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Bank BGZ BNP Paribas

BGZ's mortgage loans fell 9.18% yoy to PLN 13,628 mil in 4Q2017

By Helgi Analytics - July 24, 2019

Bank BGZ BNP Paribas's mortgage loans reached PLN 13,628 mil in 2017-12-31, down 3.19% compared to the previous year. Polish ba...

BGZ's customer deposits rose 2.13% yoy to PLN 56,329 mil in 4Q2017

By Helgi Analytics - July 24, 2019

Bank BGZ BNP Paribas's customer deposits reached PLN 56,329 mil in 2017-12-31, up 1.89% compared to the previous year. Polish b...

BGZ's total revenues fell 0.410% yoy to PLN 650 mil in 4Q2017

By Helgi Analytics - July 24, 2019

Bank BGZ BNP Paribas generated total banking revenues of PLN 650 mil in 2017-12-31, down 5.88% compared to the previous year. ...

Annual Quarterly
Profit Statement 2015 2016 2017
Net Interest Income PLN mil 1,423 1,826 1,927
Net Fee Income PLN mil 423 493 486
Other Income PLN mil 296 321 283
Total Revenues PLN mil 2,142 2,640 2,696
Staff Cost PLN mil 740 901 832
Operating Profit PLN mil 332 759 1,015
Provisions PLN mil 302 399 355
Net Profit PLN mil 13.3 76.9 280
Balance Sheet 2015 2016 2017
Interbank Loans PLN mil 495 1,234 2,604
Customer Loans PLN mil 52,270 55,076 52,968
Debt Securities PLN mil 8,216 12,841 14,430
Total Assets PLN mil 65,372 72,305 72,749
Shareholders' Equity PLN mil 6,268 6,147 6,559
Interbank Borrowing PLN mil 9,877 7,309 3,891
Customer Deposits PLN mil 46,527 55,155 56,329
Issued Debt Securities PLN mil 1,668 2,438 4,545
Ratios 2015 2016 2017
ROE % 0.255 1.24 4.40
ROA % 0.025 0.112 0.386
Costs (As % Of Assets) % 3.42 2.73 2.32
Costs (As % Of Income) % 84.5 71.2 62.3
Capital Adequacy Ratio % 13.5 14.4 13.8
Net Interest Margin % 2.69 2.65 2.66
Loans (As % Of Deposits) % 112 99.9 94.0
NPLs (As % Of Loans) % 7.60 7.72 7.40
Provisions (As % Of NPLs) % 71.5 66.9 67.5
Valuation 2015 2016 2017
Market Capitalisation (End Of Period) USD mil 734 1,187 1,641
Share Price (End Of Period) PLN 48.3 58.9 67.9
Price/Earnings (P/E) 196 64.6 20.4
Price/Book Value (P/BV) 0.415 0.807 0.872
Dividend Yield % 0 0 0
Earnings Per Share (EPS) 0.247 0.912 3.32
Book Value Per Share 116 73.0 77.9
Dividend Per Share 0 0 0

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summary Unit 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017
income statement                      
Net Interest Income PLN mil         834 1,020 1,015 1,118 1,423    
Total Revenues PLN mil         1,276 1,499 1,463 1,558 2,142    
Operating Profit PLN mil         310 444 440 489 332    
Net Profit PLN mil         128 130 160 138 13.3    
balance sheet                      
Interbank Loans PLN mil         221 104 270 405 495    
Customer Loans PLN mil         24,222 26,324 26,298 29,632 52,270    
Debt Securities PLN mil         6,250 7,576 6,306 7,758 8,216    
Total Assets PLN mil         33,407 37,247 35,777 40,497 65,372    
Shareholders' Equity PLN mil         2,638 3,473 3,509 4,156 6,268    
Interbank Borrowing PLN mil         4,447 4,094 3,271 1,547 9,877    
Customer Deposits PLN mil         22,942 26,942 26,493 32,804 46,527    
Issued Debt Securities PLN mil         2,829 2,251 2,104 1,532 1,668    
ratios                      
ROE %         4.99 4.26 4.59 3.60 0.255    
ROA %         0.413 0.368 0.439 0.362 0.025    
Costs (As % Of Assets) %         3.11 2.99 2.80 2.80 3.42    
Costs (As % Of Income) %         75.7 70.4 69.9 68.6 84.5    
Capital Adequacy Ratio %         9.69 11.8 13.3 13.8 13.5    
Net Interest Margin %         2.69 2.89 2.78 2.93 2.69    
Interest Income (As % Of Revenues) %         65.4 68.0 69.4 71.8 66.4    
Fee Income (As % Of Revenues) %         21.1 19.9 18.9 19.9 19.7    
Staff Cost (As % Of Total Cost) %         47.3 47.5 46.4 48.9 40.9    
Equity (As % Of Assets) %         7.90 9.32 9.81 10.3 9.59    
Loans (As % Of Deposits) %         106 97.7 99.3 90.3 112    
Loans (As % Assets) %         72.5 70.7 73.5 73.2 80.0    
NPLs (As % Of Loans) %         5.74 7.07 8.00 7.90 7.60    
Provisions (As % Of NPLs) %         61.3 55.3 55.3 58.3 71.5    
valuation                      
Market Capitalisation (End Of Period) USD mil ... ... ... ... 586 797 1,299 1,216 734    
Number Of Shares (Average) mil         43.1 45.5 51.1 53.8 53.8    
Share Price (End Of Period) PLN ... ... ... ... 46.8 54.2 76.6 80.0 48.3    
Earnings Per Share (EPS)         2.97 2.86 3.13 2.56 0.247    
Book Value Per Share         61.2 76.3 68.6 77.2 116    
Dividend Per Share         0 0 0 0 0    
Price/Earnings (P/E) ... ... ... ... 15.8 19.0 24.4 31.2 196    
Price/Book Value (P/BV) ... ... ... ... 0.765 0.710 1.12 1.04 0.415    
Dividend Yield % ... ... ... ... 0 0 0 0 0    
Earnings Per Share Growth % ...       13.7 -3.79 9.61 -18.1 -90.4    
Book Value Per Share Growth % ...       5.39 24.8 -10.0 12.5 50.8    
income statement Unit 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017
income statement                      
Interest Income PLN mil         1,692 2,155 1,911 1,795 2,070    
Interest Cost PLN mil         858 1,135 895 677 647    
Net Interest Income PLN mil         834 1,020 1,015 1,118 1,423    
Net Fee Income PLN mil         270 298 276 310 423    
Other Income PLN mil         172 182 171 129 296    
Total Revenues PLN mil         1,276 1,499 1,463 1,558 2,142    
Staff Cost PLN mil         456 502 475 522 740    
Depreciation PLN mil         83.0 94.5 99.2 101 148    
Other Cost PLN mil         426 459 449 446 921    
Operating Cost PLN mil         966 1,055 1,023 1,069 1,810    
Operating Profit PLN mil         310 444 440 489 332    
Provisions PLN mil         163 270 249 311 302    
Extra and Other Cost PLN mil         -2.47 -0.316 -11.1 < -0.001 < -0.001    
Pre-Tax Profit PLN mil         150 174 202 178 29.7    
Tax PLN mil         21.5 43.9 42.1 40.1 16.4    
Minorities PLN mil         0 0 0 0 0    
Net Profit PLN mil         128 130 160 138 13.3    
Dividends PLN mil         0 0 0 0 0    
growth rates                      
Net Interest Income Growth % ...       38.0 22.3 -0.429 10.1 27.2    
Net Fee Income Growth % ...       -0.600 10.3 -7.14 12.3 36.1    
Total Revenue Growth % ...       18.6 17.5 -2.39 6.48 37.5    
Operating Cost Growth % ...       18.3 9.22 -2.99 4.44 69.3    
Operating Profit Growth % ...       19.6 43.1 -0.966 11.2 -32.1    
Pre-Tax Profit Growth % ...       17.9 16.3 16.2 -11.9 -83.3    
Net Profit Growth % ...       14.0 1.52 23.1 -13.8 -90.4    
market share                      
Market Share in Revenues %         2.23 2.55 2.64 2.70 3.83    
Market Share in Net Profit %         0.824 0.841 1.06 0.869 0.119    
Market Share in Employees %         2.97 3.07 3.08 2.96 4.33    
Market Share in Bank Cards % ... ... ... ... ... ... ... 1.80 2.63 ... ...
Market Share in Debit Cards % ... ... ... ... ... ... ... 1.97 2.69 ... ...
Market Share in Credit Cards % ... ... ... ... ... ... ... 0.905 1.80 ... ...
Market Share in Branches %         2.84 2.60 2.60 2.60 3.51    
balance sheet Unit 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017
balance sheet                      
Cash PLN mil         1,383 2,107 1,618 1,790 2,826    
Interbank Loans PLN mil         221 104 270 405 495    
Customer Loans PLN mil         24,222 26,324 26,298 29,632 52,270    
Retail Loans PLN mil         15,227 16,699 18,286 20,093 34,339    
Mortgage Loans PLN mil ... ... ...   7,118 7,600 8,038 8,341 14,723    
Consumer Loans PLN mil ... ... ...   8,108 9,099 10,247 13,752 19,617    
Corporate Loans PLN mil         9,456 10,287 8,800 10,090 18,059    
Debt Securities PLN mil         6,250 7,576 6,306 7,758 8,216    
Fixed Assets PLN mil         632 622 608 576 794    
Total Assets PLN mil         33,407 37,247 35,777 40,497 65,372    
Shareholders' Equity PLN mil         2,638 3,473 3,509 4,156 6,268    
Of Which Minority Interest PLN mil         0 0 0 0 0    
Liabilities PLN mil         30,769 33,774 32,268 36,340 59,104    
Interbank Borrowing PLN mil         4,447 4,094 3,271 1,547 9,877    
Customer Deposits PLN mil         22,942 26,942 26,493 32,804 46,527    
Retail Deposits PLN mil         13,434 15,802 16,377 18,539 24,079    
Corporate Deposits PLN mil         7,901 7,925 8,467 9,449 16,817    
Sight Deposits PLN mil         10,047 12,908 15,460 15,809 24,340    
Term Deposits PLN mil         12,808 13,944 10,900 15,707 22,187    
Issued Debt Securities PLN mil         2,829 2,251 2,104 1,532 1,668    
Other Liabilities PLN mil         552 487 400 457 1,032    
asset quality                      
Non-Performing Loans PLN mil         1,440 1,936 2,200 2,453 4,202    
Gross Loans PLN mil         25,105 27,394 27,514 31,062 55,276    
Total Provisions PLN mil         883 1,070 1,216 1,430 3,006    
growth rates                      
Customer Loan Growth % ...       21.9 8.68 -0.098 12.7 76.4    
Retail Loan Growth % ...       14.5 9.67 9.50 9.88 70.9    
Mortgage Loan Growth % ... ... ... ... 8.53 6.77 5.76 3.76 76.5    
Consumer Loan Growth % ... ... ... ... 20.3 12.2 12.6 34.2 42.6    
Corporate Loan Growth % ...       36.4 8.78 -14.5 14.7 79.0    
Total Asset Growth % ...       16.7 11.5 -3.95 13.2 61.4    
Shareholders' Equity Growth % ...       5.73 31.6 1.05 18.4 50.8    
Customer Deposit Growth % ...       8.98 17.4 -1.67 23.8 41.8    
Retail Deposit Growth % ...       18.2 17.6 3.64 13.2 29.9    
Corporate Deposit Growth % ...       15.0 0.293 6.84 11.6 78.0    
market share                      
Market Share in Customer Loans %         2.64 2.81 2.71 2.85 4.73    
Market Share in Corporate Loans %         3.57 3.78 3.17 3.35 5.52    
Market Share in Retail Loans % ... ... ...   3.78 4.30 4.68 5.90 7.93    
Market Share in Consumer Loans %         2.86 3.13 3.30 3.41 5.46    
Market Share in Mortgage Loans % ... ... ...   2.23 2.36 2.39 2.34 3.86    
Market Share in Total Assets %         2.58 2.76 2.55 2.64 4.09    
Market Share in Customer Deposits %         2.54 2.90 2.71 3.14 4.17    
Market Share in Retail Deposits %         2.81 3.06 2.99 3.06 3.62    
Market Share in Corporate Deposits %         3.84 4.14 4.04 4.12 6.64    
ratios Unit 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017
ratios                      
ROE %         4.99 4.26 4.59 3.60 0.255    
ROA %         0.413 0.368 0.439 0.362 0.025    
Costs (As % Of Assets) %         3.11 2.99 2.80 2.80 3.42    
Costs (As % Of Income) %         75.7 70.4 69.9 68.6 84.5    
Capital Adequacy Ratio %         9.69 11.8 13.3 13.8 13.5    
Tier 1 Ratio % ... ... ... ... ... ... ... 12.7 11.8    
Net Interest Margin %         2.69 2.89 2.78 2.93 2.69    
Interest Spread % ...       2.44 2.58 2.52 2.73 2.55    
Asset Yield %         5.46 6.10 5.23 4.71 3.91    
Cost Of Liabilities % ...       3.02 3.52 2.71 1.97 1.36    
Payout Ratio %         0 0 0 0 0    
Interest Income (As % Of Revenues) %         65.4 68.0 69.4 71.8 66.4    
Fee Income (As % Of Revenues) %         21.1 19.9 18.9 19.9 19.7    
Other Income (As % Of Revenues) %         13.5 12.1 11.7 8.30 13.8    
Cost Per Employee USD per month         2,320 2,299 2,268 2,550 2,481    
Cost Per Employee (Local Currency) PLN per month         6,879 7,481 7,167 8,355 8,130    
Staff Cost (As % Of Total Cost) %         47.3 47.5 46.4 48.9 40.9    
Equity (As % Of Assets) %         7.90 9.32 9.81 10.3 9.59    
Loans (As % Of Deposits) %         106 97.7 99.3 90.3 112    
Loans (As % Assets) %         72.5 70.7 73.5 73.2 80.0    
NPLs (As % Of Loans) %         5.74 7.07 8.00 7.90 7.60    
Provisions (As % Of NPLs) %         61.3 55.3 55.3 58.3 71.5    
Provisions (As % Of Loans) %         3.65 4.06 4.62 4.83 5.75    
Cost of Provisions (As % Of Loans) %         0.740 1.07 0.945 1.11 0.738    
other data Unit 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017
other data                      
Branches         394 400 397 390 508    
Employees         5,530 5,588 5,527 5,209 7,588    
Clients mil ... ... ... ... ... 0.968 1.04 1.58 2.11    
Payment Cards '000 ... ... ... ... ... ... ... 642 900 ... ...
Debit Cards '000 ... ... ... ... ... ... ... 586 784 ... ...
Credit Cards '000 ... ... ... ... ... ... ... 54.7 105 ... ...
Sight (As % Of Customer Deposits) %         43.8 47.9 58.4 48.2 52.3    

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BGZ's employees fell 7.42% yoy to 7,386 in 4Q2017

By Helgi Analytics - July 24, 2019

Bank BGZ BNP Paribas employed 7,386 persons in 2017-12-31, down 0.418% when compared to the previous year. Historically, the bank's workforce hit an all time high of 8,185 persons in 2016-06-30 and an all time low of 4,902 in 2010-03-31. Average cost reached USD 2...

BGZ's customer loans fell 3.83% yoy to PLN 52,968 mil in 4Q2017

By Helgi Analytics - July 24, 2019

Bank BGZ BNP Paribas's customer loans reached PLN 52,968 mil in 2017-12-31, down 6.33% compared to the previous year. Polish banking sector provided customer loans of PLN 1,040 bil in 2017-12-31, down 0.252% when compared to the last year. Bank BGZ BNP Pa...

BGZ's corporate deposits rose 8.08% yoy to PLN 24,663 mil in 4Q2017

By Helgi Analytics - July 24, 2019

Bank BGZ BNP Paribas's corporate deposits reached PLN 24,663 mil in 2017-12-31, up 7.02% 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. Bank BGZ BNP P...

BGZ's market capitalisation (end of period) rose 4.59% to USD 1,623 mil in 4Q2017

By Helgi Analytics - October 23, 2019

Bank BGZ BNP Paribas stock traded at HKD 5.56 per share at the end of fourth quarter of 2017 implying a market capitalization of USD 52,866 mil. Over the last five years, the stock has appreciated by 19.5 implying an annual average growth of 3.62% In abso...

BGZ's retail deposits rose 0.446% yoy to PLN 27,650 mil in 4Q2017

By Helgi Analytics - July 24, 2019

Bank BGZ BNP Paribas's retail deposits reached PLN 27,650 mil in 2017-12-31, up 1.77% 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. Bank BGZ BNP Paribas...

BGZ's consumer loans rose 1.38% yoy to PLN 20,669 mil in 4Q2017

By Helgi Analytics - July 24, 2019

Bank BGZ BNP Paribas's consumer loans reached PLN 20,669 mil in 2017-12-31, down 1.29% 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. Bank BGZ BNP Paribas...

BGZ's npls (as % of loans) fell 4.23% yoy to 7.40% in 4Q2017

By Helgi Analytics - July 24, 2019

Bank BGZ BNP Paribas's non-performing loans reached 7.40% of total loans at the end of 2017-12-31, down from 7.72% compared to the previous year. Historically, the NPL ratio hit an all time high of 8.00% in 2013-12-31 and an all time low of 5.74% in 2011-12-31. ...

BGZ's costs (as % of assets) fell 9.95% yoy to 2.38% in 4Q2017

By Helgi Analytics - June 21, 2018

Bank BGZ BNP Paribas's cost to income ratio reached 66.2% in the fourth quarter of 2017, up from 55.8% when compared to the previous quarter. Historically, the bank’s costs reached an all time high of 96.1% of income in 4Q2015 and an all time low of 55.8% in...

BGZ's corporate loans fell 10.1% yoy to PLN 17,374 mil in 4Q2017

By Helgi Analytics - May 1, 2018

Bank BGZ BNP Paribas's loans reached PLN 55,752 mil in the fourth quarter of 2017, down from PLN 59,360 mil when compared to the previous quarter and down from PLN 58,077 mil when compared to the same period of last year. Historically, the bank’s lo...

BGZ's net profit rose 2,352% yoy to PLN 49.1 mil in 4Q2017

By Helgi Analytics - May 1, 2018

Bank BGZ BNP Paribas made a net profit of PLN 49.1 mil in the fourth quarter of 2017, up 2% when compared to the same period of last year. This implies a return on equity of 3.02%. Historically, the bank’s net profit reached an all time high of PLN 110 mil in 3Q2...

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Bank BGŻ BNP Paribas is a Poland-based universal commercial bank. The Bank offers financial services to retail and institutional clients, including a sizeable group of businesses in the food and agricultural sector. It specializes in financing agriculture, the food economy and regional infrastructure. Bank's network consists of nearly 400 branches. Bank is strongly committed to the development of small communities, by supporting entities operating on the local market and offering long-term cooperation. BNP Paribas has acquired control of Bank BGŻ from Rabobank, valuing the Bank at PLN 4.5 billion in 2014.

Bank BGZ BNP Paribas Logo

Finance

Bank BGZ BNP Paribas has been growing its revenues and asset by 9.64% and 13.8% a year on average in the last 10 years. Its loans and deposits have grown by 14.2% and 13.7% a year during that time and loans to deposits ratio reached 94.0% at the end of 2017. The company achieved an average return on equity of 4.20% in the last decade with net profit growing 0.275% a year on average. In terms of operating efficiency, its cost to income ratio reached 62.3% in 2017, compared to 72.9% average in the last decade.

Equity represented 9.02% of total assets or 12.4% of loans at the end of 2017. Bank BGZ BNP Paribas's non-performing loans were 7.40% of total loans while provisions covered some 67.5% of NPLs at the end of 2017.

Valuation

Bank BGZ BNP Paribas stock traded at PLN 67.9 per share at the end of 2017 resulting in a market capitalization of USD 1,641 mil. Over the previous five years, stock price rose by 25.3% or 4.61% a year on average. That’s compared to an average ROE of 2.82% the bank generated for its shareholders. This closing price put stock at a 12-month trailing price to earnings (PE) of 20.4x and price to book value (PBV) of 0.872x in 2017.

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