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Alior Bank

Alior Bank's net interest margin fell 12.3% yoy to 3.41% in 4Q2020

By Helgi Analytics - March 23, 2021

Alior Bank's net interest margin amounted to 3.41% in the fourth quarter of 2020, down from 3.52% when compared to the previous ...

Alior Bank's customer deposits remain unchanged yoy at PLN mil in 4Q2020

By Helgi Analytics - March 23, 2021

Alior Bank's customer deposits reached PLN 57,657 mil in 2017-12-31, up 5.35% compared to the previous year. Polish banking sec...

Alior Bank's customer loans remain unchanged yoy at PLN mil in 4Q2020

By Helgi Analytics - March 23, 2021

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...

Profit Statement 2018 2019 2020
Net Interest Income PLN mil 3,085 3,185 2,849
Net Fee Income PLN mil 710 658 636
Other Income PLN mil 683 799 888
Total Revenues PLN mil 4,478 4,641 4,374
Staff Cost PLN mil 896 781 822
Operating Profit PLN mil 2,766 2,972 2,545
Provisions PLN mil 1,183 1,508 1,677
Net Profit PLN mil 711 450 -69.1
Balance Sheet 2018 2019 2020
Interbank Loans PLN mil 173 213 508
Customer Loans PLN mil 54,246 55,845 56,215
Investments PLN mil 13,728 15,799 15,745
Total Assets PLN mil 73,420 76,714 78,642
Shareholders' Equity PLN mil 6,486 6,737 6,560
Interbank Borrowing PLN mil 1,010 1,259 1,414
Customer Deposits PLN mil 62,436 64,999 66,876
Issued Debt Securities PLN mil 1,918 2,134 2,079
Ratios 2018 2019 2020
ROE % 10.8 6.81 -1.04
ROA % 0.995 0.600 -0.089
Costs (As % Of Assets) % 2.40 2.22 2.35
Costs (As % Of Income) % 38.2 36.0 41.8
Capital Adequacy Ratio % 15.9 16.2 15.9
Net Interest Margin % 4.32 4.24 3.67
Loans (As % Of Deposits) % 86.9 85.9 84.1
NPLs (As % Of Loans) % 11.7 14.0 14.1
Provisions (As % Of NPLs) % 67.5 63.6 71.1
Valuation 2018 2019 2020
Market Capitalisation USD mil 1,853 988 593
Number Of Shares mil 131 131 131
Share Price PLN 53.2 28.7 17.0
Price/Earnings (P/E) 9.80 8.36 ...
Price/Book Value (P/BV) 1.08 0.558 0.338
Dividend Yield % 0 0 0
Earnings Per Share (EPS) PLN 5.42 3.43 -0.525
Book Value Per Share PLN 49.4 51.4 50.2
Dividend Per Share PLN 0 0 0

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summary Unit 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019 2020
income statement                        
Net Interest Income PLN mil           1,230 1,501 1,946 2,856 3,085    
Total Revenues PLN mil           2,080 2,412 2,980 4,111 4,478    
Operating Profit PLN mil           1,135 1,330 1,361 2,197 2,766    
Net Profit PLN mil           359 367 207 486 711    
balance sheet                        
Interbank Loans PLN mil           449 645 1,366 902 173    
Customer Loans PLN mil           23,648 30,907 46,247 51,267 54,246    
Investments PLN mil           3,129 4,644 9,796 13,643 13,728    
Total Assets PLN mil           30,168 40,003 61,161 69,516 73,420    
                           
Shareholders' Equity PLN mil           3,015 3,514 6,160 6,691 6,486    
Interbank Borrowing PLN mil           1,398 1,361 727 1,328 1,010    
Customer Deposits PLN mil           22,484 31,012 51,369 57,657 62,436    
Issued Debt Securities PLN mil           2,184 3,156 1,165 1,915 1,918    
ratios                        
ROE % ...         13.8 11.2 4.27 7.56 10.8    
ROA % ...         1.29 1.05 0.409 0.743 0.995    
Costs (As % Of Assets) % ...         3.39 3.08 3.20 2.93 2.40    
Costs (As % Of Income) %           45.4 44.8 54.3 46.6 38.2    
Capital Adequacy Ratio %           12.8 12.5 13.7 15.2 15.9    
Net Interest Margin % ...         4.41 4.28 3.85 4.37 4.32    
Interest Income (As % Of Revenues) %           59.1 62.2 65.3 69.5 68.9    
Fee Income (As % Of Revenues) %           16.7 13.8 11.1 10.5 15.9    
Staff Cost (As % Of Total Cost) %           55.5 52.5 56.6 52.4 52.4    
Equity (As % Of Assets) %           9.99 8.78 10.1 9.63 8.83    
Loans (As % Of Deposits) %           105 99.7 90.0 88.9 86.9    
Loans (As % Assets) %           78.4 77.3 75.6 73.7 73.9    
NPLs (As % Of Loans) %           8.92 9.28 9.77 10.8 11.7    
Provisions (As % Of NPLs) %           58.0 63.6 63.5 57.5 67.5    
valuation                        
Market Capitalisation USD mil ... ... ...     1,542 1,231 1,677 2,959 1,853    
Number Of Shares mil           89.6 91.5 105 132 131    
Share Price PLN ... ... ...     63.6 54.2 54.2 79.5 53.2    
Earnings Per Share (EPS) PLN           3.99 4.01 1.97 3.69 5.42    
Book Value Per Share PLN           33.6 38.4 58.8 50.8 49.4    
Dividend Per Share PLN ... ...       0 0 0 0 0    
Price/Earnings (P/E) ... ... ...     15.9 13.5 27.5 21.5 9.80   ...
Price/Book Value (P/BV) ... ... ...     1.89 1.41 0.922 1.57 1.08    
Dividend Yield % ... ... ...     0 0 0 0 0    
Earnings Per Share Growth % ...         31.7 0.353 -50.7 86.9 46.9    
Book Value Per Share Growth % ...         26.3 14.2 53.1 -13.6 -2.61    
income statement Unit 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019 2020
income statement                        
Interest Income PLN mil           2,063 2,399 2,644 3,601 3,957    
Interest Cost PLN mil           834 898 698 745 872    
Net Interest Income PLN mil           1,230 1,501 1,946 2,856 3,085    
Net Fee Income PLN mil           348 332 331 431 710    
Fee Income PLN mil           534 546 591 806 1,099    
Fee Expense PLN mil           185 214 260 375 389    
Other Income PLN mil           502 579 702 824 683    
Total Revenues PLN mil           2,080 2,412 2,980 4,111 4,478    
Staff Cost PLN mil           525 568 916 1,004 896    
Depreciation PLN mil           46.5 51.0 64.9 106 97.6    
Other Cost PLN mil           374 463 638 804 718    
Operating Cost PLN mil           945 1,082 1,619 1,914 1,712    
Operating Profit PLN mil           1,135 1,330 1,361 2,197 2,766    
Provisions PLN mil           503 659 777 915 1,183    
Extra and Other Cost PLN mil           185 214 390 575 598    
Pre-Tax Profit PLN mil           446 457 193 707 985    
Tax PLN mil           87.5 90.5 -13.1 221 274    
Minorities PLN mil           -0.697 -0.673 -0.201 0.376 0    
Net Profit PLN mil           359 367 207 486 711    
Net Profit Avail. to Common PLN mil           359 367 207 486 711    
Dividends PLN mil ... ...       0 0 0 0 0    
growth rates                        
Net Interest Income Growth % ...         23.1 22.1 29.6 46.8 8.00    
Net Fee Income Growth % ...         26.5 -4.73 -0.161 30.1 64.8    
Total Revenue Growth % ...         17.9 16.0 23.5 38.0 8.91    
Operating Cost Growth % ...         8.26 14.4 49.6 18.3 -10.6    
Operating Profit Growth % ...         27.3 17.3 2.32 61.4 25.9    
Pre-Tax Profit Growth % ...         42.4 2.55 -57.7 265 39.4    
Net Profit Growth % ...         44.4 2.33 -43.7 135 46.4    
market share                        
Market Share in Revenues %           3.61 4.31 5.02 6.66 6.95    
Market Share in Net Profit % ... ...       2.26 3.28 1.49 3.57 5.45   ...
Market Share in Employees % ... ...       3.84 3.72 6.07 4.93 5.06    
Market Share in Branches % ... ... ... ... ... ... 7.18 6.94 8.69 8.68    
balance sheet Unit 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019 2020
balance sheet                        
Cash & Cash Equivalents PLN mil           1,158 1,750 1,083 965 2,079    
Interbank Loans PLN mil           449 645 1,366 902 173    
Customer Loans PLN mil           23,648 30,907 46,247 51,267 54,246    
Retail Loans PLN mil           14,071 18,682 27,682 30,147 32,048    
Mortgage Loans PLN mil           5,021 6,783 8,486 9,632 10,491    
Consumer Loans PLN mil           9,050 11,899 19,197 20,515 21,557    
Corporate Loans PLN mil           10,867 14,163 21,627 24,524 26,869    
Investments PLN mil           3,129 4,644 9,796 13,643 13,728    
Property and Equipment PLN mil           192 229 486 476 461    
Intangible Assets PLN mil           216 387 516 549 572    
Goodwill PLN mil           0.974 105 105 105 105    
Total Assets PLN mil           30,168 40,003 61,161 69,516 73,420    
                           
Shareholders' Equity PLN mil           3,015 3,514 6,160 6,691 6,486    
Of Which Minority Interest PLN mil           1.91 1.24 0.979 1.32 0    
Liabilities PLN mil           27,153 36,489 55,001 62,825 66,934    
Interbank Borrowing PLN mil           1,398 1,361 727 1,328 1,010    
Customer Deposits PLN mil           22,484 31,012 51,369 57,657 62,436    
Sight Deposits PLN mil           9,861 12,476 8,526 32,080 38,677    
Term Deposits PLN mil           12,623 18,536 8,379 21,875 20,267    
Issued Debt Securities PLN mil           2,184 3,156 1,165 1,915 1,918    
Subordinated Debt PLN mil           542 896 1,165 1,915 1,918    
Other Liabilities PLN mil           1,087 960 1,740 1,925 1,571    
asset quality                        
Non-Performing Loans PLN mil           2,225 3,047 4,820 5,915 6,919    
Gross Loans PLN mil           24,938 32,845 49,309 54,670 58,918    
Risk-Weighted Assets PLN mil           23,061 30,720 46,512 50,301 51,469    
Total Provisions PLN mil           1,290 1,938 3,062 3,404 4,671    
growth rates                        
Customer Loan Growth % ...         20.3 30.7 49.6 10.9 5.81    
Retail Loan Growth % ...         27.0 32.8 48.2 8.90 6.31    
Mortgage Loan Growth % ...         47.4 35.1 25.1 13.5 8.92    
Consumer Loan Growth % ...         18.0 31.5 61.3 6.87 5.08    
Corporate Loan Growth % ...         15.0 30.3 52.7 13.4 9.57    
Total Asset Growth % ...         18.1 32.6 52.9 13.7 5.62    
Shareholders' Equity Growth % ...         38.0 16.6 75.3 8.62 -3.06    
Customer Deposit Growth % ...         16.0 37.9 65.6 12.2 8.29    
market share                        
Market Share in Customer Loans %           2.28 2.80 3.98 4.25 4.40    
Market Share in Corporate Loans %           3.61 4.33 6.27 6.70 7.21    
Market Share in Retail Loans %           3.88 4.81 7.37 7.39 8.02    
Market Share in Consumer Loans %           2.39 2.97 4.19 4.49 4.56    
Market Share in Mortgage Loans %           1.41 1.78 2.12 2.44 2.42    
Market Share in Total Assets %           1.97 2.50 3.57 3.90 3.70    
Market Share in Customer Deposits %           2.15 2.78 4.24 4.54 5.06    
ratios Unit 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019 2020
                         
ROE % ...         13.8 11.2 4.27 7.56 10.8    
ROTE % ...         15.0 12.4 4.72 8.24 11.8    
ROE (@ 15% of RWA) % ...         11.3 9.10 3.57 6.69 9.31    
ROA % ...         1.29 1.05 0.409 0.743 0.995    
Return on Loans % ...         1.66 1.35 0.536 0.996 1.35    
Operating Profit (As % of RWA) % ...         5.36 4.95 3.52 4.54 5.44    
Costs (As % Of Assets) % ...         3.39 3.08 3.20 2.93 2.40    
Costs (As % Of Income) %           45.4 44.8 54.3 46.6 38.2    
Costs (As % Of Loans) % ...         4.37 3.97 4.20 3.93 3.24    
Costs (As % Of Loans & Deposits) % ...         2.22 2.00 2.03 1.85 1.52    
Capital Adequacy Ratio %           12.8 12.5 13.7 15.2 15.9    
Tier 1 Ratio %           11.2 9.69 11.3 12.1 12.8    
Net Interest Margin % ...         4.41 4.28 3.85 4.37 4.32    
Interest Spread % ...         4.11 4.02 3.70 4.25 4.19    
Asset Yield % ...         7.41 6.84 5.23 5.51 5.54    
Revenues (As % of RWA) % ...         9.82 8.97 7.72 8.49 8.80    
Cost Of Liabilities % ...         3.30 2.82 1.53 1.26 1.34    
Payout Ratio % ... ...       0 0 0 0 0    
Interest Income (As % Of Revenues) %           59.1 62.2 65.3 69.5 68.9    
Fee Income (As % Of Revenues) %           16.7 13.8 11.1 10.5 15.9    
Other Income (As % Of Revenues) %           24.1 24.0 23.6 20.0 15.2    
Staff Cost (As % Of Total Cost) %           55.5 52.5 56.6 52.4 52.4    
Equity (As % Of Assets) %           9.99 8.78 10.1 9.63 8.83    
Equity (As % Of Loans) %           12.7 11.4 13.3 13.1 12.0    
Loans (As % Of Deposits) %           105 99.7 90.0 88.9 86.9    
Loans (As % Assets) %           78.4 77.3 75.6 73.7 73.9    
NPLs (As % Of Loans) %           8.92 9.28 9.77 10.8 11.7    
Provisions (As % Of NPLs) %           58.0 63.6 63.5 57.5 67.5    
Provisions (As % Of Loans) %           5.45 6.27 6.62 6.64 8.61    
Cost of Provisions (As % Of Loans) % ...         2.33 2.42 2.01 1.88 2.24    
other data Unit 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019 2020
                         
Branches ... ... ... ... ... ... 851 781 905 861    
Employees ... ...       6,637 6,361 10,245 8,110 8,228    
Employees Per Bank Branch ... ... ... ... ... ... 7.47 13.1 8.96 9.56    
Cost Per Employee USD per month ... ...       2,011 1,999 1,844 2,693 2,507    
Cost Per Employee (Local Currency) PLN per month ... ...       6,591 7,436 7,449 10,315 9,077    
customer breakdown Unit 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019 2020
                         
Customers mil ... ... ... ... ... 2.58 3.00 4.12 3.98 4.10    
Number of Primary Customers mil ... ... ... ... ... ... ... ... ... ...    
Number of Mortgages mil ... ... ... ... ... ... ... ... ... ...    
Number of Consumer Loans mil ... ... ... ... ... ... ... ... ... ...    
Average Size of Mortgage Loan PLN ... ... ... ... ... ... ... ... ... ...    
Average Size of Consumer Loan PLN ... ... ... ... ... ... ... ... ... ...    
Primary (As % of Total Clients) % ... ... ... ... ... ... ... ... ... ...    
Mortgages (As % of Total Clients) % ... ... ... ... ... ... ... ... ... ...    
Consumer Loans (As % of Total Clients) % ... ... ... ... ... ... ... ... ... ...    
                           
Market Value per Customer (Local Currency) PLN ... ... ... ... ... 2,119 1,603 1,703 2,588 1,699    
Revenue per Customer (Local Currency) PLN ... ... ... ... ... 807 805 724 1,033 1,092    
Net Profit per Customer (Local Currency) PLN ... ... ... ... ... 139 123 50.2 122 173    
Loan per Customer (Local Currency) PLN ... ... ... ... ... 9,180 10,316 11,239 12,881 13,231    
Deposit per Customer (Local Currency) PLN ... ... ... ... ... 8,728 10,351 12,483 14,487 15,228    
Market Value per Customer USD ... ... ... ... ... 598 411 408 743 452    
Revenue per Customer USD ... ... ... ... ... 246 216 179 270 302    
Net Profit per Customer USD ... ... ... ... ... 42.5 32.9 12.4 31.9 47.9    
Loan per Customer USD ... ... ... ... ... 2,593 2,644 2,689 3,700 3,519    
Deposit per Customer USD ... ... ... ... ... 2,465 2,653 2,987 4,161 4,050    

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Alior Bank's net profit rose 101% yoy to PLN 261 mil in 4Q2020

By Helgi Analytics - March 23, 2021

Alior Bank made a net profit of PLN 261 mil in the fourth quarter of 2020, up 101% when compared to the same period of last year. This implies a return on equity of 16.0%. Historically, the bank’s net profit reached an all time high of PLN 261 mil in 4Q2020 and a...

Alior Bank's net profit rose 101% yoy to PLN 261 mil in 4Q2020

By Helgi Analytics - March 23, 2021

Alior Bank made a net profit of PLN 261 mil under revenues of PLN 1,126 mil in the fourth quarter of 2020, up 101% and down 4.15% respectively when compared to the same period last year. Historically, the bank’s net profit reached an all time high of ...

Alior Bank's mortgage loans remain unchanged yoy at PLN mil in 4Q2020

By Helgi Analytics - March 23, 2021

Alior Bank's mortgage loans reached PLN 9,632 mil in 2017-12-31, up 1.71% 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 2.46% ...

Alior Bank's npls (as % of loans) rose 0.559% yoy to 14.1% in 4Q2020

By Helgi Analytics - March 23, 2021

Alior Bank's non-performing loans reached 14.1% of total loans at the end of 2020-12-31, up from 14.0% compared to the previous year. Historically, the NPL ratio hit an all time high of 14.7% in 2020-09-30 and an all time low of 4.43% in 2012-06-30. Provisi...

Alior Bank's total revenues remain unchanged yoy at PLN mil in 4Q2020

By Helgi Analytics - March 23, 2021

Alior Bank generated total banking revenues of PLN 1,144 mil in 2019-03-31, down 1.71% compared to the previous year. Polish banking sector banking sector generated total revenues of PLN 17,491 mil in 2019-03-31, up 21.1% when compared to the last yea...

Alior Bank's consumer loans remain unchanged yoy at PLN mil in 4Q2020

By Helgi Analytics - March 23, 2021

Alior Bank's consumer loans reached PLN 20,515 mil in 2017-12-31, up 3.47% 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 7.42% o...

Alior Bank's retail loans remain unchanged yoy at PLN mil in 4Q2020

By Helgi Analytics - March 23, 2021

Alior Bank's retail loans reached PLN 30,147 mil in the fourth quarter of 2017, up 2.90% compared to the previous year. Polish banking sector provided retail loans of PLN 668 bil in 4Q2017, down 0.192% when compared to the last year. Alior Bank accounted ...

Alior Bank's costs (as % of assets) fell 31.0% yoy to 1.55% in 4Q2020

By Helgi Analytics - March 23, 2021

Alior Bank's cost to income ratio reached 26.8% in the fourth quarter of 2020, down from 34.7% when compared to the previous quarter. Historically, the bank’s costs reached an all time high of 76.5% of income in 4Q2016 and an all time low of 26.8% in 4Q2020....

Alior Bank's price/earnings (P/E) remain unchanged yoy at in 4Q2020

By Helgi Analytics - March 23, 2021

Alior Bank stock traded at per share at the end first quarter of 1970 implying a market capitalization of. Since the end of 1Q1965, the stock has A PHP Error was encountered Severity: Warning Message: A non-numeric value encountered Filename: src/Environment.php(418) : eval(...

Alior Bank's employees fell 3.25% yoy to 7,878 in 4Q2020

By Helgi Analytics - March 23, 2021

Alior Bank employed 7,878 persons in 2020-12-31, down 1.91% 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 6,361 in 2015-12-31. Average cost reached USD 1,946 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.

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Finance

Alior Bank has been growing its revenues and asset by 20.7% and 23.8% a year on average in the last 10 years. Its loans and deposits have grown by 26.1% and 24.7% a year during that time and loans to deposits ratio reached 84.1% at the end of 2020. The company achieved an average return on equity of 8.45% in the last decade with net profit growing -3.95% a year on average. In terms of operating efficiency, its cost to income ratio reached 41.8% in 2020, compared to 47.7% average in the last decade.

Equity represented 8.34% of total assets or 11.7% of loans at the end of 2020. Alior Bank's non-performing loans were 14.1% of total loans while provisions covered some 71.1% of NPLs at the end of 2020.

Valuation

Alior Bank stock traded at per share at the end of 2020 resulting in a market capitalization of . Over the previous three years, stock price rose by 0% or 0% a year on average. That’s compared to an average ROE of 5.52% the bank generated for its shareholders. This closing price put stock at a 12-month trailing price to earnings (PE) of x and price to book value (PBV) of 0.338x in 2020.