February 8, 2018 / 6:13 AM / 6 months ago

Polish mBank Q4 profit rises 7 pct y/y, above forecasts

WARSAW, Feb 8 (Reuters) - Poland’s fourth-largest lender by assets, mBank, on Thursday reported a near 7 percent rise in its fourth-quarter net profit, as an increase in new lending offset the bank’s higher costs.

The bank, a unit of Germany’s Commerzbank, said its net profit stood at 312 million zlotys ($91.81 million) compared with 300 million zlotys expected by analysts in a Reuters poll.

The company’s 2017 net profit stood at 1.09 billion zlotys, compared with estimates of 1.08 billion zlotys.

$1 = 3.3984 zlotys Reporting by Marcin Goclowski; Editing by Sherry Jacob-Phillips

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