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MBank calculates Q4'19 impact from mortgage disputes, loan fees reimbursement

mBank SA set aside a portfolio provision of 293 million zlotys to cover legal risks related to its Swiss franc-indexed mortgage loans, a move that will impact its fourth-quarter 2019 financial results.

In the third quarter of 2019, mBank already booked 66.1 million zlotys in provisions against risks from ongoing forex mortgage court disputes, increasing the total value of such provisions to 132.2 million zlotys at that time.

The Commerzbank AG unit also said it expects a negative impact of 78 million zlotys on its gross financial result for the fourth quarter of 2019 from the European Court of Justice's September 2019 ruling on the reimbursement of a portion of fees related to early repaid consumer loans. The figure includes a 68 million zloty reduction in its interest income and 10 million zlotys recognized in operating expenses. The negative impact is a one-off event and will not appear in upcoming quarters.

MBank also noted that its group operating results for the last quarter, excluding the provisions, improved compared with the previous quarters of 2019.

As of Jan. 15, US$1 was equivalent to 3.79 Polish zlotys.