Bank BPH

BPH's net interest margin fell 79.9% yoy to 0.486% in 2Q2016

By Helgi Analytics - February 21, 2018

Bank BPH's net interest margin amounted to 0.486% in the second quarter of 2016, down from 0.535% when compared to the previous ...

BPH's net interest income fell 80.5% yoy to PLN 38.7 mil in 2Q2016

By Helgi Analytics - February 21, 2018

Bank BPH generated total banking revenues of PLN 55.6 mil in the second quarter of 2016, down 80.5% when compared to the same per...

BPH's net profit rose 1,199% yoy to PLN 68.9 mil in 2Q2016

By Helgi Analytics - February 19, 2018

Bank BPH made a net profit of PLN 68.9 mil in the second quarter of 2016, up 1% when compared to the same period of last year. ...

Profit Statement 2013 2014 2015
Net Interest Income PLN mil 980 933 833
Net Fee Income PLN mil 491 348 274
Other Income PLN mil 47.7 106 101
Total Revenues PLN mil 1,519 1,387 1,208
Staff Cost PLN mil 584 588 716
Operating Profit PLN mil 404 229 -1,061
Provisions PLN mil 2,315 1,871 1,252
Net Profit PLN mil 192 112 -1,072
Balance Sheet 2013 2014 2015
Interbank Loans PLN mil 327 347 463
Customer Loans PLN mil 20,547 20,911 23,069
Debt Securities PLN mil 6,941 5,601 5,826
Total Assets PLN mil 33,004 31,601 31,340
Shareholders' Equity PLN mil 4,960 5,067 4,077
Interbank Borrowing PLN mil 315 504 104
Customer Deposits PLN mil 26,882 25,186 26,805
Issued Debt Securities PLN mil 847 844 354
Ratios 2013 2014 2015
ROE % 3.96 2.23 -23.5
ROA % 0.571 0.346 -3.41
Costs (As % Of Assets) % 3.31 3.58 7.21
Costs (As % Of Income) % 73.4 83.5 188
Capital Adequacy Ratio % 16.5 16.8 16.6
Net Interest Margin % 2.91 2.89 2.65
Loans (As % Of Deposits) % 76.4 83.0 86.1
NPLs (As % Of Loans) % 11.7 9.40 5.90
Provisions (As % Of NPLs) % 86.5 87.4 87.3
Valuation 2013 2014 2015
Market Capitalisation (End Of Period) USD mil 1,387 1,061 667
Share Price (End Of Period) PLN 54.5 49.0 30.8
Price/Earnings (P/E) 21.7 33.6 ...
Price/Book Value (P/BV) 0.842 0.741 0.579
Dividend Yield % 0.292 0.344 0
Earnings Per Share (EPS) PLN 2.51 1.46 -14.0
Book Value Per Share PLN 64.7 66.1 53.2
Dividend Per Share PLN 0.159 0.169 0

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summary Unit 2007 2008 2009 2010 2011 2012 2013 2014 2015
income statement                  
Net Interest Income PLN mil ...   1,415 1,383 1,348 1,252 980    
Total Revenues PLN mil ...   2,263 2,225 1,982 1,802 1,519    
Operating Profit PLN mil ...   691 691 682 465 404    
Net Profit PLN mil ...   52.8 -135 218 261 192    
balance sheet                  
Interbank Loans PLN mil ...   514 906 407 648 327    
Customer Loans PLN mil ...   26,980 25,398 25,058 22,930 20,547    
Debt Securities PLN mil ...   2,753 2,563 2,773 1,218 6,941    
Total Assets PLN mil ...   35,215 37,291 37,031 34,416 33,004    
Shareholders' Equity PLN mil ...   4,489 4,366 4,598 4,767 4,960    
Interbank Borrowing PLN mil ...   779 486 264 377 315    
Customer Deposits PLN mil ...   28,696 31,355 31,177 28,364 26,882    
Issued Debt Securities PLN mil ...   1,251 1,085 991 909 847    
ratios                  
ROE % ...   1.18 -3.05 4.87 5.57 3.96    
ROA % ...   0.147 -0.373 0.587 0.731 0.571    
Costs (As % Of Assets) % ...   4.37 4.23 3.50 3.74 3.31    
Costs (As % Of Income) % ...   69.5 69.0 65.6 74.2 73.4    
Capital Adequacy Ratio % ...   12.7 13.2 14.0 13.9 16.5    
Net Interest Margin % ...   3.94 3.81 3.63 3.50 2.91    
Interest Income (As % Of Revenues) % ...   62.5 62.2 68.0 69.5 64.5    
Fee Income (As % Of Revenues) % ...   33.8 34.3 30.7 28.8 32.3    
Staff Cost (As % Of Total Cost) % ...   49.4 53.5 51.9 51.9 52.3    
Equity (As % Of Assets) % ...   12.7 11.7 12.4 13.9 15.0    
Loans (As % Of Deposits) % ...   94.0 81.0 80.4 80.8 76.4    
Loans (As % Assets) % ...   76.6 68.1 67.7 66.6 62.3    
NPLs (As % Of Loans) % ...   8.85 10.6 10.7 10.6 11.7    
Provisions (As % Of NPLs) % ...   82.1 91.0 93.7 91.0 86.5    
valuation                  
Market Capitalisation (End Of Period) USD mil ...   2,248 1,840 706 1,212 1,387    
Number Of Shares (Average) mil ...   76.7 76.7 76.7 76.7 76.7    
Share Price (End Of Period) PLN ...   84.0 71.0 31.7 48.9 54.5    
Earnings Per Share (EPS) PLN ...   0.689 -1.76 2.85 3.40 2.51    
Book Value Per Share PLN ...   58.6 56.9 60.0 62.2 64.7    
Dividend Per Share PLN ...   0 0 0 1.41 0.159    
Price/Earnings (P/E) ...   122 ... 11.1 14.4 21.7   ...
Price/Book Value (P/BV) ...   1.43 1.25 0.529 0.786 0.842    
Dividend Yield % ...   0 0 0 2.88 0.292    
Earnings Per Share Growth % ... ... -83.6 -356 -261 19.7 -26.3    
Book Value Per Share Growth % ... ... 0.887 -2.75 5.32 3.67 4.05    
income statement Unit 2007 2008 2009 2010 2011 2012 2013 2014 2015
income statement                  
Interest Income PLN mil ...   2,455 2,279 2,130 1,931 1,538    
Interest Cost PLN mil ...   1,040 896 782 679 558    
Net Interest Income PLN mil ...   1,415 1,383 1,348 1,252 980    
Net Fee Income PLN mil ...   766 763 609 520 491    
Other Income PLN mil ...   82.6 79.6 24.5 30.6 47.7    
Total Revenues PLN mil ...   2,263 2,225 1,982 1,802 1,519    
Staff Cost PLN mil ...   776 821 674 694 584    
Depreciation PLN mil ...   151 125 94.9 85.4 91.1    
Other Cost PLN mil ...   646 589 531 558 440    
Operating Cost PLN mil ...   1,572 1,534 1,300 1,337 1,115    
Operating Profit PLN mil ...   691 691 682 465 404    
Provisions PLN mil ...   2,116 2,713 2,793 2,447 2,315    
Extra and Other Cost PLN mil ...   < 0.001 < 0.001 0 0 0    
Pre-Tax Profit PLN mil ...   0.376 -132 296 345 265    
Tax PLN mil ...   -60.7 -9.88 62.6 73.2 60.1    
Minorities PLN mil ...   8.28 13.1 15.6 11.1 12.4    
Net Profit PLN mil ...   52.8 -135 218 261 192    
Dividends PLN mil     0 0 0 108 12.2    
growth rates                  
Net Interest Income Growth % ... ... 27.9 -2.23 -2.50 -7.15 -21.7    
Net Fee Income Growth % ... ... 22.1 -0.421 -20.1 -14.7 -5.41    
Total Revenue Growth % ... ... 24.1 -1.67 -10.9 -9.09 -15.7    
Operating Cost Growth % ... ... 25.4 -2.42 -15.3 2.81 -16.6    
Operating Profit Growth % ... ... 21.4 0.050 -1.29 -31.8 -13.1    
Pre-Tax Profit Growth % ... ... -99.9 -35,208 -325 16.5 -23.3    
Net Profit Growth % ... ... -83.6 -356 -261 19.7 -26.3    
balance sheet Unit 2007 2008 2009 2010 2011 2012 2013 2014 2015
balance sheet                  
Cash PLN mil ...   1,243 3,688 4,081 5,377 1,073    
Interbank Loans PLN mil ...   514 906 407 648 327    
Customer Loans PLN mil ...   26,980 25,398 25,058 22,930 20,547    
Mortgage Loans PLN mil ...   15,702 16,013 17,249 15,322 14,348    
Consumer Loans PLN mil ...   9,393 8,926 7,680 6,748 6,045    
Corporate Loans PLN mil ...   5,192 4,878 5,148 5,178 4,300    
Debt Securities PLN mil ...   2,753 2,563 2,773 1,218 6,941    
Fixed Assets PLN mil ...   1,635 1,474 1,418 1,369 1,388    
Total Assets PLN mil ...   35,215 37,291 37,031 34,416 33,004    
Shareholders' Equity PLN mil ...   4,489 4,366 4,598 4,767 4,960    
Of Which Minority Interest PLN mil ...   99.8 113 128 31.2 31.1    
Liabilities PLN mil ...   30,726 32,925 32,433 29,650 28,044    
Interbank Borrowing PLN mil ...   779 486 264 377 315    
Customer Deposits PLN mil ...   28,696 31,355 31,177 28,364 26,882    
Issued Debt Securities PLN mil ...   1,251 1,085 991 909 847    
Other Liabilities PLN mil ...   < -0.001 < 0.001 < -0.001 < -0.001 < -0.001    
asset quality                  
Non-Performing Loans PLN mil ...   2,576 2,980 2,980 2,690 2,675    
Gross Loans PLN mil ...   29,096 28,111 27,852 25,376 22,862    
Provisions PLN mil ...   2,116 2,713 2,793 2,447 2,315    
growth rates                  
Customer Loan Growth % ... ... -4.55 -5.86 -1.34 -8.49 -10.4    
Retail Loan Growth % ... ... -1.07 -1.21 -0.550 -11.7 -7.69    
Mortgage Loan Growth % ... ... -2.68 1.98 7.72 -11.2 -6.36    
Consumer Loan Growth % ... ... 4.17 -4.97 -14.0 -12.1 -10.4    
Corporate Loan Growth % ... ... 13.5 -6.04 5.53 0.588 -17.0    
Total Asset Growth % ... ... -3.99 5.90 -0.697 -7.06 -4.10    
Shareholders' Equity Growth % ... ... 0.887 -2.75 5.32 3.67 4.05    
Customer Deposit Growth % ... ... -1.29 9.26 -0.567 -9.02 -5.22    
ratios Unit 2007 2008 2009 2010 2011 2012 2013 2014 2015
ratios                  
ROE % ...   1.18 -3.05 4.87 5.57 3.96    
ROA % ...   0.147 -0.373 0.587 0.731 0.571    
Costs (As % Of Assets) % ...   4.37 4.23 3.50 3.74 3.31    
Costs (As % Of Income) % ...   69.5 69.0 65.6 74.2 73.4    
Capital Adequacy Ratio % ...   12.7 13.2 14.0 13.9 16.5    
Tier 1 Ratio % ... ... ... 10.9 11.6 11.7 13.9    
Net Interest Margin % ...   3.94 3.81 3.63 3.50 2.91    
Interest Spread % ... ... 3.52 3.47 3.34 3.22 2.63    
Asset Yield % ...   6.83 6.29 5.73 5.40 4.56    
Cost Of Liabilities % ... ... 3.31 2.82 2.39 2.19 1.93    
Payout Ratio % ...   0 0 0 41.3 6.33    
Interest Income (As % Of Revenues) % ...   62.5 62.2 68.0 69.5 64.5    
Fee Income (As % Of Revenues) % ...   33.8 34.3 30.7 28.8 32.3    
Other Income (As % Of Revenues) % ...   3.65 3.58 1.24 1.70 3.14    
Cost Per Employee USD per month ...   2,937 3,301 3,077 3,169 2,824    
Cost Per Employee (Local Currency) PLN per month ...   9,150 9,960 9,122 10,312 8,926    
Staff Cost (As % Of Total Cost) % ...   49.4 53.5 51.9 51.9 52.3    
Equity (As % Of Assets) % ...   12.7 11.7 12.4 13.9 15.0    
Loans (As % Of Deposits) % ...   94.0 81.0 80.4 80.8 76.4    
Loans (As % Assets) % ...   76.6 68.1 67.7 66.6 62.3    
NPLs (As % Of Loans) % ...   8.85 10.6 10.7 10.6 11.7    
Provisions (As % Of NPLs) % ...   82.1 91.0 93.7 91.0 86.5    
Provisions (As % Of Loans) % ...   7.84 10.7 11.1 10.7 11.3    
Cost of Provisions (As % Of Loans) % ...   2.50 3.14 1.53 0.500 0.640    
other data Unit 2007 2008 2009 2010 2011 2012 2013 2014 2015
other data                  
Branches ... ... 319 285 286 284 278    
Employees ...   7,068 6,870 6,162 5,606 5,449    

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BPH's Cost of Risk fell 99.3% yoy to 0.125% in 2Q2016

By Helgi Analytics - August 23, 2019

Bank BPH's Cost of Risk (loan loss provisions as % of total assets) amounted to 0.125% in the second quarter of 2016, down from 0.158% when compared to the previous quarter. Historically, the bank’s cost of risk reached an all time high of 30.2% in 4Q2011 an...

BPH's customer loan growth fell 345% yoy to -34.4% in 2Q2016

By Helgi Analytics - July 24, 2019

Bank BPH's customer loan growth reached -34.4% in 2016-06-30, down from 14.0% compared to the previous year. Historically, the bank’s loans growth reached an all time high of 14.0% in 2015-06-30 and an all time low of -34.4% in 2016-06-30. In the last dec...

BPH's equity (as % of assets) fell 25.4% yoy to 11.4% in 2Q2016

By Helgi Analytics - October 7, 2019

Bank BPH's Equity reached 6.86% of total assets in the 2Q2016, down from 7.85% for the previous year. As a share of net customer loans, the ratio amounted to 10.2% at the end of the second quarter of 2016. ...

BPH's npls (as % of loans) fell 37.3% yoy to 5.90% in 4Q2015

By Helgi Analytics - July 24, 2019

Bank BPH's non-performing loans reached 5.90% of total loans at the end of 2015-12-31, down from 9.40% compared to the previous year. Historically, the NPL ratio hit an all time high of 11.7% in 2013-12-31 and an all time low of 5.90% in 2015-12-31. Provisi...

BPH's capital adequacy ratio fell 1.01% yoy to 16.6% in 4Q2015

By Helgi Analytics - May 2, 2018

Bank BPH's capital adequacy ratio reached 16.6% at the end of fourth quarter of 2015, down from 16.9% when compared to the previous quarter. Historically, the bank’s capital ratio hit an all time high of 17.2% in 2Q2014 and an all time low of 12.1% in 2Q2010. ...

BPH's corporate loans fell 7.94% yoy to PLN 4,003 mil in 4Q2015

By Helgi Analytics - April 26, 2018

Bank BPH's loans reached PLN 24,321 mil in the fourth quarter of 2015, down from when compared to the previous quarter and up from PLN 22,782 mil when compared to the same period of last year. Historically, the bank’s loans reached an all time high...

BPH's costs (as % of assets) fell 81.5% yoy to 18.5% in 2Q2016

By Helgi Analytics - February 21, 2018

Bank BPH's cost to income ratio reached 436% in the fourth quarter of 2015, down from when compared to the previous quarter. Historically, the bank’s costs reached an all time high of 436% of income in 4Q2015 and an all time low of 64.1% in 4Q2010. Wh...

BPH's net profit fell 1,059% to PLN -1,072 mil in 2015

By Helgi Analytics - March 7, 2018

Bank BPH made a net profit of PLN -1,072 mil under revenues of PLN 1,208 mil in 2015, up -1059% and -12.9% respectively compared to the previous year. Historically, the bank’s net profit reached an all time high of PLN 321 mil in 2008 and an all time low of PLN -1,07...

BPH's npls (as % of loans) fell 37.3% to 5.90% in 2015

By Helgi Analytics - February 22, 2018

Bank BPH's non-performing loans reached 5.90% of total loans at the end of 2015, down from 9.40% compared to the previous year. Historically, the NPL ratio hit an all time high of 11.7% in 2013 and an all time low of 5.90% in 2015. Provision coverage amount...

BPH's costs (as % of assets) rose 101% to 7.21% in 2015

By Helgi Analytics - March 6, 2018

Bank BPH's cost to income ratio reached 188% in 2015, up from 83.5% compared to the previous year. Historically, the bank’s costs reached an all time high of 188% of income in 2015 and an all time low of 65.6% in 2011. When compared to total assets, bank's...

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Bank BPH (Bank Przemysłowo-Handlowy) is a Poland-based medium-sized universal bank. The Bank offers a typical range of banking services and products for retail as well as corporate segment, but provides also investment banking and treasury services, asset management, private banking, or leasing, for example. At the end of 2014, BPH offered its products and services through a network of 262 branches. Since 2008, Bank BPH is a part of General Electric Capital Corporation. In 2009, BPH merged GE's Polish operations to create a bank with roughly 3% of the Polish retail banking market. The Bank is based in Warsaw, Poland.

Bank BPH Logo

Finance

Bank BPH has been growing its revenues and asset by -11.5% and -3.42% a year on average in the last 5 years. Its loans and deposits have grown by -1.91% and -3.09% a year during that time and loans to deposits ratio reached 86.1% at the end of 2015. The company achieved an average return on equity of -1.37% in the last five years with net profit growing 51.3% a year on average. In terms of operating efficiency, its cost to income ratio reached 188% in 2015, compared to 96.9% average in the last five years.

Equity represented 13.0% of total assets or 17.7% of loans at the end of 2015. Bank BPH's non-performing loans were 5.90% of total loans while provisions covered some 87.3% of NPLs at the end of 2015.

Valuation

Bank BPH stock traded at PLN 30.8 per share at the end of 2015 resulting in a market capitalization of USD 667 mil. Over the previous five years, stock price fell by 56.6% or 15.4% a year on average. That’s compared to an average ROE of -1.37% 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 0.579x in 2015.