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FCM Bank

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

By Helgi Library - 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 Library - 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 Library - 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 2021 2022 2023
Net Interest Income EUR mil 3.75 7.73 9.00
Net Fee Income EUR mil 0.616 0.746 0.900
Other Income EUR mil 0.729 0.059 0.100
Total Revenues EUR mil 5.09 8.54 10.0
Staff Cost EUR mil 1.98 2.63 3.03
Operating Profit EUR mil 1.19 3.38 4.17
Provisions EUR mil 0.147 0.180 0.300
Net Profit EUR mil 1.04 3.20 3.87
Balance Sheet 2021 2022 2023
Interbank Loans EUR mil 38.4 38.4 38.4
Customer Loans EUR mil 145 253 300
Investments EUR mil 79.2 79.2 79.2
Total Assets EUR mil 288 405 475
Shareholders' Equity EUR mil 43.9 46.5 50.4
Interbank Borrowing EUR mil 95.2 76.5 70.0
Customer Deposits EUR mil 148 281 350
Issued Debt Securities EUR mil 0 0 0
Ratios 2021 2022 2023
ROE % 3.21 7.09 7.99
ROA % 0.517 0.924 0.879
Costs (As % Of Assets) % 1.94 1.49 1.33
Costs (As % Of Income) % 76.7 60.4 58.3
Capital Adequacy Ratio % ... ... ...
Net Interest Margin % 1.86 2.23 2.05
Loans (As % Of Deposits) % 97.5 89.9 85.7
NPLs (As % Of Loans) % 5.17 4.79 4.47
Provisions (As % Of NPLs) % 5.08 4.27 5.56
Valuation 2021 2022 2023
Market Capitalisation USD mil 29.1 29.1 29.1
Number Of Shares mil 1.00 1.00 1.00
Share Price EUR 24.8 24.8 24.8
Price/Earnings (P/E) 23.8 7.74 6.40
Price/Book Value (P/BV) 0.565 0.533 0.492
Earnings Per Share (EPS) EUR 1.04 3.20 3.87
Book Value Per Share EUR 43.9 46.5 50.4

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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             -1.05 -1.48 -0.437 0.708 3.75    
Total Revenues EUR mil             0.379 -1.54 1.95 2.69 5.09    
Operating Profit EUR mil             -0.975 -3.56 -0.210 0.179 1.19    
Net Profit EUR mil             -1.05 -3.64 0.085 0.405 1.04    
balance sheet                          
Interbank Loans EUR mil             9.32 4.56 8.10 3.11 38.4    
Customer Loans EUR mil             0 1.76 17.6 43.9 145    
Investments EUR mil             2.27 6.77 4.47 43.8 79.2    
Total Assets EUR mil             69.9 57.4 46.1 115 288    
                             
Shareholders' Equity EUR mil             8.13 11.3 11.5 21.0 43.9    
Interbank Borrowing EUR mil             0 0 0 10.0 95.2    
Customer Deposits EUR mil             61.0 45.5 34.1 83.5 148    
Issued Debt Securities EUR mil             0 0 0 0 0    
ratios                          
ROE % ...           -12.9 -37.4 0.743 2.49 3.21    
ROA % ...           -1.55 -5.72 0.164 0.503 0.517    
Costs (As % Of Assets) % ...           2.00 3.17 4.18 3.12 1.94    
Costs (As % Of Income) %             357 -131 111 93.3 76.7    
Capital Adequacy Ratio % ... ... ... ... ...   ... 287 30.0 21.0 ... ... ...
Net Interest Margin % ...           -1.54 -2.32 -0.846 0.879 1.86    
Interest Income (As % Of Revenues) %             -276 95.7 -22.4 26.3 73.6    
Fee Income (As % Of Revenues) %             -18.7 4.52 2.14 -1.06 12.1    
Staff Cost (As % Of Total Cost) %             33.5 38.7 43.3 47.7 50.6    
Equity (As % Of Assets) %             11.6 19.7 25.0 18.3 15.2    
Loans (As % Of Deposits) %             0 3.87 51.5 52.6 97.5    
Loans (As % Assets) %             0 3.06 38.1 38.2 50.2    
NPLs (As % Of Loans) % ... ... ... ... ... ... ... 0 0 5.82 5.17    
Provisions (As % Of NPLs) % ... ... ... ... ... ... ... ... ... 10.4 5.08    
valuation                          
Market Capitalisation USD mil ... ... ... ... ... ... ... ... ... 30.3 29.1    
Number Of Shares mil ... ... ... ... ... ... ... ... ... 1.00 1.00    
Share Price EUR ... ... ... ... ... ... ... ... ... 24.8 24.8    
Earnings Per Share (EPS) EUR ... ... ... ... ... ... ... ... ... 0.405 1.04    
Book Value Per Share EUR ... ... ... ... ... ... ... ... ... 21.0 43.9    
Price/Earnings (P/E) ... ... ... ... ... ... ... ... ... 61.2 23.8    
Price/Book Value (P/BV) ... ... ... ... ... ... ... ... ... 1.18 0.565    
Earnings Per Share Growth % ... ... ... ... ... ... ... ... ... ... 157    
Book Value Per Share Growth % ...           739 41.1 -70.4 -262 109    
income statement Unit 2011 2012 2013 2014 2015 2016 2017 2018 2019 2020 2021 2022 2023
income statement                          
Interest Income EUR mil             0.768 0.132 0.497 1.49 4.93    
Interest Cost EUR mil             1.82 1.61 0.935 0.779 1.19    
Net Interest Income EUR mil             -1.05 -1.48 -0.437 0.708 3.75    
Net Fee Income EUR mil             -0.071 -0.070 0.042 -0.029 0.616    
Fee Income EUR mil             0 0.003 0.176 0.048 0.901   ...
Fee Expense EUR mil             0.071 0.073 0.134 0.076 0.285   ...
Other Income EUR mil             1.50 0.004 2.35 2.01 0.729    
Total Revenues EUR mil             0.379 -1.54 1.95 2.69 5.09    
Staff Cost EUR mil             0.453 0.780 0.937 1.20 1.98    
Depreciation EUR mil             0 0 0 0 0.185    
Other Cost EUR mil             0.902 1.24 1.23 1.32 1.74    
Operating Cost EUR mil             1.35 2.02 2.16 2.51 3.91    
Operating Profit EUR mil             -0.975 -3.56 -0.210 0.179 1.19    
Provisions EUR mil             0 0.079 0.086 0.175 0.147    
Extra and Other Cost EUR mil             0 0 0 < -0.001 0    
Pre-Tax Profit EUR mil             -0.975 -3.64 -0.296 0.005 1.04    
Tax EUR mil             -0.076 0 0.381 0.400 0    
Minorities EUR mil             0 0 0 0 0    
Net Profit EUR mil             -1.05 -3.64 0.085 0.405 1.04    
Net Profit Avail. to Common EUR mil             -1.05 -3.64 0.085 0.405 1.04    
growth rates                          
Net Interest Income Growth % ...           739 41.1 -70.4 -262 429    
Net Fee Income Growth % ...           -4.36 -1.56 -160 -169 -2,250    
Total Revenue Growth % ...           27.8 -507 -227 37.9 89.1    
Operating Cost Growth % ...           -9.40 48.8 7.29 16.2 55.4    
Operating Profit Growth % ...           -18.6 265 -94.1 -185 563    
Pre-Tax Profit Growth % ...           -18.6 273 -91.9 -102 22,075    
Net Profit Growth % ...           17.7 246 -102 377 157    
balance sheet Unit 2011 2012 2013 2014 2015 2016 2017 2018 2019 2020 2021 2022 2023
balance sheet                          
Cash & Cash Equivalents EUR mil             57.0 42.9 13.3 19.4 19.3    
Interbank Loans EUR mil             9.32 4.56 8.10 3.11 38.4    
Customer Loans EUR mil             0 1.76 17.6 43.9 145    
Retail Loans EUR mil ... ... ... ... ... ... 0 0 0 1.83 2.20    
Mortgage Loans EUR mil ... ... ... ... ... ... 0 0 0 ... ... ... ...
Consumer Loans EUR mil ... ... ... ... ... ... 0 0 0 ... ... ... ...
Corporate Loans EUR mil ... ... ... ... ... ... ... ... 16.5 38.7 137    
Investments EUR mil             2.27 6.77 4.47 43.8 79.2    
Property and Equipment EUR mil             0.011 0.022 0.068 0.064 0.513    
Intangible Assets EUR mil             0.197 0.130 0.250 0.190 0.913    
Total Assets EUR mil             69.9 57.4 46.1 115 288    
                             
Shareholders' Equity EUR mil             8.13 11.3 11.5 21.0 43.9    
Of Which Minority Interest EUR mil             0 0 0 0 0    
Liabilities EUR mil             61.7 46.1 34.6 94.0 244    
Interbank Borrowing EUR mil             0 0 0 10.0 95.2    
Customer Deposits EUR mil             61.0 45.5 34.1 83.5 148    
Sight Deposits EUR mil ... ... ... ...     57.5 39.2 14.8 79.7 ... ... ...
Term Deposits EUR mil ... ... ... ...     3.47 6.27 19.3 3.88 ... ... ...
Issued Debt Securities EUR mil             0 0 0 0 0    
Other Liabilities EUR mil             0.777 0.628 0.413 0.478 0.409    
asset quality                          
Non-Performing Loans EUR mil ... ... ... ... ... ... 0 0 0 2.57 7.46    
Gross Loans EUR mil ... ... ... ... ... ... 0 1.76 17.7 44.2 144    
Risk-Weighted Assets EUR mil ... ... ... ... ... ... ... 3.49 ... 91.5 ... ... ...
Total Provisions EUR mil ... ... ... ... ... ... 0 0.002 0.093 0.268 0.379    
growth rates                          
Customer Loan Growth % ... ... ... ... ... ... ... ... 899 150 229    
Retail Loan Growth % ... ... ... ... ... ... ... ... ... ... 20.0    
Corporate Loan Growth % ... ... ... ... ... ... ... ... ... 134 255    
Total Asset Growth % ...           6.25 -17.8 -19.8 150 150    
Shareholders' Equity Growth % ...           -0.627 39.5 1.45 82.6 109    
Customer Deposit Growth % ...           7.22 -25.4 -24.9 145 77.4    
ratios Unit 2011 2012 2013 2014 2015 2016 2017 2018 2019 2020 2021 2022 2023
                           
ROE % ...           -12.9 -37.4 0.743 2.49 3.21    
ROTE % ...           -13.2 -38.0 0.756 2.53 3.27    
ROA % ...           -1.55 -5.72 0.164 0.503 0.517    
Return on Loans % ... ... ... ... ... ... ... -414 0.879 1.32 1.11    
operating profit (as % of rwa)                          
Costs (As % Of Assets) % ...           2.00 3.17 4.18 3.12 1.94    
Costs (As % Of Income) %             357 -131 111 93.3 76.7    
Costs (As % Of Loans) % ... ... ... ... ... ... ... 230 22.4 8.18 4.14    
Costs (As % Of Loans & Deposits) % ...           2.30 3.73 4.38 2.81 1.86    
Capital Adequacy Ratio % ... ... ... ... ...   ... 287 30.0 21.0 ... ... ...
Tier 1 Ratio % ... ... ... ... ... ... ... ... ... 21.0 ... ... ...
Net Interest Margin % ...           -1.54 -2.32 -0.846 0.879 1.86    
Interest Spread % ...           -1.91 -2.78 -1.36 0.635 1.75    
Asset Yield % ...           1.13 0.207 0.961 1.85 2.45    
revenues (as % of rwa)                          
Cost Of Liabilities % ...           3.04 2.98 2.32 1.21 0.702    
Interest Income (As % Of Revenues) %             -276 95.7 -22.4 26.3 73.6    
Fee Income (As % Of Revenues) %             -18.7 4.52 2.14 -1.06 12.1    
Other Income (As % Of Revenues) %             394 -0.257 120 74.8 14.3    
Staff Cost (As % Of Total Cost) %             33.5 38.7 43.3 47.7 50.6    
Equity (As % Of Assets) %             11.6 19.7 25.0 18.3 15.2    
Equity (As % Of Loans) % ... ... ... ... ... ... ... 645 65.5 47.8 30.3    
Loans (As % Of Deposits) %             0 3.87 51.5 52.6 97.5    
Loans (As % Assets) %             0 3.06 38.1 38.2 50.2    
NPLs (As % Of Loans) % ... ... ... ... ... ... ... 0 0 5.82 5.17    
Provisions (As % Of NPLs) % ... ... ... ... ... ... ... ... ... 10.4 5.08    
Provisions (As % Of Loans) % ... ... ... ... ... ... ... 0.133 0.531 0.611 0.262    
Cost of Provisions (As % Of Loans) % ... ... ... ... ... ... ... 8.94 0.889 0.568 0.156    
other data Unit 2011 2012 2013 2014 2015 2016 2017 2018 2019 2020 2021 2022 2023
                           
Employees             8.00 16.0 20.0 26.0 33.8    
Cost Per Employee USD per month             5,303 4,761 4,424 4,493 5,832    
Cost Per Employee (Local Currency) EUR per month             4,723 4,065 3,904 3,840 4,871    

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

By Helgi Library - 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.