AEON Financial Service

AEON Financial Service's share price (end of period) fell 26.6% yoy to JPY 1,645 in 2Q2019

By Helgi Analytics - October 20, 2019

AEON Financial Service stock traded at JPY 1,645 per share at the end of second quarter of 2019 implying a market capitalization of USD 3,477...

AEON Financial Service's market capitalisation (end of period) fell 20.7% to USD 3,477 mil in 2Q2019

By Helgi Analytics - October 23, 2019

AEON Financial Service stock traded at JPY 1,645 per share at the end of second quarter of 2019 implying a market capitalization of ...

AEON Financial Service's net interest income rose 13.8% yoy to JPY 41.7 bil in 2Q2019

By Helgi Analytics - October 20, 2019

AEON Financial Service generated total banking revenues of JPY 106 bil in the second quarter of 2019, up 11.9% when compared to t...

Profit Statement 2016 2017 2018
Net Interest Income JPY bil 121 137 150
Net Fee Income JPY bil 161 180 191
Other Income JPY bil 63.4 61.4 65.3
Total Revenues JPY bil 346 378 406
Operating Profit JPY bil 125 140 150
Provisions JPY bil 36.9 40.7 43.7
Net Profit JPY bil 39.5 38.7 39.4
Balance Sheet 2016 2017 2018
Interbank Loans JPY bil 30.0 0 30.5
Customer Loans JPY bil 1,815 2,213 2,329
Debt Securities JPY bil 174 216 380
Total Assets JPY bil 4,187 4,853 5,342
Shareholders' Equity JPY bil 401 438 449
Interbank Borrowing JPY bil 312 384 418
Customer Deposits JPY bil 2,542 3,050 3,469
Issued Debt Securities JPY bil 411 381 402
Ratios 2016 2017 2018
ROE % 10.6 9.22 8.89
ROA % 0.995 0.856 0.773
Costs (As % Of Assets) % 5.57 5.28 5.03
Costs (As % Of Income) % 63.9 63.0 63.1
Net Interest Margin % 3.06 3.02 2.94
Loans (As % Of Deposits) % 71.4 72.6 67.1
Valuation 2016 2017 2018
Market Capitalisation (End Of Period) USD mil 3,873 4,683 4,386
Share Price (End Of Period) JPY 2,109 2,319 2,137
Price/Earnings (P/E) 11.5 13.6 12.3
Price/Book Value (P/BV) 1.13 1.21 1.08
Earnings Per Share (EPS) JPY 184 170 173
Book Value Per Share JPY 1,871 1,924 1,972

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summary Unit 2013 2014 2015 2016 2017 2018
income statement            
Net Interest Income JPY bil 87.9 105 118 121    
Total Revenues JPY bil 256 299 330 346    
Operating Profit JPY bil 79.8 103 120 125    
Net Profit JPY bil 20.7 30.5 35.8 39.5    
balance sheet            
Interbank Loans JPY bil 0 10.0 0 30.0    
Customer Loans JPY bil 1,229 1,425 1,625 1,815    
Debt Securities JPY bil 185 241 216 174    
Total Assets JPY bil 3,163 3,590 3,746 4,187    
Shareholders' Equity JPY bil 307 325 341 401    
Interbank Borrowing JPY bil 224 381 364 312    
Customer Deposits JPY bil 1,718 1,963 2,153 2,542    
Issued Debt Securities JPY bil 413 426 396 411    
ratios            
ROE % 6.75 9.65 10.7 10.6    
ROA % 0.656 0.903 0.976 0.995    
Costs (As % Of Assets) % 5.58 5.80 5.73 5.57    
Costs (As % Of Income) % 68.9 65.4 63.6 63.9    
Net Interest Margin % 2.78 3.10 3.20 3.06    
Interest Income (As % Of Revenues) % 34.3 35.0 35.6 35.1    
Fee Income (As % Of Revenues) % 49.0 48.9 48.5 46.6    
Equity (As % Of Assets) % 9.71 9.05 9.10 9.58    
Loans (As % Of Deposits) % 71.6 72.6 75.5 71.4    
Loans (As % Assets) % 38.9 39.7 43.4 43.3    
valuation            
Market Capitalisation (End Of Period) USD mil 4,564 5,032 4,380 3,873    
Number Of Shares (Average) mil 208 201 199 214    
Share Price (End Of Period) JPY 2,304 3,007 2,655 2,109    
Earnings Per Share (EPS) JPY 99.5 152 180 184    
Book Value Per Share JPY 1,474 1,620 1,715 1,871    
Price/Earnings (P/E) 23.2 19.8 14.7 11.5    
Price/Book Value (P/BV) 1.56 1.86 1.55 1.13    
Earnings Per Share Growth % ... 52.8 18.4 2.20    
Book Value Per Share Growth % ... 9.93 5.83 9.09    
income statement Unit 2013 2014 2015 2016 2017 2018
income statement            
Interest Income JPY bil 107 125 139 140    
Interest Cost JPY bil 19.5 20.7 21.3 19.0    
Net Interest Income JPY bil 87.9 105 118 121    
Net Fee Income JPY bil 126 146 160 161    
Other Income JPY bil 42.8 48.2 52.6 63.4    
Total Revenues JPY bil 256 299 330 346    
Operating Cost JPY bil 176 196 210 221    
Operating Profit JPY bil 79.8 103 120 125    
Provisions JPY bil 18.4 28.6 36.3 36.9    
Extra and Other Cost JPY bil 21.6 22.2 24.8 28.3    
Pre-Tax Profit JPY bil 39.8 52.8 59.3 59.7    
Tax JPY bil 11.9 14.1 14.8 12.1    
Minorities JPY bil 7.14 8.20 8.68 8.15    
Net Profit JPY bil 20.7 30.5 35.8 39.5    
growth rates            
Net Interest Income Growth % ... 19.2 12.1 3.18    
Net Fee Income Growth % ... 16.7 9.53 0.458    
Total Revenue Growth % ... 16.8 10.4 4.64    
Operating Cost Growth % ... 11.0 7.25 5.11    
Operating Profit Growth % ... 29.7 16.3 3.82    
Pre-Tax Profit Growth % ... 32.6 12.3 0.700    
Net Profit Growth % ... 47.0 17.4 10.3    
balance sheet Unit 2013 2014 2015 2016 2017 2018
balance sheet            
Cash JPY bil 417 468 444 532    
Interbank Loans JPY bil 0 10.0 0 30.0    
Customer Loans JPY bil 1,229 1,425 1,625 1,815    
Debt Securities JPY bil 185 241 216 174    
Fixed Assets JPY bil 98.9 107 114 125    
Total Assets JPY bil 3,163 3,590 3,746 4,187    
Shareholders' Equity JPY bil 307 325 341 401    
Of Which Minority Interest JPY bil 35.6 51.2 49.6 54.9    
Liabilities JPY bil 2,856 3,265 3,405 3,786    
Interbank Borrowing JPY bil 224 381 364 312    
Customer Deposits JPY bil 1,718 1,963 2,153 2,542    
Issued Debt Securities JPY bil 413 426 396 411    
Other Liabilities JPY bil 501 495 491 521    
asset quality            
Gross Loans JPY bil 1,277 1,474 1,674 1,865    
Total Provisions JPY bil 47.6 49.3 49.5 50.4    
growth rates            
Customer Loan Growth % ... 15.9 14.0 11.7    
Total Asset Growth % ... 13.5 4.35 11.8    
Shareholders' Equity Growth % ... 5.75 4.90 17.7    
Customer Deposit Growth % ... 14.3 9.67 18.1    
market share            
Market Share in Customer Loans % 0.268 0.301 0.332 0.360   ...
Market Share in Total Assets % 0.322 0.355 0.347 0.379   ...
ratios Unit 2013 2014 2015 2016 2017 2018
ratios            
ROE % 6.75 9.65 10.7 10.6    
ROA % 0.656 0.903 0.976 0.995    
Costs (As % Of Assets) % 5.58 5.80 5.73 5.57    
Costs (As % Of Income) % 68.9 65.4 63.6 63.9    
Net Interest Margin % 2.78 3.10 3.20 3.06    
Interest Spread % ... 3.04 3.15 3.01    
Asset Yield % 3.40 3.72 3.78 3.54    
Cost Of Liabilities % ... 0.676 0.639 0.528    
Interest Income (As % Of Revenues) % 34.3 35.0 35.6 35.1    
Fee Income (As % Of Revenues) % 49.0 48.9 48.5 46.6    
Other Income (As % Of Revenues) % 16.7 16.1 15.9 18.3    
Equity (As % Of Assets) % 9.71 9.05 9.10 9.58    
Loans (As % Of Deposits) % 71.6 72.6 75.5 71.4    
Loans (As % Assets) % 38.9 39.7 43.4 43.3    
Provisions (As % Of Loans) % 3.87 3.46 3.04 2.78    
Cost of Provisions (As % Of Loans) % 1.50 2.15 2.38 2.15    
other data Unit 2013 2014 2015 2016 2017 2018
other data            
Employees 12,220 14,965 17,244 17,340    
On-balance Sheet Loans JPY bil 1,229 1,425 1,625 1,815    

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AEON Financial Service's net profit fell 2.74% yoy to JPY 7.20 bil in 2Q2019

By Helgi Analytics - October 20, 2019

AEON Financial Service made a net profit of JPY 7.20 bil under revenues of JPY 106 bil in the second quarter of 2019, down 2.74% and up 11.9% respectively when compared to the same period last year. Historically, the bank’s net profit reached an all time ...

AEON Financial Service's customer loan growth fell 278% yoy to -31.5% in 2Q2019

By Helgi Analytics - October 20, 2019

AEON Financial Service's customer loan growth reached -31.5% in 2019-06-30, down from 17.7% compared to the previous year. Historically, the bank’s loans growth reached an all time high of 22.0% in 2018-03-31 and an all time low of -31.5% in 2019-06-30. I...

AEON Financial Service's net interest margin rose 2.59% yoy to 3.08% in 2Q2019

By Helgi Analytics - October 20, 2019

AEON Financial Service's net interest margin amounted to 3.08% in the second quarter of 2019, up from 2.87% when compared to the previous quarter. Historically, the bank’s net interest margin reached an all time high of 3.33% in 4Q2015 and an all time low of...

AEON Financial Service's price/earnings (P/E) fell 26.8% yoy to 9.55 in 2Q2019

By Helgi Analytics - October 20, 2019

AEON Financial Service stock traded at JPY 1,645 per share at the end second quarter of 2019 implying a market capitalization of USD 3,477 mil. Since the end of 2Q2014, the stock has depreciated by -36.4 % implying an annual average growth of -8.65 %. In absolute term...

AEON Financial Service's equity (as % of assets) fell 3.48% yoy to 8.08% in 2Q2019

By Helgi Analytics - October 20, 2019

AEON Financial Service's Equity reached 12.4% of total assets in the 2Q2019, up from 10.8% for the previous year. As a share of net customer loans, the ratio amounted to 32.3% at the end of the second quarter of 2019. ...

AEON Financial Service's net interest income rose 9.59% to JPY 150 bil in 2018

By Helgi Analytics - October 20, 2019

AEON Financial Service generated total banking revenues of JPY 406 bil in 2018, up 7.38% compared to the previous year. Historically, the bank’s revenues containing of interest, fee and other non-interest income reached an all time high of JPY 406 bil in 2018 a...

AEON Financial Service's price/earnings (P/E) fell 9.56% to 12.3 in 2018

By Helgi Analytics - October 20, 2019

AEON Financial Service stock traded at JPY 2,137 per share at the end 2018 implying a market capitalization of USD 4,386 mil. Since the end of 2013, the stock has depreciated by -7.26 % implying an annual average growth of -1.50 %. In absolute terms, the value of the ...

AEON Financial Service's net interest margin fell 2.82% to 2.94% in 2018

By Helgi Analytics - October 20, 2019

AEON Financial Service's net interest margin amounted to 2.94% in 2018, down from 3.02% compared to the previous year. Historically, the bank’s net interest margin reached an all time high of 3.20% in 2015 and an all time low of 2.94% in 2018. The avera...

AEON Financial Service's customer loan growth fell 76.2% to 5.23% in 2018

By Helgi Analytics - October 20, 2019

AEON Financial Service's customer loan growth reached 5.23% in 2018, down from 22.0% compared to the previous year. Historically, the bank’s loans growth reached an all time high of 22.0% in 2017 and an all time low of 5.23% in 2018. In the last decade, t...

AEON Financial Service's customer loans rose 5.23% to JPY 2,213 bil in 2018

By Helgi Analytics - October 20, 2019

AEON Financial Service's customer loans reached JPY 2,213 bil in 2017, up 21.9% compared to the previous year. Japanese banking sector provided customer loans of JPY 502,494 bil in 2017, down 0.230% when compared to the last year. AEON Financial Service a...

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Finance

AEON Financial Service has been growing its revenues and asset by 7.11% and 12.6% a year on average in the last 3 years. Its loans and deposits have grown by 12.8% and 17.2% a year during that time and loans to deposits ratio reached 67.1% at the end of 2018. The company achieved an average return on equity of 9.58% in the last three years with net profit growing 3.27% a year on average. In terms of operating efficiency, its cost to income ratio reached 63.1% in 2018, compared to 63.3% average in the last three years.

Equity represented 8.40% of total assets or 19.3% of loans at the end of 2018. AEON Financial Service's non-performing loans were of total loans while provisions covered some of NPLs at the end of 2018.

Valuation

AEON Financial Service stock traded at JPY 2,137 per share at the end of 2018 resulting in a market capitalization of USD 4,386 mil. Over the previous five years, stock price fell by 7.26% or 1.5% a year on average. That’s compared to an average ROE of 9.83% the bank generated for its shareholders. This closing price put stock at a 12-month trailing price to earnings (PE) of 12.3x and price to book value (PBV) of 1.08x in 2018.