Banco de Oro

Banco de Oro's net profit rose 42.6% yoy to PHP 12,045 mil in 3Q2019

By Helgi Analytics - February 20, 2020

Banco de Oro made a net profit of PHP 12,045 mil under revenues of PHP 46,149 mil in the third quarter of 2019, up 42.6% and ...

Banco de Oro's market capitalisation (end of period) rose 24.5% yoy to USD 12,088 mil in 3Q2019

By Helgi Analytics - February 20, 2020

Banco de Oro stock traded at PHP 143 per share at the end of third quarter of 2019 implying a market capitalization of USD 12,088 mi...

Banco de Oro's net interest income rose 23.5% yoy to PHP 31,535 mil in 3Q2019

By Helgi Analytics - March 4, 2020

Banco de Oro generated total banking revenues of PHP 46,149 mil in the third quarter of 2019, up 19.9% when compared to the same ...

Profit Statement 2016 2017 2018
Net Interest Income PHP mil 66,064 82,304 98,922
Net Fee Income PHP mil 23,608 26,723 28,678
Other Income PHP mil 16,756 19,134 19,309
Total Revenues PHP mil 106,428 128,161 146,909
Staff Cost PHP mil 24,698 27,405 30,449
Operating Profit PHP mil 43,488 55,864 63,224
Provisions PHP mil 3,815 6,537 6,286
Net Profit PHP mil 25,953 27,843 32,348
Balance Sheet 2016 2017 2018
Interbank Loans PHP mil 41,794 51,479 55,292
Customer Loans PHP mil 1,455,840 1,725,000 1,993,300
Debt Securities PHP mil 284,230 355,912 404,982
Total Assets PHP mil 2,325,000 2,668,100 3,022,250
Shareholders' Equity PHP mil 217,559 298,340 328,149
Interbank Borrowing PHP mil 60,000 67,514 45,581
Customer Deposits PHP mil 1,905,200 2,121,010 2,419,960
Issued Debt Securities PHP mil 50,586 73,000 108,072
Ratios 2016 2017 2018
ROE % 12.4 10.8 10.3
ROA % 1.19 1.12 1.14
Costs (As % Of Assets) % 2.89 2.90 2.94
Costs (As % Of Income) % 59.1 56.4 57.0
Capital Adequacy Ratio % 12.4 14.5 13.8
Net Interest Margin % 3.03 3.30 3.48
Loans (As % Of Deposits) % 76.4 81.3 82.4
NPLs (As % Of Loans) % 1.21 1.12 0.988
Provisions (As % Of NPLs) % 157 168 145
Valuation 2016 2017 2018
Market Capitalisation (End Of Period) USD mil 8,248 14,333 10,924
Share Price (End Of Period) PHP 107 164 131
Price/Earnings (P/E) 16.7 25.8 17.9
Price/Book Value (P/BV) 1.96 2.38 1.74
Dividend Yield % 1.07 0.732 0.917
Earnings Per Share (EPS) PHP 6.43 6.36 7.32
Book Value Per Share PHP 54.6 69.0 75.1
Dividend Per Share PHP 1.15 1.20 1.20

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summary Unit 1997 1998 1999 2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018
income statement                                            
Net Interest Income PHP mil                               36,543 43,664 51,715 57,420 66,064    
Total Revenues PHP mil                               60,548 75,010 79,645 88,027 106,428    
Operating Profit PHP mil                               22,703 34,438 34,262 37,797 43,488    
Net Profit PHP mil                               14,483 22,608 22,058 24,482 25,953    
balance sheet                                            
Interbank Loans PHP mil                               12,645 26,939 45,621 24,837 41,794    
Customer Loans PHP mil                         ... ...   760,500 922,553 1,177,150 1,253,130 1,455,840    
Debt Securities PHP mil                               246,383 213,368 244,139 240,392 284,230    
Total Assets PHP mil                               1,241,530 1,672,780 1,863,650 2,031,360 2,325,000    
Shareholders' Equity PHP mil                               154,371 164,354 179,669 199,718 217,559    
Interbank Borrowing PHP mil                               72,179 94,243 52,150 52,212 60,000    
Customer Deposits PHP mil                               931,641 1,345,330 1,492,280 1,663,850 1,905,200    
Issued Debt Securities PHP mil                   ...           28,180 3,007 58,241 55,361 50,586    
ratios                                            
ROE % ...                             11.5 14.2 12.8 12.9 12.4    
ROA % ...                             1.24 1.55 1.25 1.26 1.19    
Costs (As % Of Assets) % ...                             3.24 2.78 2.57 2.58 2.89    
Costs (As % Of Income) %                               62.5 54.1 57.0 57.1 59.1    
Capital Adequacy Ratio % ... ... ... ... ... ... ...                 38.3 31.6 14.4 13.3 12.4    
Net Interest Margin % ...                             3.12 3.00 2.92 2.95 3.03    
Interest Income (As % Of Revenues) %                               60.4 58.2 64.9 65.2 62.1    
Fee Income (As % Of Revenues) %                   ... ...   ...   ... 19.5 17.0 18.7 16.6 22.2    
Staff Cost (As % Of Total Cost) %                     ...         41.5 40.8 39.8 42.0 39.2    
Equity (As % Of Assets) %                               12.4 9.83 9.64 9.83 9.36    
Loans (As % Of Deposits) %                         ... ...   81.6 68.6 78.9 75.3 76.4    
Loans (As % Assets) %                         ... ...   61.3 55.2 63.2 61.7 62.6    
NPLs (As % Of Loans) % ... ... ... ... ... ... ... ... ... ... ...   ... ... ... 2.70 1.85 1.35 1.17 1.21    
Provisions (As % Of NPLs) % ... ... ... ... ... ... ... ... ... ... ...   ... ... ... 126 144 173 185 157    
valuation                                            
Market Capitalisation (End Of Period) USD mil ... ... ... ... ...                     6,349 5,535 8,788 8,169 8,248    
Number Of Shares (Average) mil ... ... ... ...                       3,275 3,826 3,748 3,943 3,982    
Share Price (End Of Period) PHP ... ... ... ... ...                     69.6 65.5 105 100 107    
Earnings Per Share (EPS) PHP ... ... ... ...                       4.32 5.91 5.79 6.12 6.43    
Book Value Per Share PHP ... ... ... ...                       47.1 43.0 47.9 50.6 54.6    
Dividend Per Share PHP                               1.43 2.01 1.15 1.15 1.15    
Price/Earnings (P/E) ... ... ... ... ...                     16.1 11.1 18.1 16.4 16.7    
Price/Book Value (P/BV) ... ... ... ... ...                     1.48 1.53 2.19 1.98 1.96    
Dividend Yield % ... ... ... ... ...                     2.06 3.06 1.09 1.14 1.07    
Earnings Per Share Growth % ... ... ... ... ...                     28.1 36.7 -1.92 5.71 5.06    
Book Value Per Share Growth % ... ... ... ... ...                     47.0 -8.88 11.6 5.64 7.87    
income statement Unit 1997 1998 1999 2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018
income statement                                            
Interest Income PHP mil                               54,436 57,104 64,073 72,586 82,477    
Interest Cost PHP mil                               17,893 13,440 12,358 15,166 16,413    
Net Interest Income PHP mil                               36,543 43,664 51,715 57,420 66,064    
Net Fee Income PHP mil                   ... ...   ...   ... 11,783 12,777 14,863 14,625 23,608    
Other Income PHP mil                   ... ...   ...   ... 12,222 18,569 13,067 15,982 16,756    
Total Revenues PHP mil                               60,548 75,010 79,645 88,027 106,428    
Staff Cost PHP mil                     ...         15,724 16,551 18,081 21,120 24,698    
Depreciation PHP mil ... ... ... ... ... ... ... ... ... ... ... ... ... ... ... ... ... ... ... 3,821    
Other Cost PHP mil ... ... ... ... ... ... ... ... ... ... ... ... ... ... ... ... ... ... ... 34,421    
Operating Cost PHP mil                               37,845 40,572 45,383 50,230 62,940    
Operating Profit PHP mil                               22,703 34,438 34,262 37,797 43,488    
Provisions PHP mil                               4,941 7,001 5,114 3,000 3,815    
Extra and Other Cost PHP mil                               1,649 2,687 3,147 4,762 7,031    
Pre-Tax Profit PHP mil                               16,113 24,750 26,001 30,035 32,642    
Tax PHP mil                               1,571 2,104 3,920 5,514 6,677    
Minorities PHP mil                               59.0 38.0 23.0 39.0 12.0    
Net Profit PHP mil                               14,483 22,608 22,058 24,482 25,953    
Dividends PHP mil                               5,371 7,520 7,520 7,655 4,380    
growth rates                                            
Net Interest Income Growth % ...                             8.18 19.5 18.4 11.0 15.1    
Net Fee Income Growth % ...                 ... ... ... ... ... ... ... 8.44 16.3 -1.60 61.4    
Total Revenue Growth % ...                             10.7 23.9 6.18 10.5 20.9    
Operating Cost Growth % ...                             4.21 7.21 11.9 10.7 25.3    
Operating Profit Growth % ...                             23.6 51.7 -0.511 10.3 15.1    
Pre-Tax Profit Growth % ...                             31.9 53.6 5.05 15.5 8.68    
Net Profit Growth % ...                             37.5 56.1 -2.43 11.0 6.01    
market share                                            
Market Share in Revenues % ... ... ... ...                       17.7 19.0 19.4 20.8 21.9   ...
Market Share in Net Profit % ... ... ... ...                       14.3 18.9 18.9 21.3 20.5   ...
Market Share in Branches % ... ... ... ... ... ... ...     ... ...         8.74 ... ... ... ... ... ...
balance sheet Unit 1997 1998 1999 2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018
balance sheet                                            
Cash PHP mil                               178,130 436,207 310,884 314,537 358,911    
Interbank Loans PHP mil                               12,645 26,939 45,621 24,837 41,794    
Customer Loans PHP mil                         ... ...   760,500 922,553 1,177,150 1,253,130 1,455,840    
Retail Loans PHP mil ... ... ... ... ... ... ... ... ... ... ... ... ... ... ... ... 108,598 113,049 112,751 127,236    
Mortgage Loans PHP mil ... ... ... ... ... ... ... ... ... ... ... ... ... ... ... ... 108,598 113,049 112,751 127,236    
Consumer Loans PHP mil ... ... ... ... ... ... ... ... ... ... ... ... ... ... ... ... 0 0 0 0    
Corporate Loans PHP mil ... ... ... ... ... ... ... ... ... ... ... ... ... ... ... ... 590,508 684,519 796,235 907,449    
Debt Securities PHP mil                               246,383 213,368 244,139 240,392 284,230    
Fixed Assets PHP mil                               16,390 17,908 21,093 24,995 26,912    
Intangible Assets PHP mil                               1,872 1,622 5,281 8,988 9,748    
Goodwill PHP mil ... ... ... ... ... ... ... ...               1,391 1,482 1,482 4,399 4,435    
Total Assets PHP mil                               1,241,530 1,672,780 1,863,650 2,031,360 2,325,000    
Shareholders' Equity PHP mil                               154,371 164,354 179,669 199,718 217,559    
Of Which Minority Interest PHP mil                               657 643 633 623 743    
Liabilities PHP mil                               1,087,160 1,508,420 1,683,980 1,831,640 2,107,440    
Interbank Borrowing PHP mil                               72,179 94,243 52,150 52,212 60,000    
Customer Deposits PHP mil                               931,641 1,345,330 1,492,280 1,663,850 1,905,200    
Sight Deposits PHP mil                     ...         48,936 79,601 85,807 104,066 114,284    
Term Deposits PHP mil                     ...         882,705 1,265,730 1,406,480 1,559,790 1,790,920    
Issued Debt Securities PHP mil                   ...           28,180 3,007 58,241 55,361 50,586    
Subordinated Debt PHP mil ... ... ... ... ... ... ... ... ... ...   ... ... ...   28,180 3,007 10,030 10,030 10,030    
Other Liabilities PHP mil                   ...           55,156 65,841 81,307 60,215 91,650    
asset quality                                            
Non-Performing Loans PHP mil ... ... ... ... ... ... ... ... ... ... ...   ... ... ... 21,272 17,511 16,298 14,983 17,943    
Gross Loans PHP mil                   ... ...   ... ...   787,229 947,742 1,205,320 1,280,780 1,483,930    
Total Provisions PHP mil                   ... ...   ... ...   26,729 25,189 28,172 27,659 28,087    
growth rates                                            
Customer Loan Growth % ...                       ... ... ... 12.8 21.3 27.6 6.45 16.2    
Retail Loan Growth % ... ... ... ... ... ... ... ... ... ... ... ... ... ... ... ... ... 4.10 -0.264 12.8    
Mortgage Loan Growth % ... ... ... ... ... ... ... ... ... ... ... ... ... ... ... ... ... 4.10 -0.264 12.8    
Corporate Loan Growth % ... ... ... ... ... ... ... ... ... ... ... ... ... ... ... ... ... 15.9 16.3 14.0    
Total Asset Growth % ...                             13.1 34.7 11.4 9.00 14.5    
Shareholders' Equity Growth % ...                             59.2 6.47 9.32 11.2 8.93    
Customer Deposit Growth % ...                             8.51 44.4 10.9 11.5 14.5    
market share                                            
Market Share in Customer Loans % ... ... ... ... ... ... ...           ... ...   22.1 22.6 23.1 21.6 21.5   ...
Market Share in Corporate Loans % ... ... ... ... ... ... ... ... ... ... ... ... ... ... ... ... 29.6 27.8 28.0 26.8   ...
Market Share in Consumer Loans % ... ... ... ... ... ... ... ... ... ... ... ... ... ... ... ... 38.9 ... ... ... ... ...
Market Share in Mortgage Loans % ... ... ... ... ... ... ... ... ... ... ... ... ... ... ... ... 36.0 29.7 26.6 25.3   ...
Market Share in Total Assets % ... ... ... ...                       18.3 19.5 19.0 18.9 19.1   ...
Market Share in Customer Deposits % ... ... ... ...                       20.1 22.2 21.9 22.2 21.7   ...
ratios Unit 1997 1998 1999 2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018
ratios                                            
ROE % ...                             11.5 14.2 12.8 12.9 12.4    
ROA % ...                             1.24 1.55 1.25 1.26 1.19    
Costs (As % Of Assets) % ...                             3.24 2.78 2.57 2.58 2.89    
Costs (As % Of Income) %                               62.5 54.1 57.0 57.1 59.1    
Capital Adequacy Ratio % ... ... ... ... ... ... ...                 38.3 31.6 14.4 13.3 12.4    
Tier 1 Ratio % ... ... ... ... ... ... ... ... ... ... ... ...       30.5 29.2 12.8 11.7 11.0    
Net Interest Margin % ...                             3.12 3.00 2.92 2.95 3.03    
Interest Spread % ...                             2.94 2.88 2.85 2.86 2.95    
Asset Yield % ...                             4.65 3.92 3.62 3.73 3.79    
Cost Of Liabilities % ...                             1.71 1.04 0.774 0.863 0.833    
Payout Ratio %                               37.1 33.3 34.1 31.3 16.9    
Interest Income (As % Of Revenues) %                               60.4 58.2 64.9 65.2 62.1    
Fee Income (As % Of Revenues) %                   ... ...   ...   ... 19.5 17.0 18.7 16.6 22.2    
Other Income (As % Of Revenues) %                   ... ...   ...   ... 20.2 24.8 16.4 18.2 15.7    
Cost Per Employee USD per month ... ... ... ...             ...         1,428 1,396 1,365 1,437 1,350   ...
Cost Per Employee (Local Currency) PHP per month ... ... ... ...             ...         60,256 59,254 60,808 66,036 65,457   ...
Staff Cost (As % Of Total Cost) %                     ...         41.5 40.8 39.8 42.0 39.2    
Equity (As % Of Assets) %                               12.4 9.83 9.64 9.83 9.36    
Loans (As % Of Deposits) %                         ... ...   81.6 68.6 78.9 75.3 76.4    
Loans (As % Assets) %                         ... ...   61.3 55.2 63.2 61.7 62.6    
NPLs (As % Of Loans) % ... ... ... ... ... ... ... ... ... ... ...   ... ... ... 2.70 1.85 1.35 1.17 1.21    
Provisions (As % Of NPLs) % ... ... ... ... ... ... ... ... ... ... ...   ... ... ... 126 144 173 185 157    
Provisions (As % Of Loans) %                   ... ...   ... ...   3.51 2.73 2.39 2.21 1.93    
Cost of Provisions (As % Of Loans) % ...                       ... ... ... 0.689 0.832 0.487 0.247 0.282    
other data Unit 1997 1998 1999 2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018
other data                                            
Branches ... ... ... ... ... ... ...     ... ...         762 814 876 1,029 1,104    
Employees ... ... ... ...                       21,746 23,277 24,779 26,652 31,443   ...
ATMs ... ... ... ... ... ... ... ... ... ... ... ... ... ... ... ... ... 2,591 3,195 3,655    
Sight (As % Of Customer Deposits) %                     ...         5.25 5.92 5.75 6.25 6.00    
Risk-Weighted Assets PHP mil ... ... ... ... ... ... ... ... ... ... ... ...       921,497 1,062,680 1,273,120 1,503,290 1,769,590    
Return on Loans % ...                       ... ... ... 2.02 2.69 2.10 2.01 1.92    
Operating Profit (As % of Loans) % ...                       ... ... ... 3.17 4.09 3.26 3.11 3.21    
Costs (As % Of Loans) % ...                       ... ... ... 5.28 4.82 4.32 4.13 4.65    
Equity (As % Of Loans) %                         ... ...   20.3 17.8 15.3 15.9 14.9    

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Banco de Oro's share price (end of period) rose 19.4% yoy to PHP 143 in 3Q2019

By Helgi Analytics - February 20, 2020

Banco de Oro stock traded at PHP 143 per share at the end of third quarter of 2019 implying a market capitalization of USD 12,088 mil. Over the last five years, the stock has appreciated by 52.6 % implying an annual average growth of 8.83 %. In absolute terms, the val...

Banco de Oro's net interest margin rose 16.3% yoy to 4.10% in 3Q2019

By Helgi Analytics - February 21, 2020

Banco de Oro's net interest margin amounted to 4.10% in the third quarter of 2019, up from 3.84% when compared to the previous quarter. Historically, the bank’s net interest margin reached an all time high of 9.93% in 4Q2007 and an all time low of 2.78%...

Banco de Oro's price/earnings (P/E) fell 16.5% yoy to 13.0 in 3Q2019

By Helgi Analytics - February 20, 2020

Banco de Oro stock traded at PHP 143 per share at the end third quarter of 2019 implying a market capitalization of USD 12,088 mil. Since the end of 3Q2014, the stock has appreciated by 52.6 % implying an annual average growth of 8.83 %. In absolute terms, the value o...

Banco de Oro's capital adequacy ratio rose 5.04% yoy to 14.6% in 3Q2019

By Helgi Analytics - March 4, 2020

Banco de Oro's capital adequacy ratio reached 14.6% at the end of third quarter of 2019, up from 14.2% when compared to the previous quarter. Historically, the bank’s capital ratio hit an all time high of 20.3% in 3Q2012 and an all time low of 12.2% in 4Q2009. ...

Banco de Oro's equity (as % of assets) rose 10.3% yoy to 11.8% in 3Q2019

By Helgi Analytics - March 4, 2020

Banco de Oro's Equity reached 11.8% of total assets in the 3Q2019, up from 10.7% for the previous year. As a share of net customer loans, the ratio amounted to 17.0% at the end of the third quarter of 2019. ...

Banco de Oro's customer loan growth fell 56.4% yoy to 6.58% in 3Q2019

By Helgi Analytics - March 4, 2020

Banco de Oro's customer loan growth reached 6.58% in 2019-09-30, down from 15.1% compared to the previous year. Historically, the bank’s loans growth reached an all time high of 207% in 2006-12-31 and an all time low of 1.13% in 2009-12-31. In the last de...

Banco de Oro's corporate loans rose 18.6% yoy to PHP 1,224,770 mil in 4Q2018

By Helgi Analytics - February 20, 2020

Banco de Oro's loans reached PHP 2,022,350 mil in the fourth quarter of 2018, down from when compared to the previous quarter and up from PHP 1,758,050 mil when compared to the same period of last year. Historically, the bank’s loans reached an all...

Banco de Oro's npls (as % of loans) fell 11.6% yoy to 0.988% in 4Q2018

By Helgi Analytics - March 4, 2020

Banco de Oro's non-performing loans reached 0.988% of total loans at the end of 2018-12-31, down from 1.12% compared to the previous year. Historically, the NPL ratio hit an all time high of 6.93% in 2006-12-31 and an all time low of 0.988% in 2018-12-31. P...

Banco de Oro's net profit rose 16.2% yoy to PHP 32,348 mil in 2018

By Helgi Analytics - February 20, 2020

Banco de Oro made a net profit of PHP 32,348 mil under revenues of PHP 146,909 mil in 2018, up 16.2% and 14.6% respectively compared to the previous year. Historically, the bank’s net profit reached an all time high of PHP 32,348 mil in 2018 and an all time low of PH...

Banco de Oro's npls (as % of loans) fell 11.6% yoy to 0.988% in 2018

By Helgi Analytics - February 20, 2020

Banco de Oro's non-performing loans reached 0.988% of total loans at the end of 2018, down from 1.12% compared to the previous year. Historically, the NPL ratio hit an all time high of 6.09% in 2008 and an all time low of 0.988% in 2018. Provision coverage ...

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