 083 418 | 124 500 |
Accumulated impairment | including: | |||
Individual customers | Corporate customers | Public sector customers | ||
Current accounts | (1 049 356) | (775 290) | (273 993) | (73) |
Term loans, including: | (1 927 016) | (1 126 472) | (780 042) | (20 502) |
- housing and mortgage loans to natural persons | (319 492) | (319 492) | ||
Finance leases | (495 609) | - | (495 609) | - |
Other loans and advances | (71 726) | - | (71 726) | - |
Other receivables | (11 423) | - | (11 423) | - |
Total accumulated impairment | (3 555 130) | (1 901 762) | (1 632 793) | (20 575) |
Total gross carrying amount | 136 381 774 | 78 173 856 | 58 083 418 | 124 500 |
Total accumulated impairment | (3 555 130) | (1 901 762) | (1 632 793) | (20 575) |
Total carrying amount | 132 826 644 | 76 272 094 | 56 450 625 | 103 925 |
Loans and advances to customers Gross carrying | including: | |||
30.09.2025 | amount | Individual customers | Corporate customers | Public sector customers |
Current accounts | 16 020 071 | 7 675 831 | 8 328 249 | 15 991 |
Term loans, including: | 99 058 627 | 68 750 002 | 30 190 116 | 118 509 |
- housing and mortgage loans to natural persons | 50 265 782 | 50 265 782 | ||
Reverse repo or buy/sell back | 4 434 076 | - | 4 434 076 | - |
Finance leases | 15 621 387 | - | 15 621 387 | - |
Other loans and advances | 3 985 593 | - | 3 985 593 | - |
Other receivables | 210 436 | 57 517 | 152 919 | - |
Total gross carrying amount | 139 330 190 | 76 483 350 | 62 712 340 | 134 500 |
Accumulated | including: | |||
impairment | Individual customers | Corporate customers | Public sector customers | |
Current accounts | (993 646) | (776 434) | (217 076) | (136) |
Term loans, including: | (1 835 691) | (1 120 696) | (697 307) | (17 688) |
- housing and mortgage loans to natural persons | (325 642) | (325 642) | ||
Finance leases | (517 437) | - | (517 437) | - |
Other loans and advances | (82 641) | - | (82 641) | - |
Other receivables | (10 482) | - | (10 482) | - |
Total accumulated impairment | (3 439 897) | (1 897 130) | (1 524 943) | (17 824) |
Total gross carrying amount | 139 330 190 | 76 483 350 | 62 712 340 | 134 500 |
Total accumulated impairment | (3 439 897) | (1 897 130) | (1 524 943) | (17 824) |
Total carrying amount | 135 890 293 | 74 586 220 | 61 187 397 | 116 676 |
Loans and advances to customers Gross carrying | including: | |||
31.12.2024 | amount | Individual customers | Corporate customers | Public sector customers |
Current accounts | 14 615 758 | 7 596 751 | 7 010 043 | 8 964 |
Term loans, including: | 89 986 897 | 62 459 240 | 27 391 909 | 135 748 |
- housing and mortgage loans to natural persons | 45 978 264 | 45 978 264 | ||
Reverse repo or buy/sell back | 1 029 492 | - | 1 029 492 | - |
Finance leases | 14 885 011 | - | 14 885 011 | - |
Other loans and advances | 3 707 809 | - | 3 707 809 | - |
Other receivables | 230 227 | 98 494 | 131 733 | - |
Total gross carrying amount | 124 455 194 | 70 154 485 | 54 155 997 | 144 712 |
Accumulated | including: | |||
impairment | Individual customers | Corporate customers | Public sector customers | |
Current accounts | (1 057 230) | (779 824) | (277 351) | (55) |
Term loans, including: | (1 947 128) | (1 191 040) | (734 851) | (21 237) |
- housing and mortgage loans to natural persons | (395 361) | (395 361) | ||
Finance leases | (484 453) | - | (484 453) | - |
Other loans and advances | (69 168) | - | (69 168) | - |
Other receivables | (8 439) | - | (8 439) | - |
Total accumulated impairment | (3 566 418) | (1 970 864) | (1 574 262) | (21 292) |
Total gross carrying amount | 124 455 194 | 70 154 485 | 54 155 997 | 144 712 |
Total accumulated impairment | (3 566 418) | (1 970 864) | (1 574 262) | (21 292) |
Total carrying amount | 120 888 776 | 68 183 621 | 52 581 735 | 123 420 |
Amount due to banks | Amount due to customers | including: | |||
31.12.2025 | Individual customers | Corporate customers | Public sector customers | ||
Deposits | 1 364 370 | 228 042 000 | 164 550 738 | 62 383 536 | 1 107 726 |
Current accounts | 617 975 | 189 557 233 | 140 834 552 | 47 657 590 | 1 065 091 |
Term deposits | 137 979 | 37 314 176 | 23 716 186 | 13 555 355 | 42 635 |
Repo or buy/sell back transactions | 608 416 | 1 170 591 | - | 1 170 591 | - |
Loans and advances received | 623 453 | - | - | - | - |
Other financial liabilities | 445 749 | 1 103 729 | 262 445 | 840 941 | 343 |
Liabilities in respect of cash collaterals | 339 700 | 632 164 | 47 657 | 584 164 | 343 |
Other | 106 049 | 471 565 | 214 788 | 256 777 | - |
Deposits and other financial liabilities measured at amortised cost, total | 2 433 572 | 229 145 729 | 164 813 183 | 63 224 477 | 1 108 069 |
Amount due to banks | Amount due to customers | including: | |||
30.09.2025 | Individual customers | Corporate customers | Public sector customers | ||
Deposits | 1 750 288 | 212 851 897 | 153 163 843 | 58 177 788 | 1 510 266 |
Current accounts | 876 664 | 172 306 431 | 128 662 192 | 42 499 923 | 1 144 316 |
Term deposits | 259 584 | 39 035 699 | 24 501 651 | 14 168 098 | 365 950 |
Repo or buy/sell back transactions | 614 040 | 1 509 767 | - | 1 509 767 | - |
Loans and advances received | 626 707 | - | - | - | - |
Other financial liabilities | 440 843 | 1 109 992 | 314 987 | 794 559 | 446 |
Liabilities in respect of cash collaterals | 215 292 | 525 516 | 44 515 | 480 659 | 342 |
Other | 225 551 | 584 476 | 270 472 | 313 900 | 104 |
Deposits and other financial liabilities measured at amortised cost, total | 2 817 838 | 213 961 889 | 153 478 830 | 58 972 347 | 1 510 712 |
Amount due to banks | Amount due to customers | including: | |||
31.12.2024 | Individual customers | Corporate customers | Public sector customers | ||
Deposits | 873 547 | 199 652 589 | 141 988 882 | 56 822 843 | 840 864 |
Current accounts | 592 100 | 162 613 821 | 117 236 227 | 44 601 511 | 776 083 |
Term deposits | 103 164 | 36 108 465 | 24 752 655 | 11 291 029 | 64 781 |
Repo or buy/sell back transactions | 178 283 | 930 303 | - | 930 303 | - |
Loans and advances received | 1 929 197 | - | - | - | - |
Other financial liabilities | 256 687 | 1 156 389 | 258 715 | 897 091 | 583 |
Liabilities in respect of cash collaterals | 125 921 | 587 753 | 37 719 | 549 451 | 583 |
Other | 130 766 | 568 636 | 220 996 | 347 640 | - |
Deposits and other financial liabilities measured at amortised cost, total | 3 059 431 | 200 808 978 | 142 247 597 | 57 719 934 | 841 447 |
period from 1 October to 31 December 2025 | Retail Banking | Corporate and Investment Banking | Treasury and Other | FX Mortgage Loans | Total figure for the Group |
Net interest income | 1 579 926 | 734 941 | 170 495 | (2 909) | 2 482 453 |
- sales to external clients | 881 745 | 623 622 | 969 218 | 7 868 | 2 482 453 |
- sales to other segments | 698 181 | 111 319 | (798 723) | (10 777) | - |
Net fee and commission income | 300 575 | 263 119 | (15 884) | (4 836) | 542 974 |
Dividend income | - | - | 74 | - | 74 |
Trading income | 22 588 | 43 522 | (81 867) | (144) | (15 901) |
Gains or losses on non-trading financial assets mandatorily at fair value through profit or loss | 4 844 | 608 | 2 062 | (539) | 6 975 |
Gains or losses on derecognition of financial assets and liabilities not measured at fair value through profit or loss | (2 518) | (783) | 35 373 | - | 32 072 |
Other operating income | 26 395 | 45 048 | 8 330 | 1 484 | 81 257 |
Impairment or reversal of impairment on financial assets not measured at fair value through profit or loss | (114 710) | (137 761) | (6 343) | 993 | (257 821) |
Costs of legal risk related to foreign currency loans | - | - | - | (379 265) | (379 265) |
Overhead costs | (544 167) | (274 065) | (13 753) | (4 399) | (836 384) |
Amortisation | (122 767) | (49 980) | (2 360) | (464) | (175 571) |
Other operating expenses | (46 058) | (12 563) | (8 699) | (3 297) | (70 617) |
Operating profit | 1 104 108 | 612 086 | 87 428 | (393 376) | 1 410 246 |
Taxes on Group balance sheet items | (134 134) | (66 433) | (2 409) | (1 883) | (204 859) |
Gross profit of the segment | 969 974 | 545 653 | 85 019 | (395 259) | 1 205 387 |
Income tax | (163 898) | ||||
Net profit attributable to Owners of mBank S.A. | 1 041 489 | ||||
Net profit attributable to non-controlling interests | - | ||||
period from 1 October to 31 December 2024 | Retail Banking | Corporate and Investment Banking | Treasury and Other | FX Mortgage Loans | Total figure for the Group |
Net interest income | 1 650 715 | 740 416 | 114 556 | 7 243 | 2 512 930 |
- sales to external clients | 1 016 631 | 703 571 | 746 468 | 46 260 | 2 512 930 |
- sales to other segments | 634 084 | 36 845 | (631 912) | (39 017) | - |
Net fee and commission income | 261 816 | 257 801 | (13 024) | (9 307) | 497 286 |
Dividend income | - | - | 146 | - | 146 |
Trading income | 35 482 | 59 095 | (44 788) | (4 393) | 45 396 |
Gains or losses on non-trading financial assets mandatorily at fair value through profit or loss | 22 579 | 1 786 | (1 966) | (175) | 22 224 |
Gains or losses on derecognition of financial assets and liabilities not measured at fair value through profit or loss | (2 902) | (2 916) | (242) | - | (6 060) |
Other operating income | 28 555 | 31 534 | 20 712 | 703 | 81 504 |
Impairment or reversal of impairment on financial assets not measured at fair value through profit or loss | (154 099) | (66 333) | (909) | 44 742 | (176 599) |
Costs of legal risk related to foreign currency loans | - | - | - | (932 212) | (932 212) |
Overhead costs | (474 401) | (244 331) | (13 863) | (3 791) | (736 386) |
Amortisation | (117 114) | (48 959) | (2 404) | (351) | (168 828) |
Other operating expenses | (49 798) | (19 659) | (36 560) | (1 330) | (107 347) |
Operating profit | 1 200 833 | 708 434 | 21 658 | (898 871) | 1 032 054 |
Taxes on Group balance sheet items | (125 035) | (62 823) | (3 810) | (2 660) | (194 328) |
Gross profit of the segment | 1 075 798 | 645 611 | 17 848 | (901 531) | 837 726 |
Income tax | 148 281 | ||||
Net profit attributable to Owners of mBank S.A. | 986 002 | ||||
Net profit attributable to non-controlling interests | 5 | ||||
period from 1 January to 31 December 2025 | Retail Banking | Corporate and Investment Banking | Treasury and Other | FX Mortgage Loans | Total figure for the Group |
Net interest income | 6 538 019 | 2 914 720 | 594 207 | (27 922) | 10 019 024 |
- sales to external clients | 3 873 666 | 2 612 404 | 3 493 813 | 39 141 | 10 019 024 |
- sales to other segments | 2 664 353 | 302 316 | (2 899 606) | (67 063) | - |
Net fee and commission income | 1 198 338 | 1 092 164 | (54 269) | (27 880) | 2 208 353 |
Dividend income | - | - | 8 448 | - | 8 448 |
Trading income | 105 026 | 239 733 | (251 276) | (10 812) | 82 671 |
Gains or losses on non-trading financial assets mandatorily at fair value through profit or loss | 53 320 | 2 162 | 7 198 | (292) | 62 388 |
Gains or losses on derecognition of financial assets and liabilities not measured at fair value through profit or loss | (3 618) | 5 682 | 39 006 | - | 41 070 |
Other operating income | 124 712 | 126 015 | 110 600 | 3 219 | 364 546 |
Impairment or reversal of impairment on financial assets not measured at fair value through profit or loss | (449 525) | (338 915) | (17 547) | 56 945 | (749 042) |
Costs of legal risk related to foreign currency loans | - | - | - | (2 039 726) | (2 039 726) |
Overhead costs | (2 063 087) | (1 067 414) | (49 869) | (36 165) | (3 216 535) |
Amortisation | (442 117) | (197 938) | (9 582) | (1 747) | (651 384) |
Other operating expenses | (201 852) | (53 954) | (64 832) | (10 192) | (330 830) |
Operating profit | 4 859 216 | 2 722 255 | 312 084 | (2 094 572) | 5 798 983 |
Taxes on Group balance sheet items | (504 144) | (251 637) | (13 723) | (8 645) | (778 149) |
Gross profit of the segment | 4 355 072 | 2 470 618 | 298 361 | (2 103 217) | 5 020 834 |
Income tax | (1 477 294) | ||||
Net profit attributable to Owners of mBank S.A. | 3 543 540 | ||||
Net profit attributable to non-controlling interests | - | ||||
period from 1 January to 31 December 2024 | Retail Banking | Corporate and Investment Banking | Treasury and Other | FX Mortgage Loans | Total figure for the Group |
Net interest income | 6 255 683 | 2 852 328 | 454 115 | 26 897 | 9 589 023 |
- sales to external clients | 3 733 413 | 2 755 342 | 2 857 444 | 242 824 | 9 589 023 |
- sales to other segments | 2 522 270 | 96 986 | (2 403 329) | (215 927) | - |
Net fee and commission income | 1 035 536 | 1 024 437 | (54 029) | (34 060) | 1 971 884 |
Dividend income | - | - | 14 279 | - | 14 279 |
Trading income | 120 756 | 233 366 | (145 435) | (32 009) | 176 678 |
Gains or losses on non-trading financial assets mandatorily at fair value through profit or loss | 59 287 | 2 740 | 2 715 | (293) | 64 449 |
Gains or losses on derecognition of financial assets and liabilities not measured at fair value through profit or loss | (2 436) | 1 927 | 1 107 | - | 598 |
Other operating income | 121 605 | 284 265 | 66 605 | 5 076 | 477 551 |
Impairment or reversal of impairment on financial assets not measured at fair value through profit or loss | (410 763) | (226 625) | (1 983) | 53 413 | (585 958) |
Costs of legal risk related to foreign currency loans | - | - | - | (4 306 964) | (4 306 964) |
Overhead costs | (1 773 326) | (957 695) | (46 039) | (24 650) | (2 801 710) |
Amortisation | (405 202) | (171 616) | (8 514) | (1 298) | (586 630) |
Other operating expenses | (135 407) | (74 718) | (72 489) | (4 480) | (287 094) |
Operating profit | 4 865 733 | 2 968 409 | 210 332 | (4 318 368) | 3 726 106 |
Taxes on Group balance sheet items | (475 952) | (247 220) | (16 649) | (12 560) | (752 381) |
Gross profit of the segment | 4 389 781 | 2 721 189 | 193 683 | (4 330 928) | 2 973 725 |
Income tax | (730 357) | ||||
Net profit attributable to Owners of mBank S.A. | 2 243 245 | ||||
Net profit attributable to non-controlling interests | 123 | ||||
31.12.2025 | Retail Banking | Corporate and Investment Banking | Treasury and Other | FX Mortgage Loans | Total figure for the Group |
Assets of the segment | 85 935 876 | 57 403 556 | 135 240 624 | 1 673 171 | 280 253 227 |
Liabilities of the segment | 166 312 534 | 67 044 560 | 23 154 214 | 2 332 794 | 258 844 102 |
31.12.2024 | Retail Banking | Corporate and Investment Banking | Treasury and Other | FX Mortgage Loans | Total figure for the Group |
Assets of the segment | 76 773 280 | 51 830 306 | 115 245 815 | 2 107 962 | 245 957 363 |
Liabilities of the segment | 143 286 283 | 60 509 698 | 21 473 152 | 2 921 236 | 228 190 369 |
In the fourth quarter of 2025, the Group adjusted the presentation of revenues and costs arising from the ongoing accrual of swap points related to FX Swap transactions concluded with non-bank clients and classified in the trading book. Since the beginning of 2025, the Group began entering into FX Swap transactions with non-bank clients and, for this type of transaction, started recognizing swap points in Net interest income. Starting from the fourth quarter of 2025, the Group reports these revenues and costs in Net trading income. Data for the previous quarters of 2025 have been adjusted accordingly.
Swap points from derivative instruments classified in the banking book continue to be reported in interest income or interest expense.