H1 2026 report
Rekordowy zysk netto (2 013 mln zł, +20,9% r/r) i wysokie ROE (18,0%)/ROTE (21,2%), ale niemal cały przyrost zysku brutto r/r pochodzi ze spadku kosztów ryzyka prawnego CHF (-1 008 mln zł r/r), nie z poprawy rdzenia biznesu.
Sentiment
Positive
No guidance change
MBK
H1 2026 report
Revenue
6,221 m PLN
— YoY
Net income
2,013 m PLN
— YoY
CFO
-22,507 m PLN
— YoY
ROE
18%
— YoY
Summary
Investment thesis
- Segmenty Bankowości Detalicznej i Korporacyjnej wypracowały niższy wynik brutto r/r mimo dwucyfrowego wzrostu wolumenów — presja na marżę odsetkową netto (4,2% → 3,5%) po obniżkach stóp NBP o 200 p.b. nie została w pełni skompensowana wzrostem wolumenów i prowizji.
- Silna, organiczna dynamika biznesu: kredyty brutto +12,9% r/r, depozyty +20,8% r/r, rosnące udziały rynkowe w kredytach hipotecznych (9,1%) i korporacyjnych (8,7%).
- Jakość portfela poprawia się nominalnie (NPL 3,1% wobec 3,4%), ale pokrycie rezerwami spada (49,9% wobec 53,4%) przy szybkim wzroście akcji kredytowej — kombinacja do obserwacji.
- Bufory kapitałowe kurczą się szybciej niż tłumaczyłaby sama dywidenda (CET1 14,2% → 12,6% r/r) — wciąż komfortowo powyżej wymogów KNF, ale przy tym tempie wzrostu kredytów warto śledzić trajektorię.
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Financials
BETA
MBK · H1 2026
| Metric | H1 2026 | H1 2025 | Δ YoY | YTD 2026 | Δ YoY | Value type | Segment | Conf. |
|---|---|---|---|---|---|---|---|---|
| Revenue | 6,221 | — | — | 6,221 | — | reported | — | 1.00 |
| EBT | 3,221 | — | — | 3,221 | — | reported | — | 1.00 |
| Net income | 2,013 | — | — | 2,013 | — | reported | — | 1.00 |
| EPS (basic) (PLN) | 47.33 | — | — | 47.33 | — | reported | — | 1.00 |
| EPS (diluted) (PLN) | 47.29 | — | — | 47.29 | — | reported | — | 1.00 |
| D&A | 323 | — | — | 323 | — | reported | — | 1.00 |
| Interest expense | 2,114 | — | — | 2,114 | — | reported | — | 1.00 |
| Shares (basic) (m units) | 42.55 | — | — | 42.55 | — | reported | — | 1.00 |
| EBT margin | 51.78% | — | — | 51.78% | — | reported | — | 0.90 |
| Net margin | 32.36% | — | — | 32.36% | — | reported | — | 0.90 |
| Cash | 18,277 | — | — | 18,277 | — | reported | — | 1.00 |
| Equity | 21,860 | — | — | 21,860 | — | reported | — | 1.00 |
| Total assets | 304,402 | — | — | 304,402 | — | reported | — | 1.00 |
| Goodwill | 2,398 | — | — | 2,398 | — | reported | — | 0.60 |
| CFO | -22,507 | — | — | -22,507 | — | reported | — | 0.90 |
| ROE | 18% | — | — | 18% | — | reported | — | 1.00 |
| ROA | 1.4% | — | — | 1.4% | — | reported | — | 1.00 |
| Revenue growth (YoY) | -0.1% | — | — | -0.1% | — | reported | — | 0.95 |
| Net income growth (YoY) | 20.9% | — | — | 20.9% | — | reported | — | 0.95 |
| EPS growth (YoY) | 20.8% | — | — | 20.8% | — | reported | — | 0.95 |
H1 2026 · Δ YoY
Revenue
6,221
—
6,221
—
- H1 2025
- —
- YTD 2026
- 6,221
- Δ YoY
- —
EBT
3,221
—
3,221
—
- H1 2025
- —
- YTD 2026
- 3,221
- Δ YoY
- —
Net income
2,013
—
2,013
—
- H1 2025
- —
- YTD 2026
- 2,013
- Δ YoY
- —
EPS (basic)
(PLN)
47.33
—
47.33
—
- H1 2025
- —
- YTD 2026
- 47.33
- Δ YoY
- —
EPS (diluted)
(PLN)
47.29
—
47.29
—
- H1 2025
- —
- YTD 2026
- 47.29
- Δ YoY
- —
D&A
323
—
323
—
- H1 2025
- —
- YTD 2026
- 323
- Δ YoY
- —
Interest expense
2,114
—
2,114
—
- H1 2025
- —
- YTD 2026
- 2,114
- Δ YoY
- —
Shares (basic)
(m units)
42.55
—
42.55
—
- H1 2025
- —
- YTD 2026
- 42.55
- Δ YoY
- —
EBT margin
51.78%
—
51.78%
—
- H1 2025
- —
- YTD 2026
- 51.78%
- Δ YoY
- —
Net margin
32.36%
—
32.36%
—
- H1 2025
- —
- YTD 2026
- 32.36%
- Δ YoY
- —
Cash
18,277
—
18,277
—
- H1 2025
- —
- YTD 2026
- 18,277
- Δ YoY
- —
Equity
21,860
—
21,860
—
- H1 2025
- —
- YTD 2026
- 21,860
- Δ YoY
- —
Total assets
304,402
—
304,402
—
- H1 2025
- —
- YTD 2026
- 304,402
- Δ YoY
- —
Goodwill
2,398
—
2,398
—
- H1 2025
- —
- YTD 2026
- 2,398
- Δ YoY
- —
CFO
-22,507
—
-22,507
—
- H1 2025
- —
- YTD 2026
- -22,507
- Δ YoY
- —
ROE
18%
—
18%
—
- H1 2025
- —
- YTD 2026
- 18%
- Δ YoY
- —
ROA
1.4%
—
1.4%
—
- H1 2025
- —
- YTD 2026
- 1.4%
- Δ YoY
- —
Revenue growth (YoY)
-0.1%
—
-0.1%
—
- H1 2025
- —
- YTD 2026
- -0.1%
- Δ YoY
- —
Net income growth (YoY)
20.9%
—
20.9%
—
- H1 2025
- —
- YTD 2026
- 20.9%
- Δ YoY
- —
EPS growth (YoY)
20.8%
—
20.8%
—
- H1 2025
- —
- YTD 2026
- 20.8%
- Δ YoY
- —