Corporate Commercial Bank

CCB's net profit fell 6,136% to BGN -4,269 mil in 2014

By Helgi Analytics - March 7, 2018

Corporate Commercial Bank made a net profit of BGN -4,269 mil under revenues of BGN 91.4 mil in 2014, up -6136% and -50.6% respective...

CCB's net interest margin rose 28.2% to 1.83% in 2014

By Helgi Analytics - February 23, 2018

Corporate Commercial Bank's net interest margin amounted to 1.83% in 2014, up from 1.43% compared to the previous year. Hi...

CCB's total revenues fell 50.6% to BGN 91.4 mil in 2014

By Helgi Analytics - November 29, 2018

Corporate Commercial Bank generated total banking revenues of BGN 91.4 mil in 2014, down 50.6% compared to the previous year. ...

Profit Statement 2012 2013 2014
Net Interest Income BGN mil 97.5 88.2 78.4
Net Fee Income BGN mil 12.4 13.2 9.08
Other Income BGN mil 39.2 83.4 3.92
Total Revenues BGN mil 149 185 91.4
Staff Cost BGN mil 21.3 24.1 5.56
Operating Profit BGN mil 89.8 109 -52.0
Provisions BGN mil 28.2 28.7 4,228
Net Profit BGN mil 56.4 70.7 -4,269
Balance Sheet 2012 2013 2014
Interbank Loans BGN mil 103 171 161
Customer Loans BGN mil 3,678 4,614 725
Debt Securities BGN mil 650 658 411
Total Assets BGN mil 5,637 6,741 1,835
Shareholders' Equity BGN mil 450 606 -3,787
Interbank Borrowing BGN mil 231 202 93.2
Customer Deposits BGN mil 4,508 5,467 1,268
Issued Debt Securities BGN mil 437 459 4,254
Ratios 2012 2013 2014
ROE % 13.5 13.4 268
ROA % 1.17 1.14 -99.6
Costs (As % Of Assets) % 1.23 1.23 3.34
Costs (As % Of Income) % 39.8 41.2 157
Capital Adequacy Ratio % 13.4 12.6 ...
Net Interest Margin % 2.01 1.43 1.83
Loans (As % Of Deposits) % 81.6 84.4 57.2
NPLs (As % Of Loans) % 0.560 1.28 ...
Provisions (As % Of NPLs) % 173 101 ...
Valuation 2012 2013 2014
Market Capitalisation (End Of Period) USD mil 342 379 ...
Share Price (End Of Period) EUR 84.5 82.0 ...
Price/Earnings (P/E) 8.98 7.60 ...
Price/Book Value (P/BV) 1.13 0.887 ...
Dividend Yield % 0.014 0.012 ...
Earnings Per Share (EPS) BGN 9.40 10.8 ...
Book Value Per Share BGN 75.0 92.5 ...
Dividend Per Share 0.012 0.010 ...

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summary Unit 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014
income statement                          
Net Interest Income BGN mil             49.5 65.7 76.9 80.9 97.5    
Total Revenues BGN mil             79.0 113 124 119 149    
Operating Profit BGN mil             46.4 76.9 85.0 75.2 89.8    
Net Profit BGN mil             40.3 63.7 74.4 59.8 56.4    
balance sheet                          
Interbank Loans BGN mil             41.4 58.7 73.6 43.9 103    
Customer Loans BGN mil             1,154 1,388 1,660 2,629 3,678    
Debt Securities BGN mil             170 170 324 547 650    
Total Assets BGN mil             2,106 2,042 2,703 4,044 5,637    
Shareholders' Equity BGN mil             215 279 322 384 450    
Interbank Borrowing BGN mil             64.9 15.1 161 147 231    
Customer Deposits BGN mil             1,816 1,597 2,164 3,383 4,508    
Issued Debt Securities BGN mil             1.10 0.902 40.9 127 437    
ratios                          
ROE %             21.7 25.8 24.7 16.9 13.5    
ROA %             2.08 3.07 3.14 1.77 1.17    
Costs (As % Of Assets) %             1.68 1.73 1.65 1.30 1.23    
Costs (As % Of Income) %             41.3 31.9 31.5 36.8 39.8    
Capital Adequacy Ratio %             12.9 14.0 12.4 12.1 13.4   ...
Net Interest Margin %             2.55 3.17 3.24 2.40 2.01    
Interest Income (As % Of Revenues) %             62.6 58.2 61.9 67.9 65.4    
Fee Income (As % Of Revenues) %             11.0 12.3 11.9 10.6 8.35    
Staff Cost (As % Of Total Cost) %             39.6 39.7 39.8 42.4 36.0    
Equity (As % Of Assets) %             10.2 13.7 11.9 9.49 7.98    
Loans (As % Of Deposits) %             63.5 86.9 76.7 77.7 81.6    
Loans (As % Assets) %             54.8 68.0 61.4 65.0 65.3    
NPLs (As % Of Loans) % ... ... ... ... ... ... ... 0.231 0.183 0.354 0.560   ...
Provisions (As % Of NPLs) % ... ... ... ... ... ... ... 330 448 240 173   ...
valuation                          
Market Capitalisation (End Of Period) USD mil ... ... ... ... ...   277 253 253 322 342   ...
Number Of Shares (Average) mil ... ... ... ...     6.00 6.00 6.00 6.00 6.00   ...
Share Price (End Of Period) EUR ... ... ... ... ...   65.0 57.5 61.6 80.9 84.5   ...
Earnings Per Share (EPS) BGN ... ... ... ...     6.71 10.6 12.4 9.97 9.40   ...
Book Value Per Share BGN ... ... ... ...     35.8 46.6 53.7 64.0 75.0   ...
Dividend Per Share ... ... ... ... ...   0 0 5.25 0.103 0.012   ...
Price/Earnings (P/E) ... ... ... ... ...   9.69 5.42 4.97 8.11 8.98   ...
Price/Book Value (P/BV) ... ... ... ... ...   1.82 1.24 1.15 1.26 1.13   ...
Dividend Yield % ... ... ... ... ...   0 0 8.52 0.128 0.014   ...
Earnings Per Share Growth % ... ... ... ... ...   62.1 58.1 16.9 -19.6 -5.68   ...
Book Value Per Share Growth % ... ... ... ... ...   28.2 30.1 15.4 19.0 17.3   ...
income statement Unit 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014
income statement                          
Interest Income BGN mil             116 147 172 228 324    
Interest Cost BGN mil             66.2 81.5 95.3 147 227    
Net Interest Income BGN mil             49.5 65.7 76.9 80.9 97.5    
Net Fee Income BGN mil             8.71 13.9 14.7 12.6 12.4    
Other Income BGN mil             20.8 33.2 32.5 25.6 39.2    
Total Revenues BGN mil             79.0 113 124 119 149    
Staff Cost BGN mil             12.9 14.3 15.6 18.6 21.3    
Depreciation BGN mil             3.41 4.41 4.36 4.27 4.26    
Other Cost BGN mil             16.3 17.2 19.2 21.0 33.7    
Operating Cost BGN mil             32.6 35.9 39.1 43.9 59.3    
Operating Profit BGN mil             46.4 76.9 85.0 75.2 89.8    
Provisions BGN mil             1.60 4.18 3.05 8.82 28.2    
Extra and Other Cost BGN mil             0 0 0 0 0    
Pre-Tax Profit BGN mil             44.8 72.7 81.9 66.4 61.6    
Tax BGN mil             4.53 7.38 8.31 6.54 5.07    
Minorities BGN mil             0.009 1.66 -0.805 0.067 0.070    
Net Profit BGN mil             40.3 63.7 74.4 59.8 56.4    
Dividends BGN mil ... ... ... ... ...   0 0 31.5 0.620 0.072   ...
growth rates                          
Net Interest Income Growth % ...           32.0 32.6 17.1 5.22 20.5    
Net Fee Income Growth % ...           49.1 59.9 5.75 -14.2 -1.48    
Total Revenue Growth % ...           50.5 42.8 10.0 -4.02 25.2    
Operating Cost Growth % ...           33.4 10.2 8.85 12.1 35.2    
Operating Profit Growth % ...           65.4 65.7 10.5 -11.5 19.3    
Pre-Tax Profit Growth % ...           73.7 62.3 12.7 -18.9 -7.32    
Net Profit Growth % ...           73.9 58.1 16.9 -19.6 -5.68    
market share                          
Market Share in Revenues %             2.12 2.97 3.15 3.03 3.91    
Market Share in Net Profit %             2.93 8.46 12.4 12.6 10.7   ...
Market Share in Employees % ...           1.78 1.88 2.07 2.16 2.82   ...
Market Share in Branches % ... ...         0.319 0.389 0.393 0.688 0.678   ...
balance sheet Unit 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014
balance sheet                          
Cash BGN mil             675 351 569 755 1,034    
Interbank Loans BGN mil             41.4 58.7 73.6 43.9 103    
Customer Loans BGN mil             1,154 1,388 1,660 2,629 3,678    
Retail Loans BGN mil             17.0 14.9 15.6 19.3 26.8   ...
Corporate Loans BGN mil             1,143 1,381 1,658 2,632 3,687   ...
Debt Securities BGN mil             170 170 324 547 650    
Fixed Assets BGN mil             61.1 62.3 64.7 62.9 96.0    
Total Assets BGN mil             2,106 2,042 2,703 4,044 5,637    
Shareholders' Equity BGN mil             215 279 322 384 450    
Of Which Minority Interest BGN mil             0.174 1.83 1.03 0.476 0.256    
Liabilities BGN mil             1,891 1,762 2,380 3,661 5,187    
Interbank Borrowing BGN mil             64.9 15.1 161 147 231    
Customer Deposits BGN mil             1,816 1,597 2,164 3,383 4,508    
Retail Deposits BGN mil             587 626 895 1,478 2,634   ...
Corporate Deposits BGN mil             1,162 946 1,270 1,905 1,874   ...
Issued Debt Securities BGN mil             1.10 0.902 40.9 127 437    
Other Liabilities BGN mil             9.79 150 14.1 4.35 10.5    
asset quality                          
Non-Performing Loans BGN mil ... ... ... ... ... ... ... 3.24 3.06 9.38 20.8   ...
Gross Loans BGN mil             1,160 1,398 1,673 2,652 3,714   ...
Total Provisions BGN mil             6.55 10.7 13.7 22.5 35.9   ...
growth rates                          
Customer Loan Growth % ...           53.9 20.3 19.6 58.4 39.9    
Retail Loan Growth % ...           7.24 -12.3 5.18 23.5 38.9   ...
Corporate Loan Growth % ...           54.7 20.8 20.0 58.8 40.1   ...
Total Asset Growth % ...           18.9 -3.05 32.4 49.6 39.4    
Shareholders' Equity Growth % ...           37.6 30.1 15.4 19.0 17.3    
Customer Deposit Growth % ...           16.4 -12.1 35.6 56.3 33.2    
Retail Deposit Growth % ...           26.7 6.59 43.1 65.2 78.2   ...
Corporate Deposit Growth % ...           33.0 -18.6 34.2 50.1 -1.62   ...
market share                          
Market Share in Customer Loans %             2.32 2.69 3.18 4.85 6.61    
Market Share in Corporate Loans %             3.78 4.47 5.23 7.88 10.5   ...
Market Share in Consumer Loans %             0.094 0.078 0.082 0.102 0.143   ...
Market Share in Total Assets %             4.53 4.09 5.00 6.73 8.73    
Market Share in Customer Deposits %             4.31 3.67 4.58 6.33 7.78    
Market Share in Retail Deposits %             2.79 2.65 3.27 4.79 7.63   ...
Market Share in Corporate Deposits %             8.85 8.06 10.5 13.9 13.1   ...
ratios Unit 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014
ratios                          
ROE %             21.7 25.8 24.7 16.9 13.5    
ROA %             2.08 3.07 3.14 1.77 1.17    
Costs (As % Of Assets) %             1.68 1.73 1.65 1.30 1.23    
Costs (As % Of Income) %             41.3 31.9 31.5 36.8 39.8    
Capital Adequacy Ratio %             12.9 14.0 12.4 12.1 13.4   ...
Tier 1 Ratio %             11.2 12.6 10.5 8.88 11.4   ...
Net Interest Margin %             2.55 3.17 3.24 2.40 2.01    
Interest Spread % ...           2.19 2.63 2.66 1.89 1.57    
Asset Yield %             5.97 7.10 7.26 6.77 6.70    
Cost Of Liabilities % ...           3.77 4.46 4.60 4.88 5.12    
Payout Ratio % ... ... ... ... ...   0 0 42.3 1.04 0.128   ...
Interest Income (As % Of Revenues) %             62.6 58.2 61.9 67.9 65.4    
Fee Income (As % Of Revenues) %             11.0 12.3 11.9 10.6 8.35    
Other Income (As % Of Revenues) %             26.3 29.5 26.2 21.5 26.3    
Cost Per Employee USD per month ...           1,362 1,312 1,243 1,506 1,237   ...
Cost Per Employee (Local Currency) BGN per month ...           1,819 1,845 1,836 2,118 1,883   ...
Staff Cost (As % Of Total Cost) %             39.6 39.7 39.8 42.4 36.0    
Equity (As % Of Assets) %             10.2 13.7 11.9 9.49 7.98    
Loans (As % Of Deposits) %             63.5 86.9 76.7 77.7 81.6    
Loans (As % Assets) %             54.8 68.0 61.4 65.0 65.3    
NPLs (As % Of Loans) % ... ... ... ... ... ... ... 0.231 0.183 0.354 0.560   ...
Provisions (As % Of NPLs) % ... ... ... ... ... ... ... 330 448 240 173   ...
Provisions (As % Of Loans) %             0.568 0.769 0.826 0.856 0.977   ...
Cost of Provisions (As % Of Loans) %             0.168 0.329 0.200 0.411 0.895    
other data Unit 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014
other data                          
Branches ...           19.0 23.0 23.0 26.0 26.0   ...
Employees ...           591 645 706 731 944   ...

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CCB's customer loans fell 84.3% to BGN 725 mil in 2014

By Helgi Analytics - September 2, 2018

Corporate Commercial Bank's customer loans reached BGN 725 mil in 2014, down 84.3% compared to the previous year. Bulgarian banking sector provided customer loans of BGN 51.5 bil in 2014, down 7.70% when compared to the last year. Corporate Commercial Ban...

CCB's customer deposits fell 76.8% to BGN 1,268 mil in 2014

By Helgi Analytics - September 2, 2018

Corporate Commercial Bank's customer deposits reached BGN 1,268 mil in 2014, down 76.8% compared to the previous year. Bulgarian banking sector accepted customer deposits of BGN 64.2 bil in 2014, up 2.12% when compared to the last year. Corporate Commerci...

CCB's customer loan growth fell 431% to -84.3% in 2014

By Helgi Analytics - September 2, 2018

Corporate Commercial Bank's customer loan growth reached -84.3% in 2014, down from 25.4% compared to the previous year. Historically, the bank’s loans growth reached an all time high of 97.3% in 2007 and an all time low of -84.3% in 2014. In the last deca...

CCB's net interest income fell 11.2% to BGN 78.4 mil in 2014

By Helgi Analytics - March 7, 2018

Corporate Commercial Bank generated total banking revenues of BGN 91.4 mil in 2014, down 50.6% compared to the previous year. Historically, the bank’s revenues containing of interest, fee and other non-interest income reached an all time high of BGN 185 mil in ...

CCB's retail deposits rose 52.0% to BGN 4,002 mil in 2013

By Helgi Analytics - November 29, 2018

Corporate Commercial Bank's retail deposits reached BGN 4,002 mil in 2013, up 52.0% compared to the previous year. Bulgarian banking sector accepted retail deposits of BGN 37.7 bil in 2013, up 9.27% when compared to the last year. Corporate Commercial Ban...

CCB's employees rose 9.00% to 1,029 in 2013

By Helgi Analytics - February 22, 2018

Corporate Commercial Bank employed 1,029 persons in 2013, up 9.00% when compared to the previous year. Historically, the bank's workforce hit an all time high of 1,029 persons in 2013 and an all time low of 167 in 2003. Average cost reached USD 1,326 per month pe...

CCB's corporate loans rose 26.2% to BGN 4,654 mil in 2013

By Helgi Analytics - December 12, 2019

Corporate Commercial Bank's corporate loans reached BGN 4,654 mil in 2013, up 26.2% compared to the previous year. Bulgarian banking sector provided corporate loans of BGN 35.1 bil in 2013, up 0.078% when compared to the last year. Corporate Commercial Ba...

CCB's npls (as % of loans) rose 128% to 1.28% in 2013

By Helgi Analytics - February 22, 2018

Corporate Commercial Bank's non-performing loans reached 1.28% of total loans at the end of 2013, up from 0.560% compared to the previous year. Historically, the NPL ratio hit an all time high of 1.28% in 2013 and an all time low of 0.183% in 2010. Provisio...

CCB's price/earnings (P/E) fell 15.4% to 7.60 in 2013

By Helgi Analytics - February 22, 2018

Corporate Commercial Bank stock traded at EUR 82.0 per share at the end 2013 implying a market capitalization of USD 379 mil. Since the end of 2008, the stock has appreciated by 26.2 % implying an annual average growth of 4.76 %. In absolute terms, the value of the co...

CCB's capital adequacy ratio fell 6.34% to 12.6% in 2013

By Helgi Analytics - May 4, 2018

Corporate Commercial Bank's capital adequacy ratio reached 12.6% at the end of 2013, down from 13.4% compared to the previous year. Historically, the bank’s capital ratio hit an all time high of 14.0% in 2009 and an all time low of 12.1% in 2011. The Tier 1 r...

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Corporate Commercial Bank AD Sofia (Korporativna Targovska Banka AD Sofia) is a Bulgaria-based commercial bank. The Bank offers a wide range of banking and other financial services to commercial and private banking clients. Its products include loans, current and saving accounts, and deposits amongst others. In addition to providing mainstream banking products, the Group undertakes insurance activities, stock brokerage, investment in mutual funds, leasing services, real estate investment management and financial advice, amongst others. At the end of 2013, the Bank operated 25 branches and employed over 1,000 persons in Bulgaria. Following a bank run in June 2014, however, the Bank suspended its operations and was taken over by the Central Bank.

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Finance

Corporate Commercial Bank has been growing its revenues and asset by -8.46% and -23.2% a year on average in the last 3 years. Its loans and deposits have grown by -34.9% and -27.9% a year during that time and loans to deposits ratio reached 57.2% at the end of 2014. The company achieved an average return on equity of 98.4% in the last three years with net profit growing % a year on average. In terms of operating efficiency, its cost to income ratio reached 157% in 2014, compared to 79.3% average in the last three years.

Equity represented -206% of total assets or -522% of loans at the end of 2014. Corporate Commercial Bank's non-performing loans were of total loans while provisions covered some of NPLs at the end of 2014.

Valuation

Corporate Commercial Bank stock traded at per share at the end of 2014 resulting in a market capitalization of . Over the previous five years, stock price rose by 0% or 100% a year on average. That’s compared to an average ROE of 67.4% 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 x in 2014.