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FCM Bank

FCM Bank's net profit rose 377% yoy to EUR 0.405 mil in 2020

By Helgi Analytics - October 3, 2021

FCM Bank made a net profit of EUR 3.87 mil under revenues of EUR 10.0 mil in 2023, up 20.8% and 17.2% respectively compared to the pr...

FCM Bank's net interest margin rose 204% yoy to 0.879% in 2020

By Helgi Analytics - October 3, 2021

FCM Bank's net interest margin amounted to 2.05% in 2023, down from 2.23% compared to the previous year. Historically, the...

FCM Bank's net interest income rose 262% yoy to EUR 0.708 mil in 2020

By Helgi Analytics - October 3, 2021

FCM Bank generated total banking revenues of EUR 10.0 mil in 2023, up 17.2% compared to the previous year. Historically, ...

Profit Statement 2018 2019 2020
Net Interest Income EUR mil -1.48 -0.437 0.708
Net Fee Income EUR mil -0.070 0.042 -0.029
Other Income EUR mil 0.004 2.35 2.01
Total Revenues EUR mil -1.54 1.95 2.69
Staff Cost EUR mil 0.780 0.937 1.20
Operating Profit EUR mil -3.56 -0.210 0.179
Provisions EUR mil 0.079 0.086 0.175
Net Profit EUR mil -3.64 0.085 0.405
Balance Sheet 2018 2019 2020
Interbank Loans EUR mil 4.56 8.10 3.11
Customer Loans EUR mil 1.76 17.6 43.9
Investments EUR mil 6.77 4.47 43.8
Total Assets EUR mil 57.4 46.1 115
Shareholders' Equity EUR mil 11.3 11.5 21.0
Interbank Borrowing EUR mil 0 0 10.0
Customer Deposits EUR mil 45.5 34.1 83.5
Issued Debt Securities EUR mil 0 0 0
Ratios 2018 2019 2020
ROE % -37.4 0.743 2.49
ROA % -5.72 0.164 0.503
Costs (As % Of Assets) % 3.17 4.18 3.12
Costs (As % Of Income) % -131 111 93.3
Capital Adequacy Ratio % 287 30.0 21.0
Net Interest Margin % -2.32 -0.846 0.879
Loans (As % Of Deposits) % 3.87 51.5 52.6
NPLs (As % Of Loans) % 0 0 5.82
Provisions (As % Of NPLs) % ... ... 10.4
Valuation 2018 2019 2020
Market Capitalisation USD mil ... ... 30.3
Number Of Shares mil ... ... 1.00
Share Price EUR ... ... 24.8
Price/Earnings (P/E) ... ... 61.2
Price/Book Value (P/BV) ... ... 1.18
Earnings Per Share (EPS) EUR ... ... 0.405
Book Value Per Share EUR ... ... 21.0

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summary Unit 2011 2012 2013 2014 2015 2016 2017 2018 2019 2020 2021 2022 2023
income statement                          
Net Interest Income EUR mil         0.362 -0.125 -1.05 -1.48 -0.437        
Total Revenues EUR mil         0.409 0.297 0.379 -1.54 1.95        
Operating Profit EUR mil         -1.27 -1.20 -0.975 -3.56 -0.210        
Net Profit EUR mil         -1.39 -0.893 -1.05 -3.64 0.085        
balance sheet                          
Interbank Loans EUR mil         3.83 4.06 9.32 4.56 8.10        
Customer Loans EUR mil         0 0 0 1.76 17.6        
Investments EUR mil         32.3 50.6 2.27 6.77 4.47        
Total Assets EUR mil         56.8 65.8 69.9 57.4 46.1        
                             
Shareholders' Equity EUR mil         7.17 8.18 8.13 11.3 11.5        
Interbank Borrowing EUR mil         0 0 0 0 0        
Customer Deposits EUR mil         48.9 56.8 61.0 45.5 34.1        
Issued Debt Securities EUR mil         0 0 0 0 0        
ratios                          
ROE % ...       -18.6 -11.6 -12.9 -37.4 0.743        
ROA % ...       -2.61 -1.46 -1.55 -5.72 0.164        
Costs (As % Of Assets) % ...       3.16 2.44 2.00 3.17 4.18        
Costs (As % Of Income) %         411 504 357 -131 111        
Capital Adequacy Ratio % ... ... ... ... ... 16.0 ... 287 30.0   ... ... ...
Net Interest Margin % ...       0.680 -0.203 -1.54 -2.32 -0.846        
Interest Income (As % Of Revenues) %         88.4 -42.0 -276 95.7 -22.4        
Fee Income (As % Of Revenues) %         -5.68 -24.9 -18.7 4.52 2.14        
Staff Cost (As % Of Total Cost) %         40.0 38.5 33.5 38.7 43.3        
Equity (As % Of Assets) %         12.6 12.4 11.6 19.7 25.0        
Loans (As % Of Deposits) %         0 0 0 3.87 51.5        
Loans (As % Assets) %         0 0 0 3.06 38.1        
NPLs (As % Of Loans) % ... ... ... ... ... ... ... 0 0        
Provisions (As % Of NPLs) % ... ... ... ... ... ... ... ... ...        
valuation                          
Market Capitalisation USD mil ... ... ... ... ... ... ... ... ...        
Number Of Shares mil ... ... ... ... ... ... ... ... ...        
Share Price EUR ... ... ... ... ... ... ... ... ...        
Earnings Per Share (EPS) EUR ... ... ... ... ... ... ... ... ...        
Book Value Per Share EUR ... ... ... ... ... ... ... ... ...        
Price/Earnings (P/E) ... ... ... ... ... ... ... ... ...        
Price/Book Value (P/BV) ... ... ... ... ... ... ... ... ...        
Earnings Per Share Growth % ... ... ... ... ... ... ... ... ... ...      
Book Value Per Share Growth % ... ... ... ... ... ... ... ... ... ...      
income statement Unit 2011 2012 2013 2014 2015 2016 2017 2018 2019 2020 2021 2022 2023
income statement                          
Interest Income EUR mil         1.98 1.61 0.768 0.132 0.497        
Interest Cost EUR mil         1.62 1.74 1.82 1.61 0.935        
Net Interest Income EUR mil         0.362 -0.125 -1.05 -1.48 -0.437        
Net Fee Income EUR mil         -0.023 -0.074 -0.071 -0.070 0.042        
Fee Income EUR mil         0 0 0 0.003 0.176       ...
Fee Expense EUR mil         0.023 0.074 0.071 0.073 0.134       ...
Other Income EUR mil         0.071 0.496 1.50 0.004 2.35        
Total Revenues EUR mil         0.409 0.297 0.379 -1.54 1.95        
Staff Cost EUR mil         0.673 0.576 0.453 0.780 0.937        
Depreciation EUR mil         0 0 0 0 0        
Other Cost EUR mil         1.01 0.919 0.902 1.24 1.23        
Operating Cost EUR mil         1.68 1.50 1.35 2.02 2.16        
Operating Profit EUR mil         -1.27 -1.20 -0.975 -3.56 -0.210        
Provisions EUR mil         0.183 0 0 0.079 0.086        
Extra and Other Cost EUR mil         0 0 0 0 0        
Pre-Tax Profit EUR mil         -1.46 -1.20 -0.975 -3.64 -0.296        
Tax EUR mil         -0.065 0.306 -0.076 0 0.381        
Minorities EUR mil         0 0 0 0 0        
Net Profit EUR mil         -1.39 -0.893 -1.05 -3.64 0.085        
Net Profit Avail. to Common EUR mil         -1.39 -0.893 -1.05 -3.64 0.085        
growth rates                          
Net Interest Income Growth % ...       41.6 -134 739 41.1 -70.4        
Net Fee Income Growth % ...       31.3 218 -4.36 -1.56 -160        
Total Revenue Growth % ...       57.7 -27.4 27.8 -507 -227        
Operating Cost Growth % ...       2.83 -11.1 -9.40 48.8 7.29        
Operating Profit Growth % ...       -7.51 -5.89 -18.6 265 -94.1        
Pre-Tax Profit Growth % ...       5.75 -17.7 -18.6 273 -91.9        
Net Profit Growth % ...       53.6 -35.8 17.7 246 -102        
balance sheet Unit 2011 2012 2013 2014 2015 2016 2017 2018 2019 2020 2021 2022 2023
balance sheet                          
Cash & Cash Equivalents EUR mil         18.7 9.50 57.0 42.9 13.3        
Interbank Loans EUR mil         3.83 4.06 9.32 4.56 8.10        
Customer Loans EUR mil         0 0 0 1.76 17.6        
Retail Loans EUR mil ... ... ... ... ... ... 0 0 0        
Mortgage Loans EUR mil ... ... ... ... ... ... 0 0 0 ... ... ... ...
Consumer Loans EUR mil ... ... ... ... ... ... 0 0 0 ... ... ... ...
Corporate Loans EUR mil ... ... ... ... ... ... ... ... 16.5        
Investments EUR mil         32.3 50.6 2.27 6.77 4.47        
Property and Equipment EUR mil         0.035 0.015 0.011 0.022 0.068        
Intangible Assets EUR mil         0.218 0.192 0.197 0.130 0.250        
Total Assets EUR mil         56.8 65.8 69.9 57.4 46.1        
                             
Shareholders' Equity EUR mil         7.17 8.18 8.13 11.3 11.5        
Of Which Minority Interest EUR mil         0 0 0 0 0        
Liabilities EUR mil         49.6 57.6 61.7 46.1 34.6        
Interbank Borrowing EUR mil         0 0 0 0 0        
Customer Deposits EUR mil         48.9 56.8 61.0 45.5 34.1        
Sight Deposits EUR mil ... ... ... ... 47.5 54.7 57.5 39.2 14.8   ... ... ...
Term Deposits EUR mil ... ... ... ... 1.41 2.14 3.47 6.27 19.3   ... ... ...
Issued Debt Securities EUR mil         0 0 0 0 0        
Other Liabilities EUR mil         0.723 0.722 0.777 0.628 0.413        
asset quality                          
Non-Performing Loans EUR mil ... ... ... ... ... ... 0 0 0        
Gross Loans EUR mil ... ... ... ... ... ... 0 1.76 17.7        
Risk-Weighted Assets EUR mil ... ... ... ... ... ... ... 3.49 ...   ... ... ...
Total Provisions EUR mil ... ... ... ... ... ... 0 0.002 0.093        
growth rates                          
Customer Loan Growth % ... ... ... ... ... ... ... ... 899        
Retail Loan Growth % ... ... ... ... ... ... ... ... ... ...      
Corporate Loan Growth % ... ... ... ... ... ... ... ... ...        
Total Asset Growth % ...       14.4 15.8 6.25 -17.8 -19.8        
Shareholders' Equity Growth % ...       -8.07 14.0 -0.627 39.5 1.45        
Customer Deposit Growth % ...       27.3 16.2 7.22 -25.4 -24.9        
ratios Unit 2011 2012 2013 2014 2015 2016 2017 2018 2019 2020 2021 2022 2023
                           
ROE % ...       -18.6 -11.6 -12.9 -37.4 0.743        
ROTE % ...       -19.2 -12.0 -13.2 -38.0 0.756        
ROA % ...       -2.61 -1.46 -1.55 -5.72 0.164        
Return on Loans % ... ... ... ... ... ... ... -414 0.879        
operating profit (as % of rwa)                          
Costs (As % Of Assets) % ...       3.16 2.44 2.00 3.17 4.18        
Costs (As % Of Income) %         411 504 357 -131 111        
Costs (As % Of Loans) % ... ... ... ... ... ... ... 230 22.4        
Costs (As % Of Loans & Deposits) % ...       3.85 2.83 2.30 3.73 4.38        
Capital Adequacy Ratio % ... ... ... ... ... 16.0 ... 287 30.0   ... ... ...
Tier 1 Ratio % ... ... ... ... ... ... ... ... ...   ... ... ...
Net Interest Margin % ...       0.680 -0.203 -1.54 -2.32 -0.846        
Interest Spread % ...       0.181 -0.610 -1.91 -2.78 -1.36        
Asset Yield % ...       3.72 2.63 1.13 0.207 0.961        
revenues (as % of rwa)                          
Cost Of Liabilities % ...       3.54 3.24 3.04 2.98 2.32        
Interest Income (As % Of Revenues) %         88.4 -42.0 -276 95.7 -22.4        
Fee Income (As % Of Revenues) %         -5.68 -24.9 -18.7 4.52 2.14        
Other Income (As % Of Revenues) %         17.3 167 394 -0.257 120        
Staff Cost (As % Of Total Cost) %         40.0 38.5 33.5 38.7 43.3        
Equity (As % Of Assets) %         12.6 12.4 11.6 19.7 25.0        
Equity (As % Of Loans) % ... ... ... ... ... ... ... 645 65.5        
Loans (As % Of Deposits) %         0 0 0 3.87 51.5        
Loans (As % Assets) %         0 0 0 3.06 38.1        
NPLs (As % Of Loans) % ... ... ... ... ... ... ... 0 0        
Provisions (As % Of NPLs) % ... ... ... ... ... ... ... ... ...        
Provisions (As % Of Loans) % ... ... ... ... ... ... ... 0.133 0.531        
Cost of Provisions (As % Of Loans) % ... ... ... ... ... ... ... 8.94 0.889        
other data Unit 2011 2012 2013 2014 2015 2016 2017 2018 2019 2020 2021 2022 2023
                           
Employees         12.0 13.0 8.00 16.0 20.0        
Cost Per Employee USD per month         5,357 3,961 5,303 4,761 4,424        
Cost Per Employee (Local Currency) EUR per month         4,673 3,695 4,723 4,065 3,904        

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FCM Bank's customer loan growth fell 83.3% yoy to 150% in 2020

By Helgi Analytics - October 3, 2021

FCM Bank's customer loan growth reached 18.8% in 2023, down from 74.7% compared to the previous year. Historically, the bank’s loans growth reached an all time high of 899% in 2019 and an all time low of 18.8% in 2023. In the last decade, the average annu...

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Finance

FCM Bank has been growing its revenues and asset by 54.9% and 60.4% a year on average in the last 3 years. Its loans and deposits have grown by 89.7% and 61.2% a year during that time and loans to deposits ratio reached 85.7% at the end of 2023. The company achieved an average return on equity of 6.09% in the last three years with net profit growing 112% a year on average. In terms of operating efficiency, its cost to income ratio reached 58.3% in 2023, compared to 65.1% average in the last three years.

Equity represented 10.6% of total assets or 16.8% of loans at the end of 2023. FCM Bank's non-performing loans were 4.47% of total loans while provisions covered some 5.56% of NPLs at the end of 2023.

Valuation

FCM Bank stock traded at per share at the end of 2023 resulting in a market capitalization of . Over the previous three years, stock price rose by 0% or 0% a year on average. That’s compared to an average ROE of 6.09% 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 0.492x in 2023.