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DenizBank

DenizBank's net profit rose 35.9% to TRY 1,902 mil in 2017

By Helgi Analytics - June 25, 2018

DenizBank made a net profit of TRY 1,902 mil under revenues of TRY 7,651 mil in 2017, up 35.9% and 16.7% respectively compared to the...

DenizBank's customer loans rose 21.1% to TRY 110,381 mil in 2017

By Helgi Analytics - December 12, 2019

DenizBank's customer loans reached TRY 110,381 mil in 2017, up 21.1% compared to the previous year. Turkish banking sector prov...

DenizBank's customer deposits rose 20.8% to TRY 111,410 mil in 2017

By Helgi Analytics - December 12, 2019

DenizBank's customer deposits reached TRY 111,410 mil in 2017, up 20.8% compared to the previous year. Turkish banking sector a...

Profit Statement 2015 2016 2017
Net Interest Income TRY mil 4,084 5,102 6,281
Net Fee Income TRY mil 1,084 1,254 1,605
Other Income TRY mil 614 199 -235
Total Revenues TRY mil 5,782 6,555 7,651
Staff Cost TRY mil 1,247 1,359 1,458
Operating Profit TRY mil 2,504 3,628 4,436
Provisions TRY mil 1,361 1,803 1,944
Net Profit TRY mil 858 1,400 1,902
Balance Sheet 2015 2016 2017
Interbank Loans TRY mil 7,437 5,573 10,658
Customer Loans TRY mil 74,687 91,151 110,381
Total Assets TRY mil 112,886 135,554 160,423
Shareholders' Equity TRY mil 8,294 10,590 12,853
Interbank Borrowing TRY mil 586 5,398 4,007
Customer Deposits TRY mil 72,659 92,196 111,410
Issued Debt Securities TRY mil 19,828 20,233 23,615
Ratios 2015 2016 2017
ROE % 11.1 14.8 16.2
ROA % 0.828 1.13 1.29
Costs (As % Of Assets) % 3.16 2.36 2.17
Costs (As % Of Income) % 56.7 44.6 42.0
Capital Adequacy Ratio % 12.9 14.2 15.3
Net Interest Margin % 3.94 4.11 4.24
Loans (As % Of Deposits) % 103 98.9 99.1
NPLs (As % Of Loans) % 4.08 3.89 3.55
Provisions (As % Of NPLs) % 95.2 72.5 77.7
Valuation 2015 2016 2017
Price/Earnings (P/E) 6.50 11.3 6.40
Price/Book Value (P/BV) 0.672 1.49 0.947
Dividend Yield % 0 0 0
Earnings Per Share (EPS) TRY 0.473 0.422 0.574
Book Value Per Share TRY 4.57 3.19 3.88
Dividend Per Share 0 0 0

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summary Unit 1997 1998 1999 2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017
income statement                                          
Net Interest Income TRY mil ... ... ...                       1,880 2,470 3,010 3,627 4,084    
Total Revenues TRY mil ... ... ...                       2,706 4,029 4,374 5,202 5,782    
Operating Profit TRY mil ... ... ...                       1,369 1,683 2,296 2,167 2,504    
Net Profit TRY mil ... ... ...                       1,062 717 1,011 937 858    
balance sheet                                          
Interbank Loans TRY mil ... ... ...                       2,164 2,128 3,867 5,622 7,437    
Customer Loans TRY mil                             28,066 35,316 55,294 60,838 74,687    
Debt Securities TRY mil ... ... ...                       9,126 12,379 13,623 12,440 14,523    
Total Assets TRY mil                             44,756 56,495 79,667 94,403 112,886    
Shareholders' Equity TRY mil                             4,641 5,665 6,088 7,161 8,294    
Interbank Borrowing TRY mil ... ... ...                       45.7 40.9 690 489 586    
Customer Deposits TRY mil                             26,876 36,552 49,835 64,119 72,659    
Issued Debt Securities TRY mil ... ... ...                       10,600 11,248 17,223 16,037 19,828    
ratios                                          
ROE % ... ... ...                       25.6 13.9 17.2 14.2 11.1    
ROA % ... ... ...                       2.70 1.42 1.49 1.08 0.828    
Costs (As % Of Assets) % ... ... ...                       3.40 4.63 3.05 3.49 3.16    
Costs (As % Of Income) % ... ... ...                       49.4 58.2 47.5 58.4 56.7    
Capital Adequacy Ratio % ... ... ...                       14.7 13.1 12.1 12.9 12.9    
Net Interest Margin % ... ... ...                       4.78 4.88 4.42 4.17 3.94    
Interest Income (As % Of Revenues) % ... ... ...                       69.5 61.3 68.8 69.7 70.6    
Fee Income (As % Of Revenues) % ... ... ...                       15.7 12.0 14.2 19.0 18.7    
Staff Cost (As % Of Total Cost) % ... ... ...                       50.1 30.9 44.7 37.5 38.1    
Equity (As % Of Assets) %                             10.4 10.0 7.64 7.59 7.35    
Loans (As % Of Deposits) %                             104 96.6 111 94.9 103    
Loans (As % Assets) %                             62.7 62.5 69.4 64.4 66.2    
NPLs (As % Of Loans) % ... ... ...                       3.12 3.85 2.85 3.07 4.08    
Provisions (As % Of NPLs) % ... ... ...                       68.1 59.5 72.8 188 95.2    
valuation                                          
Market Capitalisation (End Of Period) USD mil ... ... ... ... ... ... ... ... ... ... ...       4,674 4,516 2,545 2,354 1,916    
Number Of Shares (Average) mil ... ... ... ... ... ... ... ... ... ... ...       716 716 716 716 1,816    
Share Price (End Of Period) TRY ... ... ... ... ... ... ... ... ...           12.3 11.3 7.64 7.68 3.07    
Earnings Per Share (EPS) TRY ... ... ... ... ... ... ... ... ... ... ...       1.48 1.00 1.41 1.31 0.473    
Book Value Per Share TRY ... ... ... ... ... ... ... ... ... ... ...       6.48 7.91 8.50 10.0 4.57    
Dividend Per Share ... ... ... ... ... ... ... ... ... ... ... ... ...   0 0 0 0 0    
Price/Earnings (P/E) ... ... ... ... ... ... ... ... ... ... ...       8.30 11.2 5.41 5.87 6.50    
Price/Book Value (P/BV) ... ... ... ... ... ... ... ... ... ... ...       1.90 1.42 0.899 0.768 0.672    
Dividend Yield % ... ... ... ... ... ... ... ... ... ... ... ... ...   0 0 0 0 0    
Earnings Per Share Growth % ... ... ... ... ... ... ... ... ... ... ... ...     72.8 -32.4 40.9 -7.29 -63.9    
Book Value Per Share Growth % ... ... ... ... ... ... ... ... ... ... ... ...     26.8 22.0 7.48 17.6 -54.3    
income statement Unit 1997 1998 1999 2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017
income statement                                          
Interest Income TRY mil ... ... ...                       3,536 4,806 5,454 7,080 8,395    
Interest Cost TRY mil ... ... ...                       1,655 2,337 2,443 3,453 4,311    
Net Interest Income TRY mil ... ... ...                       1,880 2,470 3,010 3,627 4,084    
Net Fee Income TRY mil ... ... ...                       425 482 622 989 1,084    
Other Income TRY mil ... ... ...                       400 1,077 742 587 614    
Total Revenues TRY mil ... ... ...                       2,706 4,029 4,374 5,202 5,782    
Staff Cost TRY mil ... ... ...                       670 725 928 1,139 1,247    
Depreciation TRY mil ... ... ...                       101 124 149 174 199    
Other Cost TRY mil ... ... ...                       565 1,498 1,000 1,722 1,831    
Operating Cost TRY mil ... ... ...                       1,336 2,346 2,078 3,035 3,278    
Operating Profit TRY mil ... ... ...                       1,369 1,683 2,296 2,167 2,504    
Provisions TRY mil ... ... ...                       453 728 1,027 952 1,361    
Extra and Other Cost TRY mil ... ... ...                       0 0 0 0 0    
Pre-Tax Profit TRY mil ... ... ...                       917 956 1,269 1,215 1,143    
Tax TRY mil ... ... ...                       200 236 257 276 284    
Minorities TRY mil ... ... ...                       -0.737 2.25 -0.145 1.14 0.892    
Net Profit TRY mil ... ... ...                       1,062 717 1,011 937 858    
Dividends TRY mil ... ... ... ... ... ... ... ... ... ... ... ... ...   0 0 0 0 0    
growth rates                                          
Net Interest Income Growth % ... ... ... ...                     5.83 31.4 21.9 20.5 12.6    
Net Fee Income Growth % ... ... ... ...                     29.3 13.4 28.9 59.0 9.62    
Total Revenue Growth % ... ... ... ...                     16.8 48.9 8.54 18.9 11.2    
Operating Cost Growth % ... ... ... ...                     26.2 75.6 -11.4 46.1 7.98    
Operating Profit Growth % ... ... ... ...                     8.91 22.9 36.4 -5.64 15.6    
Pre-Tax Profit Growth % ... ... ... ...                     22.1 4.22 32.7 -4.24 -5.91    
Net Profit Growth % ... ... ... ...                     72.8 -32.4 40.9 -7.29 -8.43    
market share                                          
Market Share in Revenues % ... ... ...                       4.61 5.54 5.42 5.85 5.83   ...
Market Share in Net Profit % ... ... ... ... ...                   5.57 3.17 4.28 3.83 3.35   ...
Market Share in Employees %                             5.97 6.24 7.30 7.46 7.38    
Market Share in Bank Cards % ... ... ... ... ... ... ... ... ... ... ... ... ... ... ... ... 1.73 1.91 1.93    
Market Share in Branches %                             5.98 5.96 6.47 6.75 6.57    
balance sheet Unit 1997 1998 1999 2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017
balance sheet                                          
Cash TRY mil ... ... ...                       4,156 5,250 8,815 9,458 10,823    
Interbank Loans TRY mil ... ... ...                       2,164 2,128 3,867 5,622 7,437    
Customer Loans TRY mil                             28,066 35,316 55,294 60,838 74,687    
Retail Loans TRY mil ... ... ... ... ... ... ... ... ...           8,648 10,065 14,349 11,904 13,230    
Mortgage Loans TRY mil ... ... ... ... ... ... ... ... ... ... ... ... ... ... ... ... ... 4,774 5,099    
Consumer Loans TRY mil ... ... ... ... ... ... ... ... ... ... ... ... ... ... ... ... ... 6,174 7,150    
Corporate Loans TRY mil ... ... ... ... ... ... ... ... ...           19,418 25,251 40,945 48,934 61,457    
Debt Securities TRY mil ... ... ...                       9,126 12,379 13,623 12,440 14,523    
Fixed Assets TRY mil ... ... ...                       416 456 573 662 726    
Total Assets TRY mil                             44,756 56,495 79,667 94,403 112,886    
Shareholders' Equity TRY mil                             4,641 5,665 6,088 7,161 8,294    
Of Which Minority Interest TRY mil ... ... ...                       13.5 15.8 37.3 6.31 7.20    
Liabilities TRY mil                             40,115 50,830 73,578 87,242 104,592    
Interbank Borrowing TRY mil ... ... ...                       45.7 40.9 690 489 586    
Customer Deposits TRY mil                             26,876 36,552 49,835 64,119 72,659    
Retail Deposits TRY mil ... ... ... ... ...                   8,319 10,046 13,758 33,041 40,642    
Corporate Deposits TRY mil ... ... ... ... ...                   18,556 26,505 36,077 31,078 32,017    
Sight Deposits TRY mil ... ... ... ... ... ... ... ... ... ... ... ... ... ... ... ... 10,744 13,657 15,710    
Term Deposits TRY mil ... ... ... ... ... ... ... ... ... ... ... ... ... ... ... ... 39,091 50,462 56,949    
Issued Debt Securities TRY mil ... ... ...                       10,600 11,248 17,223 16,037 19,828    
Other Liabilities TRY mil ... ... ...                       2,593 2,990 5,831 6,596 11,519    
asset quality                                          
Non-Performing Loans TRY mil ... ... ...                       894 1,392 1,610 1,982 3,169    
Gross Loans TRY mil ... ... ...                       28,674 36,144 56,466 64,564 77,705    
Total Provisions TRY mil ... ... ...                       609 828 1,172 3,726 3,018    
growth rates                                          
Customer Loan Growth % ...                           73.6 25.8 56.6 10.0 22.8    
Retail Loan Growth % ... ... ... ... ... ... ... ... ... ...         41.0 16.4 42.6 -17.0 11.1    
Mortgage Loan Growth % ... ... ... ... ... ... ... ... ... ... ... ... ... ... ... ... ... ... 6.81    
Consumer Loan Growth % ... ... ... ... ... ... ... ... ... ... ... ... ... ... ... ... ... ... 15.8    
Corporate Loan Growth % ... ... ... ... ... ... ... ... ... ...         93.6 30.0 62.2 19.5 25.6    
Total Asset Growth % ...                           32.2 26.2 41.0 18.5 19.6    
Shareholders' Equity Growth % ...                           26.8 22.0 7.48 17.6 15.8    
Customer Deposit Growth % ...                           34.2 36.0 36.3 28.7 13.3    
Retail Deposit Growth % ... ... ... ... ... ...                 27.9 20.8 36.9 140 23.0    
Corporate Deposit Growth % ... ... ... ... ... ...                 37.2 42.8 36.1 -13.9 3.02    
market share                                          
Market Share in Customer Loans %                             4.42 4.82 5.71 5.30 5.41    
Market Share in Corporate Loans % ... ... ... ... ... ... ... ... ...           4.77 5.48 6.65 6.33 6.20    
Market Share in Retail Loans % ... ... ... ... ... ... ... ... ... ... ... ... ... ... ... ... ... 2.47 2.90    
Market Share in Consumer Loans % ... ... ... ... ... ... ... ... ...           3.79 3.71 4.06 3.17 3.39    
Market Share in Mortgage Loans % ... ... ... ... ... ... ... ... ... ... ... ... ... ... ... ... ... 3.81 3.55    
Market Share in Total Assets %                             3.86 4.35 4.87 5.00 5.05    
Market Share in Customer Deposits %                             4.10 5.04 5.57 6.43 6.20    
Market Share in Retail Deposits % ... ... ... ... ... ...                 2.13 2.33 2.70 5.71 5.88    
Market Share in Corporate Deposits % ... ... ... ... ... ...                 9.23 11.9 12.2 9.64 8.53    
ratios Unit 1997 1998 1999 2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017
ratios                                          
ROE % ... ... ...                       25.6 13.9 17.2 14.2 11.1    
ROA % ... ... ...                       2.70 1.42 1.49 1.08 0.828    
Costs (As % Of Assets) % ... ... ...                       3.40 4.63 3.05 3.49 3.16    
Costs (As % Of Income) % ... ... ...                       49.4 58.2 47.5 58.4 56.7    
Capital Adequacy Ratio % ... ... ...                       14.7 13.1 12.1 12.9 12.9    
Net Interest Margin % ... ... ...                       4.78 4.88 4.42 4.17 3.94    
Interest Spread % ... ... ...                       4.29 4.36 4.08 3.84 3.61    
Asset Yield % ... ... ...                       9.00 9.49 8.01 8.13 8.10    
Cost Of Liabilities % ... ... ...                       4.71 5.14 3.93 4.29 4.49    
Payout Ratio % ... ... ... ... ... ... ... ... ... ... ... ... ...   0 0 0 0 0    
Interest Income (As % Of Revenues) % ... ... ...                       69.5 61.3 68.8 69.7 70.6    
Fee Income (As % Of Revenues) % ... ... ...                       15.7 12.0 14.2 19.0 18.7    
Other Income (As % Of Revenues) % ... ... ...                       14.8 26.7 17.0 11.3 10.6    
Cost Per Employee USD per month ... ... ...                       3,070 2,889 2,815 2,825 2,668    
Cost Per Employee (Local Currency) TRY per month ... ... ...                       5,158 5,200 5,367 6,337 6,998    
Staff Cost (As % Of Total Cost) % ... ... ...                       50.1 30.9 44.7 37.5 38.1    
Equity (As % Of Assets) %                             10.4 10.0 7.64 7.59 7.35    
Loans (As % Of Deposits) %                             104 96.6 111 94.9 103    
Loans (As % Assets) %                             62.7 62.5 69.4 64.4 66.2    
NPLs (As % Of Loans) % ... ... ...                       3.12 3.85 2.85 3.07 4.08    
Provisions (As % Of NPLs) % ... ... ...                       68.1 59.5 72.8 188 95.2    
Provisions (As % Of Loans) % ... ... ...                       2.17 2.34 2.12 6.13 4.04    
Cost of Provisions (As % Of Loans) % ... ... ...                       2.05 2.30 2.27 1.64 2.01    
other data Unit 1997 1998 1999 2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017
other data                                          
Branches                             588 610 713 758 735    
Employees                             10,826 11,618 14,413 14,979 14,853    
ATMs ... ... ... ... ... ... ... ...             2,370 3,180 3,749 3,989 4,355    
Clients mil ... ... ... ... ... ... ... ... ...           1.60 ... ... ... 9.10 ... ...
Payment Cards '000 ... ... ... ... ... ...                 1,967 2,192 2,718 3,099 3,284    
Sight (As % Of Customer Deposits) % ... ... ... ... ... ... ... ... ... ... ... ... ... ... ... ... 21.6 21.3 21.6    

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Comparison of 22 Banks in Turkey
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DenizBank's payment cards rose 11.9% to 3,999 '000 in 2017

By Helgi Analytics - September 23, 2018

DenizBank has issued total of 3,999 '000 payment cards at the end of 2017, up 11.9% compared to the previous year. Turkish banking sector banking sector issued total of 194,047 thous. of bank cards in 2017, up 10.4% when compared to the last year....

DenizBank's retail deposits rose 29.6% to TRY 65,719 mil in 2017

By Helgi Analytics - June 25, 2018

DenizBank's retail deposits reached TRY 65,719 mil in 2017, up 29.6% compared to the previous year. Turkish banking sector accepted retail deposits of TRY 945 bil in 2017, up 17.2% when compared to the last year. DenizBank accounted for 6.95% of all retai...

DenizBank's employees fell 4.69% to 14,136 in 2017

By Helgi Analytics - June 25, 2018

DenizBank employed 14,136 persons in 2017, down 4.69% when compared to the previous year. Historically, the bank's workforce hit an all time high of 14,979 persons in 2014 and an all time low of 956 in 2000. Average cost reached USD 2,353 per month per employee, ...

DenizBank's corporate loans rose 21.1% to TRY 88,364 mil in 2017

By Helgi Analytics - December 12, 2019

DenizBank's corporate loans reached TRY 88,364 mil in 2017, up 21.1% compared to the previous year. Turkish banking sector provided corporate loans of TRY 1,571 bil in 2017, up 22.5% when compared to the last year. DenizBank accounted for 5.94% of all cor...

DenizBank's corporate deposits rose 10.1% to TRY 45,692 mil in 2017

By Helgi Analytics - June 25, 2018

DenizBank's corporate deposits reached TRY 45,692 mil in 2017, up 10.1% compared to the previous year. Turkish banking sector accepted corporate deposits of TRY 535 bil in 2017, up 18.4% when compared to the last year. DenizBank accounted for 8.54% of all...

DenizBank's branches rose 0.407% to 740 in 2017

By Helgi Analytics - June 25, 2018

DenizBank employed 14,136 persons in 2017, down 4.69% compared to the previous year. Historically, the bank's workforce hit an all time high of 14,979 persons in 2014 and an all time low of 5,059 in 2005. The bank operated a network of 740 branches and 5,6...

DenizBank's npls (as % of loans) fell 8.93% to 3.55% in 2017

By Helgi Analytics - June 25, 2018

DenizBank's non-performing loans reached 3.55% of total loans at the end of 2017, down from 3.89% compared to the previous year. Historically, the NPL ratio hit an all time high of 12.3% in 2001 and an all time low of 2.17% in 2005. Provision coverage amoun...

DenizBank's net interest income rose 23.1% to TRY 6,281 mil in 2017

By Helgi Analytics - June 25, 2018

DenizBank generated total banking revenues of TRY 7,651 mil in 2017, up 16.7% 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 TRY 7,651 mil in 2017 and an all...

DenizBank's share price (end of period) fell 23.1% to TRY 3.67 in 2017

By Helgi Analytics - June 25, 2018

DenizBank stock traded at TRY 3.67 per share at the end of 2017 implying a market capitalization of USD 3,217 mil. Since the end of 2012, the stock has depreciated by -67.4 % implying an annual average growth of -20.1 %. In absolute terms, the value of the company ...

DenizBank's price/earnings (P/E) fell 43.4% to 6.40 in 2017

By Helgi Analytics - June 25, 2018

DenizBank stock traded at TRY 3.67 per share at the end 2017 implying a market capitalization of USD 3,217 mil. Since the end of 2012, the stock has depreciated by -67.4 % implying an annual average growth of -20.1 %. In absolute terms, the value of the company f...

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Denizbank AS (Denizbank) is a Turkey-based commercial bank. The Bank offers retail and commercial banking products and services, such as credit and debit cards, private and commercial loans, savings and checking accounts and money transfers, issuing letters of guarantee, foreign currency and non-cash loans and commercial loan deposit accounts, as well as portfolio management, mutual and pension fund management, international trade finance and securities brokerage. At the end of 2015, Denizbank Anonim Sirketi operated 734 branches in Turkey and 1 branch internationally. DenizBank was established in 1938 as a state-owned bank (Denizcilik Bankasi) to help finance the then emerging Turkish maritime industry. It is based in Istanbul, Turkey. Denizbank Anonim Sirketi operates as a subsidiary of Sberbank of Russia OJSC.

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Finance

DenizBank has been growing its revenues and asset by 16.7% and 26.8% a year on average in the last 10 years. Its loans and deposits have grown by 26.9% and 29.2% a year during that time and loans to deposits ratio reached 99.1% at the end of 2017. The company achieved an average return on equity of 17.3% in the last decade with net profit growing 24.6% a year on average. In terms of operating efficiency, its cost to income ratio reached 42.0% in 2017, compared to 49.3% average in the last decade.

Equity represented 8.01% of total assets or -97,528% of loans at the end of 2017. DenizBank's non-performing loans were 3.55% of total loans while provisions covered some 77.7% of NPLs at the end of 2017.

Valuation

DenizBank stock traded at TRY 3.67 per share at the end of 2017 resulting in a market capitalization of USD 3,217 mil. Over the previous five years, stock price fell by 67.40000000000001% or 20.1% a year on average. That’s compared to an average ROE of 14.7% the bank generated for its shareholders. This closing price put stock at a 12-month trailing price to earnings (PE) of 6.40x and price to book value (PBV) of 0.947x in 2017.

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