Banca Popolare di Sondrio

Banca Popolare di Sondrio's capital adequacy ratio rose 36.7% yoy to 18.6% in 4Q2019

By Helgi Analytics - February 19, 2020

Banca Popolare di Sondrio's capital adequacy ratio reached 18.6% at the end of fourth quarter of 2019, up from 18.4% when compare...

Banca Popolare di Sondrio's net interest margin fell 27.5% yoy to 1.13% in 4Q2019

By Helgi Analytics - February 19, 2020

Banca Popolare di Sondrio's net interest margin amounted to 1.13% in the fourth quarter of 2019, up from 1.03% when compared to ...

Banca Popolare di Sondrio's market capitalisation (end of period) fell 12.7% yoy to USD 1,183 mil in 4Q2019

By Helgi Analytics - February 19, 2020

Banca Popolare di Sondrio stock traded at EUR 2.11 per share at the end of fourth quarter of 2019 implying a market capitalization of ...

Profit Statement 2017 2018 2019
Net Interest Income EUR mil 495 537 464
Net Fee Income EUR mil 305 316 322
Other Income EUR mil 210 99.8 213
Total Revenues EUR mil 1,011 953 999
Staff Cost EUR mil 245 241 254
Operating Profit EUR mil 498 385 405
Provisions EUR mil 235 241 214
Net Profit EUR mil 185 111 138
Balance Sheet 2017 2018 2019
Interbank Loans EUR mil 3,142 2,525 1,067
Customer Loans EUR mil 24,534 30,349 33,133
Debt Securities EUR mil 11,795 5,250 3,497
Total Assets EUR mil 41,625 41,128 41,146
Shareholders' Equity EUR mil 2,770 2,744 2,937
Interbank Borrowing EUR mil 6,562 6,166 4,395
Customer Deposits EUR mil 28,444 28,630 29,817
Issued Debt Securities EUR mil 2,833 2,432 2,805
Ratios 2017 2018 2019
ROE % 6.81 4.03 4.85
ROA % 2.02 1.40 1.28
Costs (As % Of Assets) % 2.09 2.07 1.87
Costs (As % Of Income) % 50.8 59.6 59.4
Capital Adequacy Ratio % 13.7 13.6 18.6
Net Interest Margin % 1.26 1.30 1.13
Loans (As % Of Deposits) % 86.3 106 111
NPLs (As % Of Loans) % 15.8 12.7 ...
Provisions (As % Of NPLs) % 52.4 58.5 ...
Valuation 2017 2018 2019
Market Capitalisation (End Of Period) USD mil 1,646 1,356 1,183
Share Price (End Of Period) EUR 3.04 2.63 2.11
Price/Earnings (P/E) 7.45 10.7 6.95
Price/Book Value (P/BV) 0.498 0.435 0.326
Dividend Yield % 2.30 1.90 2.37
Earnings Per Share (EPS) EUR 0.408 0.245 0.304
Book Value Per Share EUR 6.11 6.05 6.47
Dividend Per Share EUR 0.070 0.050 0.050

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summary Unit 1990 1991 1992 1993 1994 1995 1996 1997 1998 1999 2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019
income statement                                                            
Net Interest Income EUR mil                                               562 594 546 481 495    
Total Revenues EUR mil                                               1,084 1,174 1,145 948 1,011    
Operating Profit EUR mil                                               610 686 595 427 498    
Net Profit EUR mil                                               53.0 116 130 127 185    
balance sheet                                                            
Interbank Loans EUR mil                                               734 1,676 1,686 2,486 3,142    
Customer Loans EUR mil                                               23,905 23,424 23,291 24,615 24,534    
Debt Securities EUR mil                             ... ... ...             6,754 9,011 8,337 7,821 11,795    
Total Assets EUR mil                                               32,770 35,619 35,538 37,196 41,625    
Shareholders' Equity EUR mil                                               2,012 2,490 2,649 2,672 2,770    
Interbank Borrowing EUR mil                                               3,279 2,698 3,029 3,115 6,562    
Customer Deposits EUR mil                                               23,499 25,927 25,620 27,092 28,444    
Issued Debt Securities EUR mil                                               2,965 3,406 3,181 3,232 2,833    
ratios                                                            
ROE % ...                                             2.68 5.17 5.07 4.77 6.81    
ROA % ...                                             2.48 2.90 2.55 1.78 2.02    
Costs (As % Of Assets) % ...                                             1.92 2.06 2.35 2.17 2.09    
Costs (As % Of Income) %                                               43.7 41.5 48.0 54.9 50.8    
Capital Adequacy Ratio % ... ...                                 ...         10.5 11.5 13.4 13.6 13.7    
Net Interest Margin % ...                                             1.73 1.74 1.54 1.32 1.26    
Interest Income (As % Of Revenues) %                                               51.9 50.6 47.7 50.8 49.0    
Fee Income (As % Of Revenues) % ... ... ...                                         26.1 25.6 26.5 30.9 30.2    
Staff Cost (As % Of Total Cost) %                                               46.3 45.8 42.9 45.5 47.8    
Equity (As % Of Assets) %                                               8.42 10.6 11.4 10.9 11.3    
Loans (As % Of Deposits) %                                               102 90.3 90.9 90.9 86.3    
Loans (As % Assets) %                                               72.9 65.8 65.5 66.2 58.9    
NPLs (As % Of Loans) %                             ... ...     ...         11.8 14.5 16.8 16.5 15.8   ...
Provisions (As % Of NPLs) %               ...             ... ...     ...         60.8 47.2 48.2 49.3 52.4   ...
valuation                                                            
Market Capitalisation (End Of Period) USD mil ...                                             1,780 1,698 2,045 1,484 1,646    
Number Of Shares (Average) mil ... ... ... ... ... ... ... ... ... ... ... ... ... ... ... ...               376 389 453 453 453    
Share Price (End Of Period) EUR ...                                             3.43 3.10 4.15 3.13 3.04    
Earnings Per Share (EPS) EUR ... ... ... ... ... ... ... ... ... ... ... ... ... ... ... ...               0.141 0.299 0.287 0.280 0.408    
Book Value Per Share EUR ... ... ... ... ... ... ... ... ... ... ... ... ... ... ... ...               5.35 6.40 5.84 5.89 6.11    
Dividend Per Share EUR ... ... ... ...                             ...         0.041 0.060 0.070 0.060 0.070    
Price/Earnings (P/E) ... ... ... ... ... ... ... ... ... ... ... ... ... ... ... ...               24.4 10.4 14.4 11.2 7.45    
Price/Book Value (P/BV) ... ... ... ... ... ... ... ... ... ... ... ... ... ... ... ...               0.642 0.484 0.711 0.531 0.498    
Dividend Yield % ... ... ... ...                             ...         1.19 1.94 1.69 1.92 2.30    
Earnings Per Share Growth % ... ... ... ... ... ... ... ... ... ... ... ... ... ... ... ... ...             55.3 112 -3.85 -2.64 46.0    
Book Value Per Share Growth % ... ... ... ... ... ... ... ... ... ... ... ... ... ... ... ... ...             3.69 19.5 -8.65 0.866 3.63    
income statement Unit 1990 1991 1992 1993 1994 1995 1996 1997 1998 1999 2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019
income statement                                                            
Interest Income EUR mil                                               1,021 963 800 671 637    
Interest Cost EUR mil                                               459 368 253 189 142    
Net Interest Income EUR mil                                               562 594 546 481 495    
Net Fee Income EUR mil ... ... ...                                         283 300 303 293 305    
Other Income EUR mil ... ... ...                                         239 279 295 173 210    
Total Revenues EUR mil                                               1,084 1,174 1,145 948 1,011    
Staff Cost EUR mil                                               219 223 236 237 245    
Depreciation EUR mil ... ... ... ... ... ... ... ... ... ... ... ... ... ...                   17.1 17.0 18.1 18.6 18.9   ...
Other Cost EUR mil ... ... ... ... ... ... ... ... ... ... ... ... ... ...                   237 248 296 265 249   ...
Operating Cost EUR mil                                               473 488 550 521 513    
Operating Profit EUR mil                                               610 686 595 427 498    
Provisions EUR mil                                               464 464 390 250 235    
Extra and Other Cost EUR mil                                               20.9 15.3 7.32 5.74 -7.56    
Pre-Tax Profit EUR mil                                               125 207 198 171 270    
Tax EUR mil                                               64.7 80.3 59.4 43.0 78.9    
Minorities EUR mil                             ... ...               7.64 10.1 8.20 1.28 5.97    
Net Profit EUR mil                                               53.0 116 130 127 185    
Dividends EUR mil                             ... ...     ...         15.4 27.2 31.7 27.2 31.7    
growth rates                                                            
Net Interest Income Growth % ...                                             6.20 5.80 -8.11 -11.9 2.91    
Net Fee Income Growth % ... ... ... ...                                       -0.349 6.01 1.15 -3.42 4.09    
Total Revenue Growth % ...                                             1.32 8.32 -2.44 -17.2 6.63    
Operating Cost Growth % ...                                             3.14 3.00 12.8 -5.31 -1.49    
Operating Profit Growth % ...                                             -0.054 12.4 -13.2 -28.3 16.5    
Pre-Tax Profit Growth % ...                                             17.6 64.9 -4.25 -13.5 57.8    
Net Profit Growth % ...                                             55.4 119 12.0 -2.66 46.0    
balance sheet Unit 1990 1991 1992 1993 1994 1995 1996 1997 1998 1999 2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019
balance sheet                                                            
Cash EUR mil                                               197 264 766 790 699    
Interbank Loans EUR mil                                               734 1,676 1,686 2,486 3,142    
Customer Loans EUR mil                                               23,905 23,424 23,291 24,615 24,534    
Retail Loans EUR mil ... ... ... ... ... ... ... ... ... ... ... ... ... ... ... ... ... ... ... ... ... ... ... ... ... ... 18,257 18,240   ...
Mortgage Loans EUR mil ... ... ... ... ... ... ... ... ... ... ... ... ... ... ... ... ... ... ... ... ... ... ... ... ... ... 12,793 13,194   ...
Consumer Loans EUR mil ... ... ... ... ... ... ... ... ... ... ... ... ... ... ... ... ... ... ... ... ... ... ... ... ... ... 5,464 5,045   ...
Debt Securities EUR mil                             ... ... ...             6,754 9,011 8,337 7,821 11,795    
Fixed Assets EUR mil                                               246 254 324 321 327    
Intangible Assets EUR mil ... ... ... ... ... ...                                   21.9 21.6 22.2 23.9 23.7    
Goodwill EUR mil ... ... ... ... ... ... ... ... ... ... ... ...     ... ... ... ...           8.96 7.85 7.85 7.85 7.85    
Total Assets EUR mil                                               32,770 35,619 35,538 37,196 41,625    
Shareholders' Equity EUR mil                                               2,012 2,490 2,649 2,672 2,770    
Of Which Minority Interest EUR mil                             ... ...               75.4 82.5 86.6 84.7 90.6    
Liabilities EUR mil                                               30,758 33,129 32,888 34,524 38,855    
Interbank Borrowing EUR mil                                               3,279 2,698 3,029 3,115 6,562    
Customer Deposits EUR mil                                               23,499 25,927 25,620 27,092 28,444    
Sight Deposits EUR mil                                     ...         18,952 23,142 23,918 26,148 26,965   ...
Term Deposits EUR mil                                     ...         4,431 2,701 1,586 889 1,429   ...
Issued Debt Securities EUR mil                                               2,965 3,406 3,181 3,232 2,833    
Other Liabilities EUR mil                                               1,015 1,098 1,058 1,085 1,016    
asset quality                                                            
Non-Performing Loans EUR mil                             ... ...     ...         3,025 3,644 4,254 4,426 4,225   ...
Gross Loans EUR mil                             ... ...     ...         25,743 25,145 25,342 26,798 26,747   ...
Total Provisions EUR mil               ...             ... ...     ...         1,838 1,720 2,051 2,183 2,213   ...
growth rates                                                            
Customer Loan Growth % ...                                             -5.55 -2.01 -0.572 5.68 -0.326    
Retail Loan Growth % ... ... ... ... ... ... ... ... ... ... ... ... ... ... ... ... ... ... ... ... ... ... ... ... ... ... ... -0.095   ...
Mortgage Loan Growth % ... ... ... ... ... ... ... ... ... ... ... ... ... ... ... ... ... ... ... ... ... ... ... ... ... ... ... 3.13   ...
Consumer Loan Growth % ... ... ... ... ... ... ... ... ... ... ... ... ... ... ... ... ... ... ... ... ... ... ... ... ... ... ... -7.66   ...
Total Asset Growth % ...                                             1.30 8.69 -0.228 4.67 11.9    
Shareholders' Equity Growth % ...                                             3.69 23.8 6.42 0.866 3.63    
Customer Deposit Growth % ...                                             3.44 10.3 -1.18 5.75 4.99    
ratios Unit 1990 1991 1992 1993 1994 1995 1996 1997 1998 1999 2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019
ratios                                                            
ROE % ...                                             2.68 5.17 5.07 4.77 6.81    
ROA % ...                                             2.48 2.90 2.55 1.78 2.02    
Costs (As % Of Assets) % ...                                             1.92 2.06 2.35 2.17 2.09    
Costs (As % Of Income) %                                               43.7 41.5 48.0 54.9 50.8    
Capital Adequacy Ratio % ... ...                                 ...         10.5 11.5 13.4 13.6 13.7    
Tier 1 Ratio % ... ... ... ... ...                           ...         7.89 9.81 10.5 11.1 11.6    
Net Interest Margin % ...                                             1.73 1.74 1.54 1.32 1.26    
Interest Spread % ...                                             1.63 1.66 1.48 1.28 1.23    
Asset Yield % ...                                             3.14 2.82 2.25 1.84 1.62    
Cost Of Liabilities % ...                                             1.50 1.15 0.768 0.562 0.386    
Payout Ratio %                             ... ...     ...         29.1 23.4 24.4 21.4 17.1    
Interest Income (As % Of Revenues) %                                               51.9 50.6 47.7 50.8 49.0    
Fee Income (As % Of Revenues) % ... ... ...                                         26.1 25.6 26.5 30.9 30.2    
Other Income (As % Of Revenues) % ... ... ...                                         22.0 23.8 25.8 18.3 20.8    
Cost Per Employee USD per month ... ... ...                               ...         7,918 9,232 7,231 6,704 7,165    
Cost Per Employee (Local Currency) EUR per month ... ... ...                               ...         5,965 7,162 6,308 6,254 6,381    
Staff Cost (As % Of Total Cost) %                                               46.3 45.8 42.9 45.5 47.8    
Equity (As % Of Assets) %                                               8.42 10.6 11.4 10.9 11.3    
Loans (As % Of Deposits) %                                               102 90.3 90.9 90.9 86.3    
Loans (As % Assets) %                                               72.9 65.8 65.5 66.2 58.9    
NPLs (As % Of Loans) %                             ... ...     ...         11.8 14.5 16.8 16.5 15.8   ...
Provisions (As % Of NPLs) %               ...             ... ...     ...         60.8 47.2 48.2 49.3 52.4   ...
Provisions (As % Of Loans) %               ...             ... ...     ...         7.69 7.34 8.81 8.87 9.02   ...
Cost of Provisions (As % Of Loans) % ...                                             1.89 1.96 1.67 1.04 0.957    
other data Unit 1990 1991 1992 1993 1994 1995 1996 1997 1998 1999 2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019
other data                                                            
Branches ... ... ... ... ... ... ... ... ... ... ... ...     ...     ... ...   ... ...   318 327 354 337 343   ...
Employees ... ... ...                               ...         3,061 2,596 3,115 3,156 3,202    
Sight (As % Of Customer Deposits) %                                     ...         80.6 89.3 93.4 96.5 94.8   ...
Risk-Weighted Assets EUR mil ... ... ... ... ... ... ... ... ... ... ... ... ... ... ... ... ...   ...         23,756 21,338 23,262 23,208 22,738    
Return on Loans % ...                                             0.216 0.492 0.558 0.530 0.754    
Operating Profit (As % of Loans) % ...                                             2.48 2.90 2.55 1.78 2.02    
Costs (As % Of Loans) % ...                                             1.92 2.06 2.35 2.17 2.09    
Equity (As % Of Loans) %                                               8.42 10.6 11.4 10.9 11.3    

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Banca Popolare di Sondrio's net profit fell 55.2% yoy to EUR 14.5 mil in 4Q2019

By Helgi Analytics - February 19, 2020

Banca Popolare di Sondrio made a net profit of EUR 14.5 mil under revenues of EUR 252 mil in the fourth quarter of 2019, down 55.2% and 5.12% respectively when compared to the same period last year. Historically, the bank’s net profit reached an all time high of ...

Banca Popolare di Sondrio's price/earnings (P/E) rose 78.9% yoy to 16.9 in 4Q2019

By Helgi Analytics - February 19, 2020

Banca Popolare di Sondrio stock traded at EUR 2.11 per share at the end fourth quarter of 2019 implying a market capitalization of USD 1,183 mil. Since the end of 4Q2014, the stock has depreciated by -31.9 % implying an annual average growth of -7.40 %. In absolute te...

Banca Popolare di Sondrio's net interest income fell 25.8% yoy to EUR 120 mil in 4Q2019

By Helgi Analytics - February 19, 2020

Banca Popolare di Sondrio generated total banking revenues of EUR 252 mil in the fourth quarter of 2019, down 5.12% when compared to the same period of last year and 6.55% when compared to the previous quarter. Historically, the bank’s revenues containing of ...

Banca Popolare di Sondrio's equity (as % of assets) rose 6.99% yoy to 7.14% in 4Q2019

By Helgi Analytics - February 19, 2020

Banca Popolare di Sondrio's Equity reached 7.14% of total assets in the 4Q2019, up from 6.67% for the previous year. As a share of net customer loans, the ratio amounted to 8.86% at the end of the fourth quarter of 2019. ...

Banca Popolare di Sondrio's customer loan growth fell 61.3% yoy to 9.17% in 4Q2019

By Helgi Analytics - February 19, 2020

Banca Popolare di Sondrio's customer loan growth reached 9.17% in 2019-12-31, down from 23.7% compared to the previous year. Historically, the bank’s loans growth reached an all time high of 23.7% in 2018-12-31 and an all time low of -12.9% in 2019-09-30. ...

Banca Popolare di Sondrio's capital adequacy ratio rose 36.7% yoy to 18.6% in 2019

By Helgi Analytics - February 19, 2020

Banca Popolare di Sondrio's capital adequacy ratio reached 18.6% at the end of 2019, up from 13.6% compared to the previous year. Historically, the bank’s capital ratio hit an all time high of 18.6% in 2019 and an all time low of 8.82% in 2003. The Tier 1 rat...

Banca Popolare di Sondrio's net profit rose 23.9% yoy to EUR 138 mil in 2019

By Helgi Analytics - February 19, 2020

Banca Popolare di Sondrio made a net profit of EUR 138 mil under revenues of EUR 999 mil in 2019, up 23.9% and 4.87% respectively compared to the previous year. Historically, the bank’s net profit reached an all time high of EUR 197 mil in 2009 and an all time low of ...

Banca Popolare di Sondrio's price/earnings (P/E) fell 35.3% yoy to 6.95 in 2019

By Helgi Analytics - February 19, 2020

Banca Popolare di Sondrio stock traded at EUR 2.11 per share at the end 2019 implying a market capitalization of USD 1,183 mil. Since the end of 2014, the stock has depreciated by -31.9 % implying an annual average growth of -7.40 %. In absolute terms, the value of th...

Banca Popolare di Sondrio's net interest margin fell 13.1% yoy to 1.13% in 2019

By Helgi Analytics - February 19, 2020

Banca Popolare di Sondrio's net interest margin amounted to 1.13% in 2019, down from 1.30% compared to the previous year. Historically, the bank’s net interest margin reached an all time high of 3.81% in 1992 and an all time low of 1.13% in 2019. The av...

Banca Popolare di Sondrio's share price (end of period) fell 19.9% yoy to EUR 2.11 in 2019

By Helgi Analytics - February 19, 2020

Banca Popolare di Sondrio stock traded at EUR 2.11 per share at the end of 2019 implying a market capitalization of USD 1,183 mil. Since the end of 2014, the stock has depreciated by -31.9 % implying an annual average growth of -7.40 %. In absolute terms, the value of...

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