D Commerce Bank

DCB's net profit rose 1,471% to BGN 11.5 mil in 2017

By Helgi Analytics - November 05, 2019

D Commerce Bank made a net profit of BGN 11.5 mil under revenues of BGN 36.8 mil in 2017, up 1471% and -10.3% respectively compared t...

DCB's mortgage loans rose 36.2% to BGN 28.3 mil in 2017

By Helgi Analytics - November 05, 2019

D Commerce Bank's mortgage loans reached BGN 28.3 mil in 2017, up 36.2% compared to the previous year. Bulgarian banking sector...

DCB's npls (as % of loans) fell 22.2% to 9.03% in 2017

By Helgi Analytics - November 05, 2019

D Commerce Bank's non-performing loans reached 9.03% of total loans at the end of 2017, down from 11.6% compared to the previous ...

Profit Statement 2015 2016 2017
Net Interest Income BGN mil 19.8 21.3 20.4
Fee Income (As % Of Revenues) % 24.7 18.4 25.4
Other Income BGN mil 5.16 12.2 6.99
Total Revenues BGN mil 33.2 41.0 36.8
Staff Cost BGN mil 9.94 10.4 11.2
Operating Profit BGN mil 10.2 18.5 13.5
Provisions BGN mil 9.55 17.5 1.52
Net Profit BGN mil 0.574 0.732 11.5
Balance Sheet 2015 2016 2017
Interbank Loans BGN mil 49.1 46.0 38.5
Customer Loans BGN mil 327 358 387
Debt Securities BGN mil 181 138 118
Total Assets BGN mil 673 726 754
Shareholders' Equity BGN mil 91.3 92.1 104
Interbank Borrowing BGN mil 5.01 11.0 9.04
Customer Deposits BGN mil 570 620 636
Issued Debt Securities BGN mil 0.186 0.130 0.282
Ratios 2015 2016 2017
ROE % 0.629 0.798 11.8
ROA % 0.083 0.105 1.55
Costs (As % Of Assets) % 3.32 3.20 3.14
Costs (As % Of Income) % 69.4 54.7 63.3
Capital Adequacy Ratio % 20.1 19.1 19.6
Net Interest Margin % 2.86 3.04 2.76
Loans (As % Of Deposits) % 57.4 57.8 60.9
NPLs (As % Of Loans) % 6.63 11.6 9.03
Provisions (As % Of NPLs) % 128 81.7 101
Growth Rates 2015 2016 2017
Total Revenue Growth % 5.62 23.5 -10.3
Operating Cost Growth % 7.87 -2.56 3.73
Operating Profit Growth % 0.853 82.4 -27.2
Net Profit Growth % 18.8 27.5 1,471
Customer Loan Growth % 3.04 9.53 8.06
Total Asset Growth % -5.50 7.96 3.86
Customer Deposit Growth % -6.61 8.73 2.53
Shareholders' Equity Growth % 0.148 0.801 12.5
Employees 428 435 450

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summary Unit 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017
income statement                                
Net Interest Income BGN mil                   11.9 14.6 16.6 17.3 19.8    
Total Revenues BGN mil                   17.9 22.5 31.2 31.4 33.2    
Operating Profit BGN mil ...                 0.928 3.59 10.0 10.1 10.2    
Net Profit BGN mil                   0.337 1.86 0.193 0.483 0.574    
balance sheet                                
Interbank Loans BGN mil                   91.8 48.3 12.1 36.3 49.1    
Customer Loans BGN mil                   274 331 315 318 327    
Debt Securities BGN mil                   191 277 272 232 181    
Total Assets BGN mil                   623 743 704 712 673    
Shareholders' Equity BGN mil                   52.9 65.6 66.4 91.2 91.3    
Interbank Borrowing BGN mil                   47.8 61.8 15.3 4.23 5.01    
Customer Deposits BGN mil                   522 612 618 611 570    
Issued Debt Securities BGN mil                   0 0 0.752 1.80 0.186    
ratios                                
ROE %                   0.639 3.13 0.292 0.613 0.629    
ROA %                   0.061 0.272 0.027 0.068 0.083    
Costs (As % Of Assets) % ...                 3.08 2.77 2.93 3.01 3.32    
Costs (As % Of Income) % ...                 94.8 84.1 67.9 67.9 69.4    
Capital Adequacy Ratio % ... ...               15.5 13.3 20.4 22.6 20.1    
Net Interest Margin %                   2.15 2.14 2.29 2.45 2.86    
Interest Income (As % Of Revenues) %                   66.2 64.8 53.1 55.2 59.8    
Fee Income (As % Of Revenues) %                   24.0 27.0 24.9 24.8 24.7    
Staff Cost (As % Of Total Cost) % ...                 44.1 42.8 40.0 42.3 43.2    
Equity (As % Of Assets) %                   8.49 8.83 9.43 12.8 13.6    
Loans (As % Of Deposits) %                   52.5 54.0 50.9 52.0 57.4    
Loans (As % Assets) %                   43.9 44.5 44.8 44.6 48.6    
NPLs (As % Of Loans) % ... ...     ... ... ... ... ... ... 1.74 4.23 5.30 6.63    
Provisions (As % Of NPLs) % ... ...     ... ... ... ... ... ... 67.9 95.9 126 128    
income statement Unit 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017
income statement                                
Interest Income BGN mil                   29.5 35.8 34.7 31.8 28.9    
Interest Cost BGN mil                   17.7 21.2 18.1 14.5 9.07    
Net Interest Income BGN mil                   11.9 14.6 16.6 17.3 19.8    
Net Fee Income BGN mil                   4.31 6.08 7.77 7.80 8.19    
Other Income BGN mil                   1.74 1.85 6.85 6.27 5.16    
Total Revenues BGN mil                   17.9 22.5 31.2 31.4 33.2    
Staff Cost BGN mil ...                 7.49 8.12 8.46 9.03 9.94    
Depreciation BGN mil ...                 1.50 1.61 2.24 2.11 1.85    
Other Cost BGN mil                   8.00 9.22 10.5 10.2 11.2    
Operating Cost BGN mil ...                 17.0 19.0 21.2 21.3 23.0    
Operating Profit BGN mil ...                 0.928 3.59 10.0 10.1 10.2    
Provisions BGN mil                   0.542 1.52 9.77 9.56 9.55    
Extra and Other Cost BGN mil ...                 < 0.001 < 0.001 < -0.001 < -0.001 < -0.001    
Pre-Tax Profit BGN mil                   0.386 2.07 0.242 0.516 0.618    
Tax BGN mil                   0.049 0.213 0.049 0.033 0.044    
Minorities BGN mil                   0 0 0 0 0    
Net Profit BGN mil                   0.337 1.86 0.193 0.483 0.574    
growth rates                                
Net Interest Income Growth % ...                 -12.2 23.1 13.3 4.70 14.4    
Net Fee Income Growth % ...                 46.0 41.2 27.8 0.412 4.89    
Total Revenue Growth % ...                 -1.81 25.8 38.3 0.751 5.62    
Operating Cost Growth % ... ...               15.7 11.5 11.7 0.770 7.87    
Operating Profit Growth % ... ...               -73.9 287 179 0.709 0.853    
Pre-Tax Profit Growth % ...                 -87.2 436 -88.3 113 19.8    
Net Profit Growth % ...                 -87.5 450 -89.6 150 18.8    
market share                                
Market Share in Revenues %                   0.456 0.591 0.841 0.805 0.804    
Market Share in Net Profit % ...                 0.071 0.353 0.038 0.068 0.064    
Market Share in Employees % ... ... ... ...           1.05 1.15 1.20 1.34 1.40    
Market Share in Branches % ... ... ... ...           1.43 1.54 1.59 1.61 1.63    
balance sheet Unit 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017
balance sheet                                
Cash BGN mil                   59.8 80.9 97.8 73.2 62.3    
Interbank Loans BGN mil                   91.8 48.3 12.1 36.3 49.1    
Customer Loans BGN mil                   274 331 315 318 327    
Retail Loans BGN mil ... ... ... ... ... ... ... ... ... ... 30.2 33.4 42.7 37.1    
Mortgage Loans BGN mil ... ...         ... ... ... ... 4.63 4.95 9.86 13.7    
Consumer Loans BGN mil ... ...         ... ... ... ... 25.6 26.7 32.9 23.4    
Corporate Loans BGN mil ... ...         ... ... ... ... 304 295 298 320    
Debt Securities BGN mil                   191 277 272 232 181    
Fixed Assets BGN mil                   5.54 4.91 5.76 32.0 29.5    
Total Assets BGN mil                   623 743 704 712 673    
Shareholders' Equity BGN mil                   52.9 65.6 66.4 91.2 91.3    
Of Which Minority Interest BGN mil                   0 0 0 0 0    
Liabilities BGN mil                   570 677 637 621 581    
Interbank Borrowing BGN mil                   47.8 61.8 15.3 4.23 5.01    
Customer Deposits BGN mil                   522 612 618 611 570    
Retail Deposits BGN mil ... ... ... ...     ... ... ... ... 247 246 313 281    
Corporate Deposits BGN mil ... ... ... ...     ... ... ... ... 365 372 298 289    
Sight Deposits BGN mil ... ... ... ... ... ... ... ... ... ... ... 315 307 243    
Term Deposits BGN mil ... ... ... ... ... ... ... ... ... ... ... 303 303 328    
Issued Debt Securities BGN mil                   0 0 0.752 1.80 0.186    
Other Liabilities BGN mil                   1.08 3.27 3.00 4.00 5.94    
asset quality                                
Non-Performing Loans BGN mil ... ...     ... ... ... ... ... ... 5.84 13.9 18.0 23.7    
Gross Loans BGN mil ... ...         ... ... ... ... 335 328 340 357    
Total Provisions BGN mil ... ...         ... ... ... ... 3.97 13.3 22.8 30.3    
growth rates                                
Customer Loan Growth % ...                 48.6 20.8 -4.81 0.841 3.04    
Retail Loan Growth % ... ... ... ... ... ... ... ... ... ... ... 10.6 27.8 -13.1    
Mortgage Loan Growth % ... ... ...       ... ... ... ... ... 6.89 99.1 39.3    
Consumer Loan Growth % ... ... ...       ... ... ... ... ... 4.20 23.2 -28.8    
Corporate Loan Growth % ... ... ...       ... ... ... ... ... -2.89 0.959 7.64    
Total Asset Growth % ...                 30.0 19.2 -5.30 1.19 -5.50    
Shareholders' Equity Growth % ...                 0.871 23.9 1.19 37.4 0.148    
Customer Deposit Growth % ...                 38.2 17.4 0.948 -1.20 -6.61    
Retail Deposit Growth % ... ... ... ... ...   ... ... ... ... ... -0.589 27.4 -10.1    
Corporate Deposit Growth % ... ... ... ... ...   ... ... ... ... ... 1.99 -20.1 -2.92    
market share                                
Market Share in Customer Loans %                   0.505 0.594 0.564 0.616 0.645    
Market Share in Corporate Loans % ... ...         ... ... ... ... 0.866 0.840 0.960 1.05    
Market Share in Retail Loans % ... ...         ... ... ... ... 0.262 0.271 0.341 0.246    
Market Share in Consumer Loans % ... ... ... ... ... ... ... ... ... ... 0.161 0.179 0.232 0.205    
Market Share in Mortgage Loans % ... ...         ... ... ... ... 0.052 0.056 0.113 0.159    
Market Share in Total Assets %                   1.04 1.15 1.01 1.01 0.884    
Market Share in Customer Deposits %                   0.976 1.06 0.983 0.951 0.853    
Market Share in Retail Deposits % ... ... ... ...     ... ... ... ... 0.716 0.652 0.797 0.661    
Market Share in Corporate Deposits % ... ... ... ...     ... ... ... ... 2.56 2.41 1.94 1.59    
ratios Unit 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017
ratios                                
ROE %                   0.639 3.13 0.292 0.613 0.629    
ROA %                   0.061 0.272 0.027 0.068 0.083    
Costs (As % Of Assets) % ...                 3.08 2.77 2.93 3.01 3.32    
Costs (As % Of Income) % ...                 94.8 84.1 67.9 67.9 69.4    
Capital Adequacy Ratio % ... ...               15.5 13.3 20.4 22.6 20.1    
Tier 1 Ratio % ... ... ... ...     ... ... ... ... 6.00 20.4 22.6 20.1    
Net Interest Margin %                   2.15 2.14 2.29 2.45 2.86    
Interest Spread % ...                 1.81 1.84 2.04 2.19 2.67    
Asset Yield %                   5.36 5.25 4.79 4.50 4.17    
Cost Of Liabilities % ...                 3.54 3.40 2.75 2.30 1.51    
Interest Income (As % Of Revenues) %                   66.2 64.8 53.1 55.2 59.8    
Fee Income (As % Of Revenues) %                   24.0 27.0 24.9 24.8 24.7    
Other Income (As % Of Revenues) %                   9.72 8.19 22.0 20.0 15.5    
Cost Per Employee USD per month ... ... ... ...           1,247 1,149 1,217 1,167 1,136    
Cost Per Employee (Local Currency) BGN per month ... ... ... ...           1,754 1,748 1,793 1,771 1,934    
Staff Cost (As % Of Total Cost) % ...                 44.1 42.8 40.0 42.3 43.2    
Equity (As % Of Assets) %                   8.49 8.83 9.43 12.8 13.6    
Loans (As % Of Deposits) %                   52.5 54.0 50.9 52.0 57.4    
Loans (As % Assets) %                   43.9 44.5 44.8 44.6 48.6    
NPLs (As % Of Loans) % ... ...     ... ... ... ... ... ... 1.74 4.23 5.30 6.63    
Provisions (As % Of NPLs) % ... ...     ... ... ... ... ... ... 67.9 95.9 126 128    
Provisions (As % Of Loans) % ... ...         ... ... ... ... 1.20 4.22 7.17 9.24    
Cost of Provisions (As % Of Loans) %                   0.237 0.504 3.03 3.02 2.96    
other data Unit 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017
other data                                
Branches ... ... ... ...           54.0 59.0 60.0 60.0 60.0    
Employees ... ... ... ...           356 387 393 425 428    
ATMs ... ... ... ... ... ... ... ...   64.0 69.0 70.0 70.0 68.0    
Clients mil ... ... ... ... ... ...       0.032 0.045 0.055 0.066 0.087 ... ...
Sight (As % Of Customer Deposits) % ... ... ... ... ... ... ... ... ... ... ... 51.0 50.3 42.6    

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DCB's employees rose 3.45% to 450 in 2017

By Helgi Analytics - November 05, 2019

D Commerce Bank employed 450 persons in 2017, up 3.45% when compared to the previous year. Historically, the bank's workforce hit an all time high of 450 persons in 2017 and an all time low of 86.0 in 2006. Average cost reached USD 1,193 per month per employee, ...

DCB's total revenues fell 10.3% to BGN 36.8 mil in 2017

By Helgi Analytics - November 05, 2019

D Commerce Bank generated total banking revenues of BGN 36.8 mil in 2017, down 10.3% compared to the previous year. Bulgarian banking sector banking sector generated total revenues of BGN 3,870 mil in 2017, down 4.62% when compared to the last year. ...

DCB's customer loans rose 8.06% to BGN 387 mil in 2017

By Helgi Analytics - November 05, 2019

D Commerce Bank's customer loans reached BGN 387 mil in 2017, up 8.06% compared to the previous year. Bulgarian banking sector provided customer loans of BGN 59.7 bil in 2017, up 6.73% when compared to the last year. D Commerce Bank accounted for 0.649% o...

DCB's customer deposits rose 2.53% to BGN 636 mil in 2017

By Helgi Analytics - November 05, 2019

D Commerce Bank's customer deposits reached BGN 636 mil in 2017, up 2.53% compared to the previous year. Bulgarian banking sector accepted customer deposits of BGN 76.5 bil in 2017, up 5.94% when compared to the last year. D Commerce Bank accounted for 0....

DCB's retail deposits rose 12.6% to BGN 329 mil in 2017

By Helgi Analytics - November 05, 2019

D Commerce Bank's retail deposits reached BGN 329 mil in 2017, up 12.6% compared to the previous year. Bulgarian banking sector accepted retail deposits of BGN 47.8 bil in 2017, up 5.40% when compared to the last year. D Commerce Bank accounted for 0.687%...

DCB's consumer loans rose 14.9% to BGN 32.5 mil in 2017

By Helgi Analytics - November 05, 2019

D Commerce Bank's consumer loans reached BGN 32.5 mil in 2017, up 14.9% compared to the previous year. Bulgarian banking sector provided consumer loans of BGN 10.2 bil in 2017, up 4.82% when compared to the last year. D Commerce Bank accounted for 0.310% ...

DCB's net interest margin fell 9.21% to 2.76% in 2017

By Helgi Analytics - November 05, 2019

D Commerce Bank's net interest margin amounted to 2.76% in 2017, down from 3.04% compared to the previous year. Historically, the bank’s net interest margin reached an all time high of 5.78% in 2008 and an all time low of 2.14% in 2012. The average marg...

DCB's capital adequacy ratio rose 2.61% to 19.6% in 2017

By Helgi Analytics - November 05, 2019

D Commerce Bank's capital adequacy ratio reached 19.6% at the end of 2017, up from 19.1% compared to the previous year. Historically, the bank’s capital ratio hit an all time high of 26.8% in 2006 and an all time low of 13.3% in 2012. The Tier 1 ratio amounte...

DCB's branches fell 9.09% to 50.0 in 2017

By Helgi Analytics - November 05, 2019

D Commerce Bank employed 450 persons in 2017, up 3.45% compared to the previous year. Historically, the bank's workforce hit an all time high of 450 persons in 2017 and an all time low of 299 in 2010. The bank operated a network of 50.0 branches and 70.0 A...

DCB's net interest income fell 3.91% to BGN 20.4 mil in 2017

By Helgi Analytics - November 05, 2019

D Commerce Bank generated total banking revenues of BGN 36.8 mil in 2017, down 10.3% 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 41.0 mil in 2016 and ...

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D Commerce Bank AD 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. Bank's main priority is to support the export activities and to increase the trade turnover of Bulgaria with Turkey by financing local manufacturing, finding buyers and attracting investors for increasing the volumes and the quality of products. At the end of 2013, the Bank operated 60 branches and 70 ATMs and employed nearly 400 persons in Bulgaria. The Bank was acquired by Mr. Fuat Güven in 2006. Following a share capital increase in April 2014, Fortera Ltd. owns over 33% of the Bank.

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Finance

D Commerce Bank has been growing its revenues and asset by 10.3% and 0.306% a year on average in the last 5 years. Its loans and deposits have grown by 3.20% and 0.757% a year during that time and loans to deposits ratio reached 60.9% at the end of 2017. The company achieved an average return on equity of 2.82% in the last five years with net profit growing 44.0% a year on average. In terms of operating efficiency, its cost to income ratio reached 63.3% in 2017, compared to 64.6% average in the last five years.

Equity represented 13.7% of total assets or 26.7% of loans at the end of 2017. D Commerce Bank's non-performing loans were 9.03% of total loans while provisions covered some 101% of NPLs at the end of 2017.