Asia Commercial Bank

Asia Commercial Bank's net profit rose 13.5% yoy to VND 1,549 bil in 4Q2019

By Helgi Analytics - March 4, 2020

Asia Commercial Bank made a net profit of VND 1,549 bil under revenues of VND 5,096 bil in the fourth quarter of 2019, up 13.5% and ...

Asia Commercial Bank's net interest margin fell 1.95% yoy to 3.59% in 4Q2019

By Helgi Analytics - March 4, 2020

Asia Commercial Bank's net interest margin amounted to 3.59% in the fourth quarter of 2019, up from 3.43% when compared to the p...

Asia Commercial Bank's net interest income rose 13.3% yoy to VND 3,330 bil in 4Q2019

By Helgi Analytics - March 4, 2020

Asia Commercial Bank generated total banking revenues of VND 5,096 bil in the fourth quarter of 2019, up 17.2% when compared to t...

Profit Statement 2017 2018 2019
Net Interest Income VND bil 8,494 10,390 12,141
Net Fee Income VND bil 1,188 1,498 1,896
Other Income VND bil 2,204 2,881 2,918
Total Revenues VND bil 11,886 14,768 16,956
Staff Cost VND bil 2,669 3,221 3,763
Operating Profit VND bil 5,608 7,918 8,602
Provisions VND bil 2,565 932 274
Net Profit VND bil 2,118 5,137 5,997
Balance Sheet 2017 2018 2019
Interbank Loans VND bil 8,942 18,770 30,342
Customer Loans VND bil 196,669 227,983 266,165
Debt Securities VND bil 54,400 54,960 59,400
Total Assets VND bil 284,316 329,333 383,514
Shareholders' Equity VND bil 16,031 21,018 27,753
Interbank Borrowing VND bil 16,138 24,662 20,563
Customer Deposits VND bil 241,393 269,998 308,129
Issued Debt Securities VND bil 6,214 7,581 19,673
Ratios 2017 2018 2019
ROE % 14.1 27.7 24.6
ROA % 0.818 1.67 1.68
Costs (As % Of Assets) % 2.42 2.23 2.34
Costs (As % Of Income) % 52.8 46.4 49.3
Capital Adequacy Ratio % 11.5 ... ...
Net Interest Margin % 3.28 3.39 3.41
Loans (As % Of Deposits) % 81.5 84.4 86.4
NPLs (As % Of Loans) % 0.700 0.727 0.539
Provisions (As % Of NPLs) % 133 152 175
Valuation 2017 2018 2019
Market Capitalisation (End Of Period) USD mil 1,602 1,591 1,630
Share Price (End Of Period) VND 22,438 22,769 22,800
Price/Earnings (P/E) 18.5 7.40 6.40
Price/Book Value (P/BV) 2.27 1.76 1.34
Dividend Yield % 0 0 ...
Earnings Per Share (EPS) VND 1,214 3,076 3,560
Book Value Per Share VND 9,888 12,964 17,058
Dividend Per Share VND 0 0 ...

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summary Unit 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019
income statement                                
Net Interest Income VND bil                   4,638 4,788 5,905 6,917 8,494    
Total Revenues VND bil                   5,921 6,364 6,529 7,903 11,886    
Operating Profit VND bil                   2,116 2,443 2,474 3,214 5,608    
Net Profit VND bil                   826 952 1,028 1,325 2,118    
balance sheet                                
Interbank Loans VND bil                   7,216 4,559 10,122 8,152 8,942    
Customer Loans VND bil                   105,642 114,745 133,807 161,604 196,669    
Debt Securities VND bil                   35,264 41,676 39,048 44,385 54,400    
Total Assets VND bil                   166,599 179,610 201,457 233,681 284,316    
Shareholders' Equity VND bil                   12,504 12,397 12,788 14,063 16,031    
Interbank Borrowing VND bil                   9,938 6,151 7,627 2,759 16,138    
Customer Deposits VND bil                   138,111 154,614 174,919 207,051 241,393    
Issued Debt Securities VND bil                   3,302 3,261 3,222 6,214 6,214    
ratios                                
ROE % ...                 6.58 7.64 8.17 9.87 14.1    
ROA % ...                 0.482 0.550 0.540 0.609 0.818    
Costs (As % Of Assets) % ...                 2.22 2.27 2.13 2.16 2.42    
Costs (As % Of Income) %                   64.3 61.6 62.1 59.3 52.8    
Capital Adequacy Ratio % ... ... ... ... ... ... ...     14.7 14.1 12.8 13.2 11.5 ... ...
Net Interest Margin % ...                 2.71 2.77 3.10 3.18 3.28    
Interest Income (As % Of Revenues) %                   78.3 75.2 90.4 87.5 71.5    
Fee Income (As % Of Revenues) % ... ...   ...           9.98 10.9 11.4 11.9 10.00    
Staff Cost (As % Of Total Cost) %                   41.2 44.4 49.3 49.2 42.5    
Equity (As % Of Assets) %                   7.51 6.90 6.35 6.02 5.64    
Loans (As % Of Deposits) %                   76.5 74.2 76.5 78.1 81.5    
Loans (As % Assets) %                   63.4 63.9 66.4 69.2 69.2    
NPLs (As % Of Loans) % ... ... ...             3.03 2.18 0.224 0.238 0.700    
Provisions (As % Of NPLs) % ... ... ...             47.7 62.3 508 462 133    
valuation                                
Market Capitalisation (End Of Period) USD mil ... ... ...             682 646 789 762 1,602    
Number Of Shares (Average) mil ... ...               1,680 1,651 1,621 1,621 1,621    
Share Price (End Of Period) VND ... ... ...             8,624 8,513 10,946 10,702 22,438    
Earnings Per Share (EPS) VND ... ...               480 564 628 715 1,214    
Book Value Per Share VND ... ...               7,442 7,510 7,887 8,674 9,888    
Dividend Per Share VND ... ... ...             387 387 0 0 0   ...
Price/Earnings (P/E) ... ... ...             18.0 15.1 17.4 15.0 18.5    
Price/Book Value (P/BV) ... ... ...             1.16 1.13 1.39 1.23 2.27    
Dividend Yield % ... ... ...             4.49 4.55 0 0 0   ...
Earnings Per Share Growth % ... ... ...             30.3 17.6 11.3 13.8 69.8    
Book Value Per Share Growth % ... ... ...             0.023 0.910 5.03 9.97 14.0    
income statement Unit 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019
income statement                                
Interest Income VND bil                   15,457 13,725 14,103 16,473 20,356    
Interest Cost VND bil                   10,819 8,937 8,198 9,556 11,862    
Net Interest Income VND bil                   4,638 4,788 5,905 6,917 8,494    
Net Fee Income VND bil ... ...   ...           591 694 745 944 1,188    
Other Income VND bil ... ...   ...           692 881 -121 42.3 2,204    
Total Revenues VND bil                   5,921 6,364 6,529 7,903 11,886    
Staff Cost VND bil                   1,568 1,741 1,999 2,309 2,669    
Depreciation VND bil ... ... ... ... ...   ...     ... 193 204 210 245   ...
Other Cost VND bil ... ... ... ... ...   ...     ... 1,987 1,852 2,169 3,364   ...
Operating Cost VND bil                   3,804 3,921 4,055 4,689 6,278    
Operating Profit VND bil                   2,116 2,443 2,474 3,214 5,608    
Provisions VND bil                   855 977 884 1,218 2,565    
Extra and Other Cost VND bil                   226 250 276 330 386    
Pre-Tax Profit VND bil                   1,036 1,215 1,314 1,667 2,656    
Tax VND bil                   209 264 286 342 538    
Minorities VND bil                   0 0 0 0 0    
Net Profit VND bil                   826 952 1,028 1,325 2,118    
Dividends VND bil ... ... ...             645 627 0 0 0   ...
growth rates                                
Net Interest Income Growth % ...                 -33.9 3.24 23.3 17.1 22.8    
Net Fee Income Growth % ... ... ... ... ...         -15.9 17.5 7.31 26.7 25.8    
Total Revenue Growth % ...                 -3.65 7.49 2.59 21.0 50.4    
Operating Cost Growth % ...                 -12.9 3.07 3.41 15.6 33.9    
Operating Profit Growth % ...                 19.0 15.4 1.29 29.9 74.5    
Pre-Tax Profit Growth % ...                 -0.682 17.4 8.12 26.9 59.3    
Net Profit Growth % ...                 5.41 15.2 8.03 28.9 59.8    
market share                                
Market Share in Revenues % ... ... ... ...           3.35 3.44 3.14 3.31 ... ... ...
Market Share in Net Profit % ... ... ... ...           2.75 5.56 3.30 3.22 ... ... ...
Market Share in Branches % ... ... ... ... ... ... ... ...   ... ... ... ... ... ... ...
balance sheet Unit 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019
balance sheet                                
Cash VND bil                   5,109 5,854 7,415 8,661 13,166    
Interbank Loans VND bil                   7,216 4,559 10,122 8,152 8,942    
Customer Loans VND bil                   105,642 114,745 133,807 161,604 196,669    
Retail Loans VND bil                   45,547 52,401 66,545 86,428 111,135   ...
Corporate Loans VND bil                   61,643 63,923 68,803 76,973 87,379   ...
Debt Securities VND bil                   35,264 41,676 39,048 44,385 54,400    
Fixed Assets VND bil                   2,494 2,617 2,294 2,633 2,818    
Intangible Assets VND bil                   58.7 188 186 217 190    
Goodwill VND bil ... ... ... ... ...         0 0 0 0 0   ...
Total Assets VND bil                   166,599 179,610 201,457 233,681 284,316    
Shareholders' Equity VND bil                   12,504 12,397 12,788 14,063 16,031    
Of Which Minority Interest VND bil                   0 0 0 0 0    
Liabilities VND bil                   154,095 167,212 188,669 219,618 268,285    
Interbank Borrowing VND bil                   9,938 6,151 7,627 2,759 16,138    
Customer Deposits VND bil                   138,111 154,614 174,919 207,051 241,393    
Retail Deposits VND bil ... ... ... ... ... ... ...     115,094 127,620 143,492 169,742 197,294   ...
Corporate Deposits VND bil ... ... ... ... ... ... ...     23,017 26,993 31,427 37,309 44,099   ...
Sight Deposits VND bil                   17,799 20,539 26,599 31,893 38,195    
Term Deposits VND bil                   118,485 131,991 146,347 173,304 201,076    
Issued Debt Securities VND bil                   3,302 3,261 3,222 6,214 6,214    
Other Liabilities VND bil                   2,744 3,187 2,901 3,594 4,541    
asset quality                                
Non-Performing Loans VND bil ... ... ...             3,243 2,533 303 389 1,390    
Gross Loans VND bil                   107,190 116,324 135,348 163,401 198,513    
Total Provisions VND bil                   1,548 1,579 1,541 1,797 1,845    
growth rates                                
Customer Loan Growth % ...                 4.27 8.62 16.6 20.8 21.7    
Retail Loan Growth % ...                 2.70 15.0 27.0 29.9 28.6   ...
Corporate Loan Growth % ...                 5.43 3.70 7.63 11.9 13.5   ...
Total Asset Growth % ...                 -5.51 7.81 12.2 16.0 21.7    
Shareholders' Equity Growth % ...                 -0.953 -0.855 3.15 9.97 14.0    
Customer Deposit Growth % ...                 10.3 11.9 13.1 18.4 16.6    
Retail Deposit Growth % ... ... ... ... ... ... ... ...   4.20 10.9 12.4 18.3 16.2   ...
Corporate Deposit Growth % ... ... ... ... ... ... ... ...   55.7 17.3 16.4 18.7 18.2   ...
market share                                
Market Share in Customer Loans %                   3.51 3.44 3.33 3.34 3.40 ... ...
Market Share in Corporate Loans % ... ... ... ... ... ... ... ...   2.05 1.91 1.71 1.59 ... ... ...
Market Share in Total Assets %                   3.04 2.98 2.89 2.88 2.94 ... ...
Market Share in Customer Deposits %                   3.74 3.62 3.47 3.48 3.54 ... ...
ratios Unit 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019
ratios                                
ROE % ...                 6.58 7.64 8.17 9.87 14.1    
ROA % ...                 0.482 0.550 0.540 0.609 0.818    
Costs (As % Of Assets) % ...                 2.22 2.27 2.13 2.16 2.42    
Costs (As % Of Income) %                   64.3 61.6 62.1 59.3 52.8    
Capital Adequacy Ratio % ... ... ... ... ... ... ...     14.7 14.1 12.8 13.2 11.5 ... ...
Tier 1 Ratio % ... ... ... ... ... ... ... ... ... 10.2 9.80 9.27 8.26 7.77 ... ...
Net Interest Margin % ...                 2.71 2.77 3.10 3.18 3.28    
Interest Spread % ...                 2.21 2.37 2.79 2.89 3.00    
Asset Yield % ...                 9.02 7.93 7.40 7.57 7.86    
Cost Of Liabilities % ...                 6.81 5.56 4.61 4.68 4.86    
Payout Ratio % ... ... ...             78.0 65.9 0 0 0   ...
Interest Income (As % Of Revenues) %                   78.3 75.2 90.4 87.5 71.5    
Fee Income (As % Of Revenues) % ... ...   ...           9.98 10.9 11.4 11.9 10.00    
Other Income (As % Of Revenues) % ... ...   ...           11.7 13.9 -1.86 0.535 18.5    
Cost Per Employee USD per month                   681 735 775 890 961    
Cost Per Employee (Local Currency) VND per month                   14,308,700 15,609,100 16,764,300 19,591,900 21,520,800    
Staff Cost (As % Of Total Cost) %                   41.2 44.4 49.3 49.2 42.5    
Equity (As % Of Assets) %                   7.51 6.90 6.35 6.02 5.64    
Loans (As % Of Deposits) %                   76.5 74.2 76.5 78.1 81.5    
Loans (As % Assets) %                   63.4 63.9 66.4 69.2 69.2    
NPLs (As % Of Loans) % ... ... ...             3.03 2.18 0.224 0.238 0.700    
Provisions (As % Of NPLs) % ... ... ...             47.7 62.3 508 462 133    
Provisions (As % Of Loans) %                   1.47 1.38 1.15 1.11 0.938    
Cost of Provisions (As % Of Loans) % ...                 0.826 0.887 0.712 0.824 1.43    
other data Unit 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019
other data                                
Branches ... ... ... ... ... ... ... ...   346 346 350 350 354   ...
Employees                   9,131 9,296 9,935 9,822 10,334    
Sight (As % Of Customer Deposits) %                   12.9 13.3 15.2 15.4 15.8    
Return on Loans % ...                 0.799 0.864 0.827 0.897 1.18    
Operating Profit (As % of Loans) % ...                 2.05 2.22 1.99 2.18 3.13    
Costs (As % Of Loans) % ...                 3.68 3.56 3.26 3.17 3.50    
Equity (As % Of Loans) %                   11.8 10.8 9.56 8.70 8.15    

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Asia Commercial Bank's npls (as % of loans) fell 25.8% yoy to 0.539% in 4Q2019

By Helgi Analytics - March 4, 2020

Asia Commercial Bank's non-performing loans reached 0.539% of total loans at the end of 2019-12-31, down from 0.727% compared to the previous year. Historically, the NPL ratio hit an all time high of 3.65% in 2014-06-30 and an all time low of 0.101% in 2008-03-31...

Asia Commercial Bank's price/earnings (P/E) fell 10.6% yoy to 6.04 in 4Q2019

By Helgi Analytics - March 4, 2020

Asia Commercial Bank stock traded at VND 22,800 per share at the end fourth quarter of 2019 implying a market capitalization of USD 1,630 mil. Since the end of 4Q2014, the stock has appreciated by 168 % implying an annual average growth of 21.8 %. In absolute terms, t...

Asia Commercial Bank's market capitalisation (end of period) rose 2.47% yoy to USD 1,630 mil in 4Q2019

By Helgi Analytics - March 4, 2020

Asia Commercial Bank stock traded at VND 22,800 per share at the end of fourth quarter of 2019 implying a market capitalization of USD 1,630 mil. Over the last five years, the stock has appreciated by 168 implying an annual average growth of 21.8% In abso...

Asia Commercial Bank's equity (as % of assets) rose 13.4% yoy to 7.24% in 4Q2019

By Helgi Analytics - March 4, 2020

Asia Commercial Bank's Equity reached 7.24% of total assets in the 4Q2019, up from 6.38% for the previous year. As a share of net customer loans, the ratio amounted to 10.4% at the end of the fourth quarter of 2019. ...

Asia Commercial Bank's customer loan growth rose 5.18% yoy to 16.7% in 4Q2019

By Helgi Analytics - March 4, 2020

Asia Commercial Bank's customer loan growth reached 16.7% in 2019-12-31, up from 15.9% compared to the previous year. Historically, the bank’s loans growth reached an all time high of 78.8% in 2009-12-31 and an all time low of -8.32% in 2009-03-31. In the...

Asia Commercial Bank's net profit rose 16.7% yoy to VND 5,997 bil in 2019

By Helgi Analytics - March 1, 2020

Asia Commercial Bank made a net profit of VND 5,997 bil under revenues of VND 16,956 bil in 2019, up 16.7% and 14.8% respectively compared to the previous year. Historically, the bank’s net profit reached an all time high of VND 5,997 bil in 2019 and an all time low of ...

Asia Commercial Bank's price/earnings (P/E) fell 13.5% yoy to 6.40 in 2019

By Helgi Analytics - March 1, 2020

Asia Commercial Bank stock traded at VND 22,800 per share at the end 2019 implying a market capitalization of USD 1,630 mil. Since the end of 2014, the stock has appreciated by 168 % implying an annual average growth of 21.8 %. In absolute terms, the value of the comp...

Asia Commercial Bank's net interest margin rose 0.594% yoy to 3.41% in 2019

By Helgi Analytics - March 1, 2020

Asia Commercial Bank's net interest margin amounted to 3.41% in 2019, up from 3.39% compared to the previous year. Historically, the bank’s net interest margin reached an all time high of 3.41% in 2019 and an all time low of 2.02% in 2007. The average m...

Asia Commercial Bank's net interest income rose 16.9% yoy to VND 12,141 bil in 2019

By Helgi Analytics - March 1, 2020

Asia Commercial Bank generated total banking revenues of VND 16,956 bil in 2019, up 14.8% 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 VND 16,956 bil in 20...

Asia Commercial Bank's npls (as % of loans) fell 25.8% yoy to 0.539% in 2019

By Helgi Analytics - March 1, 2020

Asia Commercial Bank's non-performing loans reached 0.539% of total loans at the end of 2019, down from 0.727% compared to the previous year. Historically, the NPL ratio hit an all time high of 3.03% in 2013 and an all time low of 0.084% in 2007. Provision ...

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Finance

Asia Commercial Bank has been growing its revenues and asset by 12.8% and 8.61% a year on average in the last 10 years. Its loans and deposits have grown by 15.7% and 11.0% a year during that time and loans to deposits ratio reached 86.4% at the end of 2019. The company achieved an average return on equity of 15.4% in the last decade with net profit growing 10.5% a year on average. In terms of operating efficiency, its cost to income ratio reached 49.3% in 2019, compared to 54.8% average in the last decade.

Equity represented 7.24% of total assets or 10.4% of loans at the end of 2019. Asia Commercial Bank's non-performing loans were 0.539% of total loans while provisions covered some 175% of NPLs at the end of 2019.

Valuation

Asia Commercial Bank stock traded at VND 22,800 per share at the end of 2019 resulting in a market capitalization of USD 1,630 mil. Over the previous five years, stock price rose by 168% or 21.8% a year on average. That’s compared to an average ROE of 16.9% the bank generated for its shareholders. This closing price put stock at a 12-month trailing price to earnings (PE) of 6.40x and price to book value (PBV) of 1.34x in 2019.