Bank Handlowy

BH's market capitalisation (end of period) fell 18.1% to USD 1,881 mil in 2Q2019

By Helgi Analytics - November 05, 2019

Bank Handlowy stock traded at PLN 53.7 per share at the end of second quarter of 2019 implying a market capitalization of USD 1,881 ...

BH's share price (end of period) fell 24.2% yoy to PLN 53.7 in 2Q2019

By Helgi Analytics - November 05, 2019

Bank Handlowy stock traded at PLN 53.7 per share at the end of second quarter of 2019 implying a market capitalization of USD 1,881 mil. ...

BH's npls (as % of loans) rose 26.4% yoy to 4.53% in 2Q2019

By Helgi Analytics - November 05, 2019

Bank Handlowy's non-performing loans reached 4.53% of total loans at the end of 2019-06-30, up from 3.58% compared to the previou...

Profit Statement 2016 2017 2018
Net Interest Income PLN mil 1,004 1,082 1,108
Fee Income (As % Of Revenues) % 27.0 28.1 25.5
Other Income PLN mil 517 406 502
Total Revenues PLN mil 2,081 2,068 2,160
Staff Cost PLN mil 553 531 530
Operating Profit PLN mil 879 877 980
Provisions PLN mil 45.8 103 63.5
Net Profit PLN mil 602 536 639
Balance Sheet 2016 2017 2018
Interbank Loans PLN mil 587 837 1,334
Customer Loans PLN mil 17,170 17,854 19,802
Debt Securities PLN mil 24,556 21,614 18,625
Total Assets PLN mil 45,210 43,038 49,305
Shareholders' Equity PLN mil 6,790 6,939 7,057
Interbank Borrowing PLN mil 2,311 1,568 1,402
Customer Deposits PLN mil 33,937 32,137 38,334
Issued Debt Securities PLN mil 1,346 1,403 1,609
Ratios 2016 2017 2018
ROE % 8.82 7.80 9.13
ROA % 1.27 1.21 1.38
Costs (As % Of Assets) % 2.54 2.70 2.55
Costs (As % Of Income) % 57.8 57.6 54.6
Capital Adequacy Ratio % 17.4 17.9 16.8
Net Interest Margin % 2.12 2.45 2.40
Loans (As % Of Deposits) % 50.6 55.6 51.7
NPLs (As % Of Loans) % 3.10 3.50 3.28
Provisions (As % Of NPLs) % 103 91.4 99.5
Valuation 2016 2017 2018
Market Capitalisation (End Of Period) USD mil 2,388 2,999 2,414
Share Price (End Of Period) PLN 76.4 81.9 69.1
Price/Earnings (P/E) 16.6 20.0 14.1
Price/Book Value (P/BV) 1.47 1.54 1.28
Dividend Yield % 5.93 5.01 7.08
Earnings Per Share (EPS) PLN 4.60 4.10 4.89
Book Value Per Share PLN 52.0 53.1 54.0
Dividend Per Share PLN 4.53 4.10 4.89

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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 PLN mil ... ... ... ... ... ...                   1,488 1,242 1,164 977 1,004    
Total Revenues PLN mil ... ... ... ... ... ...                   2,727 2,547 2,424 2,104 2,081    
Operating Profit PLN mil ... ... ... ... ... ...                   1,297 1,177 1,154 774 879    
Net Profit PLN mil                               970 973 947 626 602    
balance sheet                                            
Interbank Loans PLN mil ... ... ... ... ... ...                   1,462 3,540 2,066 757 587    
Customer Loans PLN mil ... ... ... ... ... ...                   16,221 15,231 16,771 18,976 17,170    
Debt Securities PLN mil ... ... ... ... ... ...                   21,842 23,404 27,175 25,414 24,556    
Total Assets PLN mil                               43,509 45,398 49,844 49,507 45,210    
Shareholders' Equity PLN mil                               7,391 7,307 7,527 6,851 6,790    
Interbank Borrowing PLN mil ... ... ... ... ... ...                   2,356 6,378 5,123 6,964 2,311    
Customer Deposits PLN mil ... ... ... ... ... ...                   26,852 26,569 29,633 31,586 33,937    
Issued Debt Securities PLN mil ... ... ... ... ... ...                   5,846 4,222 6,771 3,360 1,346    
ratios                                            
ROE %                               14.0 13.2 12.8 8.71 8.82    
ROA %                               2.26 2.19 1.99 1.26 1.27    
Costs (As % Of Assets) % ... ... ... ... ... ...                   3.33 3.08 2.67 2.68 2.54    
Costs (As % Of Income) % ... ... ... ... ... ...                   52.4 53.8 52.4 63.2 57.8    
Capital Adequacy Ratio % ... ... ... ... ...                     18.1 16.7 17.5 17.1 17.4    
Net Interest Margin % ... ... ... ... ... ...                   3.47 2.79 2.44 1.97 2.12    
Interest Income (As % Of Revenues) % ... ... ... ... ... ...                   54.6 48.8 48.0 46.4 48.2    
Fee Income (As % Of Revenues) % ... ... ... ... ... ...                   22.0 25.2 25.5 30.0 27.0    
Staff Cost (As % Of Total Cost) % ... ... ... ... ... ...                   50.4 50.4 45.7 42.5 46.0    
Equity (As % Of Assets) %                               17.0 16.1 15.1 13.8 15.0    
Loans (As % Of Deposits) % ... ... ... ... ... ...                   60.4 57.3 56.6 60.1 50.6    
Loans (As % Assets) % ... ... ... ... ... ...                   37.3 33.6 33.6 38.3 38.0    
NPLs (As % Of Loans) % ... ... ... ... ... ...                   8.59 7.58 5.77 3.20 3.10    
Provisions (As % Of NPLs) % ... ... ... ... ... ...                   80.3 80.0 89.3 93.6 103    
valuation                                            
Market Capitalisation (End Of Period) USD mil ... ...                           4,151 4,552 4,189 2,654 2,388    
Number Of Shares (Average) mil ... ...                           131 131 131 131 131    
Share Price (End Of Period) PLN ... ...                           98.3 105 114 71.9 76.4    
Earnings Per Share (EPS) PLN ... ...                           7.42 7.44 7.25 4.79 4.60    
Book Value Per Share PLN ... ...                           56.6 55.9 57.6 52.4 52.0    
Dividend Per Share PLN ... ...                           5.79 7.15 7.43 4.68 4.53    
Price/Earnings (P/E) ... ...                           13.2 14.1 15.7 15.0 16.6    
Price/Book Value (P/BV) ... ...                           1.74 1.88 1.97 1.37 1.47    
Dividend Yield % ... ...                           5.89 6.81 6.55 6.51 5.93    
Earnings Per Share Growth % ... ... ...                         31.7 0.266 -2.61 -33.9 -3.97    
Book Value Per Share Growth % ... ... ...                         14.7 -1.14 3.01 -8.99 -0.879    
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 PLN mil ... ... ... ... ... ...                   2,076 1,646 1,489 1,232 1,259    
Interest Cost PLN mil ... ... ... ... ... ...                   588 404 325 256 255    
Net Interest Income PLN mil ... ... ... ... ... ...                   1,488 1,242 1,164 977 1,004    
Net Fee Income PLN mil ... ... ... ... ... ...                   599 642 619 631 561    
Other Income PLN mil ... ... ... ... ... ...                   640 662 641 496 517    
Total Revenues PLN mil ... ... ... ... ... ...                   2,727 2,547 2,424 2,104 2,081    
Staff Cost PLN mil ... ... ... ... ... ...                   720 690 580 566 553    
Depreciation PLN mil ... ... ... ... ... ...                   64.7 62.6 71.4 70.4 69.9    
Other Cost PLN mil ... ... ... ... ... ...                   645 617 618 694 580    
Operating Cost PLN mil ... ... ... ... ... ...                   1,430 1,370 1,269 1,331 1,202    
Operating Profit PLN mil ... ... ... ... ... ...                   1,297 1,177 1,154 774 879    
Provisions PLN mil ... ... ... ... ... ...                   58.1 -36.2 -17.8 -17.2 45.8    
Extra and Other Cost PLN mil ... ... ... ... ... ...                   -0.624 -4.91 4.53 -0.061 69.1    
Pre-Tax Profit PLN mil                               1,240 1,218 1,168 791 764    
Tax PLN mil ... ... ... ... ... ...                   269 245 220 164 163    
Minorities PLN mil ... ... ... ... ... ...                   0 0 0 0 0.085    
Net Profit PLN mil                               970 973 947 626 602    
Dividends PLN mil ... ...                           757 935 971 611 592    
growth rates                                            
Net Interest Income Growth % ... ... ... ... ... ... ...                 3.76 -16.5 -6.30 -16.1 2.76    
Net Fee Income Growth % ... ... ... ... ... ... ...                 -6.89 7.25 -3.64 2.01 -11.1    
Total Revenue Growth % ... ... ... ... ... ... ...                 12.4 -6.60 -4.82 -13.2 -1.08    
Operating Cost Growth % ... ... ... ... ... ... ...                 -0.167 -4.20 -7.32 4.83 -9.65    
Operating Profit Growth % ... ... ... ... ... ... ...                 30.4 -9.25 -1.92 -33.0 13.7    
Pre-Tax Profit Growth % ...                             34.5 -1.73 -4.14 -32.3 -3.34    
Net Profit Growth % ...                             31.7 0.266 -2.61 -33.9 -3.97    
market share                                            
Market Share in Revenues % ... ... ... ... ... ...                   4.64 4.59 4.20 3.76 3.51   ...
Market Share in Net Profit %                               6.27 6.41 5.97 5.60 4.32   ...
Market Share in Employees % ... ... ... ... ... ...                   2.89 2.60 2.47 2.37 2.10   ...
Market Share in Bank Cards % ... ... ... ... ... ... ... ... ... ... ... ... ...     5.81 5.26 4.75 4.69 2.66   ...
Market Share in Debit Cards % ... ... ... ... ... ... ... ... ... ... ... ... ... ...   1.57 1.22 1.03 0.950 0.808   ...
Market Share in Credit Cards % ... ... ... ... ...                     23.5 23.9 23.1 22.9 11.9   ...
Market Share in Branches % ... ... ... ... ... ... ...                 0.572 0.426 0.293 0.311 0.194   ...
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 PLN mil ... ... ... ... ... ...                   1,357 778 1,523 2,170 666    
Interbank Loans PLN mil ... ... ... ... ... ...                   1,462 3,540 2,066 757 587    
Customer Loans PLN mil ... ... ... ... ... ...                   16,221 15,231 16,771 18,976 17,170    
Retail Loans PLN mil ... ... ... ... ... ...                   5,921 5,283 5,885 6,173 6,412    
Mortgage Loans PLN mil ... ... ... ... ... ... ... ... ... ...           926 1,068 1,236 1,300 1,316    
Consumer Loans PLN mil ... ... ... ... ... ...                   4,995 4,215 4,648 4,872 5,096    
Corporate Loans PLN mil ... ... ... ... ... ...                   12,893 9,233 9,864 10,769 10,757    
Debt Securities PLN mil ... ... ... ... ... ...                   21,842 23,404 27,175 25,414 24,556    
Fixed Assets PLN mil ... ... ... ... ... ...                   1,790 1,802 1,755 1,726 1,694    
Total Assets PLN mil                               43,509 45,398 49,844 49,507 45,210    
Shareholders' Equity PLN mil                               7,391 7,307 7,527 6,851 6,790    
Of Which Minority Interest PLN mil ... ... ... ... ... ...                   0 0 0 0 0    
Liabilities PLN mil                               36,117 38,091 42,317 42,656 38,420    
Interbank Borrowing PLN mil ... ... ... ... ... ...                   2,356 6,378 5,123 6,964 2,311    
Customer Deposits PLN mil ... ... ... ... ... ...                   26,852 26,569 29,633 31,586 33,937    
Retail Deposits PLN mil ... ... ... ... ... ...                   5,887 6,907 7,662 8,742 9,949    
Corporate Deposits PLN mil ... ... ... ... ... ...                   12,101 15,918 18,723 16,427 19,174    
Sight Deposits PLN mil ... ... ... ... ... ... ... ... ... ... ... ...       14,284 17,304 19,537 20,195 22,973    
Term Deposits PLN mil ... ... ... ... ... ... ... ... ... ... ... ...       9,345 8,781 9,963 7,700 10,963    
Issued Debt Securities PLN mil ... ... ... ... ... ...                   5,846 4,222 6,771 3,360 1,346    
Other Liabilities PLN mil ... ... ... ... ... ...                   1,062 922 791 746 827    
asset quality                                            
Non-Performing Loans PLN mil ... ... ... ... ... ...                   1,408 1,229 1,095 626 547    
Gross Loans PLN mil ... ... ... ... ... ...                   16,400 16,215 18,967 19,561 17,647    
Total Provisions PLN mil ... ... ... ... ... ...                   1,131 984 978 585 563    
growth rates                                            
Customer Loan Growth % ... ... ... ... ... ... ...                 10.2 -6.10 10.1 13.1 -9.52    
Retail Loan Growth % ... ... ... ... ... ... ...                 1.00 -10.8 11.4 4.89 3.89    
Mortgage Loan Growth % ... ... ... ... ... ... ... ... ... ... ...         58.6 15.4 15.7 5.15 1.24    
Consumer Loan Growth % ... ... ... ... ... ... ...                 -5.37 -15.6 10.3 4.82 4.59    
Corporate Loan Growth % ... ... ... ... ... ... ...                 21.2 -28.4 6.84 9.17 -0.110    
Total Asset Growth % ...                             2.91 4.34 9.79 -0.676 -8.68    
Shareholders' Equity Growth % ...                             14.7 -1.14 3.01 -8.99 -0.879    
Customer Deposit Growth % ... ... ... ... ... ... ...                 11.4 -1.06 11.5 6.59 7.44    
Retail Deposit Growth % ... ... ... ... ... ... ...                 -1.60 17.3 10.9 14.1 13.8    
Corporate Deposit Growth % ... ... ... ... ... ... ...                 -1.76 31.5 17.6 -12.3 16.7    
market share                                            
Market Share in Customer Loans % ... ... ... ... ... ...                   1.73 1.57 1.61 1.72 1.48   ...
Market Share in Corporate Loans % ... ... ... ... ... ...                   4.74 3.32 3.28 3.29 3.12   ...
Market Share in Retail Loans % ... ... ... ... ... ...                   2.36 1.93 2.00 1.97 1.96   ...
Market Share in Consumer Loans % ... ... ... ... ... ...                   1.11 0.953 0.999 0.982 0.971   ...
Market Share in Mortgage Loans % ... ... ... ... ... ... ... ... ... ...           0.288 0.318 0.347 0.341 0.329   ...
Market Share in Total Assets %                               3.22 3.23 3.25 3.09 2.64   ...
Market Share in Customer Deposits % ... ... ... ... ... ...                   2.89 2.72 2.83 2.83 2.80   ...
Market Share in Retail Deposits % ... ... ... ... ... ...                   1.14 1.26 1.26 1.31 1.36   ...
Market Share in Corporate Deposits % ... ... ... ... ... ...                   6.33 7.59 8.16 6.48 6.97   ...
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 %                               14.0 13.2 12.8 8.71 8.82    
ROA %                               2.26 2.19 1.99 1.26 1.27    
Costs (As % Of Assets) % ... ... ... ... ... ...                   3.33 3.08 2.67 2.68 2.54    
Costs (As % Of Income) % ... ... ... ... ... ...                   52.4 53.8 52.4 63.2 57.8    
Capital Adequacy Ratio % ... ... ... ... ...                     18.1 16.7 17.5 17.1 17.4    
Net Interest Margin % ... ... ... ... ... ...                   3.47 2.79 2.44 1.97 2.12    
Interest Spread % ... ... ... ... ... ...                   3.21 2.61 2.32 1.88 2.03    
Asset Yield % ... ... ... ... ... ...                   4.84 3.70 3.13 2.48 2.66    
Cost Of Liabilities % ... ... ... ... ... ...                   1.63 1.09 0.809 0.602 0.629    
Payout Ratio % ... ...                           78.0 96.1 102 97.6 98.4    
Interest Income (As % Of Revenues) % ... ... ... ... ... ...                   54.6 48.8 48.0 46.4 48.2    
Fee Income (As % Of Revenues) % ... ... ... ... ... ...                   22.0 25.2 25.5 30.0 27.0    
Other Income (As % Of Revenues) % ... ... ... ... ... ...                   23.5 26.0 26.4 23.6 24.8    
Cost Per Employee USD per month ... ... ... ... ... ...                   3,504 3,898 3,387 3,470 3,150    
Cost Per Employee (Local Currency) PLN per month ... ... ... ... ... ...                   11,401 12,319 11,098 11,372 12,654    
Staff Cost (As % Of Total Cost) % ... ... ... ... ... ...                   50.4 50.4 45.7 42.5 46.0    
Equity (As % Of Assets) %                               17.0 16.1 15.1 13.8 15.0    
Loans (As % Of Deposits) % ... ... ... ... ... ...                   60.4 57.3 56.6 60.1 50.6    
Loans (As % Assets) % ... ... ... ... ... ...                   37.3 33.6 33.6 38.3 38.0    
NPLs (As % Of Loans) % ... ... ... ... ... ...                   8.59 7.58 5.77 3.20 3.10    
Provisions (As % Of NPLs) % ... ... ... ... ... ...                   80.3 80.0 89.3 93.6 103    
Provisions (As % Of Loans) % ... ... ... ... ... ...                   6.97 6.46 5.83 3.09 3.28    
Cost of Provisions (As % Of Loans) % ... ... ... ... ... ...                   0.376 -0.230 -0.111 -0.096 0.253    
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 ... ... ... ... ... ... ...                 88.0 65.0 44.0 45.0 28.0   ...
Employees ... ... ... ... ... ...                   5,263 4,665 4,355 4,146 3,640    
ATMs ... ... ... ... ... ... ... ... ... ... ... ...       115 93.0 71.0 76.0 ... ... ...
Clients mil ... ... ... ... ... ... ... ... ... ... ... ... ... ...   1.44 1.30 1.20 1.32 0.681    
Payment Cards '000 ... ... ... ... ... ... ... ... ... ... ... ... ...     1,934 1,809 1,700 1,606 947    
Debit Cards '000 ... ... ... ... ... ... ... ... ... ... ... ... ... ...   418 345 306 277 248    
Credit Cards '000 ... ... ... ... ...                     1,516 1,465 1,394 1,329 699    
Sight (As % Of Customer Deposits) % ... ... ... ... ... ... ... ... ... ... ... ...       53.2 65.1 65.9 63.9 67.7    

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BH's net profit fell 27.0% yoy to PLN 133 mil in 2Q2019

By Helgi Analytics - November 05, 2019

Bank Handlowy made a net profit of PLN 133 mil in the second quarter of 2019, down 27% when compared to the same period of last year. This implies a return on equity of 7.69%. Historically, the bank’s net profit reached an all time high of PLN 355 mil in 1Q2013 a...

BH's corporate loans rose 6.98% yoy to PLN 12,784 mil in 2Q2019

By Helgi Analytics - November 05, 2019

Bank Handlowy's loans reached PLN 20,762 mil in the second quarter of 2019, down from PLN 21,020 mil when compared to the previous quarter and up from PLN 19,502 mil when compared to the same period of last year. Historically, the bank’s loans reach...

BH's price/earnings (P/E) fell 0.058% yoy to 13.9 in 2Q2019

By Helgi Analytics - November 05, 2019

Bank Handlowy stock traded at PLN 53.7 per share at the end second quarter of 2019 implying a market capitalization of USD 1,881 mil. Since the end of 2Q2014, the stock has depreciated by -55.2 % implying an annual average growth of -14.8 %. In absolute terms, the val...

BH's net interest margin fell 6.56% yoy to 2.28% in 2Q2019

By Helgi Analytics - November 05, 2019

Bank Handlowy's net interest margin amounted to 2.28% in the second quarter of 2019, up from 2.24% when compared to the previous quarter. Historically, the bank’s net interest margin reached an all time high of 3.96% in 1Q2010 and an all time low of 1.8...

BH's equity (as % of assets) fell 13.3% yoy to 13.2% in 2Q2019

By Helgi Analytics - November 05, 2019

Bank Handlowy's Equity reached 9.29% of total assets in the 2Q2019, down from 10.9% for the previous year. As a share of net customer loans, the ratio amounted to 12.8% at the end of the second quarter of 2019. ...

BH's Cost of Risk rose 238% yoy to 0.827% in 2Q2019

By Helgi Analytics - November 05, 2019

Bank Handlowy's Cost of Risk (loan loss provisions as % of total assets) amounted to 0.827% in the second quarter of 2019, up from 0.228% when compared to the previous quarter. Historically, the bank’s cost of risk reached an all time high of 1.73% in 2Q2009 ...

BH's net interest income rose 6.56% yoy to PLN 288 mil in 2Q2019

By Helgi Analytics - November 05, 2019

Bank Handlowy generated total banking revenues of PLN 579 mil in the second quarter of 2019, up 3.13% when compared to the same period of last year and 7.71% when compared to the previous quarter. Historically, the bank’s revenues containing of interest, ...

BH's customer loan growth rose 7.56% yoy to 6.01% in 2Q2019

By Helgi Analytics - November 05, 2019

Bank Handlowy's customer loan growth reached 6.01% in 2019-06-30, up from 5.58% compared to the previous year. Historically, the bank’s loans growth reached an all time high of 19.4% in 2008-03-31 and an all time low of -16.6% in 2010-03-31. In the last d...

BH's retail loan growth fell 25.0% yoy to 4.32% in 2Q2019

By Helgi Analytics - November 05, 2019

Bank Handlowy's retail loans reached PLN 7,243 mil at the end of 2019-06-30, up 2.48% compared to the previous year. In the last decade, the average annual loan growth amounted to 2.67%. Overall, retail loans accounted for 36.2% of the bank's loan book at t...

BH's npls (as % of loans) fell 6.30% to 3.28% in 2018

By Helgi Analytics - November 05, 2019

Bank Handlowy's non-performing loans reached 3.28% of total loans at the end of 2018, down from 3.50% compared to the previous year. Historically, the NPL ratio hit an all time high of 29.8% in 2003 and an all time low of 3.10% in 2016. Provision coverage a...

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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 -1.06% and 1.48% a year on average in the last 10 years. Its loans and deposits have grown by 3.61% and 6.76% a year during that time and loans to deposits ratio reached 51.7% at the end of 2018. The company achieved an average return on equity of 10.6% in the last decade with net profit growing 0.619% a year on average. In terms of operating efficiency, its cost to income ratio reached 54.6% in 2018, compared to 56.1% average in the last decade.

Equity represented 14.3% of total assets or 35.6% of loans at the end of 2018. Bank Handlowy's non-performing loans were 3.28% of total loans while provisions covered some 99.5% of NPLs at the end of 2018.

Valuation

Bank Handlowy stock traded at PLN 69.1 per share at the end of 2018 resulting in a market capitalization of USD 2,414 mil. Over the previous five years, stock price fell by 34.2% or 8.029999999999999% a year on average. That’s compared to an average ROE of 9.45% the bank generated for its shareholders. This closing price put stock at a 12-month trailing price to earnings (PE) of 14.1x and price to book value (PBV) of 1.28x in 2018.