Eurobank Bulgaria

Eurobank Bulgaria's net profit rose 14.0% to BGN 136 mil in 2017

By Helgi Analytics - September 2, 2018

Eurobank Bulgaria made a net profit of BGN 136 mil under revenues of BGN 371 mil in 2017, up 14.0% and 1.22% respectively compared to...

Eurobank Bulgaria's mortgage loans rose 5.35% to BGN 1,579 mil in 2017

By Helgi Analytics - September 20, 2018

Eurobank Bulgaria's mortgage loans reached BGN 1,579 mil in 2017, up 5.35% compared to the previous year. Bulgarian banking sec...

Eurobank Bulgaria's total revenues rose 1.22% to BGN 371 mil in 2017

By Helgi Analytics - September 20, 2018

Eurobank Bulgaria generated total banking revenues of BGN 371 mil in 2017, up 1.22% compared to the previous year. Bulgari...

Profit Statement 2015 2016 2017
Net Interest Income BGN mil 236 274 284
Fee Income (As % Of Revenues) % 20.2 19.1 21.6
Other Income BGN mil 1.53 23.1 6.65
Total Revenues BGN mil 298 367 371
Staff Cost BGN mil 51.3 68.0 62.1
Operating Profit BGN mil 160 204 221
Provisions BGN mil 66.6 69.8 69.7
Net Profit BGN mil 84.1 120 136
Balance Sheet 2015 2016 2017
Interbank Loans BGN mil 110 1,166 1,264
Customer Loans BGN mil 3,896 4,214 4,829
Debt Securities BGN mil 564 610 474
Total Assets BGN mil 5,753 6,818 7,421
Shareholders' Equity BGN mil 914 1,148 1,237
Interbank Borrowing BGN mil 19.9 21.2 9.03
Customer Deposits BGN mil 4,605 5,524 6,080
Issued Debt Securities BGN mil 161 79.0 30.4
Ratios 2015 2016 2017
ROE % 9.71 11.6 11.4
ROA % 1.41 1.90 1.91
Costs (As % Of Assets) % 2.32 2.59 2.11
Costs (As % Of Income) % 46.3 44.4 40.5
Capital Adequacy Ratio % 24.7 23.4 21.8
Net Interest Margin % 3.98 4.35 3.99
Loans (As % Of Deposits) % 84.6 76.3 79.4
NPLs (As % Of Loans) % 10.4 11.8 8.82
Provisions (As % Of NPLs) % 111 75.8 80.6
Growth Rates 2015 2016 2017
Total Revenue Growth % 9.18 23.0 1.22
Operating Cost Growth % -7.59 18.1 -7.67
Operating Profit Growth % 29.4 27.3 8.33
Net Profit Growth % 12,323 42.2 14.0
Customer Loan Growth % 1.61 8.18 14.6
Total Asset Growth % -6.28 18.5 8.84
Customer Deposit Growth % -9.31 20.0 10.1
Shareholders' Equity Growth % 11.8 25.6 7.72
Employees 2,207 2,200 2,200

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summary Unit 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017
income statement                                  
Net Interest Income BGN mil                     244 210 196 211 236    
Total Revenues BGN mil                     300 266 254 273 298    
Operating Profit BGN mil                     141 111 102 124 160    
Net Profit BGN mil                     7.45 1.13 18.5 0.677 84.1    
balance sheet                                  
Interbank Loans BGN mil                     848 668 846 1,487 110    
Customer Loans BGN mil                     4,155 4,035 3,883 3,834 3,896    
Debt Securities BGN mil                     178 192 158 192 564    
Total Assets BGN mil                     5,991 5,637 5,693 6,138 5,753    
Shareholders' Equity BGN mil                     787 795 821 817 914    
Interbank Borrowing BGN mil                     92.0 106 68.9 18.9 19.9    
Customer Deposits BGN mil                     4,718 4,413 4,520 5,077 4,605    
Issued Debt Securities BGN mil                     339 269 240 180 161    
ratios                                  
ROE %                     0.949 0.142 2.29 0.083 9.71    
ROA %                     0.121 0.019 0.326 0.011 1.41    
Costs (As % Of Assets) %                     2.59 2.66 2.69 2.52 2.32    
Costs (As % Of Income) %                     53.0 58.2 59.9 54.7 46.3    
Capital Adequacy Ratio % ... ... ...               15.4 17.1 16.8 16.8 24.7    
Net Interest Margin %                     3.96 3.61 3.45 3.57 3.98    
Interest Income (As % Of Revenues) %                     81.1 79.0 77.1 77.4 79.3    
Fee Income (As % Of Revenues) %                     18.0 20.7 22.4 21.9 20.2    
Staff Cost (As % Of Total Cost) %                     42.3 39.1 38.7 40.5 37.2    
Equity (As % Of Assets) %                     13.1 14.1 14.4 13.3 15.9    
Loans (As % Of Deposits) %                     88.1 91.4 85.9 75.5 84.6    
Loans (As % Assets) %                     69.3 71.6 68.2 62.5 67.7    
NPLs (As % Of Loans) % ... ... ... ... ...           9.60 8.59 9.74 11.9 10.4    
Provisions (As % Of NPLs) % ... ... ... ... ...           58.0 85.3 91.9 92.3 111    
income statement Unit 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017
income statement                                  
Interest Income BGN mil                     480 417 371 354 304    
Interest Cost BGN mil                     236 207 175 143 67.4    
Net Interest Income BGN mil                     244 210 196 211 236    
Net Fee Income BGN mil                     54.1 55.1 56.9 59.7 60.1    
Other Income BGN mil                     2.62 0.799 1.28 1.95 1.53    
Total Revenues BGN mil                     300 266 254 273 298    
Staff Cost BGN mil                     67.4 60.6 58.9 60.4 51.3    
Depreciation BGN mil                     10.7 11.1 9.11 13.9 11.8    
Other Cost BGN mil                     81.3 83.2 84.2 74.9 74.7    
Operating Cost BGN mil                     159 155 152 149 138    
Operating Profit BGN mil                     141 111 102 124 160    
Provisions BGN mil                     133 110 80.9 123 66.6    
Extra and Other Cost BGN mil                     < -0.001 < -0.001 0 < 0.001 0    
Pre-Tax Profit BGN mil                     8.29 1.39 20.9 0.773 93.5    
Tax BGN mil                     0.845 0.261 2.37 0.096 9.44    
Minorities BGN mil                     0 0 0 0 0    
Net Profit BGN mil                     7.45 1.13 18.5 0.677 84.1    
growth rates                                  
Net Interest Income Growth % ...                   -9.33 -13.8 -6.81 7.95 11.9    
Net Fee Income Growth % ...                   -1.75 1.83 3.35 4.96 0.671    
Total Revenue Growth % ...                   -8.71 -11.5 -4.51 7.50 9.18    
Operating Cost Growth % ...                   -4.30 -2.80 -1.75 -1.94 -7.59    
Operating Profit Growth % ...                   -13.2 -21.3 -8.36 21.6 29.4    
Pre-Tax Profit Growth % ...                   -78.5 -83.3 1,404 -96.3 12,000    
Net Profit Growth % ...                   -78.7 -84.9 1,542 -96.3 12,323    
market share                                  
Market Share in Revenues %                     7.65 6.97 6.85 7.00 7.22    
Market Share in Net Profit %                     1.57 0.214 3.67 0.095 9.36    
Market Share in Employees %           ... ... ... ... ... 8.43 8.05 7.94 7.82 7.20    
Market Share in Branches % ... ... ... ... ... ... ... ... ... ... 5.45 5.22 5.17 5.05 5.08    
balance sheet Unit 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017
balance sheet                                  
Cash BGN mil                     699 618 701 527 1,088    
Interbank Loans BGN mil                     848 668 846 1,487 110    
Customer Loans BGN mil                     4,155 4,035 3,883 3,834 3,896    
Retail Loans BGN mil                     1,812 1,986 2,002 2,033 2,038    
Mortgage Loans BGN mil ... ... ... ... ...           1,008 1,212 1,238 1,301 1,331    
Consumer Loans BGN mil ... ... ... ... ...           804 774 764 732 706    
Corporate Loans BGN mil                     2,343 2,049 1,881 1,801 1,858    
Debt Securities BGN mil                     178 192 158 192 564    
Fixed Assets BGN mil                     99.0 91.0 87.0 78.1 74.7    
Total Assets BGN mil                     5,991 5,637 5,693 6,138 5,753    
Shareholders' Equity BGN mil                     787 795 821 817 914    
Of Which Minority Interest BGN mil                     0 0 0 0 0    
Liabilities BGN mil                     5,204 4,842 4,872 5,321 4,838    
Interbank Borrowing BGN mil                     92.0 106 68.9 18.9 19.9    
Customer Deposits BGN mil                     4,718 4,413 4,520 5,077 4,605    
Retail Deposits BGN mil                     3,386 3,622 3,821 4,195 3,909    
Corporate Deposits BGN mil                     1,332 791 699 883 696    
Issued Debt Securities BGN mil                     339 269 240 180 161    
Other Liabilities BGN mil                     55.0 53.9 43.4 44.4 52.9    
asset quality                                  
Non-Performing Loans BGN mil ... ... ... ... ...           422 374 415 514 460    
Gross Loans BGN mil                     4,400 4,354 4,264 4,308 4,407    
Total Provisions BGN mil                     245 319 382 474 511    
growth rates                                  
Customer Loan Growth % ...                   -0.033 -2.88 -3.78 -1.25 1.61    
Retail Loan Growth % ...                   -4.04 9.61 0.804 1.58 0.224    
Mortgage Loan Growth % ... ... ... ... ... ...         0.924 20.3 2.14 5.13 2.31    
Consumer Loan Growth % ... ... ... ... ... ...         -9.60 -3.77 -1.30 -4.16 -3.48    
Corporate Loan Growth % ...                   3.30 -12.5 -8.22 -4.27 3.18    
Total Asset Growth % ...                   -5.05 -5.90 0.997 7.82 -6.28    
Shareholders' Equity Growth % ...                   0.598 1.05 3.24 -0.441 11.8    
Customer Deposit Growth % ...                   1.64 -6.45 2.42 12.3 -9.31    
Retail Deposit Growth % ...                   6.60 6.98 5.51 9.76 -6.81    
Corporate Deposit Growth % ...                   -9.09 -40.6 -11.7 26.3 -21.2    
market share                                  
Market Share in Customer Loans %                     7.67 7.25 6.95 7.44 7.68    
Market Share in Corporate Loans %                     7.02 5.84 5.36 5.81 6.10    
Market Share in Retail Loans % ... ... ... ... ...           8.02 7.92 7.75 7.60 7.44    
Market Share in Consumer Loans %                     9.59 10.6 10.7 11.1 11.2    
Market Share in Mortgage Loans % ... ... ... ... ...           11.4 13.6 14.0 14.9 15.4    
Market Share in Total Assets %                     9.97 8.73 8.17 8.75 7.56    
Market Share in Customer Deposits %                     8.82 7.62 7.19 7.91 6.89    
Market Share in Retail Deposits %                     11.0 10.5 10.1 10.7 9.18    
Market Share in Corporate Deposits %                     9.74 5.55 4.52 5.75 3.82    
ratios Unit 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017
ratios                                  
ROE %                     0.949 0.142 2.29 0.083 9.71    
ROA %                     0.121 0.019 0.326 0.011 1.41    
Costs (As % Of Assets) %                     2.59 2.66 2.69 2.52 2.32    
Costs (As % Of Income) %                     53.0 58.2 59.9 54.7 46.3    
Capital Adequacy Ratio % ... ... ...               15.4 17.1 16.8 16.8 24.7    
Net Interest Margin %                     3.96 3.61 3.45 3.57 3.98    
Interest Spread % ...                   3.40 3.05 2.94 3.18 3.78    
Asset Yield %                     7.81 7.18 6.54 5.98 5.11    
Cost Of Liabilities % ...                   4.41 4.12 3.60 2.80 1.33    
Interest Income (As % Of Revenues) %                     81.1 79.0 77.1 77.4 79.3    
Fee Income (As % Of Revenues) %                     18.0 20.7 22.4 21.9 20.2    
Other Income (As % Of Revenues) %                     0.873 0.300 0.503 0.713 0.513    
Cost Per Employee USD per month           ... ... ... ... ... 1,396 1,229 1,281 1,337 1,138    
Cost Per Employee (Local Currency) BGN per month           ... ... ... ... ... 1,964 1,871 1,888 2,029 1,938    
Staff Cost (As % Of Total Cost) %                     42.3 39.1 38.7 40.5 37.2    
Equity (As % Of Assets) %                     13.1 14.1 14.4 13.3 15.9    
Loans (As % Of Deposits) %                     88.1 91.4 85.9 75.5 84.6    
Loans (As % Assets) %                     69.3 71.6 68.2 62.5 67.7    
NPLs (As % Of Loans) % ... ... ... ... ...           9.60 8.59 9.74 11.9 10.4    
Provisions (As % Of NPLs) % ... ... ... ... ...           58.0 85.3 91.9 92.3 111    
Provisions (As % Of Loans) %                     5.89 7.90 9.83 12.4 13.1    
Cost of Provisions (As % Of Loans) %                     3.20 2.68 2.04 3.19 1.72    
other data Unit 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017
other data                                  
Branches ... ... ... ... ... ... ... ... ... ... 206 200 195 188 187    
Employees           ... ... ... ... ... 2,859 2,700 2,600 2,480 2,207    
Clients mil ... ... ... ... ... ... ... ... ... ... ... ... ... 1.50 ... ... ...

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Eurobank Bulgaria's customer deposits rose 10.1% to BGN 6,080 mil in 2017

By Helgi Analytics - September 2, 2018

Eurobank Bulgaria's customer deposits reached BGN 6,080 mil in 2017, up 10.1% 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. Eurobank Bulgaria accounted ...

Eurobank Bulgaria's customer loans rose 14.6% to BGN 4,829 mil in 2017

By Helgi Analytics - September 2, 2018

Eurobank Bulgaria's customer loans reached BGN 4,829 mil in 2017, up 14.6% 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. Eurobank Bulgaria accounted for 8....

Eurobank Bulgaria's retail deposits rose 4.94% to BGN 4,650 mil in 2017

By Helgi Analytics - September 20, 2018

Eurobank Bulgaria's retail deposits reached BGN 4,650 mil in 2017, up 4.94% 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. Eurobank Bulgaria accounted for ...

Eurobank Bulgaria's costs (as % of assets) fell 18.5% to 2.11% in 2017

By Helgi Analytics - September 23, 2018

Eurobank Bulgaria's cost to income ratio reached 40.5% in 2017, down from 44.4% compared to the previous year. Historically, the bank’s costs reached an all time high of 59.9% of income in 2013 and an all time low of 40.5% in 2017. When compared to total a...

Eurobank Bulgaria's corporate deposits rose 30.8% to BGN 1,430 mil in 2017

By Helgi Analytics - September 20, 2018

Eurobank Bulgaria's corporate deposits reached BGN 1,430 mil in 2017, up 30.8% compared to the previous year. Bulgarian banking sector accepted corporate deposits of BGN 22.0 bil in 2017, up 13.8% when compared to the last year. Eurobank Bulgaria accounte...

Eurobank Bulgaria's npls (as % of loans) fell 25.0% to 8.82% in 2017

By Helgi Analytics - September 2, 2018

Eurobank Bulgaria's non-performing loans reached 8.82% of total loans at the end of 2017, down from 11.8% compared to the previous year. Historically, the NPL ratio hit an all time high of 11.9% in 2014 and an all time low of 1.77% in 2008. Provision covera...

Eurobank Bulgaria's corporate loans rose 23.9% to BGN 2,602 mil in 2017

By Helgi Analytics - September 2, 2018

Eurobank Bulgaria's loans reached BGN 5,198 mil in the 2017, up from BGN 4,627 mil compared to the previous year. Historically, the bank’s loans reached an all time high of BGN 5,198 mil in 2017 and an all time low of BGN 2,097 mil in 2006. In the last ...

Eurobank Bulgaria's employees remain unchanged at 2,200 in 2017

By Helgi Analytics - September 23, 2018

Eurobank Bulgaria employed 2,200 persons in 2017, down 0% when compared to the previous year. Historically, the bank's workforce hit an all time high of 2,859 persons in 2011 and an all time low of 2,200 in 2017. Average cost reached USD 1,350 per month per emplo...

Eurobank Bulgaria's net interest margin fell 8.27% to 3.99% in 2017

By Helgi Analytics - September 2, 2018

Eurobank Bulgaria's net interest margin amounted to 3.99% in 2017, down from 4.35% compared to the previous year. Historically, the bank’s net interest margin reached an all time high of 6.68% in 2005 and an all time low of 3.45% in 2013. The average ma...

Eurobank Bulgaria's net interest income rose 3.91% to BGN 284 mil in 2017

By Helgi Analytics - September 2, 2018

Eurobank Bulgaria generated total banking revenues of BGN 371 mil in 2017, up 1.22% 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 371 mil in 2017 and an...

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Eurobank Bulgaria AD is a Bulgaria-based commercial bank and a full subsidiary of EFG Group. 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 195 branches and held a 8% market share in terms of assets in Bulgaria. The Bank was formerly known as Eurobank EFG Bulgaria AD and changed its name to Eurobank Bulgaria AD in January 2013. The Bank was founded in 1991 and is headquartered in Sofia, Bulgaria

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Finance

Eurobank Bulgaria has been growing its revenues and asset by 10.8% and 6.53% a year on average in the last 3 years. Its loans and deposits have grown by 7.99% and 6.19% a year during that time and loans to deposits ratio reached 79.4% at the end of 2017. The company achieved an average return on equity of 10.9% in the last three years with net profit growing 486% a year on average. In terms of operating efficiency, its cost to income ratio reached 40.5% in 2017, compared to 43.7% average in the last three years.

Equity represented 16.7% of total assets or of loans at the end of 2017. Eurobank Bulgaria's non-performing loans were 8.82% of total loans while provisions covered some 80.6% of NPLs at the end of 2017.