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Polish digital-first bank offering retail and corporate banking, majority owned by Germany's Commerzbank.
Polish digital-first bank offering retail and corporate banking, majority owned by Germany's Commerzbank.
Earns mostly net interest on loans funded by deposits, plus fees on cards, payments and brokerage, serving customers through its app and a small branch network rather than a large one. It also operates in the Czech Republic and Slovakia.
In one line: A Polish Ally Bank-style digital challenger with a full branch network.
Moat: narrow (scale, switching costs, brand). Strong digital banking brand and customer base in Poland, but faces a legacy FX-mortgage litigation overhang.
Headquarters: Warsaw, Poland · Founded: 1986 · Employees: 8,726
Size mBank (MBK.WA) is a Poland Financials company (Major Banks) with a market value of $17.7B, the 4th largest of 83 Poland companies the cockpit tracks. Shares closed at PLN 1,634 on 6 Nov 2026.
Performance Over six months the shares gained 37.1%, against +3.0% for the median peer and +14.3% for the Poland market (cap-weighted) — 2nd highest of 21 in its peer set.
Growth Revenue fell 1.1% over the last twelve months (peer median +2.1%); the operating margin is 48.5% (peer median 38.7%).
Valuation It trades at 3.05× book value against a peer median of 1.34× (4th most expensive of 21).
Price implies The share price implies a return on equity of about 37.6%; mBank delivers 19.1%, so the price asks more than the business earns today.
Credit mBank has 5 bonds outstanding ($2.67B), rated BBB- by the agencies.
Next results Next results expected around 4 Feb 2027 (exchange calendar; dates can move).
| TTM | FY2025 | FY2024 | FY2023 | FY2022 | |
|---|---|---|---|---|---|
| Revenue | PLN 18.4B | PLN 18.5B | PLN 18.1B | PLN 18.1B | PLN 12.4B |
| Revenue growth | — | +2% | 0% | +46% | — |
| Net income | PLN 4.14B | PLN 3.54B | PLN 2.24B | PLN 24.1M | -PLN 703M |
| Free cash flow | PLN 3.54B | PLN 1.86B | -PLN 477M | -PLN 217M | PLN 1.31B |
| Capital expenditure | PLN 964M | PLN 869M | PLN 903M | PLN 718M | PLN 563M |
| Total debt | PLN 21.2B | PLN 20.8B | PLN 19.3B | PLN 17.5B | PLN 16.0B |
The default views of Competitor Analysis ▸ Charts, drawn from the same data. Open them in the cockpit to change the axes, pin companies and read every value.
| Company | Market cap | 6M return | Revenue growth | ROE | Price / book | Implied ROE |
|---|---|---|---|---|---|---|
| mBank MBK.WA | $17.7B | +37% | -1% | 19% | 3.05× | 37.6% |
| PKO Bank Polski PKO.WA | $36.5B | +18% | -2% | 20% | 2.56× | 31.9% |
| Bank Polska Kasa Opieki PEO.WA | $17.4B | +12% | -5% | 18% | 2.04× | 25.7% |
| ING Bank Slaski ING.WA | $15.7B | +20% | +4% | 24% | 3.24× | 33.8% |
Peer set: Industry: the same industry and sector in any market, nearest in size. This is the same default set the interactive Competitor Analysis opens with.
| Measure | MBK.WA | Peer median | Rank in peer set |
|---|---|---|---|
| 1-month return | +17.5% | +3.0% | highest of 21 |
| 6-month return | +37.1% | +3.0% | 2nd highest of 21 |
| Return on equity | 19.1% | 11.5% | 4th highest of 21 |
| Price / book | 3.05× | 1.34× | 4th most expensive of 21 |
| Trailing P/E | 16.8× | 11.1× | 4th most expensive of 18 |
| ROE the price implies | 37.6% | 12.8% | 2nd most demanding of 21 |
| ROE delivered | 19.1% | 11.9% | 4th highest of 19 |
| Company | Market | Market cap | 6M return | Revenue growth | ROE | Price / book | Implied ROE | Delivered ROE |
|---|---|---|---|---|---|---|---|---|
| mBank MBK.WA | Poland | $17.7B | +37% | -1% | 19% | 3.05× | 37.6% | 19.1% |
| First Financial 2892.TW | Taiwan | $17.8B | +44% | +5% | 11% | 1.95× | 5.8% | 10.9% |
| Banco Santander (Brasil) S.A. Sponsored ADR BSBR | United States | $17.4B | -20% | +18% | 10% | 2.10× | 12.6% | 10.2% |
| WooriFinancialGroup 316140.KS | South Korea | $17.0B | -5% | +37% | 10% | 0.71× | 4.8% | n/a |
| Banca Mediolanum BMED.MI | Italy | $19.1B | +17% | -34% | 30% | 3.73× | 35.6% | 30.1% |
| Banco de Sabadell SAB.MC | Spain | $19.2B | +8% | -35% | 5% | 1.40× | 15.5% | 5.1% |
| Banco de Chile Sponsored ADR BCH | United States | $19.6B | +7% | +4% | 22% | 3.15× | 13.6% | 21.8% |
| Hua Xia Bank 600015.SS | China | $15.7B | -5% | -1% | 8% | 0.32× | 1.8% | 7.6% |
| Punjab National Bank PNB.NS | India | $15.4B | +16% | +3% | 15% | 0.90× | 17.0% | 15.1% |
| FinecoBank FBK.MI | Italy | $15.4B | +3% | +5% | 32% | 5.71× | 43.8% | 32.3% |
| Union Bank of India UNIONBANK.NS | India | $15.1B | +12% | 0% | 16% | 0.99× | 16.4% | 16.3% |
| China Minsheng Banking 600016.SS | China | $21.3B | -8% | -10% | 4% | 0.26× | 1.6% | 4.5% |
| Bankinter BKT.MC | Spain | $14.5B | +4% | 0% | 18% | 1.87× | 12.4% | 17.6% |
| KeyCorp KEY | United States | $22.0B | -3% | +9% | 11% | 1.39× | 13.1% | 11.2% |
| Hanafinancialgr 086790.KS | South Korea | $22.5B | -7% | +39% | 10% | 0.79× | 5.3% | n/a |
| Banco BPM BAMI.MI | Italy | $22.8B | +1% | -4% | 12% | 1.30× | 13.5% | 12.5% |
| Bank of Nanjing 601009.SS | China | $22.8B | +5% | +6% | 12% | 0.77× | 2.8% | 11.9% |
| Bank of Baroda BANKBARODA.NS | India | $13.7B | -7% | +8% | 12% | 0.74× | 13.2% | 11.8% |
| Mega Financial 2886.TW | Taiwan | $24.0B | +37% | +1% | 10% | 1.97× | 5.9% | 10.0% |
| Shanghai Rural Commercial Bank 601825.SS | China | $13.1B | +1% | -8% | 10% | 0.65× | 2.5% | 9.6% |
| Regions Financial RF | United States | $24.1B | +2% | +1% | 12% | 1.46× | 13.2% | 12.4% |
mBank has 5 bonds outstanding with $2.67B face value. The agencies rate it BBB-.