Bank Ochrony Srodowiska

BOS's net interest margin rose 20.1% yoy to 2.31% in 2Q2019

By Helgi Analytics - August 16, 2019

Bank Ochrony Srodowiska's net interest margin amounted to 2.31% in the second quarter of 2019, up from 2.24% when compared to th...

BOS's employees fell 11.2% yoy to 1,364 in 2Q2019

By Helgi Analytics - August 16, 2019

Bank Ochrony Srodowiska employed 1,364 persons in 2019-06-30, down 3.40% when compared to the previous year. Historically, the b...

BOS's net profit rose 51.6% yoy to PLN 27.0 mil in 2Q2019

By Helgi Analytics - August 16, 2019

Bank Ochrony Srodowiska made a net profit of PLN 27.0 mil under revenues of PLN 150 mil in the second quarter of 2019, up 51.6% and ...

Profit Statement 2016 2017 2018
Net Interest Income PLN mil 309 384 384
Net Fee Income PLN mil 109 109 97.9
Other Income PLN mil 92.5 97.2 97.9
Total Revenues PLN mil 511 590 580
Staff Cost PLN mil 173 171 161
Operating Profit PLN mil 130 210 223
Provisions PLN mil 209 138 134
Net Profit PLN mil -60.1 46.1 63.7
Balance Sheet 2016 2017 2018
Interbank Loans PLN mil 155 376 196
Customer Loans PLN mil 13,965 12,344 11,810
Debt Securities PLN mil 5,611 5,743 5,564
Total Assets PLN mil 20,830 19,677 18,251
Shareholders' Equity PLN mil 1,782 1,860 2,138
Interbank Borrowing PLN mil 116 480 572
Customer Deposits PLN mil 17,124 15,464 14,799
Issued Debt Securities PLN mil 1,581 1,514 490
Ratios 2016 2017 2018
ROE % -3.64 2.53 3.19
ROA % -0.288 0.227 0.336
Costs (As % Of Assets) % 1.83 1.88 1.88
Costs (As % Of Income) % 74.6 64.5 61.6
Capital Adequacy Ratio % 14.3 15.1 17.3
Net Interest Margin % 1.48 1.90 2.03
Loans (As % Of Deposits) % 81.6 79.8 79.8
NPLs (As % Of Loans) % 11.0 11.9 13.0
Provisions (As % Of NPLs) % 35.1 40.6 63.0
Valuation 2016 2017 2018
Market Capitalisation (End Of Period) USD mil 117 149 183
Share Price (End Of Period) PLN 11.4 8.27 7.35
Price/Earnings (P/E) ... 11.3 10.7
Price/Book Value (P/BV) 0.402 0.279 0.320
Dividend Yield % 0 0 0
Earnings Per Share (EPS) PLN -1.40 0.733 0.686
Book Value Per Share PLN 28.3 29.6 23.0
Dividend Per Share PLN 0 0 0

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summary Unit 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018
income statement                            
Net Interest Income PLN mil               284 276 289 261 309    
Total Revenues PLN mil ... ...           470 499 527 488 511    
Operating Profit PLN mil ... ...           96.5 133 150 57.3 130    
Net Profit PLN mil ... ...           37.5 64.4 65.6 -51.1 -60.1    
balance sheet                            
Interbank Loans PLN mil ... ...           119 152 347 380 155    
Customer Loans PLN mil ... ...           11,123 12,055 12,489 14,344 13,965    
Debt Securities PLN mil ... ...           3,963 4,872 5,709 5,108 5,611    
Total Assets PLN mil               16,867 18,418 19,672 20,922 20,830    
Shareholders' Equity PLN mil               1,438 1,452 1,548 1,525 1,782    
Interbank Borrowing PLN mil ... ...           466 443 354 0 116    
Customer Deposits PLN mil ... ...           11,816 13,196 14,228 15,968 17,124    
Issued Debt Securities PLN mil ... ...           2,912 3,060 3,161 2,918 1,581    
ratios                            
ROE % ... ...           2.90 4.45 4.37 -3.33 -3.64    
ROA % ... ...           0.231 0.365 0.344 -0.252 -0.288    
Costs (As % Of Assets) % ... ...           2.30 2.07 1.98 2.12 1.83    
Costs (As % Of Income) % ... ...           79.5 73.4 71.6 88.3 74.6    
Capital Adequacy Ratio %               15.2 12.4 14.0 12.1 14.3    
Net Interest Margin %               1.75 1.57 1.52 1.29 1.48    
Interest Income (As % Of Revenues) % ... ...           60.4 55.4 54.9 53.5 60.5    
Fee Income (As % Of Revenues) % ... ...           22.6 22.0 19.5 23.1 21.4    
Staff Cost (As % Of Total Cost) % ... ...           48.8 48.6 48.0 40.9 45.5    
Equity (As % Of Assets) %               8.52 7.89 7.87 7.29 8.55    
Loans (As % Of Deposits) % ... ...           94.1 91.3 87.8 89.8 81.6    
Loans (As % Assets) % ... ...           65.9 65.5 63.5 68.6 67.0    
NPLs (As % Of Loans) % ... ...           7.76 5.55 7.15 7.08 11.0    
Provisions (As % Of NPLs) % ... ...           33.5 44.5 34.5 36.7 35.1    
valuation                            
Market Capitalisation (End Of Period) USD mil ... ... ... ... ... ... ... ... 351 218 110 117    
Number Of Shares (Average) mil               19.6 22.9 22.9 22.9 42.9    
Share Price (End Of Period) PLN ... ... ... ... ... ... ... ... 46.3 33.7 17.1 11.4    
Earnings Per Share (EPS) PLN ... ...           1.91 2.81 2.87 -2.23 -1.40    
Book Value Per Share PLN               62.8 63.5 67.7 66.7 28.3    
Dividend Per Share PLN               0 0 0 0 0    
Price/Earnings (P/E) ... ... ... ... ... ... ... ... 16.4 11.8 ... ...    
Price/Book Value (P/BV) ... ... ... ... ... ... ... ... 0.728 0.499 0.256 0.402    
Dividend Yield % ... ... ... ... ... ... ... ... 0 0 0 0    
Earnings Per Share Growth % ... ... ...         -49.9 47.3 1.88 -178 -37.2    
Book Value Per Share Growth % ...             -10.5 1.03 6.55 -1.45 -57.5    
income statement Unit 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018
income statement                            
Interest Income PLN mil ... ...           900 772 746 660 695    
Interest Cost PLN mil ... ...           616 496 457 399 385    
Net Interest Income PLN mil               284 276 289 261 309    
Net Fee Income PLN mil               106 110 103 113 109    
Other Income PLN mil ... ...           79.6 113 135 114 92.5    
Total Revenues PLN mil ... ...           470 499 527 488 511    
Staff Cost PLN mil ... ...           182 178 181 176 173    
Depreciation PLN mil ... ...           35.9 46.2 49.1 52.5 45.4    
Other Cost PLN mil ... ...           155 142 147 202 162    
Operating Cost PLN mil ... ...           374 366 377 431 381    
Operating Profit PLN mil ... ...           96.5 133 150 57.3 130    
Provisions PLN mil ... ...           54.0 60.2 68.2 114 209    
Extra and Other Cost PLN mil ... ...           < 0.001 < -0.001 < -0.001 < 0.001 < -0.001    
Pre-Tax Profit PLN mil ... ...           42.4 72.8 81.5 -56.9 -78.9    
Tax PLN mil ... ...           4.94 8.40 16.0 -5.73 -18.8    
Minorities PLN mil ... ...           0 0 0 0 0    
Net Profit PLN mil ... ...           37.5 64.4 65.6 -51.1 -60.1    
Dividends PLN mil               0 0 0 0 0    
growth rates                            
Net Interest Income Growth % ...             5.08 -2.82 4.82 -9.68 18.3    
Net Fee Income Growth % ...             -6.05 3.26 -6.16 9.43 -3.16    
Total Revenue Growth % ... ... ...         -5.13 6.13 5.62 -7.32 4.61    
Operating Cost Growth % ... ... ...         -0.633 -2.05 3.08 14.3 -11.6    
Operating Profit Growth % ... ... ...         -19.3 37.8 12.6 -61.7 127    
Pre-Tax Profit Growth % ... ... ...         -44.8 71.4 12.1 -170 38.8    
Net Profit Growth % ... ... ...         -39.9 71.7 1.88 -178 17.7    
market share                            
Market Share in Revenues % ... ...           0.800 0.899 0.913 0.873 0.861   ...
Market Share in Net Profit % ... ...           0.242 0.424 0.413 ... ...   ...
Market Share in Employees % ... ... ... ... ... ...   1.09 1.07 1.05 1.00 0.969   ...
Market Share in Bank Cards % ... ... ... ...       0.397 0.338 0.294 0.294 0.285   ...
Market Share in Branches % ... ... ... ...       0.637 0.622 0.632 0.643 0.588   ...
balance sheet Unit 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018
balance sheet                            
Cash PLN mil ... ...           1,050 893 394 615 514    
Interbank Loans PLN mil ... ...           119 152 347 380 155    
Customer Loans PLN mil ... ...           11,123 12,055 12,489 14,344 13,965    
Retail Loans PLN mil ... ...           4,592 4,788 4,684 4,788 4,616    
Mortgage Loans PLN mil ... ...           3,791 3,855 3,844 3,821 3,698    
Consumer Loans PLN mil ... ...           800 933 839 967 918    
Corporate Loans PLN mil ... ...           3,459 4,334 5,221 7,377 7,497    
Debt Securities PLN mil ... ...           3,963 4,872 5,709 5,108 5,611    
Fixed Assets PLN mil ... ...           286 43.8 297 237 213    
Total Assets PLN mil               16,867 18,418 19,672 20,922 20,830    
Shareholders' Equity PLN mil               1,438 1,452 1,548 1,525 1,782    
Of Which Minority Interest PLN mil               0 0 0 0 0   ...
Liabilities PLN mil               15,429 16,965 18,124 19,397 19,048    
Interbank Borrowing PLN mil ... ...           466 443 354 0 116    
Customer Deposits PLN mil ... ...           11,816 13,196 14,228 15,968 17,124    
Retail Deposits PLN mil ... ... ... ...       4,617 5,215 7,022 8,397 10,797    
Corporate Deposits PLN mil ... ... ... ...       4,292 4,700 4,501 5,209 4,094    
Issued Debt Securities PLN mil ... ...           2,912 3,060 3,161 2,918 1,581    
Other Liabilities PLN mil ... ...           235 266 381 510 227    
asset quality                            
Non-Performing Loans PLN mil ... ...           887 686 916 1,043 1,603    
Gross Loans PLN mil ... ...           11,420 12,360 12,806 14,726 14,528    
Total Provisions PLN mil ... ...           297 305 316 382 563    
growth rates                            
Customer Loan Growth % ... ... ...         -2.03 8.38 3.61 14.8 -2.64    
Retail Loan Growth % ... ... ...         -2.74 4.27 -2.18 2.23 -3.61    
Mortgage Loan Growth % ... ... ...         -5.22 1.67 -0.267 -0.605 -3.23    
Consumer Loan Growth % ... ... ...         11.0 16.6 -10.1 15.2 -5.12    
Corporate Loan Growth % ... ... ...         8.20 25.3 20.5 41.3 1.62    
Total Asset Growth % ...             7.86 9.20 6.81 6.35 -0.441    
Shareholders' Equity Growth % ...             25.1 1.03 6.55 -1.45 16.8    
Customer Deposit Growth % ... ... ...         3.54 11.7 7.82 12.2 7.24    
Retail Deposit Growth % ... ... ... ... ...     0.738 12.9 34.7 19.6 28.6    
Corporate Deposit Growth % ... ... ... ... ...     8.90 9.50 -4.23 15.7 -21.4    
market share                            
Market Share in Customer Loans % ... ...           1.19 1.24 1.20 1.30 1.20   ...
Market Share in Corporate Loans % ... ...           1.27 1.56 1.73 2.25 2.17   ...
Market Share in Retail Loans % ... ...           0.378 0.426 0.360 0.391 0.352   ...
Market Share in Consumer Loans % ... ...           0.861 0.863 0.795 0.762 0.699   ...
Market Share in Mortgage Loans % ... ...           1.18 1.15 1.08 1.00 0.924   ...
Market Share in Total Assets %               1.25 1.31 1.28 1.31 1.22   ...
Market Share in Customer Deposits % ... ...           1.27 1.35 1.36 1.43 1.41   ...
Market Share in Retail Deposits % ... ... ... ...       0.895 0.951 1.16 1.26 1.48   ...
Market Share in Corporate Deposits % ... ... ... ...       2.24 2.24 1.96 2.06 1.49   ...
ratios Unit 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018
ratios                            
ROE % ... ...           2.90 4.45 4.37 -3.33 -3.64    
ROA % ... ...           0.231 0.365 0.344 -0.252 -0.288    
Costs (As % Of Assets) % ... ...           2.30 2.07 1.98 2.12 1.83    
Costs (As % Of Income) % ... ...           79.5 73.4 71.6 88.3 74.6    
Capital Adequacy Ratio %               15.2 12.4 14.0 12.1 14.3    
Tier 1 Ratio % ... ... ... ... ... ... ... 11.6 10.0 10.5 9.13 11.4    
Net Interest Margin %               1.75 1.57 1.52 1.29 1.48    
Interest Spread % ... ...           1.42 1.31 1.31 1.13 1.32    
Asset Yield % ... ...           5.54 4.38 3.92 3.25 3.33    
Cost Of Liabilities % ... ...           4.12 3.06 2.60 2.12 2.01    
Payout Ratio % ... ...           0 0 0 0 0    
Interest Income (As % Of Revenues) % ... ...           60.4 55.4 54.9 53.5 60.5    
Fee Income (As % Of Revenues) % ... ...           22.6 22.0 19.5 23.1 21.4    
Other Income (As % Of Revenues) % ... ...           16.9 22.6 25.5 23.4 18.1    
Cost Per Employee USD per month ... ... ... ... ... ...   2,360 2,451 2,502 2,553 2,132    
Cost Per Employee (Local Currency) PLN per month ... ... ... ... ... ...   7,679 7,747 8,197 8,367 8,613    
Staff Cost (As % Of Total Cost) % ... ...           48.8 48.6 48.0 40.9 45.5    
Equity (As % Of Assets) %               8.52 7.89 7.87 7.29 8.55    
Loans (As % Of Deposits) % ... ...           94.1 91.3 87.8 89.8 81.6    
Loans (As % Assets) % ... ...           65.9 65.5 63.5 68.6 67.0    
NPLs (As % Of Loans) % ... ...           7.76 5.55 7.15 7.08 11.0    
Provisions (As % Of NPLs) % ... ...           33.5 44.5 34.5 36.7 35.1    
Provisions (As % Of Loans) % ... ...           2.67 2.53 2.53 2.66 4.03    
Cost of Provisions (As % Of Loans) % ... ...           0.481 0.519 0.556 0.851 1.47    
other data Unit 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018
other data                            
Branches ... ... ... ...       98.0 95.0 95.0 93.0 85.0    
Employees ... ... ... ... ... ...   1,979 1,913 1,840 1,755 1,676    
Clients mil ... ... ... ...       0.202 0.219 0.226 0.255 0.264    
Payment Cards '000 ... ... ... ...       132 116 105 101 102    

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BOS's capital adequacy ratio rose 16.4% yoy to 17.3% in 2Q2019

By Helgi Analytics - August 16, 2019

Bank Ochrony Srodowiska's capital adequacy ratio reached 17.3% at the end of second quarter of 2019, up from 16.7% when compared to the previous quarter. Historically, the bank’s capital ratio hit an all time high of 17.4% in 3Q2018 and an all time low of 12.1% in ...

BOS's npls (as % of loans) fell 5.43% yoy to 12.5% in 2Q2019

By Helgi Analytics - August 16, 2019

Bank Ochrony Srodowiska's non-performing loans reached 12.5% of total loans at the end of 2019-06-30, down from 13.2% compared to the previous year. Historically, the NPL ratio hit an all time high of 13.3% in 2018-03-31 and an all time low of 5.55% in 2013-12-31...

BOS's costs (as % of assets) rose 2.13% yoy to 1.82% in 2Q2019

By Helgi Analytics - August 16, 2019

Bank Ochrony Srodowiska's cost to income ratio reached 56.1% in the second quarter of 2019, down from 72.4% when compared to the previous quarter. Historically, the bank’s costs reached an all time high of 105% of income in 4Q2015 and an all time low of 53.2...

BOS's net interest income rose 13.8% yoy to PLN 107 mil in 2Q2019

By Helgi Analytics - August 16, 2019

Bank Ochrony Srodowiska generated total banking revenues of PLN 150 mil in the second quarter of 2019, down 8.15% when compared to the same period of last year and up 1.97% when compared to the previous quarter. Historically, the bank’s revenues c...

BOS's corporate loans rose 22.8% yoy to PLN 7,969 mil in 2Q2019

By Helgi Analytics - August 16, 2019

Bank Ochrony Srodowiska's loans reached PLN 12,637 mil in the second quarter of 2019, down from PLN 12,734 mil when compared to the previous quarter and down from PLN 12,751 mil when compared to the same period of last year. Historically, the bank’s...

BOS's price/earnings (P/E) fell 31.7% yoy to 9.82 in 2Q2019

By Helgi Analytics - August 16, 2019

Bank Ochrony Srodowiska stock traded at PLN 7.78 per share at the end second quarter of 2019 implying a market capitalization of USD 194 mil. Since the end of 2Q2014, the stock has depreciated by -83.4 % implying an annual average growth of -30.2 %. In absolute terms,...

BOS's market capitalisation (end of period) fell 1.36% to USD 194 mil in 2Q2019

By Helgi Analytics - January 26, 2020

Bank Ochrony Srodowiska stock traded at PLN 7.78 per share at the end of second quarter of 2019 implying a market capitalization of USD 194 mil. Over the last five years, the stock has depreciated by 83.4 implying an annual average growth of -30.2% In abs...

BOS's equity (as % of assets) rose 26.5% yoy to 11.8% in 2Q2019

By Helgi Analytics - October 7, 2019

Bank Ochrony Srodowiska's Equity reached 11.8% of total assets in the 2Q2019, up from 9.29% for the previous year. As a share of net customer loans, the ratio amounted to 18.6% at the end of the second quarter of 2019. ...

BOS's share price (end of period) fell 7.82% yoy to PLN 7.78 in 2Q2019

By Helgi Analytics - August 16, 2019

Bank Ochrony Srodowiska stock traded at PLN 7.78 per share at the end of second quarter of 2019 implying a market capitalization of USD 194 mil. Over the last five years, the stock has depreciated by -83.4 % implying an annual average growth of -30.2 %. In absolute te...

BOS's retail loan growth rose 2.67% yoy to -8.85% in 2Q2019

By Helgi Analytics - August 15, 2019

Bank Ochrony Srodowiska's retail loans reached PLN 3,587 mil at the end of 2019-06-30, down 2.25% compared to the previous year. In the last decade, the average annual loan growth amounted to 0%. Overall, retail loans accounted for 30.8% of the bank's loan ...

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Bank Ochrony Środowisk (BOS) is a Poland's small-sized bank. The Bank specializes in supporting undertakings and activities contributing to environmental protection. The Bank divides its business activities into two divisions: Corporate and Public Finances division and Retail division. Its main products and services include deposit accounts, lending accounts, commercial loan facilities, investment banking services, trade finance services and foreign exchange and fiduciary services. As of December 31, 2011, the parent entity to BOS SA was Narodowy Fundusz Ochrony Srodowiska i Gospodarki Wodnej. Since 1997 its shares have been traded in the primary market of the Warsaw Stock Exchange.

Bank Ochrony Srodowiska Logo

Finance

Bank Ochrony Srodowiska has been growing its revenues and asset by 4.80% and 5.02% a year on average in the last 10 years. Its loans and deposits have grown by 4.25% and 4.86% a year during that time and loans to deposits ratio reached 79.8% at the end of 2018. The company achieved an average return on equity of 2.54% in the last decade with net profit growing 68.3% a year on average. In terms of operating efficiency, its cost to income ratio reached 61.6% in 2018, compared to 74.8% average in the last decade.

Equity represented 11.7% of total assets or 18.1% of loans at the end of 2018. Bank Ochrony Srodowiska's non-performing loans were 13.0% of total loans while provisions covered some 63.0% of NPLs at the end of 2018.

Valuation

Bank Ochrony Srodowiska stock traded at PLN 7.35 per share at the end of 2018 resulting in a market capitalization of USD 183 mil. Over the previous three years, stock price fell by 57% or 24.5% a year on average. That’s compared to an average ROE of 0.693% the bank generated for its shareholders. This closing price put stock at a 12-month trailing price to earnings (PE) of 10.7x and price to book value (PBV) of 0.320x in 2018.