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Mbank SA Group mBank S.A. Group IFRS Condensed Consolidated Financial Statements for the first quarter of 2020 This document is a translation from the original Polish version. In case of any discrepancies between the Polish and English versions, the Polish version shall prevail. WorldReginfo - b2c799fe-a657-4f55-98f2-ccce53b37bbd mBank S.A. Group IFRS Condensed Consolidated Financial Statements for the first quarter of 2020 PLN (000’s) Contents Selected financial data ................................................................................................................................4 Introduction ................................................................................................................................................6 Economy and the banking sector in Q1 2020 ...............................................................................................8 Financial position of mBank Group in Q1 2020 .......................................................................................... 11 Performance of segments and the business lines ...................................................................................... 17 Consolidated income statement ................................................................................................................. 25 Consolidated statement of comprehensive income .................................................................................... 26 Consolidated statement of financial position ............................................................................................. 27 Consolidated statement of changes in equity ............................................................................................ 28 Consolidated statement of cash flows ....................................................................................................... 30 mBank S.A. stand-alone financial information ........................................................................................... 31 Income statement ........................................................................................................................................ 31 Statement of comprehensive income............................................................................................................... 32 Statement of financial position ....................................................................................................................... 33 Statement of changes in equity ...................................................................................................................... 34 Statement of cash flows ................................................................................................................................ 36 Explanatory notes to the consolidated financial statements ...................................................................... 37 1. Information regarding the Group of mBank S.A. ........................................................................................ 37 2. Description of relevant accounting policies................................................................................................ 39 3. Major estimates and judgments made in connection with the application of accounting policy principles ........... 45 4. Business segments ................................................................................................................................ 48 5. Net interest income ............................................................................................................................... 53 6. Net fee and commission income .............................................................................................................. 54 7. Dividend income ................................................................................................................................... 54 8. Net trading income ................................................................................................................................ 55 9. Gains or losses on non-trading financial assets mandatorily at fair value through profit or loss ....................... 55 10. Gains less losses from financial assets and liabilities not measured at fair value through profit or loss and investments in subsidiaries and associates ............................................................................................... 55 11. Other operating income ......................................................................................................................... 56 12. Impairment or reversal of impairment on financial assets not measured at fair value through profit or loss ...... 56 13. Overhead costs ..................................................................................................................................... 57 14. Other operating expenses ...................................................................................................................... 57 15. Earnings per share ................................................................................................................................ 58 16. Financial assets held for trading and derivatives held for hedges ................................................................. 58 17. Non-trading financial assets mandatorily at fair value through profit or loss .................................................. 62 18. Financial assets at fair value through other comprehensive income.............................................................. 63 19. Financial assets at amortised cost ........................................................................................................... 64 20. Non-current assets and liabilities held for sale .......................................................................................... 66 21. Intangible assets ................................................................................................................................... 67 22. Tangible assets ..................................................................................................................................... 67 23. Financial liabilities held for trading and derivatives held for hedges.............................................................. 67 24. Financial liabilities measured at amortised cost – amounts due to banks and customers ................................. 68 25. Provisions ............................................................................................................................................ 68 26. Assets and liabilities for deferred income tax ............................................................................................ 69 27. Fair value of assets and liabilities ............................................................................................................ 70 Selected explanatory information .............................................................................................................. 76 1. Compliance with international financial reporting standards ........................................................................ 76 2. Consistency of accounting principles and calculation methods applied to the drafting of the quarterly report and the last annual financial statements ......................................................................................................... 76 3. Seasonal or cyclical nature of the business ............................................................................................... 76 4. Nature and values of items affecting assets, liabilities, equity, net profit/(loss) or cash flows, which are extraordinary in terms of their nature, magnitude or exerted impact ........................................................... 76 5. Nature and amounts of changes in estimate values of items, which were presented in previous interim periods of the current reporting year, or changes of accounting estimates indicated in prior reporting years, if they bear a substantial impact upon the current interim period .................................................................................... 76 6. Issues, redemption and repayment of non-equity and equity securities ........................................................ 76 2 WorldReginfo - b2c799fe-a657-4f55-98f2-ccce53b37bbd mBank S.A. Group IFRS Condensed Consolidated Financial Statements for the first quarter of 2020 PLN (000’s) 7. Dividends paid (or declared) altogether or broken down by ordinary shares and other shares ......................... 76 8. Significant events after the end of the first quarter of 2020, which are not reflected in the financial statements 76 9. Effect of changes in the structure of the entity in the first quarter of 2020, including business combinations, acquisitions or disposal of subsidiaries, long-term investments, restructuring, and discontinuation of business activities .............................................................................................................................................. 76 10. Changes in contingent liabilities and commitments .................................................................................... 76 11. Write-offs of the value of inventories down to net realisable value and reversals of such write-offs .................. 77 12. Revaluation write-offs on account of impairment of tangible fixed assets, intangible assets, or other assets as well as reversals of such write-offs .........................................................................................................
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