Expected revenue burden for credit holidays in Polish mBank in the range of 210 to 290 million Commerzbanks Q3 result impacted by corresponding amount

Today, mBank in Poland announced that revenues for the third quarter of 2022 are expected to be burdened in the amount of PLN 1.0 to PLN 1.4 billion (appr. 210 to 290 million). The reason for this is a law ratified yesterday in Poland, which provides for deferrals of interest and repayment of private real estate financing (credit holidays). The stated range is based on an estimated participation between 60% and 80% among currently assumed eligible borrowers.

Commerzbanks third quarter operating result is expected to be burdened by a corresponding amount which will be booked as negative revenues predominantly (>80%) in Other net income from financial instruments.

Nevertheless, Commerzbank still expects a net result of more than 1 billion for the financial year 2022, assuming no further deterioration in the economic environment including gas supply and no material additional provisions for the CHF loan portfolio at mBank.

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