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Including Management Board Report on Performance of Mbank SA

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Including Management Board Report on Performance of Mbank SA Management Board Report on Performance of mBank S.A. Group in 2018 (including Management Board Report on Performance of mBank S.A.) mBank S.A. Group Management Board Report on Performance of mBank S.A. Group in 2018 Table of content 1. About mBank Group .................................................................................... 7 1.1. Business model and history of mBank Group ................................................................................... 7 1.2. Composition of mBank Group ................................................................................................................. 9 1.3. mBank Group geographical presence ................................................................................................. 12 1.4. Information for investors ........................................................................................................................ 12 1.5. Ratings of mBank and mBank Hipoteczny ........................................................................................ 15 1.6. Key projects and innovations of mBank Group in 2018 .............................................................. 18 1.7. Awards and distinctions ........................................................................................................................... 20 2. mBank Group’s environment ....................................................................... 22 2.1. Macroeconomic environment ................................................................................................................. 22 2.2. Market and regulatory environment – key challenges and actions taken ............................ 30 2.3. mBank Group’s market position of segments ................................................................................. 34 2.4. Outlook for the banking sector and mBank for 2019 ................................................................... 36 3. Strategy of mBank Group ........................................................................... 38 3.1. mBank Group Strategy for 2016-2020 .............................................................................................. 38 3.2. The pillars of the “mobile Bank” strategy in mBank’s activities ............................................... 39 3.3. Financial objectives achieved in 2018 ................................................................................................ 44 4. Risk management ..................................................................................... 45 4.1. Risk management foundations and key changes in 2018 .......................................................... 45 4.2. Main risks in the mBank Group’s business ....................................................................................... 46 4.3. Capital adequacy ........................................................................................................................................ 57 5. mBank Group capital and funding ................................................................ 60 5.1. mBank Group capital base ...................................................................................................................... 60 5.2. mBank Group funding .............................................................................................................................. 62 6. Financial position of mBank Group and mBank in 2018 ................................... 65 6.1. Financial position of mBank Group ...................................................................................................... 65 6.2. Changes in the consolidated statement of financial position of mBank Group .................. 71 6.3. Financial position of mBank in 2018 ................................................................................................... 74 6.4. Changes in the statement of financial position of mBank .......................................................... 79 7. Retail Banking .......................................................................................... 81 7.1. Financial results .......................................................................................................................................... 82 7.2. Activity of Retail Banking segment in numbers .............................................................................. 83 7.3. Retail Banking of mBank in Poland ..................................................................................................... 84 7.4. Retail Banking in the Czech Republic and Slovakia ...................................................................... 88 8. Corporates and Financial Markets ................................................................ 90 8.1. Corporate and Investment Banking .................................................................................................... 91 8.2. Financial Markets ........................................................................................................................................ 97 9. Activities of subsidiaries of mBank Group ...................................................... 99 9.1. Summary of financial results of mBank Group subsidiaries ...................................................... 99 9.2. Business activity of selected subsidiaries ......................................................................................... 99 10. Investments ........................................................................................... 102 10.1. Investment spending in 2018 ............................................................................................................. 102 10.2. Investment plans for 2019 ................................................................................................................... 102 11. HR development ..................................................................................... 103 2 mBank S.A. Group Management Board Report on Performance of mBank S.A. Group in 2018 11.1. Changes in employment ........................................................................................................................ 103 11.2. Training and development activities ................................................................................................. 104 11.3. mBank Group’s incentive program .................................................................................................... 106 11.4. Management by Objectives (MbO) – planning and evaluation system ............................... 109 12. mBank and social corporate responsibility ................................................... 110 12.1. mBank Foundation ................................................................................................................................... 110 12.2. Other social-oriented activities ........................................................................................................... 111 13. Non-financial data ................................................................................... 113 13.1. Information about the statement ...................................................................................................... 113 13.2. About us ...................................................................................................................................................... 113 13.3. Our approach to clients and services ............................................................................................... 117 13.4. Engaged employees ................................................................................................................................ 118 13.5. Supporting the society ........................................................................................................................... 120 14. Statement of mBank on application of corporate governance principles in 2018 123 14.1. Application of corporate governance principles ............................................................................ 123 14.2. Internal control and risk management systems with regard to the process of preparing financial statements of mBank ........................................................................................................................ 126 14.3. Principles of appointing and dismissing Management Board Members ............................... 130 14.4. Principles of amendments to the Company’s By-Laws .............................................................. 130 14.5. General Meeting and shareholder rights ......................................................................................... 130 14.6. Composition, powers and procedures of the Management Board and the Supervisory Board ........................................................................................................................................................................ 132 14.7. mBank’s Diversity Policy ....................................................................................................................... 148 15. Glossary ................................................................................................ 150 16. Statements of the Management Board ........................................................ 152 3 mBank S.A. Group Management Board Report on Performance of mBank S.A. Group in 2018 mBank Group in 2018 Universal financial services Our clients Our employees Mobile application Transactions 5,685,000 retail clients 6,524 FTE Nearly
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