Earnings call transcript: mBank Q1 2023 sees profit rise, market share gains

mBank SA’s first-quarter performance in 2023 showed robust financial health, with net profits reaching 776 million PLN and a notable return on equity of 15.6%. The bank’s strategic focus on mortgage and corporate lending helped increase its market share, although total revenues showed a slight quarter-over-quarter decline. Currently trading at $16.95, InvestingPro analysis suggests the stock is undervalued, with a "GOOD" overall Financial Health score of 2.88. The bank’s conservative beta of 0.23 indicates lower volatility compared to the market, making it potentially attractive for risk-averse investors.

Key Takeaways

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• mBank reported a net profit of 776 million PLN, showcasing strong profitability.
• The bank’s return on tangible equity stood at an impressive 19.2%.
• Mortgage loan sales increased by 6% year-over-year, highlighting growth in fixed-rate products.
• The stock price increased by 1.02% following the earnings announcement.
• mBank aims to exceed 11 billion PLN in total income by 2025.

Company Performance

mBank’s performance in the first quarter of 2023 was marked by a solid net profit and a strategic increase in its market share across key lending segments. The bank’s focus on expanding its mortgage and corporate lending portfolios has yielded positive results, with notable increases in loan sales. This growth aligns with broader industry trends in Poland, where consumer confidence and investment growth are projected to remain stable.

Financial Highlights

• Net profit: 776 million PLN
• Return on Equity (ROE): 15.6%
• Return on Tangible Equity (RoTE): 19.2%
• Cost-to-Income Ratio: Below 30%
• Mortgage loan sales: Up 6% year-over-year
• Non-mortgage loan sales: Up 15% quarter-over-quarter

Outlook & Guidance

mBank remains optimistic about its financial trajectory, maintaining its target to surpass 11 billion PLN in total income by 2025. The bank expects continued loan growth and plans to update its strategy in September. Guidance for the cost of risk is set at 70-80 basis points for 2025, reflecting a prudent approach to risk management.

Executive Commentary

Pascal Ruland, CFO, remarked on the "excellent performance" of the core business in Q1, underscoring the bank’s operational strength. Marek Rustom, CRO, highlighted the successful settlement of over 1,000 monthly agreements, indicating effective risk management strategies.

Risks and Challenges

• Inflation: Expected to decline but remains a concern for cost management.
• Interest rate cuts: Anticipated 50 basis points reduction could impact net interest margins.
• Swiss franc loan litigation: While optimistic, the resolution remains a potential risk.
• Regulatory changes: CRR3 impact on risk-weighted assets requires careful navigation.
• Cost management: Projected increase in costs due to rising employment and project expenses.

mBank’s strategic initiatives and market positioning suggest a positive outlook, but the bank must navigate macroeconomic uncertainties and regulatory changes to sustain its growth trajectory.

Full transcript - mBank SA (MBK) Q1 2025:

Oskar, Conference Moderator, mBank: Good morning, ladies and gentlemen. Welcome to our conference where we will present the results of Mbank Group in the first quarter of twenty twenty five. The speakers today are Mr. Pascal Ruland, Chief Financial Officer Mr. Marek Rustom, Chief Risk Officer and Mr.

Arkadish Balzerovsky from our macro team. Pascal, let’s start.

Pascal Ruland, Chief Financial Officer, mBank: Thank you very much, Oskar. Good morning, and welcome to our conference call. We have started the year on a successful note, and I’m excited to present this quarter results to you today. And let me bring the six main observations of the quarter into perspective. As you can see on the slide, first and foremost, we continue to generate high sales in both customer segments, leading to a dynamic increase in balance sheet volumes.

Our core loans grew by 9% year over year, capturing additional market share. Second, we generated revenues exceeding DKK 3,000,000,000 for the study once again. And third, our cost to income ratio, including the linear contribution to the resolution fund, was at an excellent level of below 30%. Continuing on the next slide with number four, we observed positive trends in incoming and pending court cases reflected in declining costs of the derisk related to FX laws. This marks our fifth consecutive quarter with lower impact.

Fifth, we reported a high quarterly net result and a solid return on tangible equity. Following the issuance of our AT1 Capital, we believe this metric, return on tangible equity, better reflects the profitability of our business. Finally, we maintain safe buffers over the minimum capital requirements, which forms the basis for our future dynamic growth. And now let’s move to the Slide five, which represents our hat trick of rating improvements. We are very proud that the top three rating agencies have upgraded mBank’s ratings in less than two months.

This is an unprecedented situation in Polish banking sector, and more importantly, these changes have turned mBank us into a clear investment grade. The rating agencies’ decision were driven by three main observations. First, improved capital position, also due to our issuance of 1,500,000,000.0 of ATV. Second, reduced legal risk related to the Swiss franc mortgage loans. And third, our strong profitability and take greater earnings stability.

And with this great news, now let’s dive into our financial results on slide seven, starting with total income. The group’s revenues declined marginally on a quarterly basis, but increased year over year. A slight quarter over quarter decrease in NII resulted from non business reasons, mainly the shorter interest period. Net interest margin remained almost unchanged quarter over quarter, but flat compared to q one twenty twenty four due to strong growth in interest earning assets. We saw an increase in net fee and commission income and in other income driven by our active client base and the impact of updated fee tables introduced last year.

Additionally, we achieved a high FX result, benefiting from high volatility in the currency markets. Looking forward, we maintain our ambitions to comfortably exceed 11,000,000,000 total income for 2025 despite expected interest rate cuts. Moving to total costs. Total cost of the group, excluding compulsory contributions, declined by 10.4% quarter over quarter, mainly due to the variable compensation effect in personal costs. On an annual basis, total costs excluding compulsory contribution increased by 9.5% due to growing employment and project related costs.

For this year, we expect costs to grow further at low double digit pace driven by new initiatives, wage increases, and already recognized higher BFG contributions. Regarding our cost of risk, LLP were nearly 6% lower than the previous quarter, but more than three times higher than in Q1 twenty twenty four when we reported net releases of LLP in the corporate segment. As a result, cost of risk reached 53 basis points, so below our guidance. And for 2025, we expect still the cost of risk between seventy and eighty basis points, and Mark will provide more perspective on this later in the call. The cost of legal risk related to loans indexed to foreign currencies recognized in Q1 reached $662,000,000.

Also here, Marik will provide more details later in our call. We maintain our view that 2025 supposed to be the last year with a significant burden on our P and L. As a result, earnings profit before income tax is close to DKK 1,000,000,000. The net profit was DKK $7.00 6,000,000, translating into an ROE of 15.6% and a return on tangible equity of 19.2%. And these ratios confirm our very strong profitability.

Skipping the next slide, and let’s jump directly into our new lending business. We are very satisfied with our developments in the first quarter as all loan products show positive trends. Sales of mortgage loans increased by 6% year over year driven by mBank’s front branches. Sales in Poland remained stable year over year despite a high contribution of loans dispersed under the 2% government program last year. Compared to q four twenty twenty four, sales of mortgage loans declined by 5% mainly due to pricing adjustments end of last year.

However, we recorded an increase in sales each subsequent months. More than 80% of our Polish mortgage loans sold in q one were in the fixed interest rate format, which is a priority for us as you know. The total share of fixed interest rate mortgages in the Polish mortgage loan book amounted to 43.5% to date. Date of nonmortgage loans went up by 15% quarter over quarter and 22% year over year, with increased sales reported both in Poland and our fund branches. Moving to the corporate loans.

The volume of newly signed loan agreements in q one twenty twenty five increased by 15% quarter over quarter and nearly 34% year over year. We noted an increase in all corporate loans by more than 40% except for the trade finance, with all customer segments contributing to this growth. We’re on a good path to capture market share with new sales turning into future drawings. Our off balance sheet exposure has risen significantly by 57% year over year. Looking into the loan book on the next slide.

We are seeing a growing loan book visible in the chart on the left. Gross loans to corporate customers increased by 10.1% quarter over quarter, while loan to individuals increased by 1.4% quarter over quarter. This strong lending activity across all segments allows us to rebuild market shares. The dynamics of loans in the corporate segment and the Polish mortgage loans clearly outpaced the sector’s development, leading to a 4.4 percentage points increase year over year. Importantly, growing volumes were not achieved at the expense of lower margins.

We improved margins compared to Q4 in both the Retail Banking segment and the Corporate Investment Banking segment. In the upcoming quarters, we aim to grow above the market again in both segments. Moving to the liability side of our balance sheet. Customer deposits remained stable in Q1 twenty twenty five compared to the year end 2024. We just had an increase in retail deposits and a decrease in corporate deposits.

On an annual basis, we increased our share in both households and corporate deposits. We have a higher share in current accounts confirming that we are the premier transactional bank. Our market share in current accounts of households grew by 0.3 percentage points, while the market share in current accounts of enterprise declined slightly. However, on the corporate side, we have already exceeded our ambition of a 10% market share. In the next quarters, a single digit deposit growth will be driven mainly by retail deposits, supported by a growing customer base and increased wages and service.

On slide 12, we have our capital position. Visible in the left charts, we maintain significant buffer above the KNS minima and has built a comfortable situation with respect to capital ratios as well as MREL. On the capital side, let me point out two observations. First, main driver of the tier one capital is the inclusion of our q four profit, which was close to 1,000,000,000. And second, our tier two is further reduced due to regulatory amortization.

To fill up this bucket, we

Marek Rustom, Chief Risk Officer, mBank: are aiming for the first ever tier two placed in hard currency into international markets. Size is expected between 304, and it will be conducted under our EMTM program. We do not have any pressure to execute the transaction if you see our very comfortable capital position.

Pascal Ruland, Chief Financial Officer, mBank: We are monitoring the market and are on schedule to execute the transaction during the course of 2025. Shifting focus to the right side of the chart, our RWA development shows a 10% year to date increase, driven by credit risk, mainly due to business developments and operational risk, mainly due to regulatory changes, especially from the implementation of c r r three. As a result of the implementation of c r r three and other regulatory changes, risk weighted assets increased by approximately 4,000,000,000, so circa 4%. The bank was prepared for an impact up to 6.5% as CRRs, as you know, a very complex change and still we don’t have market practice. The lower impact was observed in both credit risk and operational risk RWA.

In ’25, we expect further increases in RWA broadly equally split between business growth and regulatory changes. Despite this, thanks to the action we have here undertaken, you see high profits and also our AT one issuance, the bank’s capital position is very strong, and we expect that at the end of the year, capital ratios will safely be above our targets. The income section, I already have commented at the beginning of our call. Therefore, now let’s directly go into the cost slide on Page 14. In Q1, the group’s total costs were affected by the GFG contribution.

Cost excluding the GFG contribution decreased by 10.4% quarter on quarter. Main driver is the decrease throughout part of the remuneration. Year on year, we see 9.5 higher costs. Also here, the main driver is personal costs, which are higher due to increases in employment and wage increases. Note worthy is the BFG contribution in q one, which amounted to 215,000,000 per de zloty, so 45% on a year on year increase, and it was the highest figure since q one twenty twenty two.

It included a hundred and 90,000,000 circa for the resolution funds and a bit more than 20,000,000 for the BGS. The normalized cost income ratio remains below 30%, and this really represents how efficient our business model is. In the following quarters, the group group cost income ratio is expected to remain well below our strategic midterm target of 14%. And with this, I’m now handing over to Marek for the deep dive on LLPs and our mortgage loan derivatives developments.

Marek Rustom, Chief Risk Officer, mBank: Thank you, Pascal. So on Slide 15, we can see our quarterly results of credit losses and and cost of risk. In q one, the net impairment losses and fair value change changes reached a hundred and 65,000,000 sloppy, and they were lower than a quarter ago by roughly 6%. Consequently, the cost of risk from the group stayed up 53 basis points, which was marginally lower than cost of risk of 57 basis points seen in Q4 of twenty twenty four. What we would like to highlight as far as cost of risk is concerned and the quality of the loan book is concerned is that on the retail side, the payment discipline of retail customers remains good.

I mean, favorable macroeconomic situation for inflation and growing wages. And most of the provisions in retail that you see on this slide are driven by the usual portfolio provisions. On the corporate and investment banking side, which is the other segment of our business, net impairment losses and fair value changes slightly increased, but they remain low as typically in Q1 where we usually report low cost of risk in this customer segment. There might be, as for everyone else in the different parts of the world, some concerns with respect to the geopolitical situation. So I would like to provide an upfront comment to the questions that may appear that we are very closely monitoring our loan portfolio for its resilience to tariffs and potential disruptions, disruptions in the supply chains and the disruptions due to the tariff consequences.

That is in particular in the industries which are the most further able to the negative impact. And so far, we see no negative implications for our corporate clients. And therefore, as far as twenty twenty five outlook on cost of risk is concerned, we do not change the outlook, and we keep our guidance in the range between seventy and eighty basis points. That is underscored by Slide 16, where we report the loan portfolio quality. And here on Slide 16, you can see that the nonperforming loan ratio decreased by 30 basis points, 0.3 percentage points.

And at the March, it stood at 3.8 percentage points, which was considerably better than the Polish banking industry average. So the quality of our portfolio remained way better than the sector average that was 5.1% at the reporting period. The group impaired loans also declined in Q1. And we have seen a stable NPL ratio on the corporate loans, decreasing NPL ratio on retail. That led, as I said, to the overall decrease of NPL ratio at the group level.

And the LLPs that we have stated in Q1 led overall also to better positioning towards the upcoming risk as expressed through a better coverage ratio. And if you look at the Q1 coverage ratio that’s based on the provisions calculated for loans in Stage three and the policy portfolio, it went up, including Stage one and Stage two to 73.5%. That is over two percentage point increase compared to the end of ’twenty four. And this brings us to the next slide, which as Pascal has anticipated, provides the usual outlook on our legal risk. And here, we are happy to present you the another quarter with a number of positive trends that continue with respect to the Swiss franc mortgage portfolio.

You can see that the number of signed settlements consistently increased quarter after quarter. And in Q1 twenty twenty five, we are also happy to report that on a monthly basis, we were able to sign over 1,000 settlements monthly. So that lead us to quarterly result of over 3,000 settlements signed in Q1 twenty twenty five, which is yet another high mark of number of settlements achieved in a quarter. And that brought a total number of settlements at the March to over 26,000, as you can see on Slide that’s displayed. And as we keep on signing settlements as we speak, I’m also happy to report that the most recent number is actually over 27,000 settlements already signed.

As we have alluded to in the previous results presentation, it’s not only settlements to our nondisputed clients, but also we are directing the the settlements to clients who are in court with us. And this is one of the factors that is dragging down the number of Swiss franc loan contracts in courts down, which you can see on the right hand side of this slide. And this combined with the downward trends that we see in the inflow of the new lawsuits related to the Swiss francs. In q one, we have registered just 771 new cases related to Swiss franc loans, which is considerably down if you compare it quarter on quarter because a year ago, in Q1 twenty twenty four, we have scored 9,000 sorry, nineteen twenty two new lawsuits, which is a considerable decrease. And last but not least, the number of all pending court cases continues to decline.

And as we display on this slide, it went down by over 40% year on year and 20% quarter on quarter. On the next slide, we have provided you with a summary of financial dimension. To that aspect, we keep on adding the provisions for the Swiss franc mortgage loans with $662,000,000 that we booked in q one. The comparative value of all the ethics related provisions since we have started creating them amounted to over billion, PLN17.2 billion to be

Pascal Ruland, Chief Financial Officer, mBank: precise.

Marek Rustom, Chief Risk Officer, mBank: And as you can see also, the number of active cases is significantly reduced. Now we have just 12,700 active contracts. 78% of them that is nearly 10,000 are already in court. That leaves us with just 2,800 active contracts, which are not yet settled and not yet in court, which all in shows that the Swiss franc saga as it comes to that part of the portfolio is really coming to to an end. And this brings me to the summary slides.

On Slide 19, from the slide that you are very familiar with, we demonstrate the profitability of the core business And as Pascal opened up with the core business of the group, it continued in Q1 its excellent performance. In Q1, it generated 1,200,000,000.0 of net profit, which translates into ROE of 28.1%. And following the issuance of the AT1 Capital, as we have shown earlier, we have introduced new metrics to better reflect the profitability of our business that is return on tangible equity, RoTE. And that also follows a number of European players to after the issuance of AT1 Capital move from ROE to RoTE. And metrics And for those of you that are not familiar with the metrics, that’s basically net profit less the coupon on 81 bonds by the average tangible tangible equity.

And that metrics of as far as Q1 is concerned, they reached 19.2% compared to ROE of 15.6%, which in both dimensions is actually superb and excellent excellent results. And to wrap up on Slide 20, we present key takeaways after Q1 results. Summing up, that was yet again excellent quarter as it comes to mBank business. And four main developments that we are particularly proud of that I would like to highlight as far as management team is concerned is, first of all, we keep on delivering on our promise to grow the volumes and market shares. Second, both our core business and reported profitability remained at excellent levels.

Third, we maintain best in class efficiency, thanks to a strong profit generation capacity and disciplined cost management. And finally, looking ahead into what remains of 2025, we remain optimistic about time ahead, and we remain optimistic about the imminent closure of the long lasting Swiss franc summit. And with that, we are happy to take questions.

Oskar, Conference Moderator, mBank: First, let’s let’s listen to Tarek on the macroeconomic details.

Arkadish Balzerovsky, Macro Team, mBank: Thank you. Good morning. So let’s And,

Marek Rustom, Chief Risk Officer, mBank: Aleka, apo apologies for for forgetting on your part and yourself demonstrating how well Polish economy is navigating through this difficult geopolitical situation.

Arkadish Balzerovsky, Macro Team, mBank: No problem. Sure. So let me start with the fact that we still keep our forecast or keep with 8% growth of GDP in this year. And as you can see in the in the first chart, consumer confidence remains quite quite well. However, it has stopped rising anymore.

And in this vein, we still receive consumption growth similarly, and we expect customer growth to be close to the level we reached in 2024. And we have forces. On the one side, we have lower growth of real wages. And on other side, we have lower propensity of consumers to just save. So overall, expect that this will conclude this will result in a quite stable growth above 3% in the consumption this year.

On the other side, we forecast a very strong growth in terms of investment. And we expect the investment to be just below 10% this year. We expect that this will be driven by both lower interest rates and especially more utilization of EU funds. As you can see on the charts on my right hand side, inflation is set to decline over 2025. Inflation topped just below 5% over the first quarter, and now we expect it to be substantially lower going forward.

And with that, we expect in April inflation to slow down to just around 4%. That means significant deceleration compared to 5%, almost 5% which in March. Accordingly, as a result, we we we adjusted our inflation our interest rate path accordingly, and now we expect to 50 basis points cuts in the second quarter before resuming rate cuts at the beginning of twenty twenty six. And overall, we still expect the terminal rate in Poland to be around 4% with some probability that it will be a bit a bit lower than that level. The next slide, I I will say that that we expect still quite quite an increase in terms of corporate loans and household loans.

Of course, household loans should be increased to both should benefit both from lower interest rates, which should increase increase consumer credit worthiness as and and possible another another program from the government to to encourage consumers to buy a new new house, but the jury is still out on this in this front. In terms of markets, we have seen recently quite a substantial slowdown as quite a substantial decrease in terms of bond yields. This was connected to to the change in NBP’s rhetoric, which suggests that interest rates will be bring the the will will be brought down substantially over the the coming months. And the last one is a lot and lot behave differently against it it depreciated against the euro as a result of the change in market pricing of interest rates in Poland, and it went up against against the dollar as a result of the widespread weakness of the latter. So we now expect Zloty to be quite stable for now and then gradual depreciation against against the euro is is likely according to our forecast.

And the last slide sums up our projections. Thank you.

Oskar, Conference Moderator, mBank: Thank you, Eric. So now we are happy to take questions. The first one is from Kami Stolarski about our loan growth. Your loan growth trends above market. MBank seems more successful in loan growth.

What would you attribute this to?

Pascal Ruland, Chief Financial Officer, mBank: I’m taking I’m taking the question. Thanks, first of all, for recognizing that. And the answer is kind of simple because is set up for organic growth. With the small pause with respect to the Swiss franc heavy rating on our capital, you saw decades that the brand, Embank, and also all our colleagues have shown that the organic growth idea is embedded in the DNA. And that is, I would say, the the clearest answer we can give, plus, obviously, that we see our clients like our services, and we really want to show that the clients are in the center of everything we do.

And therefore, we also can keep margins still on a very decent level despite this growth, which shows that there is value what we offer.

Oskar, Conference Moderator, mBank: Okay. Let’s continue with Kamik’s questions. Do you reiterate that 2025 should be the final year of material Swiss franc provisions.

Pascal Ruland, Chief Financial Officer, mBank: As as Mike was showing, I mean, we are very satisfied with the current developments and trends because we, with our successful settlement offers, really can put an end of the saga. And therefore, we reintervent, and I also said it in the beginning, we believe that this is the last year for significant burden, p and l wise, on the topic for us.

Oskar, Conference Moderator, mBank: Another question of Camille. What is behind the guided double digit cost growth? Do you expect double digit growth in personnel cost?

Arkadish Balzerovsky, Macro Team, mBank: So first of all, the

Pascal Ruland, Chief Financial Officer, mBank: cost of double digit is also impacted by the BFG contribution, which is, as I announced, it’s close to 50% higher than the year before. But also, it is visible that our personal costs growing. And also, we announced that we expect that not just the wages are growing. Also, we expect that we have further employment due to our ambitions to have new projects and also higher sales forces, but also to cope with regulatory projects.

Oskar, Conference Moderator, mBank: Thank you. And the question of Yaromir Shorthekam on CRR three. This 44% increase in risk weighted assets, is this the full effect? Or this or there will be some further increases in risk weighted assets in the future? If so, could you provide the fully loaded impact?

Marek Rustom, Chief Risk Officer, mBank: Okay. So maybe I’ll take this one. On CRR, that is actually a fully loaded impact from today’s perspective. But please note that as it comes to the overall capital path for 2025 and onwards, certain uncertainty exists with respect to the two factors, which are somehow difficult, not only for us, but for the industry to predict. First of all, under the new regulatory regime that went live in 2025, A number of so called regulatory technical standards by the European Banking Authority are still in making, not yet issued, and they may impact the calculation going forward for us as well as for the peers.

And as it comes to further uncertainty related to the regulatory decisions as an internal model based for credit risk bank. We may also expect some regulatory conditions with respect to the model model changes, approvals going going forward. And this may drive potential uncertainty with respect to the capital path. Anyway, we expect this to be minor. And as far as the part of the question is concerned, that is a fully loaded impact.

Oskar, Conference Moderator, mBank: Thank you, Marek. The next questions are from Jakob Khozin. What is the level of Vueb Desso long term financing ratio and the sensitivity of NII to changes in interest rate rates and soft NII?

Pascal Ruland, Chief Financial Officer, mBank: So I try to split out this question. So on the long term funding ratio, as you know, we are one of the most frequent issuers into the market. We’re not publishing the current number, but we have commented also in the past that we already met the long term funding ratio, and therefore, is not a concern for us. Then moving to the sensitivity of our NII and the static balance sheet approach, yeah, we are taking them and all the banks are taking. And our current hundred basis points cut scenario by March is 670,000,000 Polish roughly.

But you also need to keep in mind every time that we are banking with our foreign locations and also while our corporate customers kind of very internationally banking with us in several currencies. So out of this 670,000,000, 4 hundred million Polish zloty would be the effect with respect to the Polish central bank rate. And if you compare the overall NII contribution of the last twelve months to our sensitivity, we are talking about circa 7%. And then the last question was on SOTS data NII. And here, I just also can, like with the long term funding ratio, we very comfortably meet this regulatory threshold.

Therefore, it’s also less of a concern internally for us.

Oskar, Conference Moderator, mBank: Thank you. And question from Martin Marcinovsky. Could you explain 48,000,000 loan loss provisions reversal in noncore segment? It happened second quarter in a row. Will it continue in the next quarters?

Marek Rustom, Chief Risk Officer, mBank: Okay. I’ll take this one. So that’s kind of a technical shift, if I may use that term, since the credit provisions are booked against the active credit balance that remain on the balance sheet. So as we are the writing of the residual part of the active Swiss franc loan portfolio, This one is reduced and to an extent is reflected in the increase of the legal risk provisions. So with a diminishing magnitude, one may expect this to continue in the next quarters to an extent to reach the active part of the balance sheet for Swiss franc loan portfolio still exists.

Oskar, Conference Moderator, mBank: Thank you. And it seems the last question will be again from Kami Stolowski. When could we expect strategy update? What could be the pillars of the new strategy?

Pascal Ruland, Chief Financial Officer, mBank: Yeah. Very good question. So you can expect that we elaborate that in detail in September year.

Oskar, Conference Moderator, mBank: So that ends our q and a session. Thank you very much. Have a good day, and great Mayovka.

Pascal Ruland, Chief Financial Officer, mBank: Yeah. Have a lovely Mayovka. Thank you very much. See you soon.

Marek Rustom, Chief Risk Officer, mBank: Thank you, everybody. Thanks a lot.

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