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Bank Handlowy

Handlowy's net profit rose 108% yoy to PLN 592 mil in 3Q2023

By Helgi Library - November 20, 2023

Bank Handlowy made a net profit of PLN 592 mil under revenues of PLN 1,136 mil in the third quarter of 2023, up 108% and 49.3...

Handlowy's net profit rose 108% yoy to PLN 592 mil in 3Q2023

By Helgi Library - November 20, 2023

Bank Handlowy made a net profit of PLN 592 mil in the third quarter of 2023, up 108% when compared to the same period of last yea...

Handlowy's net interest margin rose 11.2% yoy to 4.60% in 3Q2023

By Helgi Library - November 20, 2023

Bank Handlowy's net interest margin amounted to 4.60% in the third quarter of 2023, down from 4.66% when compared to the previou...

Annual Quarterly LTM
Profit Statement 2020 2021 2022
Net Interest Income PLN mil 1,013 788 2,741
Net Fee Income PLN mil 560 650 580
Other Income PLN mil 580 916 327
Total Revenues PLN mil 2,154 2,354 3,648
Staff Cost PLN mil 531 548 596
Operating Profit PLN mil 939 1,152 2,310
Provisions PLN mil 198 38.8 105
Net Profit PLN mil 347 717 1,546
Balance Sheet 2020 2021 2022
Interbank Loans PLN mil 570 968 1,044
Customer Loans PLN mil 21,914 21,328 21,621
Investments PLN mil 31,753 30,546 44,210
Total Assets PLN mil 60,942 61,863 69,801
Shareholders' Equity PLN mil 7,581 7,383 7,960
Interbank Borrowing PLN mil 8,775 9,972 9,691
Customer Deposits PLN mil 43,394 43,507 50,513
Issued Debt Securities PLN mil 0 0 0
Ratios 2020 2021 2022
ROE % 4.73 9.59 20.1
ROA % 0.614 1.17 2.35
Costs (As % Of Assets) % 2.15 1.96 2.03
Costs (As % Of Income) % 56.4 51.1 36.7
Capital Adequacy Ratio % 22.0 20.1 17.6
Net Interest Margin % 1.80 1.28 4.16
Loans (As % Of Deposits) % 50.5 49.0 42.8
NPLs (As % Of Loans) % 3.70 4.05 3.97
Provisions (As % Of NPLs) % 100 98.8 95.9
Valuation 2020 2021 2022
Market Capitalisation USD mil 1,229 1,899 1,994
Number Of Shares mil 131 131 131
Share Price PLN 35.2 59.0 75.6
Price/Earnings (P/E) 13.2 10.7 6.39
Price/Book Value (P/BV) 0.606 1.04 1.24
Dividend Yield % 9.84 9.27 ...
Earnings Per Share (EPS) PLN 2.65 5.49 11.8
Book Value Per Share PLN 58.0 56.5 60.9
Dividend Per Share PLN 3.46 5.47 ...

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summary Unit 1996 1997 1998 1999 2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019 2020 2021 2022
income statement                                                      
Net Interest Income PLN mil                                         1,012 1,092 1,117 1,165 1,013    
Total Revenues PLN mil                                         2,093 2,184 2,278 2,334 2,154    
Operating Profit PLN mil                                         899 975 1,084 1,059 939    
Net Profit PLN mil                                         524 531 642 481 347    
balance sheet                                                      
Interbank Loans PLN mil                                         2,277 837 1,334 1,166 570    
Customer Loans PLN mil                                         17,170 19,849 21,949 23,732 21,914    
Investments PLN mil                                         22,877 19,646 16,527 19,469 31,753    
Total Assets PLN mil                                         45,210 43,038 49,305 51,979 60,942    
                                                         
Shareholders' Equity PLN mil                                         6,790 6,939 7,057 7,075 7,581    
Interbank Borrowing PLN mil                                         8,430 2,922 1,754 2,374 8,775    
Customer Deposits PLN mil                                         29,123 32,137 38,334 39,788 43,394    
Issued Debt Securities PLN mil                   ...     ...               0 0 0 143 0    
ratios                                                      
ROE % ...                                       7.68 7.74 9.18 6.81 4.73    
ROA % ...                                       1.11 1.20 1.39 0.951 0.614    
Costs (As % Of Assets) % ...                                       2.52 2.74 2.59 2.52 2.15    
Costs (As % Of Income) %                                         57.1 55.4 52.4 54.6 56.4    
Capital Adequacy Ratio % ... ...                                     17.4 17.9 16.8 17.2 22.0    
Net Interest Margin % ...                                       2.14 2.47 2.42 2.30 1.80    
Interest Income (As % Of Revenues) %                                         48.3 50.0 49.0 49.9 47.1    
Fee Income (As % Of Revenues) %                                         26.8 26.6 24.1 24.2 26.0    
Staff Cost (As % Of Total Cost) % ... ...                                     46.3 43.9 44.4 40.8 43.7    
Equity (As % Of Assets) %                                         15.0 16.1 14.3 13.6 12.4    
Loans (As % Of Deposits) %                                         59.0 61.8 57.3 59.6 50.5    
Loans (As % Assets) %                                         38.0 46.1 44.5 45.7 36.0    
NPLs (As % Of Loans) % ... ...                                     3.57 3.54 3.21 3.41 3.70    
Provisions (As % Of NPLs) % ... ...                                     86.2 81.3 91.8 83.0 100    
valuation                                                      
Market Capitalisation USD mil ...                                       2,390 3,080 2,411 1,786 1,229    
Number Of Shares mil                                         131 131 131 131 131    
Share Price PLN ...                                       76.4 81.9 69.1 51.8 35.2    
Earnings Per Share (EPS) PLN                                         4.01 4.07 4.92 3.68 2.65    
Book Value Per Share PLN                                         52.0 53.1 54.0 54.1 58.0    
Dividend Per Share PLN                                         4.53 4.11 5.00 3.74 3.46   ...
Price/Earnings (P/E) ...                                       19.1 20.1 14.1 14.1 13.2    
Price/Book Value (P/BV) ...                                       1.47 1.54 1.28 0.957 0.606    
Dividend Yield % ...                                       5.93 5.02 7.24 7.22 9.84   ...
Earnings Per Share Growth % ...                                       -23.7 1.41 20.9 -25.1 -27.9    
Book Value Per Share Growth % ...                                       -0.879 2.19 1.70 0.254 7.16    
income statement Unit 1996 1997 1998 1999 2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019 2020 2021 2022
income statement                                                      
Interest Income PLN mil                                         1,267 1,361 1,314 1,418 1,131    
Interest Cost PLN mil                                         255 269 197 253 117    
Net Interest Income PLN mil                                         1,012 1,092 1,117 1,165 1,013    
Net Fee Income PLN mil                                         561 581 550 565 560    
Fee Income PLN mil                                         639 665 639 653 645    
Fee Expense PLN mil                                         78.1 83.9 89.0 88.5 85.2    
Other Income PLN mil                                         520 512 611 604 580    
Total Revenues PLN mil                                         2,093 2,184 2,278 2,334 2,154    
Staff Cost PLN mil ... ...                                     553 531 530 521 531    
Depreciation PLN mil ... ... ... ... ... ... ...                           32.2 29.7 28.8 41.5 ...    
Other Cost PLN mil ... ... ... ... ... ... ...                           609 648 636 713 ...    
Operating Cost PLN mil                                         1,194 1,209 1,194 1,275 1,214    
Operating Profit PLN mil                                         899 975 1,084 1,059 939    
Provisions PLN mil                                         83.0 112 75.1 213 198    
Extra and Other Cost PLN mil                                         147 161 176 186 209    
Pre-Tax Profit PLN mil                                         668 702 833 660 532    
Tax PLN mil                                         145 170 191 178 186    
Minorities PLN mil                                         0 0 0 0 0    
Net Profit PLN mil                                         524 531 642 481 347    
Net Profit Avail. to Common PLN mil                                         524 531 642 481 347    
Dividends PLN mil                                         592 537 489 0 157   ...
growth rates                                                      
Net Interest Income Growth % ...                                       2.81 7.90 2.34 4.27 -13.0    
Net Fee Income Growth % ...                                       -11.1 3.46 -5.29 2.71 -0.870    
Total Revenue Growth % ...                                       -4.59 4.37 4.32 2.45 -7.74    
Operating Cost Growth % ...                                       -2.95 1.29 -1.28 6.77 -4.75    
Operating Profit Growth % ...                                       -6.68 8.45 11.3 -2.32 -11.3    
Pre-Tax Profit Growth % ...                                       -22.8 4.99 18.7 -20.8 -19.3    
Net Profit Growth % ...                                       -23.7 1.41 20.9 -25.1 -28.0    
market share                                                      
Market Share in Revenues %                                         3.54 3.53 3.54 3.32 3.49   ...
Market Share in Net Profit %                                         3.76 3.89 4.92 3.50 -103    
Market Share in Employees %     ... ... ... ... ...                           2.16 2.17 2.02 1.96 2.01    
Market Share in Bank Cards % ... ... ... ... ... ...                             2.57 2.44 2.24 2.07 1.97    
Market Share in Debit Cards % ... ... ... ... ... ...                             0.801 0.755 0.695 0.640 0.643    
Market Share in Credit Cards % ... ... ... ... ... ...                             11.9 12.1 11.6 11.3 ... ... ...
Market Share in Branches % ... ... ... ... ... ... ... ...                         0.183 0.217 0.198 0.171 0.182 ... ...
balance sheet Unit 1996 1997 1998 1999 2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019 2020 2021 2022
balance sheet                                                      
Cash & Cash Equivalents PLN mil                                         666 462 7,272 3,737 4,488    
Interbank Loans PLN mil                                         2,277 837 1,334 1,166 570    
Customer Loans PLN mil                                         17,170 19,849 21,949 23,732 21,914    
Retail Loans PLN mil   ... ... ... ... ... ...                           5,982 7,093 7,535 7,707 7,622    
Mortgage Loans PLN mil ... ... ... ... ... ... ... ...                         1,316 1,474 1,650 1,889 2,200    
Consumer Loans PLN mil ... ... ... ... ... ... ... ...                         5,096 5,323 5,508 5,491 5,015    
Corporate Loans PLN mil   ... ... ... ... ... ...                           10,757 11,057 12,644 13,201 10,964    
Investments PLN mil                                         22,877 19,646 16,527 19,469 31,753    
Property and Equipment PLN mil                                         343 377 364 500 477    
Intangible Assets PLN mil ... ...                                     1,351 1,352 1,419 1,443 1,253    
Goodwill PLN mil ... ... ... ... ... ... ... ... ... ... ... ... ...               1,246 1,246 1,246 1,246 ...    
Total Assets PLN mil                                         45,210 43,038 49,305 51,979 60,942    
                                                         
Shareholders' Equity PLN mil                                         6,790 6,939 7,057 7,075 7,581    
Of Which Minority Interest PLN mil                                         0 0 0 0 0    
Liabilities PLN mil                                         38,419 36,099 42,248 44,904 53,361    
Interbank Borrowing PLN mil                                         8,430 2,922 1,754 2,374 8,775    
Customer Deposits PLN mil                                         29,123 32,137 38,334 39,788 43,394    
Retail Deposits PLN mil ... ... ... ... ... ... ...                           9,949 10,349 11,903 13,462 15,497    
Corporate Deposits PLN mil ... ... ... ... ... ... ...                           15,937 13,820 15,408 18,045 19,751    
Sight Deposits PLN mil                   ...                     22,301 22,661 25,692 28,512 36,243    
Term Deposits PLN mil                   ...                     6,821 9,284 12,405 11,007 6,929    
Issued Debt Securities PLN mil                   ...     ...               0 0 0 143 0    
Other Liabilities PLN mil                   ...     ...               867 1,040 2,160 2,599 1,191    
asset quality                                                      
Non-Performing Loans PLN mil ... ...                                     633 723 726 832 842    
Gross Loans PLN mil                                         17,715 20,437 22,616 24,422 22,756    
Risk-Weighted Assets PLN mil ... ... ... ... ... ... ... ... ... ...                     27,499 27,882 29,518 29,738 27,197    
Total Provisions PLN mil                                         546 588 667 691 842    
growth rates                                                      
Customer Loan Growth % ...                                       -9.52 15.6 10.6 8.12 -7.66    
Retail Loan Growth % ... ... ... ... ... ... ... ...                         2.57 18.6 6.24 2.28 -1.11    
Mortgage Loan Growth % ... ... ... ... ... ... ... ... ...                       0.564 12.0 11.9 14.5 16.4    
Consumer Loan Growth % ... ... ... ... ... ... ... ... ...                       1.05 4.45 3.47 -0.320 -8.66    
Corporate Loan Growth % ... ... ... ... ... ... ... ...                         2.84 2.78 14.4 4.41 -17.0    
Total Asset Growth % ...                                       -8.68 -4.80 14.6 5.42 17.2    
Shareholders' Equity Growth % ...                                       -0.879 2.19 1.70 0.254 7.16    
Customer Deposit Growth % ...                                       -7.25 10.3 19.3 3.79 9.06    
Retail Deposit Growth % ... ... ... ... ... ... ... ...                         4.53 4.02 15.0 13.1 15.1    
Corporate Deposit Growth % ... ... ... ... ... ... ... ...                         14.9 -13.3 11.5 17.1 9.45    
market share                                                      
Market Share in Customer Loans %                                         1.47 1.64 1.64 1.70 1.56    
Market Share in Corporate Loans %   ... ... ... ... ... ...                           3.12 3.02 3.39 3.45 2.99    
Market Share in Retail Loans %   ... ... ... ... ... ...                           0.911 1.06 1.07 1.04 1.00    
Market Share in Consumer Loans % ... ... ... ... ... ... ... ...                         1.96 1.92 1.72 1.62 1.50    
Market Share in Mortgage Loans % ... ... ... ... ... ... ... ...                         0.332 0.377 0.432 0.470 0.519    
Market Share in Total Assets %                                         2.71 2.49 2.61 2.61 2.61    
Market Share in Customer Deposits %                                         2.41 2.55 2.81 2.69 2.58    
Market Share in Retail Deposits % ... ... ... ... ... ... ...                           1.49 1.49 1.56 1.62 1.72    
Market Share in Corporate Deposits % ... ... ... ... ... ... ... ... ... ... ... ... ... ...             4.53 3.74 3.95 4.20 3.76    
ratios Unit 1996 1997 1998 1999 2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019 2020 2021 2022
                                                       
ROE % ...                                       7.68 7.74 9.18 6.81 4.73    
ROTE % ... ... ...                                   9.59 9.63 11.4 8.54 5.80    
ROE (@ 15% of RWA) % ... ... ... ... ... ... ... ... ... ... ...                   12.6 12.8 14.9 10.8 8.12    
ROA % ...                                       1.11 1.20 1.39 0.951 0.614    
Return on Loans % ...                                       2.90 2.87 3.07 2.11 1.52    
Operating Profit (As % of RWA) % ... ... ... ... ... ... ... ... ... ... ...                   3.24 3.52 3.78 3.58 3.30    
Costs (As % Of Assets) % ...                                       2.52 2.74 2.59 2.52 2.15    
Costs (As % Of Income) %                                         57.1 55.4 52.4 54.6 56.4    
Costs (As % Of Loans) % ...                                       6.61 6.53 5.71 5.58 5.32    
Costs (As % Of Loans & Deposits) % ...                                       2.47 2.46 2.13 2.06 1.88    
Capital Adequacy Ratio % ... ...                                     17.4 17.9 16.8 17.2 22.0    
Tier 1 Ratio % ... ...                                     17.4 17.9 16.8 17.2 22.0    
Net Interest Margin % ...                                       2.14 2.47 2.42 2.30 1.80    
Interest Spread % ...                                       2.05 2.36 2.34 2.22 1.76    
Asset Yield % ...                                       2.67 3.08 2.85 2.80 2.00    
Revenues (As % of RWA) % ... ... ... ... ... ... ... ... ... ... ...                   7.54 7.89 7.94 7.88 7.56    
Cost Of Liabilities % ...                                       0.629 0.723 0.503 0.580 0.239    
Payout Ratio %                                         113 101 76.1 0 45.2   ...
Interest Income (As % Of Revenues) %                                         48.3 50.0 49.0 49.9 47.1    
Fee Income (As % Of Revenues) %                                         26.8 26.6 24.1 24.2 26.0    
Other Income (As % Of Revenues) %                                         24.8 23.4 26.8 25.9 26.9    
Staff Cost (As % Of Total Cost) % ... ...                                     46.3 43.9 44.4 40.8 43.7    
Equity (As % Of Assets) %                                         15.0 16.1 14.3 13.6 12.4    
Equity (As % Of Loans) %                                         39.5 35.0 32.2 29.8 34.6    
Loans (As % Of Deposits) %                                         59.0 61.8 57.3 59.6 50.5    
Loans (As % Assets) %                                         38.0 46.1 44.5 45.7 36.0    
NPLs (As % Of Loans) % ... ...                                     3.57 3.54 3.21 3.41 3.70    
Provisions (As % Of NPLs) % ... ...                                     86.2 81.3 91.8 83.0 100    
Provisions (As % Of Loans) %                                         3.18 2.96 3.04 2.91 3.84    
Cost of Provisions (As % Of Loans) % ...                                       0.459 0.603 0.359 0.934 0.868    
other data Unit 1996 1997 1998 1999 2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019 2020 2021 2022
                                                       
Branches ... ... ... ... ... ... ... ...                         25.0 30.0 25.0 21.0 19.0    
ATMs ... ... ... ... ... ... ... ... ... ... ... ... ...               ... ... ... ... ... ... ...
ATMs (As % of Bank Branches) % ... ... ... ... ... ... ... ... ... ... ... ... ...               ... ... ... ... ... ... ...
Employees     ... ... ... ... ...                           3,640 3,561 3,276 3,071 2,994    
Employees Per Bank Branch ... ... ... ... ... ... ... ...                         146 119 131 146 158    
Cost Per Employee USD per month ... ... ... ... ... ... ...                           3,132 3,246 3,720 3,738 3,789    
Cost Per Employee (Local Currency) PLN per month ... ... ... ... ... ... ...                           12,654 12,434 13,469 14,125 14,775    
customer breakdown Unit 1996 1997 1998 1999 2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019 2020 2021 2022
                                                       
Customers mil ... ... ... ... ... ...                             0.681 0.692 0.687 0.675 0.660    
Number of Accounts mil ... ... ... ... ... ... ... ... ... ... ... ... ... ... ... ... ... ... ... ... ... ... 0.601 0.597 0.600 ... ...
Payment Cards mil ... ... ... ... ... ...                             0.947 0.954 0.926 0.890 0.860    
Debit Cards mil ... ... ... ... ... ...                             0.248 0.251 0.246 0.238 0.230    
Credit Cards mil ... ... ... ... ... ...                             0.699 0.703 0.680 0.652 0.630    
Average Size of Deposit PLN ... ... ... ... ... ... ... ... ... ... ... ... ... ... ... ... ... ... ... ... ... ... 63,742 66,613 72,323 ... ...
Accounts (As % of Total Clients) % ... ... ... ... ... ... ... ... ... ... ... ... ... ... ... ... ... ... ... ... ... ... 87.5 88.5 90.9 ... ...
Payments Cards (As % of Total Clients) % ... ... ... ... ... ...                             139 138 135 132 130    
Debit Cards (As % of Total Clients) % ... ... ... ... ... ...                             36.5 36.3 35.8 35.3 34.8    
Credit Cards (As % of Total Clients) % ... ... ... ... ... ...                             103 102 98.9 96.6 95.5    
                                                         
Market Value per Customer (Local Currency) PLN ... ... ... ... ... ...                             14,668 15,504 13,185 10,047 7,000    
Revenue per Customer (Local Currency) PLN ... ... ... ... ... ...                             3,074 3,157 3,314 3,458 3,263    
Net Profit per Customer (Local Currency) PLN ... ... ... ... ... ...                             769 768 934 713 525    
Loan per Customer (Local Currency) PLN ... ... ... ... ... ...                             25,218 28,696 31,930 35,164 33,203    
Deposit per Customer (Local Currency) PLN ... ... ... ... ... ...                             42,774 46,460 55,767 58,954 65,748    
Market Value per Customer USD ... ... ... ... ... ...                             3,510 4,453 3,507 2,646 1,862    
Revenue per Customer USD ... ... ... ... ... ...                             761 824 915 915 837    
Net Profit per Customer USD ... ... ... ... ... ...                             190 200 258 189 135    
Loan per Customer USD ... ... ... ... ... ...                             6,034 8,243 8,493 9,259 8,834    
Deposit per Customer USD ... ... ... ... ... ...                             10,235 13,346 14,833 15,524 17,494    

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Handlowy's total revenues rose 49.3% yoy to PLN 1,136 mil in 3Q2023

By Helgi Library - November 20, 2023

Bank Handlowy generated total banking revenues of PLN 1,136 mil in 2023-09-30, down 1.25% compared to the previous year. Polish banking sector banking sector generated total revenues of PLN 29,996 mil in 2023-09-30, up 12.5% when compared to the last ...

Handlowy's customer deposits rose 11.6% yoy to PLN 50,347 mil in 3Q2022

By Helgi Library - November 20, 2023

Bank Handlowy's customer deposits reached PLN 50,347 mil in 2022-09-30, up 9.49% compared to the previous year. Polish banking sector accepted customer deposits of PLN 1,947 bil in 2022-09-30, up 2.40% when compared to the last year. Bank Handlowy account...

Handlowy's mortgage loans fell 1.14% yoy to PLN 2,145 mil in 3Q2023

By Helgi Library - November 20, 2023

Bank Handlowy's mortgage loans reached PLN 2,145 mil in 3Q2023, up 2.24% compared to the previous year. Polish banking sector provided mortgage loans of PLN 443 in 3Q2023, down 0.552% when compared to the last year. Bank Handlowy accounted for 0.484% of a...

Handlowy's retail deposits rose 12.2% yoy to PLN 18,212 mil in 3Q2022

By Helgi Library - November 20, 2023

Bank Handlowy's retail deposits reached PLN 18,212 mil in 2022-09-30, up 2.80% compared to the previous year. Polish banking sector accepted retail deposits of PLN 973 bil in 2022-09-30, up 2.72% when compared to the last year. Bank Handlowy accounted for...

Handlowy's employees rose 2.39% yoy to 2,962 in 3Q2023

By Helgi Library - November 20, 2023

Bank Handlowy employed 2,962 persons in 2023-09-30, down 0.236% when compared to the previous year. Historically, the bank's workforce hit an all time high of 6,039 persons in 2010-12-31 and an all time low of 2,893 in 2022-06-30. Average cost reached USD 4,374 pe...

Handlowy's customer loans rose 4.43% yoy to PLN 21,759 mil in 3Q2022

By Helgi Library - November 20, 2023

Bank Handlowy's customer loans reached PLN 21,759 mil in 2022-09-30, down 1.62% compared to the previous year. Polish banking sector provided customer loans of PLN 1,608 in 2022-09-30, up 2.03% when compared to the last year. Bank Handlowy accounted for 1...

Handlowy's corporate deposits rose 10.6% yoy to PLN 25,860 mil in 3Q2023

By Helgi Library - November 20, 2023

Bank Handlowy's corporate deposits reached PLN 25,860 mil in 2023-09-30, up 4.54% compared to the previous year. Polish banking sector accepted corporate deposits of PLN 670 bil in 2023-09-30, up 5.73% when compared to the last year. Bank Handlowy account...

Handlowy's capital adequacy ratio rose 14.0% yoy to 20.3% in 3Q2023

By Helgi Library - November 20, 2023

Bank Handlowy's capital adequacy ratio reached 20.3% at the end of third quarter of 2023, down from 20.3% when compared to the previous quarter. Historically, the bank’s capital ratio hit an all time high of 22.6% in 4Q2020 and an all time low of 10.8% in 1Q2008. ...

Handlowy's payment cards fell 5.27% yoy to 0.748 mil in 3Q2022

By Helgi Library - September 14, 2023

Bank Handlowy has issued total of 0.748 mil payment cards at the end of 2022-09-30, up 0.187% compared to the previous year. Polish banking sector banking sector issued total of 44.1 mil of bank cards in 2022-09-30, up 0.271% when compared to the last ...

Handlowy's costs (as % of assets) rose 6.70% yoy to 1.85% in 3Q2023

By Helgi Library - November 20, 2023

Bank Handlowy's cost to income ratio reached 29.3% in the third quarter of 2023, down from 29.6% when compared to the previous quarter. Historically, the bank’s costs reached an all time high of 73.4% of income in 1Q2017 and an all time low of 29.3% in 3Q202...

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Bank Handlowy is a Poland-based commercial bank. It offers its products and services under Citibank Handlowy brand such as checking, or savings accounts, loans, insurance, and credit cards specifically targeted to individuals, small companies, and large companies. The bank was created by the 2001 merger of Bank Handlowy w Warszawie, Poland's oldest bank founded in 1870, and Citibank (Poland). The Bank's parent entity is Citibank Overseas Investment Corporation (COIC) holding 75% in the bank.

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Finance

Bank Handlowy has been growing its revenues and asset by 2.32% and 4.84% a year on average in the last 10 years. Its loans and deposits have grown by 2.91% and 7.82% a year during that time and loans to deposits ratio reached 42.8% at the end of 2022. The company achieved an average return on equity of 10.2% in the last decade with net profit growing 4.68% a year on average. In terms of operating efficiency, its cost to income ratio reached 36.7% in 2022, compared to 52.2% average in the last decade.

Equity represented 11.4% of total assets or 36.8% of loans at the end of 2022. Bank Handlowy's non-performing loans were 3.97% of total loans while provisions covered some 95.9% of NPLs at the end of 2022.

Valuation

Bank Handlowy stock traded at per share at the end of 2022 resulting in a market capitalization of . Over the previous three years, stock price rose by 0% or 0% a year on average. That’s compared to an average ROE of 11.5% the bank generated for its shareholders. This closing price put stock at a 12-month trailing price to earnings (PE) of 6.39x and price to book value (PBV) of 1.24x in 2022.

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