Credit Bank of Moscow

Credit Bank of Moscow's net profit rose 31.5% to RUB 27.2 bil in 2018

By Helgi Analytics - August 19, 2019

Credit Bank of Moscow made a net profit of RUB 27.2 bil under revenues of RUB 56.7 bil in 2018, up 31.5% and -9.16% respectively comp...

Credit Bank of Moscow's net interest margin fell 8.40% to 2.40% in 2018

By Helgi Analytics - August 19, 2019

Credit Bank of Moscow's net interest margin amounted to 2.40% in 2018, down from 2.62% compared to the previous year. Hist...

Credit Bank of Moscow's capital adequacy ratio fell 6.41% to 21.9% in 2018

By Helgi Analytics - August 19, 2019

Credit Bank of Moscow's capital adequacy ratio reached 21.9% at the end of 2018, down from 23.4% compared to the previous year. ...

Profit Statement 2016 2017 2018
Net Interest Income RUB bil 40.3 45.3 48.4
Net Fee Income RUB bil 11.1 12.5 12.3
Other Income RUB bil 7.29 4.65 -4.04
Total Revenues RUB bil 58.7 62.4 56.7
Staff Cost RUB bil 7.70 9.52 12.3
Operating Profit RUB bil 44.3 45.7 37.3
Provisions RUB bil 30.6 18.9 2.22
Net Profit RUB bil 10.9 20.7 27.2
Balance Sheet 2016 2017 2018
Interbank Loans RUB bil 403 16.4 13.2
Customer Loans RUB bil 627 769 709
Debt Securities RUB bil 130 142 230
Total Assets RUB bil 1,568 1,888 2,146
Shareholders' Equity RUB bil 103 178 191
Interbank Borrowing RUB bil 629 640 553
Customer Deposits RUB bil 689 942 1,272
Issued Debt Securities RUB bil 137 116 105
Ratios 2016 2017 2018
ROE % 11.1 14.7 14.8
ROA % 0.783 1.20 1.35
Costs (As % Of Assets) % 1.04 0.970 0.963
Costs (As % Of Income) % 24.6 26.8 34.3
Capital Adequacy Ratio % 14.7 23.4 21.9
Net Interest Margin % 2.90 2.62 2.40
Loans (As % Of Deposits) % 90.9 81.6 55.7
NPLs (As % Of Loans) % 2.29 2.41 1.77
Provisions (As % Of NPLs) % 263 254 260
Valuation 2016 2017 2018
Market Capitalisation (End Of Period) USD mil 1,693 2,012 2,015
Share Price (End Of Period) RUB 4.30 4.74 5.17
Price/Earnings (P/E) 9.44 5.60 5.14
Price/Book Value (P/BV) 0.993 0.653 0.732
Dividend Yield % 0 0 2.13
Earnings Per Share (EPS) RUB 0.455 0.847 1.01
Book Value Per Share RUB 4.33 7.26 7.06
Dividend Per Share RUB 0 0 0.110

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summary Unit 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018
income statement                          
Net Interest Income RUB bil             12.2 17.4 25.9 29.3 40.3    
Total Revenues RUB bil             16.0 24.5 28.3 39.2 58.7    
Operating Profit RUB bil             9.40 16.9 18.7 28.9 44.3    
Net Profit RUB bil             5.78 8.88 5.57 1.51 10.9    
balance sheet                          
Interbank Loans RUB bil             12.5 10.5 6.88 277 403    
Customer Loans RUB bil             201 309 378 593 627    
Debt Securities RUB bil             37.1 55.9 61.0 160 130    
Total Assets RUB bil             309 454 585 1,208 1,568    
Shareholders' Equity RUB bil             39.3 50.7 60.0 92.3 103    
Interbank Borrowing RUB bil             35.2 39.0 65.9 88.7 629    
Customer Deposits RUB bil             189 275 335 899 689    
Issued Debt Securities RUB bil             40.0 84.6 119 121 137    
ratios                          
ROE %             17.8 19.7 10.1 1.98 11.1    
ROA %             2.14 2.33 1.07 0.168 0.783    
Costs (As % Of Assets) %             2.42 2.01 1.84 1.15 1.04    
Costs (As % Of Income) %             41.1 31.2 33.9 26.4 24.6    
Capital Adequacy Ratio % ... ...         15.8 16.0 15.8 16.5 14.7    
Net Interest Margin %             4.52 4.56 4.98 3.27 2.90    
Interest Income (As % Of Revenues) %             76.7 70.8 91.5 74.7 68.6    
Fee Income (As % Of Revenues) %             24.2 26.2 25.8 19.5 19.0    
Staff Cost (As % Of Total Cost) %             53.6 58.3 55.7 53.4 53.3    
Equity (As % Of Assets) %             12.7 11.2 10.3 7.64 6.59    
Loans (As % Of Deposits) %             106 112 113 66.0 90.9    
Loans (As % Assets) %             65.2 68.0 64.6 49.1 40.0    
NPLs (As % Of Loans) %             0.955 1.32 2.30 5.15 2.29    
Provisions (As % Of NPLs) %             239 213 178 114 263    
valuation                          
Market Capitalisation (End Of Period) USD mil ... ... ... ... ... ... ... ... ... ... 1,693    
Number Of Shares (Average) mil ... ... ... ... ... ... ... ... 14,468 17,430 23,880    
Share Price (End Of Period) RUB ... ... ... ... ... ... ... ... ... ... 4.30    
Earnings Per Share (EPS) RUB ... ... ... ... ... ... ... ... 0.385 0.087 0.455    
Book Value Per Share RUB ... ... ... ... ... ... ... ... 4.15 5.30 4.33    
Dividend Per Share RUB ... ... ... ... ... ... ... ... 0 0 0    
Price/Earnings (P/E) ... ... ... ... ... ... ... ... ... ... 9.44    
Price/Book Value (P/BV) ... ... ... ... ... ... ... ... ... ... 0.993    
Dividend Yield % ... ... ... ... ... ... ... ... ... ... 0    
Earnings Per Share Growth % ... ... ... ... ... ... ... ... ... -77.5 426    
Book Value Per Share Growth % ... ... ... ... ... ... ... ... ... 27.8 -18.3    
income statement Unit 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018
income statement                          
Interest Income RUB bil             28.5 42.0 58.2 89.2 113    
Interest Cost RUB bil             16.2 24.6 32.3 59.9 73.1    
Net Interest Income RUB bil             12.2 17.4 25.9 29.3 40.3    
Net Fee Income RUB bil             3.86 6.43 7.29 7.65 11.1    
Other Income RUB bil             -0.144 0.733 -4.88 2.29 7.29    
Total Revenues RUB bil             16.0 24.5 28.3 39.2 58.7    
Staff Cost RUB bil             3.51 4.47 5.34 5.52 7.70    
Depreciation RUB bil             0.408 0.471 0.530 0.618 1.48    
Other Cost RUB bil             2.63 2.72 3.72 4.20 5.26    
Operating Cost RUB bil             6.55 7.66 9.58 10.3 14.4    
Operating Profit RUB bil             9.40 16.9 18.7 28.9 44.3    
Provisions RUB bil             2.15 5.68 11.7 26.9 30.6    
Extra and Other Cost RUB bil             0 0 0 < 0.001 < -0.001    
Pre-Tax Profit RUB bil             7.25 11.2 7.02 1.94 13.7    
Tax RUB bil             1.47 2.31 1.45 0.435 2.86    
Minorities RUB bil             0 0 0 0 0    
Net Profit RUB bil             5.78 8.88 5.57 1.51 10.9    
Dividends RUB bil ... ... ... ... ... ... ... 0 0 0 0    
growth rates                          
Net Interest Income Growth % ...           40.3 42.0 48.9 13.2 37.6    
Net Fee Income Growth % ...           52.6 66.7 13.5 4.94 45.7    
Total Revenue Growth % ...           43.9 53.8 15.3 38.7 49.7    
Operating Cost Growth % ...           39.4 16.9 25.1 7.87 39.7    
Operating Profit Growth % ...           47.1 79.5 10.8 54.4 53.3    
Pre-Tax Profit Growth % ...           49.2 54.5 -37.3 -72.3 606    
Net Profit Growth % ...           48.7 53.7 -37.3 -72.9 620    
market share                          
Market Share in Revenues %             0.402 0.542 0.471 0.586 0.448   ...
Market Share in Net Profit %             0.732 1.22 1.14 1.78 1.66   ...
Market Share in Bank Cards % ... ... ... ... ... ... ... ... ... ... ...   ...
Market Share in Branches % ... ... ... ... ... ... ... ... ... ... ...   ...
balance sheet Unit 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018
balance sheet                          
Cash RUB bil             50.0 69.9 122 144 381    
Interbank Loans RUB bil             12.5 10.5 6.88 277 403    
Customer Loans RUB bil             201 309 378 593 627    
Retail Loans RUB bil             50.4 97.8 120 111 93.1    
Mortgage Loans RUB bil             10.4 15.7 19.7 21.6 23.9    
Consumer Loans RUB bil             39.9 82.2 101 89.1 69.2    
Corporate Loans RUB bil             156 220 266 510 533    
Debt Securities RUB bil             37.1 55.9 61.0 160 130    
Fixed Assets RUB bil             6.08 6.08 7.40 7.00 21.3    
Total Assets RUB bil             309 454 585 1,208 1,568    
Shareholders' Equity RUB bil             39.3 50.7 60.0 92.3 103    
Of Which Minority Interest RUB bil             0 0 0 0 0    
Liabilities RUB bil             269 404 525 1,116 1,465    
Interbank Borrowing RUB bil             35.2 39.0 65.9 88.7 629    
Customer Deposits RUB bil             189 275 335 899 689    
Retail Deposits RUB bil             107 134 163 201 249    
Corporate Deposits RUB bil             82.0 140 171 698 441    
Sight Deposits RUB bil             31.5 52.1 29.8 37.7 41.3    
Term Deposits RUB bil             158 223 305 861 648    
Issued Debt Securities RUB bil             40.0 84.6 119 121 137    
Other Liabilities RUB bil             5.22 5.15 5.48 7.34 9.08    
asset quality                          
Non-Performing Loans RUB bil             1.97 4.19 9.07 32.4 15.3    
Gross Loans RUB bil             206 318 394 630 667    
Total Provisions RUB bil             4.70 8.92 16.2 36.9 40.2    
growth rates                          
Customer Loan Growth % ...           26.5 53.5 22.4 56.9 5.64    
Retail Loan Growth % ...           68.8 94.2 23.1 -8.15 -15.9    
Mortgage Loan Growth % ...           36.3 50.1 25.4 9.63 10.7    
Consumer Loan Growth % ...           80.0 106 22.7 -11.6 -22.3    
Corporate Loan Growth % ...           17.1 41.4 20.9 91.9 4.56    
Total Asset Growth % ...           32.9 47.1 28.8 107 29.8    
Shareholders' Equity Growth % ...           53.4 28.9 18.4 53.9 12.0    
Customer Deposit Growth % ...           28.9 45.4 21.8 168 -23.3    
Retail Deposit Growth % ...           25.4 25.7 21.5 23.0 23.8    
Corporate Deposit Growth % ...           33.7 71.2 22.1 307 -36.8    
market share                          
Market Share in Customer Loans %             0.673 0.869 0.832 1.21 1.34   ...
Market Share in Corporate Loans % ... ... ... ...     0.836 1.04 0.971 1.68 1.95   ...
Market Share in Retail Loans % ... ...         0.698 1.12 1.29 1.33 1.10   ...
Market Share in Consumer Loans %             0.653 0.983 1.06 1.04 0.861   ...
Market Share in Mortgage Loans % ... ...         0.523 0.592 0.557 0.541 0.531   ...
Market Share in Total Assets %             0.662 0.838 0.801 1.57 2.12   ...
Market Share in Customer Deposits %             0.920 1.15 1.07 2.40 1.96   ...
Market Share in Retail Deposits %             0.751 0.793 0.881 0.865 1.03   ...
Market Share in Corporate Deposits %             0.852 1.30 1.01 3.67 2.69   ...
ratios Unit 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018
ratios                          
ROE %             17.8 19.7 10.1 1.98 11.1    
ROA %             2.14 2.33 1.07 0.168 0.783    
Costs (As % Of Assets) %             2.42 2.01 1.84 1.15 1.04    
Costs (As % Of Income) %             41.1 31.2 33.9 26.4 24.6    
Capital Adequacy Ratio % ... ...         15.8 16.0 15.8 16.5 14.7    
Tier 1 Ratio % ... ...         13.4 11.0 10.5 9.20 9.40    
Net Interest Margin %             4.52 4.56 4.98 3.27 2.90    
Interest Spread % ...           3.71 3.69 4.24 2.65 2.50    
Asset Yield %             10.5 11.0 11.2 9.95 8.17    
Cost Of Liabilities % ...           6.81 7.32 6.96 7.30 5.67    
Payout Ratio % ... ... ... ... ... ... ... 0 0 0 0    
Interest Income (As % Of Revenues) %             76.7 70.8 91.5 74.7 68.6    
Fee Income (As % Of Revenues) %             24.2 26.2 25.8 19.5 19.0    
Other Income (As % Of Revenues) %             -0.903 2.99 -17.3 5.83 12.4    
Cost Per Employee USD per month ... ... ... ... ... ... ... ... ... ... ...    
Cost Per Employee (Local Currency) RUB per month ... ... ... ... ... ... ... ... ... ... ...    
Staff Cost (As % Of Total Cost) %             53.6 58.3 55.7 53.4 53.3    
Equity (As % Of Assets) %             12.7 11.2 10.3 7.64 6.59    
Loans (As % Of Deposits) %             106 112 113 66.0 90.9    
Loans (As % Assets) %             65.2 68.0 64.6 49.1 40.0    
NPLs (As % Of Loans) %             0.955 1.32 2.30 5.15 2.29    
Provisions (As % Of NPLs) %             239 213 178 114 263    
Provisions (As % Of Loans) %             2.33 2.89 4.28 6.22 6.42    
Cost of Provisions (As % Of Loans) %             1.20 2.23 3.40 5.55 5.01    
other data Unit 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018
other data                          
Branches ... ... ... ... ... ... ... ... ... ... ...    
Employees ... ... ... ... ... ... ... ... ... ... ...    
ATMs ... ... ... ... ... ... ... ... ... ... ... ...  
Payment Cards '000 ... ... ... ... ... ... ... ... ... ... ...   ...
Sight (As % Of Customer Deposits) %             16.7 19.0 8.90 4.20 5.99    

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Credit Bank of Moscow's net interest income rose 6.92% to RUB 48.4 bil in 2018

By Helgi Analytics - August 19, 2019

Credit Bank of Moscow generated total banking revenues of RUB 56.7 bil in 2018, down 9.16% 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 RUB 62.4 bil in 201...

Credit Bank of Moscow's npls (as % of loans) fell 26.8% to 1.77% in 2018

By Helgi Analytics - August 19, 2019

Credit Bank of Moscow's non-performing loans reached 1.77% of total loans at the end of 2018, down from 2.41% compared to the previous year. Historically, the NPL ratio hit an all time high of 5.15% in 2015 and an all time low of 0.680% in 2007. Provision c...

Credit Bank of Moscow's corporate loans fell 20.6% to RUB 580 bil in 2018

By Helgi Analytics - August 19, 2019

Credit Bank of Moscow's loans reached RUB 677 bil in the 2018, down from RUB 819 bil compared to the previous year. Historically, the bank’s loans reached an all time high of RUB 819 bil in 2017 and an all time low of RUB 26.9 bil in 2007. In the last d...

Credit Bank of Moscow's customer loan growth fell 134% to -7.76% in 2018

By Helgi Analytics - August 19, 2019

Credit Bank of Moscow's customer loan growth reached -7.76% in 2018, down from 22.7% compared to the previous year. Historically, the bank’s loans growth reached an all time high of 78.2% in 2010 and an all time low of -7.76% in 2018. In the last decade, ...

Credit Bank of Moscow's retail loan growth rose 276% to 10.1% in 2018

By Helgi Analytics - August 19, 2019

Credit Bank of Moscow's retail loans reached RUB 96.6 bil at the end of 2018, up 10.1% compared to the previous year. In the last decade, the average annual loan growth amounted to 26.9%. Overall, retail loans accounted for 13.6% of the bank's loan book at ...

Credit Bank of Moscow's customer deposits rose 35.1% to RUB 942 bil in 2018

By Helgi Analytics - September 10, 2018

Credit Bank of Moscow's customer deposits reached RUB 942 bil in 2017, up 36.6% compared to the previous year. Russian banking sector accepted customer deposits of RUB 37,471 bil in 2017, up 6.51% when compared to the last year. Credit Bank of Moscow acco...

Credit Bank of Moscow's mortgage loans rose 1.77% to RUB 20.3 bil in 2018

By Helgi Analytics - November 29, 2018

Credit Bank of Moscow's mortgage loans reached RUB 20.3 bil in 2017, down 14.8% compared to the previous year. Russian banking sector provided mortgage loans of RUB 5,187 bil in 2017, up 15.5% when compared to the last year. Credit Bank of Moscow accounte...

Credit Bank of Moscow's retail deposits rose 28.8% to RUB 291 bil in 2018

By Helgi Analytics - September 20, 2018

Credit Bank of Moscow's retail deposits reached RUB 291 bil in 2017, up 17.1% compared to the previous year. Russian banking sector accepted retail deposits of RUB 25,987 bil in 2017, up 7.38% when compared to the last year. Credit Bank of Moscow accounte...

Credit Bank of Moscow's total revenues fell 9.16% to RUB 62.4 bil in 2018

By Helgi Analytics - September 10, 2018

Credit Bank of Moscow generated total banking revenues of RUB 62.4 bil in 2017, up 6.29% compared to the previous year. Russian banking sector banking sector generated total revenues of RUB 10,903,149 mil in 2017, down 16.9% when compared to the last ...

Credit Bank of Moscow's customer loans fell 7.76% to RUB 769 bil in 2018

By Helgi Analytics - September 10, 2018

Credit Bank of Moscow's customer loans reached RUB 769 bil in 2017, up 22.7% compared to the previous year. Russian banking sector provided customer loans of RUB 48,542 bil in 2017, up 3.85% when compared to the last year. Credit Bank of Moscow accounted ...

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Finance

Credit Bank of Moscow has been growing its revenues and asset by 31.1% and 42.9% a year on average in the last 10 years. Its loans and deposits have grown by 33.4% and 48.9% a year during that time and loans to deposits ratio reached 55.7% at the end of 2018. The company achieved an average return on equity of 14.3% in the last decade with net profit growing 39.0% a year on average. In terms of operating efficiency, its cost to income ratio reached 34.3% in 2018, compared to 33.5% average in the last decade.

Equity represented 8.91% of total assets or 27.0% of loans at the end of 2018. Credit Bank of Moscow's non-performing loans were 1.77% of total loans while provisions covered some 260% of NPLs at the end of 2018.

Valuation

Credit Bank of Moscow stock traded at RUB 5.17 per share at the end of 2018 resulting in a market capitalization of USD 2,015 mil. Over the previous three years, stock price rose by 0% or 0% a year on average. That’s compared to an average ROE of 13.5% the bank generated for its shareholders. This closing price put stock at a 12-month trailing price to earnings (PE) of 5.14x and price to book value (PBV) of 0.732x in 2018.