Alior Bank

Alior Bank's customer loans rose 10.8% yoy to PLN 51,267 mil in 4Q2017

By Helgi Analytics - July 24, 2019

Alior Bank's customer loans reached PLN 51,267 mil in 2017-12-31, up 2.33% compared to the previous year. Polish banking sector...

Alior Bank's customer deposits rose 12.2% yoy to PLN 57,615 mil in 4Q2017

By Helgi Analytics - July 24, 2019

Alior Bank's customer deposits reached PLN 57,615 mil in 2017-12-31, up 5.27% compared to the previous year. Polish banking sec...

Alior Bank's total revenues rose 13.6% yoy to PLN 965 mil in 4Q2017

By Helgi Analytics - July 24, 2019

Alior Bank generated total banking revenues of PLN 965 mil in 2017-12-31, up 3.70% compared to the previous year. Polish b...

Profit Statement 2015 2016 2017
Net Interest Income PLN mil 1,501 1,946 2,841
Net Fee Income PLN mil 332 331 453
Other Income PLN mil 333 404 418
Total Revenues PLN mil 2,166 2,681 3,712
Staff Cost PLN mil 554 893 1,015
Operating Profit PLN mil 1,058 1,114 1,867
Provisions PLN mil 672 800 930
Net Profit PLN mil 310 575 515
Balance Sheet 2015 2016 2017
Interbank Loans PLN mil 645 1,366 902
Customer Loans PLN mil 30,907 46,247 51,267
Debt Securities PLN mil 4,644 10,235 14,140
Total Assets PLN mil 40,003 61,161 69,494
Shareholders' Equity PLN mil 3,514 6,160 6,762
Interbank Borrowing PLN mil 1,051 429 892
Customer Deposits PLN mil 33,664 51,369 57,615
Issued Debt Securities PLN mil 1,206 1,469 2,356
Ratios 2015 2016 2017
ROE % 9.48 11.9 7.97
ROA % 0.883 1.14 0.789
Costs (As % Of Assets) % 3.16 3.10 2.83
Costs (As % Of Income) % 51.2 58.4 49.7
Capital Adequacy Ratio % 12.5 13.6 15.2
Net Interest Margin % 4.28 3.85 4.35
Loans (As % Of Deposits) % 91.8 90.0 89.0
NPLs (As % Of Loans) % 9.32 9.80 10.8
Provisions (As % Of NPLs) % 58.1 100 100
Valuation 2015 2016 2017
Market Capitalisation (End Of Period) USD mil 1,044 1,701 2,950
Share Price (End Of Period) PLN 54.3 55.0 79.5
Price/Earnings (P/E) 13.2 12.4 19.9
Price/Book Value (P/BV) 1.16 1.15 1.52
Earnings Per Share (EPS) 4.12 4.45 3.99
Book Value Per Share 46.8 47.7 52.3

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summary Unit 2009 2010 2011 2012 2013 2014 2015 2016 2017
income statement                  
Net Interest Income PLN mil     495 827 999 1,230 1,501    
Total Revenues PLN mil     994 1,277 1,540 1,867 2,166    
Operating Profit PLN mil     354 369 693 949 1,058    
Net Profit PLN mil     152 61.1 228 323 310    
balance sheet                  
Interbank Loans PLN mil     1,106 414 254 449 645    
Customer Loans PLN mil     10,135 14,300 19,658 23,648 30,907    
Debt Securities PLN mil ... ... ... 4,557 3,682 3,210 4,644    
Total Assets PLN mil     15,484 21,181 25,550 30,168 40,003    
Shareholders' Equity PLN mil     1,112 1,971 2,185 3,015 3,514    
Interbank Borrowing PLN mil ... ... ... 629 818 1,049 1,051    
Customer Deposits PLN mil     13,531 17,463 20,843 24,428 33,664    
Issued Debt Securities PLN mil     44.0 480 533 895 1,206    
ratios                  
ROE %     14.6 3.97 11.0 12.4 9.48    
ROA %     1.23 0.333 0.975 1.16 0.883    
Costs (As % Of Assets) %     5.16 4.95 3.63 3.29 3.16    
Costs (As % Of Income) %     64.4 71.1 55.0 49.1 51.2    
Capital Adequacy Ratio % ... ... ... 15.2 12.1 12.8 12.5    
Net Interest Margin %     3.99 4.51 4.27 4.41 4.28    
Interest Income (As % Of Revenues) %     49.8 64.8 64.8 65.9 69.3    
Fee Income (As % Of Revenues) %     34.2 15.8 17.9 18.7 15.3    
Staff Cost (As % Of Total Cost) % ... ... ... 57.3 54.3 56.7 50.0    
Equity (As % Of Assets) %     7.18 9.31 8.55 9.99 8.78    
Loans (As % Of Deposits) %     74.9 81.9 94.3 96.8 91.8    
Loans (As % Assets) %     65.5 67.5 76.9 78.4 77.3    
NPLs (As % Of Loans) %     4.37 5.75 6.86 8.96 9.32    
Provisions (As % Of NPLs) %     100 58.3 57.3 53.5 58.1    
valuation                  
Market Capitalisation (End Of Period) USD mil ... ... ... ... 1,809 1,611 1,044    
Number Of Shares (Average) mil ... ... ... 54.5 66.9 73.1 75.1    
Share Price (End Of Period) PLN ... ... ... ... 81.5 78.0 54.3    
Earnings Per Share (EPS) ... ... ... 1.12 3.41 4.41 4.12    
Book Value Per Share ... ... ... 36.2 32.6 41.2 46.8    
Price/Earnings (P/E) ... ... ... ... 23.9 17.7 13.2    
Price/Book Value (P/BV) ... ... ... ... 2.50 1.89 1.16    
Earnings Per Share Growth % ... ... ... ... 204 29.6 -6.54    
Book Value Per Share Growth % ... ... ... ... -9.75 26.3 13.5    
income statement Unit 2009 2010 2011 2012 2013 2014 2015 2016 2017
income statement                  
Interest Income PLN mil     851 1,400 1,518 2,063 2,399    
Interest Cost PLN mil     356 573 520 834 898    
Net Interest Income PLN mil     495 827 999 1,230 1,501    
Net Fee Income PLN mil     340 201 275 348 332    
Other Income PLN mil     159 248 266 289 333    
Total Revenues PLN mil     994 1,277 1,540 1,867 2,166    
Staff Cost PLN mil ... ... ... 521 460 520 554    
Depreciation PLN mil ... ... ... 72.6 75.2 75.5 86.4    
Other Cost PLN mil ... ... ... 315 312 322 467    
Operating Cost PLN mil     640 908 847 917 1,108    
Operating Profit PLN mil     354 369 693 949 1,058    
Provisions PLN mil     189 279 405 547 672    
Extra and Other Cost PLN mil     -1.00 < 0.001 0 1.49 -0.074    
Pre-Tax Profit PLN mil     166 90.3 288 401 386    
Tax PLN mil     14.0 29.2 59.8 79.1 77.0    
Minorities PLN mil     0 0 0 -0.697 -0.673    
Net Profit PLN mil     152 61.1 228 323 310    
growth rates                  
Net Interest Income Growth % ...   62.3 67.1 20.7 23.1 22.1    
Net Fee Income Growth % ...   114 -40.8 36.6 26.5 -4.73    
Total Revenue Growth % ...   72.0 28.5 20.6 21.2 16.0    
Operating Cost Growth % ...   14.1 41.9 -6.70 8.26 20.8    
Operating Profit Growth % ...   1,982 4.21 87.8 37.0 11.5    
Pre-Tax Profit Growth % ...   -235 -45.6 218 39.4 -3.77    
Net Profit Growth % ...   -246 -59.8 273 41.6 -4.06    
market share                  
Market Share in Revenues %     1.73 2.17 2.78 3.24 3.87    
Market Share in Net Profit % ... ... 0.978 0.395 1.50 2.03 2.77    
Market Share in Employees % ... ... ... 2.39 3.43 3.77 3.63    
Market Share in Branches %     3.16 4.68 5.63 5.56 5.88    
balance sheet Unit 2009 2010 2011 2012 2013 2014 2015 2016 2017
balance sheet                  
Cash PLN mil     449 1,030 1,067 1,158 1,750    
Interbank Loans PLN mil     1,106 414 254 449 645    
Customer Loans PLN mil     10,135 14,300 19,658 23,648 30,907    
Retail Loans PLN mil     5,269 7,552 10,585 13,301 17,595    
Mortgage Loans PLN mil     1,787 3,035 4,192 5,868 7,614    
Consumer Loans PLN mil     3,482 4,517 6,394 7,433 9,674    
Corporate Loans PLN mil     5,217 6,747 9,073 10,347 13,312    
Debt Securities PLN mil ... ... ... 4,557 3,682 3,210 4,644    
Fixed Assets PLN mil ... ... ... 373 403 407 616    
Total Assets PLN mil     15,484 21,181 25,550 30,168 40,003    
Shareholders' Equity PLN mil     1,112 1,971 2,185 3,015 3,514    
Of Which Minority Interest PLN mil     0 0 0 1.91 1.24    
Liabilities PLN mil     14,372 19,210 23,365 27,153 36,489    
Interbank Borrowing PLN mil ... ... ... 629 818 1,049 1,051    
Customer Deposits PLN mil     13,531 17,463 20,843 24,428 33,664    
Retail Deposits PLN mil ... ... ... 12,650 14,224 14,849 21,409    
Corporate Deposits PLN mil ... ... ... 4,814 6,619 9,579 12,255    
Sight Deposits PLN mil ... ... ... 4,794 8,165 9,861 12,476    
Term Deposits PLN mil ... ... ... 11,777 11,227 12,623 18,536    
Issued Debt Securities PLN mil     44.0 480 533 895 1,206    
Other Liabilities PLN mil ... ... ... 638 1,172 780 568    
asset quality                  
Non-Performing Loans PLN mil     458 851 1,405 2,225 3,047    
Gross Loans PLN mil     10,485 14,796 20,463 24,839 32,679    
Total Provisions PLN mil     459 496 805 1,191 1,771    
growth rates                  
Customer Loan Growth % ...   83.2 41.1 37.5 20.3 30.7    
Retail Loan Growth % ...   94.8 43.3 40.2 25.7 32.3    
Mortgage Loan Growth % ...   106 69.8 38.1 40.0 29.7    
Consumer Loan Growth % ...   89.3 29.7 41.5 16.3 30.2    
Corporate Loan Growth % ...   74.2 29.3 34.5 14.0 28.7    
Total Asset Growth % ...   66.3 36.8 20.6 18.1 32.6    
Shareholders' Equity Growth % ...   13.9 77.2 10.8 38.0 16.6    
Customer Deposit Growth % ...   75.3 29.1 19.3 17.2 37.8    
Retail Deposit Growth % ... ... ... ... 12.4 4.40 44.2    
Corporate Deposit Growth % ... ... ... ... 37.5 44.7 27.9    
market share                  
Market Share in Customer Loans %     1.10 1.53 2.02 2.28 2.80    
Market Share in Corporate Loans %     1.97 2.48 3.26 3.44 4.07    
Market Share in Retail Loans %     1.62 2.14 2.92 3.19 3.91    
Market Share in Consumer Loans %     0.990 1.42 1.91 2.26 2.80    
Market Share in Mortgage Loans %     0.560 0.943 1.25 1.65 2.00    
Market Share in Total Assets %     1.20 1.57 1.82 1.97 2.50    
Market Share in Customer Deposits %     1.50 1.88 2.13 2.34 3.02    
Market Share in Retail Deposits % ... ... ... 2.45 2.59 2.45 3.22    
Market Share in Corporate Deposits % ... ... ... 2.52 3.16 4.18 4.84    
ratios Unit 2009 2010 2011 2012 2013 2014 2015 2016 2017
ratios                  
ROE %     14.6 3.97 11.0 12.4 9.48    
ROA %     1.23 0.333 0.975 1.16 0.883    
Costs (As % Of Assets) %     5.16 4.95 3.63 3.29 3.16    
Costs (As % Of Income) %     64.4 71.1 55.0 49.1 51.2    
Capital Adequacy Ratio % ... ... ... 15.2 12.1 12.8 12.5    
Tier 1 Ratio % ... ... ... 12.7 11.2 11.2 9.69    
Net Interest Margin %     3.99 4.51 4.27 4.41 4.28    
Interest Spread % ...   3.73 4.23 4.06 4.11 4.02    
Asset Yield %     6.86 7.64 6.50 7.41 6.84    
Cost Of Liabilities % ...   3.14 3.41 2.44 3.30 2.82    
Interest Income (As % Of Revenues) %     49.8 64.8 64.8 65.9 69.3    
Fee Income (As % Of Revenues) %     34.2 15.8 17.9 18.7 15.3    
Other Income (As % Of Revenues) %     16.0 19.4 17.3 15.5 15.4    
Cost Per Employee USD per month ... ... ... 3,068 1,971 1,993 1,952    
Cost Per Employee (Local Currency) PLN per month ... ... ... 9,984 6,231 6,530 7,263    
Staff Cost (As % Of Total Cost) % ... ... ... 57.3 54.3 56.7 50.0    
Equity (As % Of Assets) %     7.18 9.31 8.55 9.99 8.78    
Loans (As % Of Deposits) %     74.9 81.9 94.3 96.8 91.8    
Loans (As % Assets) %     65.5 67.5 76.9 78.4 77.3    
NPLs (As % Of Loans) %     4.37 5.75 6.86 8.96 9.32    
Provisions (As % Of NPLs) %     100 58.3 57.3 53.5 58.1    
Provisions (As % Of Loans) %     4.53 3.47 4.10 5.04 5.73    
Cost of Provisions (As % Of Loans) %     2.41 2.28 2.39 2.52 2.46    
other data Unit 2009 2010 2011 2012 2013 2014 2015 2016 2017
other data                  
Branches     438 720 859 836 851    
Employees ... ... ... 4,345 6,157 6,637 6,361    
Clients mil ... ... ... ... ... 2.58 3.00    
Sight (As % Of Customer Deposits) % ... ... ... 27.5 39.2 40.4 37.1    

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Alior Bank's market capitalisation (end of period) rose 79.6% to USD 2,950 mil in 4Q2017

By Helgi Analytics - October 23, 2019

Alior Bank stock traded at JPY 2,488 per share at the end of fourth quarter of 2017 implying a market capitalization of USD 5,014 mil. Over the last five years, the stock has appreciated by 0 implying an annual average growth of 0% In absolute terms, the ...

Alior Bank's mortgage loans rose 12.3% yoy to PLN 10,400 mil in 4Q2017

By Helgi Analytics - July 24, 2019

Alior Bank's mortgage loans reached PLN 10,400 mil in 2017-12-31, up 1.96% compared to the previous year. Polish banking sector provided mortgage loans of PLN 391 bil in 2017-12-31, down 1.05% when compared to the last year. Alior Bank accounted for 2.66%...

Alior Bank's retail deposits rose 14.1% yoy to PLN 36,500 mil in 4Q2017

By Helgi Analytics - July 24, 2019

Alior Bank's retail deposits reached PLN 36,500 mil in 2017-12-31, up 8.63% compared to the previous year. Polish banking sector accepted retail deposits of PLN 683 bil in 2017-12-31, up 2.59% when compared to the last year. Alior Bank accounted for 5.34%...

Alior Bank's npls (as % of loans) rose 10.2% yoy to 10.8% in 4Q2017

By Helgi Analytics - July 24, 2019

Alior Bank's non-performing loans reached 10.8% of total loans at the end of 2017-12-31, up from 9.80% compared to the previous year. Historically, the NPL ratio hit an all time high of 11.2% in 2017-06-30 and an all time low of 4.11% in 2012-03-31. Provisi...

Alior Bank's consumer loans rose 8.30% yoy to PLN 17,200 mil in 4Q2017

By Helgi Analytics - July 24, 2019

Alior Bank's consumer loans reached PLN 17,200 mil in 2017-12-31, up 3.61% compared to the previous year. Polish banking sector provided consumer loans of PLN 277 bil in 2017-12-31, up 1.05% when compared to the last year. Alior Bank accounted for 6.22% o...

Alior Bank's corporate deposits rose 8.94% yoy to PLN 21,100 mil in 4Q2017

By Helgi Analytics - July 24, 2019

Alior Bank's corporate deposits reached PLN 21,100 mil in 2017-12-31, down 0.149% compared to the previous year. Polish banking sector accepted corporate deposits of PLN 296 bil in 2017-12-31, up 10.1% when compared to the last year. Alior Bank accounted ...

Alior Bank's corporate loans rose 12.1% yoy to PLN 23,667 mil in 4Q2017

By Helgi Analytics - April 27, 2018

Alior Bank's loans reached PLN 54,146 mil in the fourth quarter of 2017, up from PLN 52,956 mil when compared to the previous quarter and up from PLN 48,840 mil when compared to the same period of last year. Historically, the bank’s loans reached an...

Alior Bank's net interest income rose 23.0% yoy to PLN 737 mil in 4Q2017

By Helgi Analytics - April 27, 2018

Alior Bank generated total banking revenues of PLN 965 mil in the fourth quarter of 2017, up 13.6% when compared to the same period of last year and 3.7% when compared to the previous quarter. Historically, the bank’s revenues containing of interest, fee ...

Alior Bank's net profit fell 61.3% yoy to PLN 143 mil in 4Q2017

By Helgi Analytics - April 27, 2018

Alior Bank made a net profit of PLN 143 mil in the fourth quarter of 2017, down 61.3% when compared to the same period of last year. This implies a return on equity of 8.56%. Historically, the bank’s net profit reached an all time high of PLN 369 mil in 4Q2016 an...

Alior Bank's employees fell 20.8% yoy to 8,110 in 4Q2017

By Helgi Analytics - July 24, 2019

Alior Bank employed 8,110 persons in 2017-12-31, down 5.21% when compared to the previous year. Historically, the bank's workforce hit an all time high of 10,245 persons in 2016-12-31 and an all time low of 4,216 in 2012-03-31. Average cost reached USD 3,176 per m...

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Alior Bank SA is a Poland-based commercial bank. The Bank provides various financial products and services to its retail and corporate clients as well as treasury activities. The Bank's business includes accepting cash as demand deposits and keeping deposit accounts; maintaining other bank accounts; granting credits; giving and confirming bank guarantees and opening and confirming letters of credit; issuing banking securities; conducting banking settlements; granting cash loans; issuing payment cards; trading in securities; and pursuing brokerage services; among others. The Bank entered the WSE at the end of 2012 with EBRD buying nearly 9% in the company.

Alior Bank Logo

Finance

Alior Bank has been growing its revenues and asset by 23.8% and 26.8% a year on average in the last 5 years. Its loans and deposits have grown by 29.1% and 27.0% a year during that time and loans to deposits ratio reached 89.0% at the end of 2017. The company achieved an average return on equity of 10.5% in the last five years with net profit growing 53.2% a year on average. In terms of operating efficiency, its cost to income ratio reached 49.7% in 2017, compared to 52.7% average in the last five years.

Equity represented 9.73% of total assets or 13.2% of loans at the end of 2017. Alior Bank's non-performing loans were 10.8% of total loans while provisions covered some 100% of NPLs at the end of 2017.

Valuation

Alior Bank stock traded at PLN 79.5 per share at the end of 2017 resulting in a market capitalization of USD 2,950 mil. Over the previous five years, stock price rose by 0% or 0% a year on average. That’s compared to an average ROE of 10.5% the bank generated for its shareholders. This closing price put stock at a 12-month trailing price to earnings (PE) of 19.9x and price to book value (PBV) of 1.52x in 2017.