Joanna Filipkowska
Head of Investor Relations

Good afternoon, ladies and gentlemen, and welcome to mBank Group's quarterly results conference call after the first quarter of 2026. Thank you for joining us today. My name is Joanna Filipkowska, Investor Relations. And joining me today are Pascal Ruhland, Chief Financial Officer; Marek Lusztyn, Chief Risk Officer; and Marcin Mazurek, Chief Economist. As usual, the presentation materials are available on our Investor Relations website and today's call is being recorded.

With that, let me hand over to Pascal to present the highlights of the first quarter.

Pascal Ruhland
CFO & Vice President of Management Board

Thank you, Asia. Hello and also welcome from my side. Let me start with a brief overview of the key highlights for the first quarter. In Q1, we delivered strong, well-balanced growth while continuing to operate from a very solid capital base. On the asset side, gross loans of the group increased year-on-year from PLN 131 billion to almost PLN 146 billion, so representing maybe 11% growth. At the same time, we saw very strong momentum on the liability side. with our deposit base rising from PLN 201 billion to PLN 237 billion, so an increase of 18% year-over-year. Importantly, this growth was achieved without compromising our balance sheet strength. Our Tier 1 capital ratio stood at 14.1%, which is well above the regulatory requirement of 10%. This gives us comfortable capital buffer and the flexibility to pursue our growth ambition.

Turning now to the profitability and efficiency. Despite a challenging market