China Everbright Bank

Everbright Bank's net profit rose 18.7% yoy to CNY 10,711 mil in 2Q2019

By Helgi Analytics - October 11, 2019

China Everbright Bank made a net profit of CNY 10,711 mil under revenues of CNY 32,467 mil in the second quarter of 2019, up 18.7% an...

Everbright Bank's corporate loans rose 15.8% yoy to CNY 1,464,500 mil in 2Q2019

By Helgi Analytics - October 11, 2019

China Everbright Bank's loans reached CNY 2,602,500 mil in the second quarter of 2019, up from CNY 2,509,700 mil when compar...

Everbright Bank's market capitalisation (end of period) fell 1.20% to USD 25,606 mil in 2Q2019

By Helgi Analytics - October 23, 2019

China Everbright Bank stock traded at JPY 1,645 per share at the end of second quarter of 2019 implying a market capitalization of U...

Profit Statement 2016 2017 2018
Net Interest Income CNY mil 65,288 60,950 61,043
Net Fee Income CNY mil 28,112 30,774 36,894
Other Income CNY mil 1,451 1,866 14,252
Total Revenues CNY mil 94,851 93,590 112,189
Operating Profit CNY mil 64,110 62,552 78,763
Provisions CNY mil 22,111 19,700 34,345
Net Profit CNY mil 30,329 31,545 33,659
Balance Sheet 2016 2017 2018
Interbank Loans CNY mil 425,935 285,011 175,463
Customer Loans CNY mil 1,751,600 1,980,800 2,361,300
Debt Securities CNY mil 1,318,100 1,297,900 1,324,700
Total Assets CNY mil 4,020,000 4,088,200 4,357,300
Shareholders' Equity CNY mil 251,068 305,436 322,473
Interbank Borrowing CNY mil 1,154,100 962,326 1,215,600
Customer Deposits CNY mil 2,120,900 2,567,100 2,581,700
Issued Debt Securities CNY mil 412,500 150,939 164,844
Ratios 2016 2017 2018
ROE % 12.8 11.3 10.7
ROA % 0.844 0.778 0.797
Costs (As % Of Assets) % 0.855 0.766 0.792
Costs (As % Of Income) % 32.4 33.2 29.8
Capital Adequacy Ratio % 10.8 13.5 13.0
Net Interest Margin % 1.82 1.50 1.45
Loans (As % Of Deposits) % 82.6 77.2 91.5
NPLs (As % Of Loans) % 1.62 2.59 1.61
Provisions (As % Of NPLs) % 150 97.5 154
Valuation 2016 2017 2018
Market Capitalisation (End Of Period) USD mil 22,873 25,563 24,803
Share Price (End Of Period) HKD 3.80 4.28 3.70
Price/Earnings (P/E) 6.52 7.60 6.57
Price/Book Value (P/BV) 0.788 0.785 0.685
Earnings Per Share (EPS) CNY 0.650 0.676 0.641
Book Value Per Share CNY 5.38 6.54 6.14

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summary Unit 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018
income statement                                  
Net Interest Income CNY mil                     50,263 50,865 58,259 66,463 65,288    
Total Revenues CNY mil                     60,555 66,363 80,117 93,439 94,851    
Operating Profit CNY mil                     37,787 39,573 49,830 60,535 64,110    
Net Profit CNY mil                     23,591 26,715 28,883 29,528 30,329    
balance sheet                                  
Interbank Loans CNY mil                     413,724 360,626 459,731 371,717 425,935    
Customer Loans CNY mil                     997,331 1,142,100 1,271,400 1,475,400 1,751,600    
Debt Securities CNY mil ... ...                 478,384 493,057 588,544 903,871 1,318,100    
Total Assets CNY mil                     2,279,300 2,415,100 2,737,000 3,167,700 4,020,000    
Shareholders' Equity CNY mil                     114,322 153,052 179,483 224,047 251,068    
Interbank Borrowing CNY mil                     625,051 552,585 625,743 675,084 1,154,100    
Customer Deposits CNY mil                     1,426,900 1,607,800 1,822,100 2,148,200 2,120,900    
Issued Debt Securities CNY mil                     52,700 39,700 52,900 55,700 412,500    
ratios                                  
ROE %                     22.4 20.0 17.4 14.6 12.8    
ROA %                     1.18 1.14 1.12 1.00 0.844    
Costs (As % Of Assets) %                     1.13 1.14 1.18 1.11 0.855    
Costs (As % Of Income) %                     37.6 40.4 37.8 35.2 32.4    
Capital Adequacy Ratio % ... ... ...               11.0 10.6 11.2 11.9 10.8    
Net Interest Margin %                     2.51 2.17 2.26 2.25 1.82    
Interest Income (As % Of Revenues) %                     83.0 76.6 72.7 71.1 68.8    
Fee Income (As % Of Revenues) %                     15.7 22.5 23.9 28.1 29.6    
Equity (As % Of Assets) %                     5.02 6.34 6.56 7.07 6.25    
Loans (As % Of Deposits) %                     69.9 71.0 69.8 68.7 82.6    
Loans (As % Assets) %                     43.8 47.3 46.5 46.6 43.6    
NPLs (As % Of Loans) % ... ...                 0.768 0.898 1.57 2.43 1.62    
Provisions (As % Of NPLs) % ... ...                 329 231 137 104 150    
valuation                                  
Market Capitalisation (End Of Period) USD mil ... ... ... ... ... ... ... ...     15,912 15,876 28,048 24,576 22,873    
Number Of Shares (Average) mil                     40,435 40,611 46,646 46,679 46,679    
Share Price (End Of Period) HKD ... ... ... ... ... ... ... ...     3.05 3.03 4.66 4.08 3.80    
Earnings Per Share (EPS) CNY                     0.583 0.658 0.619 0.633 0.650    
Book Value Per Share CNY                     2.83 3.77 3.85 4.80 5.38    
Price/Earnings (P/E) ... ... ... ... ... ... ... ...     6.50 5.90 9.41 7.70 6.52    
Price/Book Value (P/BV) ... ... ... ... ... ... ... ...     1.34 1.03 1.51 1.02 0.788    
Earnings Per Share Growth % ...                   30.6 12.8 -5.87 2.16 2.71    
Book Value Per Share Growth % ...                   18.9 33.3 2.10 24.7 12.1    
income statement Unit 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018
income statement                                  
Interest Income CNY mil                     103,971 120,085 133,926 141,911 143,450    
Interest Cost CNY mil                     53,708 69,220 75,667 75,448 78,162    
Net Interest Income CNY mil                     50,263 50,865 58,259 66,463 65,288    
Net Fee Income CNY mil                     9,479 14,952 19,157 26,301 28,112    
Other Income CNY mil                     813 546 2,701 675 1,451    
Total Revenues CNY mil                     60,555 66,363 80,117 93,439 94,851    
Operating Cost CNY mil                     22,768 26,790 30,287 32,904 30,741    
Operating Profit CNY mil                     37,787 39,573 49,830 60,535 64,110    
Provisions CNY mil                     5,690 4,336 9,981 19,724 22,111    
Extra and Other Cost CNY mil                     507 816 1,295 1,453 1,819    
Pre-Tax Profit CNY mil                     31,590 34,421 38,554 39,358 40,180    
Tax CNY mil                     7,970 7,667 9,626 9,781 9,792    
Minorities CNY mil           ... ...       29.0 39.0 45.0 49.0 59.0    
Net Profit CNY mil                     23,591 26,715 28,883 29,528 30,329    
growth rates                                  
Net Interest Income Growth % ...                   27.4 1.20 14.5 14.1 -1.77    
Net Fee Income Growth % ...                   35.9 57.7 28.1 37.3 6.89    
Total Revenue Growth % ...                   30.3 9.59 20.7 16.6 1.51    
Operating Cost Growth % ...                   23.6 17.7 13.1 8.64 -6.57    
Operating Profit Growth % ...                   34.8 4.73 25.9 21.5 5.91    
Pre-Tax Profit Growth % ...                   30.5 8.96 12.0 2.09 2.09    
Net Profit Growth % ...                   30.6 13.2 8.12 2.23 2.71    
market share                                  
Market Share in Revenues % ... ... ... ... ... ... ... ...     1.91 1.85 1.91 2.01 2.02   ...
Market Share in Net Profit % ... ... ... ... ...           1.56 ... ... ... ... ... ...
Market Share in Employees % ... ... ... ... ... ... ... ...   ... ... ... ... ... ... ... ...
balance sheet Unit 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018
balance sheet                                  
Cash CNY mil                     285,478 312,643 354,185 326,735 381,620    
Interbank Loans CNY mil                     413,724 360,626 459,731 371,717 425,935    
Customer Loans CNY mil                     997,331 1,142,100 1,271,400 1,475,400 1,751,600    
Retail Loans CNY mil ... ... ... ... ...           311,454 391,372 458,385 525,020 663,131    
Mortgage Loans CNY mil ... ... ... ... ... ... ...       154,550 176,979 199,167 237,772 290,114    
Consumer Loans CNY mil ... ... ... ... ... ... ...       156,904 214,393 259,218 287,248 373,017    
Corporate Loans CNY mil ... ... ... ... ...           711,733 774,938 841,070 988,523 1,132,100    
Debt Securities CNY mil ... ...                 478,384 493,057 588,544 903,871 1,318,100    
Fixed Assets CNY mil                     13,810 14,673 15,246 14,873 16,459    
Total Assets CNY mil                     2,279,300 2,415,100 2,737,000 3,167,700 4,020,000    
Shareholders' Equity CNY mil                     114,322 153,052 179,483 224,047 251,068    
Of Which Minority Interest CNY mil                     144 213 508 554 613    
Liabilities CNY mil                     2,164,980 2,262,050 2,557,520 2,943,650 3,768,930    
Interbank Borrowing CNY mil                     625,051 552,585 625,743 675,084 1,154,100    
Customer Deposits CNY mil                     1,426,900 1,607,800 1,822,100 2,148,200 2,120,900    
Sight Deposits CNY mil ... ... ...               554,928 497,585 562,607 625,513 812,023    
Term Deposits CNY mil ... ... ...               871,972 1,110,220 1,259,490 1,522,690 1,308,880    
Issued Debt Securities CNY mil                     52,700 39,700 52,900 55,700 412,500    
Other Liabilities CNY mil                     60,327 61,963 56,774 64,669 81,432    
asset quality                                  
Non-Performing Loans CNY mil ... ...                 7,857 10,469 20,461 36,738 29,091    
Gross Loans CNY mil                     1,023,200 1,166,300 1,299,500 1,513,500 1,795,300    
Total Provisions CNY mil                     25,856 24,172 28,025 38,119 43,634    
growth rates                                  
Customer Loan Growth % ...                   14.8 14.5 11.3 16.0 18.7    
Retail Loan Growth % ... ... ... ... ... ...         33.4 25.7 17.1 14.5 26.3    
Mortgage Loan Growth % ... ... ... ... ... ... ... ...     18.7 14.5 12.5 19.4 22.0    
Consumer Loan Growth % ... ... ... ... ... ... ... ...     52.0 36.6 20.9 10.8 29.9    
Corporate Loan Growth % ... ... ... ... ... ...         8.43 8.88 8.53 17.5 14.5    
Total Asset Growth % ...                   31.5 5.96 13.3 15.7 26.9    
Shareholders' Equity Growth % ...                   18.9 33.9 17.3 24.8 12.1    
Customer Deposit Growth % ...                   16.5 12.7 13.3 17.9 -1.27    
market share                                  
Market Share in Customer Loans % ...                   1.48 1.43 1.41 1.40 1.50    
Market Share in Total Assets % ...                   1.71 1.58 1.59 1.59 1.74    
Market Share in Customer Deposits % ...                   1.51 3.86 4.03 3.77 2.99    
ratios Unit 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018
ratios                                  
ROE %                     22.4 20.0 17.4 14.6 12.8    
ROA %                     1.18 1.14 1.12 1.00 0.844    
Costs (As % Of Assets) %                     1.13 1.14 1.18 1.11 0.855    
Costs (As % Of Income) %                     37.6 40.4 37.8 35.2 32.4    
Capital Adequacy Ratio % ... ... ...               11.0 10.6 11.2 11.9 10.8    
Tier 1 Ratio % ... ... ...               8.00 9.11 9.34 10.2 9.34    
Net Interest Margin %                     2.51 2.17 2.26 2.25 1.82    
Interest Spread % ...                   2.36 1.99 2.06 2.06 1.66    
Asset Yield %                     5.18 5.12 5.20 4.81 3.99    
Cost Of Liabilities % ...                   2.83 3.13 3.14 2.74 2.33    
Interest Income (As % Of Revenues) %                     83.0 76.6 72.7 71.1 68.8    
Fee Income (As % Of Revenues) %                     15.7 22.5 23.9 28.1 29.6    
Other Income (As % Of Revenues) %                     1.34 0.823 3.37 0.722 1.53    
Equity (As % Of Assets) %                     5.02 6.34 6.56 7.07 6.25    
Loans (As % Of Deposits) %                     69.9 71.0 69.8 68.7 82.6    
Loans (As % Assets) %                     43.8 47.3 46.5 46.6 43.6    
NPLs (As % Of Loans) % ... ...                 0.768 0.898 1.57 2.43 1.62    
Provisions (As % Of NPLs) % ... ...                 329 231 137 104 150    
Provisions (As % Of Loans) %                     2.59 2.12 2.20 2.58 2.49    
Cost of Provisions (As % Of Loans) %                     0.610 0.405 0.827 1.44 1.37    
other data Unit 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018
other data                                  
Employees ... ...                 32,000 36,290 39,015 40,319 42,426    
Sight (As % Of Customer Deposits) % ... ... ...               38.9 30.9 30.9 29.1 38.3    
On-balance Sheet Loans RMB mil ... ... ... ... ... ... ... ... ... ... ... 1,142,100 1,271,400 1,475,400 1,751,600    

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Everbright Bank's net interest income rose 35.2% yoy to CNY 24,950 mil in 2Q2019

By Helgi Analytics - October 11, 2019

China Everbright Bank generated total banking revenues of CNY 32,467 mil in the second quarter of 2019, up 15.5% when compared to the same period of last year and down 5.93% when compared to the previous quarter. Historically, the bank’s revenues ...

Everbright Bank's net interest margin rose 24.5% yoy to 2.18% in 2Q2019

By Helgi Analytics - October 11, 2019

China Everbright Bank's net interest margin amounted to 2.18% in the second quarter of 2019, down from 2.18% when compared to the previous quarter. Historically, the bank’s net interest margin reached an all time high of 2.60% in 1Q2012 and an all time low o...

Everbright Bank's price/earnings (P/E) fell 9.47% yoy to 6.31 in 2Q2019

By Helgi Analytics - October 11, 2019

China Everbright Bank stock traded at HKD 3.21 per share at the end second quarter of 2019 implying a market capitalization of USD 25,606 mil. Since the end of 2Q2014, the stock has appreciated by 29.7 % implying an annual average growth of 5.33 %. In absolute terms, ...

Everbright Bank's capital adequacy ratio fell 3.08% yoy to 12.3% in 2Q2019

By Helgi Analytics - October 11, 2019

China Everbright Bank's capital adequacy ratio reached 12.3% at the end of second quarter of 2019, down from 12.9% when compared to the previous quarter. Historically, the bank’s capital ratio hit an all time high of 13.5% in 4Q2017 and an all time low of 9.65% in ...

Everbright Bank's share price (end of period) rose 4.23% yoy to HKD 3.21 in 2Q2019

By Helgi Analytics - October 11, 2019

China Everbright Bank stock traded at HKD 3.21 per share at the end of second quarter of 2019 implying a market capitalization of USD 25,606 mil. Over the last five years, the stock has appreciated by 29.7 % implying an annual average growth of 5.33 %. In absolute ter...

Everbright Bank's equity (as % of assets) rose 1.01% yoy to 7.19% in 2Q2019

By Helgi Analytics - December 12, 2019

China Everbright Bank's Equity reached 4.91% of total assets in the 2Q2019, up from 4.86% for the previous year. As a share of net customer loans, the ratio amounted to 10.9% at the end of the second quarter of 2019. ...

Everbright Bank's retail loan growth fell 26.2% yoy to 18.3% in 2Q2019

By Helgi Analytics - October 11, 2019

China Everbright Bank's retail loans reached CNY 1,105,400 mil at the end of 2019-06-30, up 2.42% compared to the previous year. In the last decade, the average annual loan growth amounted to 0%. Overall, retail loans accounted for 43.7% of the bank's loan ...

Everbright Bank's customer loan growth rose 21.9% yoy to 16.4% in 2Q2019

By Helgi Analytics - October 11, 2019

China Everbright Bank's customer loan growth reached 16.4% in 2019-06-30, up from 13.4% compared to the previous year. Historically, the bank’s loans growth reached an all time high of 19.8% in 2016-06-30 and an all time low of 11.3% in 2018-03-31. In the...

Everbright Bank's net interest margin fell 3.85% to 1.45% in 2018

By Helgi Analytics - October 11, 2019

China Everbright Bank's net interest margin amounted to 1.45% in 2018, down from 1.50% compared to the previous year. Historically, the bank’s net interest margin reached an all time high of 2.83% in 2008 and an all time low of 1.45% in 2018. The averag...

Everbright Bank's net profit rose 6.70% to CNY 33,659 mil in 2018

By Helgi Analytics - October 11, 2019

China Everbright Bank made a net profit of CNY 33,659 mil under revenues of CNY 112,189 mil in 2018, up 6.70% and 19.9% respectively compared to the previous year. Historically, the bank’s net profit reached an all time high of CNY 33,659 mil in 2018 and an all time low ...

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Finance

China Everbright Bank has been growing its revenues and asset by 16.1% and 17.7% a year on average in the last 10 years. Its loans and deposits have grown by 18.0% and 15.7% a year during that time and loans to deposits ratio reached 91.5% at the end of 2018. The company achieved an average return on equity of 16.8% in the last decade with net profit growing 16.5% a year on average. In terms of operating efficiency, its cost to income ratio reached 29.8% in 2018, compared to 37.5% average in the last decade.

Equity represented 7.40% of total assets or 13.7% of loans at the end of 2018. China Everbright Bank's non-performing loans were 1.61% of total loans while provisions covered some 154% of NPLs at the end of 2018.

Valuation

China Everbright Bank stock traded at HKD 3.70 per share at the end of 2018 resulting in a market capitalization of USD 24,803 mil. Over the previous five years, stock price rose by 22.1% or 4.07% a year on average. That’s compared to an average ROE of 13.4% the bank generated for its shareholders. This closing price put stock at a 12-month trailing price to earnings (PE) of 6.57x and price to book value (PBV) of 0.685x in 2018.