FHB Bank

FHB's mortgage loans rose 16.3% to HUF 259,601 mil in 2017

By Helgi Analytics - May 22, 2018

FHB Bank's mortgage loans reached HUF 259,601 mil in 2017, up 16.3% compared to the previous year. Hungarian banking sector pro...

FHB's npls (as % of loans) fell 12.2% to 23.5% in 2017

By Helgi Analytics - May 20, 2018

FHB Bank's non-performing loans reached 23.5% of total loans at the end of 2017, down from 26.8% compared to the previous year. ...

FHB's customer deposits rose 10.8% to HUF 329,253 mil in 2017

By Helgi Analytics - May 22, 2018

FHB Bank's customer deposits reached HUF 329,253 mil in 2017, up 10.8% compared to the previous year. Hungarian banking sector ...

Profit Statement 2015 2016 2017
Net Interest Income HUF mil 14,628 11,756 12,845
Net Fee Income HUF mil 7,018 6,067 5,575
Other Income HUF mil 263 4,539 2,113
Total Revenues HUF mil 21,909 22,362 20,533
Staff Cost HUF mil 6,680 7,031 7,270
Operating Profit HUF mil 3,145 4,563 2,750
Provisions HUF mil 26,557 23,853 16,592
Net Profit HUF mil -8,304 -11,048 -3,949
Balance Sheet 2015 2016 2017
Interbank Loans HUF mil 210,957 130,924 81,962
Customer Loans HUF mil 371,088 325,896 387,229
Debt Securities HUF mil 126,839 107,029 126,849
Total Assets HUF mil 744,820 593,404 610,577
Shareholders' Equity HUF mil 108,532 57,602 50,332
Interbank Borrowing HUF mil 39,774 47,229 33,983
Customer Deposits HUF mil 329,048 297,072 329,253
Issued Debt Securities HUF mil 257,301 170,283 176,947
Ratios 2015 2016 2017
ROE % -8.45 -13.3 -7.32
ROA % -1.10 -1.65 -0.656
Costs (As % Of Assets) % 2.48 2.66 2.95
Costs (As % Of Income) % 85.6 79.6 86.6
Capital Adequacy Ratio % 20.1 ... ...
Net Interest Margin % 1.93 1.76 2.13
Loans (As % Of Deposits) % 113 110 118
NPLs (As % Of Loans) % 21.8 26.8 23.5
Provisions (As % Of NPLs) % 38.7 25.5 17.5
Valuation 2015 2016 2017
Market Capitalisation (End Of Period) USD mil 161 111 189
Share Price (End Of Period) PLN 699 495 741
Price/Earnings (P/E) ... ... ...
Price/Book Value (P/BV) 0.424 0.567 0.972
Dividend Yield % 0 0 0
Earnings Per Share (EPS) -126 -167 -59.8
Book Value Per Share 1,648 873 763
Dividend Per Share 0 0 0

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summary Unit 1999 2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017
income statement                                      
Net Interest Income HUF mil ... ... ...                   21,498 18,546 18,711 20,642 14,628    
Total Revenues HUF mil ... ... ...                   31,459 23,236 26,704 34,122 21,909    
Operating Profit HUF mil ... ... ...                   12,628 6,343 8,533 17,523 3,145    
Net Profit HUF mil ... ... ...                   -5,618 -4,464 -4,664 -14,880 -8,304    
balance sheet                                      
Interbank Loans HUF mil ... ... ...                   65,046 33,981 32,739 177,680 210,957    
Customer Loans HUF mil ... ... ...                   608,117 499,573 320,071 435,285 371,088    
Debt Securities HUF mil ... ... ...                   90,418 171,007 203,560 112,520 126,839    
Total Assets HUF mil ... ... ...                   816,114 752,625 737,514 769,437 744,820    
Shareholders' Equity HUF mil ... ... ...                   53,382 77,541 76,072 88,048 108,532    
Interbank Borrowing HUF mil ... ... ...                   20,992 110,597 116,847 43,036 39,774    
Customer Deposits HUF mil ... ... ...                   223,799 152,206 222,501 298,762 329,048    
Issued Debt Securities HUF mil ... ... ...                   499,034 394,063 314,968 310,353 257,301    
ratios                                      
ROE % ... ... ...                   -10.0 -6.82 -6.07 -18.1 -8.45    
ROA % ... ... ...                   -0.665 -0.569 -0.626 -1.97 -1.10    
Costs (As % Of Assets) % ... ... ...                   2.23 2.15 2.44 2.20 2.48    
Costs (As % Of Income) % ... ... ...                   59.9 72.7 68.0 48.6 85.6    
Capital Adequacy Ratio % ... ... ...                   10.4 15.5 13.8 17.8 20.1 ... ...
Net Interest Margin % ... ... ...                   2.54 2.36 2.51 2.74 1.93    
Interest Income (As % Of Revenues) % ... ... ...                   68.3 79.8 70.1 60.5 66.8    
Fee Income (As % Of Revenues) % ... ... ...                   8.62 11.2 16.2 15.7 32.0    
Staff Cost (As % Of Total Cost) % ... ... ...                   36.0 34.3 31.7 38.1 35.6    
Equity (As % Of Assets) % ... ... ...                   6.54 10.3 10.3 11.4 14.6    
Loans (As % Of Deposits) % ... ... ... ... ... ... ...           272 328 144 146 113    
Loans (As % Assets) % ... ... ...                   74.5 66.4 43.4 56.6 49.8    
NPLs (As % Of Loans) % ... ... ...                   9.21 13.6 21.4 26.7 21.8    
Provisions (As % Of NPLs) % ... ... ...                   65.5 51.2 49.5 40.5 38.7    
valuation                                      
Market Capitalisation (End Of Period) USD mil ... ... ... ...                 126 112 189 163 161    
Number Of Shares (Average) mil ... ... ...                   65.9 63.4 65.9 65.8 65.9    
Share Price (End Of Period) PLN ... ... ... ...                 465 390 617 648 699    
Earnings Per Share (EPS) ... ... ...                   -85.2 -70.5 -70.7 -226 -126    
Book Value Per Share ... ... ...                   809 1,176 1,154 1,338 1,648    
Dividend Per Share ... ... ...                   0 0 0 0 0    
Price/Earnings (P/E) ... ... ... ...                 ... ... ... ... ... ... ...
Price/Book Value (P/BV) ... ... ... ...                 0.574 0.332 0.535 0.484 0.424    
Dividend Yield % ... ... ... ...                 0 0 0 0 0    
Earnings Per Share Growth % ... ... ... ...                 -151 -17.3 0.389 220 -44.3    
Book Value Per Share Growth % ... ... ... ...                 -9.58 45.3 -1.89 16.0 23.1    
income statement Unit 1999 2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017
income statement                                      
Interest Income HUF mil ... ... ...                   78,433 76,670 66,175 55,100 41,159    
Interest Cost HUF mil ... ... ...                   56,935 58,124 47,464 34,458 26,531    
Net Interest Income HUF mil ... ... ...                   21,498 18,546 18,711 20,642 14,628    
Net Fee Income HUF mil ... ... ...                   2,713 2,592 4,326 5,353 7,018    
Other Income HUF mil ... ... ...                   7,248 2,098 3,667 8,127 263    
Total Revenues HUF mil ... ... ...                   31,459 23,236 26,704 34,122 21,909    
Staff Cost HUF mil ... ... ...                   6,781 5,795 5,752 6,332 6,680    
Depreciation HUF mil ... ... ...                   2,274 2,497 2,533 2,452 1,710    
Other Cost HUF mil ... ... ...                   9,776 8,601 9,886 7,815 10,374    
Operating Cost HUF mil ... ... ...                   18,831 16,893 18,171 16,599 18,764    
Operating Profit HUF mil ... ... ...                   12,628 6,343 8,533 17,523 3,145    
Provisions HUF mil ... ... ...                   39,033 37,348 37,933 38,669 26,557    
Extra and Other Cost HUF mil ... ... ...                   -2.00 2.00 6,777 6,544 9,830    
Pre-Tax Profit HUF mil ... ... ...                   -7,314 -3,415 -5,033 -17,311 -7,711    
Tax HUF mil ... ... ...                   -1,696 1,050 -369 -1,115 2,838    
Minorities HUF mil ... ... ...                   0 0 0 -1,316 -2,245    
Net Profit HUF mil ... ... ...                   -5,618 -4,464 -4,664 -14,880 -8,304    
Dividends HUF mil ... ... ...                   0 0 0 0 0    
growth rates                                      
Net Interest Income Growth % ... ... ... ...                 -17.9 -13.7 0.890 10.3 -29.1    
Net Fee Income Growth % ... ... ... ...                 67.4 -4.46 66.9 23.7 31.1    
Total Revenue Growth % ... ... ... ...                 3.15 -26.1 14.9 27.8 -35.8    
Operating Cost Growth % ... ... ... ...                 13.8 -10.3 7.57 -8.65 13.0    
Operating Profit Growth % ... ... ... ...                 -9.46 -49.8 34.5 105 -82.1    
Pre-Tax Profit Growth % ... ... ... ...                 -183 -53.3 47.4 244 -55.5    
Net Profit Growth % ... ... ... ...                 -151 -20.5 4.48 219 -44.2    
market share                                      
Market Share in Revenues % ... ... ...                   2.37 2.58 2.66 3.23 2.57    
Market Share in Net Profit % ... ... ...                   ... ... ... ... ... ... ...
Market Share in Employees %                         2.02 1.87 1.90 2.06 2.26    
Market Share in Bank Cards % ... ... ... ... ... ... ... ... ... ... ... ... ... 0.001 ... ... ... ... ...
Market Share in Branches % ... ... ... ... ... ... ... ... ... ... ... ... ... 1.38 1.36 1.35 1.46    
balance sheet Unit 1999 2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017
balance sheet                                      
Cash HUF mil ... ... ...                   2,554 2,164 2,039 2,348 3,017    
Interbank Loans HUF mil ... ... ...                   65,046 33,981 32,739 177,680 210,957    
Customer Loans HUF mil ... ... ...                   608,117 499,573 320,071 435,285 371,088    
Retail Loans HUF mil ... ... ...                   585,082 468,032 274,639 388,952 306,374    
Mortgage Loans HUF mil ... ... ...                   572,357 456,956 264,776 378,019 436,268    
Consumer Loans HUF mil ... ... ...                   12,725 11,076 9,863 9,410 9,595    
Corporate Loans HUF mil ... ... ... ... ... ... ... ... ... ...     62,068 68,889 71,289 85,002 91,271    
Debt Securities HUF mil ... ... ...                   90,418 171,007 203,560 112,520 126,839    
Fixed Assets HUF mil ... ... ...                   20,473 18,714 16,998 15,059 8,083    
Total Assets HUF mil ... ... ...                   816,114 752,625 737,514 769,437 744,820    
Shareholders' Equity HUF mil ... ... ...                   53,382 77,541 76,072 88,048 108,532    
Of Which Minority Interest HUF mil ... ... ...                   0 0 0 23,717 21,480    
Liabilities HUF mil ... ... ...                   762,732 675,084 661,442 681,389 636,288    
Interbank Borrowing HUF mil ... ... ...                   20,992 110,597 116,847 43,036 39,774    
Customer Deposits HUF mil ... ... ...                   223,799 152,206 222,501 298,762 329,048    
Sight Deposits HUF mil ... ... ... ... ... ... ... ... ... ... ... ... ... ... ... 92,577 124,754    
Term Deposits HUF mil ... ... ... ... ... ... ... ... ... ... ... ... ... ... ... 205,017 203,336    
Issued Debt Securities HUF mil ... ... ...                   499,034 394,063 314,968 310,353 257,301    
Other Liabilities HUF mil ... ... ...                   18,907 18,218 7,126 29,238 10,165    
asset quality                                      
Non-Performing Loans HUF mil ... ... ...                   59,574 72,912 76,619 95,412 68,546    
Gross Loans HUF mil ... ... ...                   647,150 536,921 358,004 357,772 314,855    
Provisions HUF mil ... ... ...                   39,033 37,348 37,933 38,669 26,557    
growth rates                                      
Customer Loan Growth % ... ... ... ...                 -2.51 -17.8 -35.9 36.0 -14.7    
Retail Loan Growth % ... ... ... ...                 -5.58 -20.0 -41.3 41.6 -21.2    
Mortgage Loan Growth % ... ... ... ...                 -7.63 -20.2 -42.1 42.8 15.4    
Consumer Loan Growth % ... ... ... ... ... ... ... ... ... ... ... ... ... -13.0 -11.0 -4.59 1.97    
Corporate Loan Growth % ... ... ... ... ... ... ... ... ... ... ...   36.1 11.0 3.48 19.2 7.38    
Total Asset Growth % ... ... ... ...                 -6.56 -7.78 -2.01 4.33 -3.20    
Shareholders' Equity Growth % ... ... ... ...                 -9.47 45.3 -1.89 15.7 23.3    
Customer Deposit Growth % ... ... ... ... ... ... ... ...         -0.472 -32.0 46.2 34.3 10.1    
market share                                      
Market Share in Customer Loans % ... ... ...                   3.30 3.12 2.09 2.90 2.78    
Market Share in Corporate Loans % ... ... ... ... ... ... ... ... ... ...     0.906 1.16 1.25 1.45 1.72    
Market Share in Retail Loans % ... ... ...                   0.373 0.373 0.368 0.380 0.467    
Market Share in Consumer Loans % ... ... ...                   7.64 7.19 4.56 6.69 6.05    
Market Share in Mortgage Loans % ... ... ...                   13.5 12.9 7.93 11.3 14.5    
Market Share in Total Assets % ... ... ...                   2.15 2.18 2.09 2.10 2.07    
Market Share in Customer Deposits % ... ... ...                   1.53 1.04 1.49 1.87 1.84    
ratios Unit 1999 2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017
ratios                                      
ROE % ... ... ...                   -10.0 -6.82 -6.07 -18.1 -8.45    
ROA % ... ... ...                   -0.665 -0.569 -0.626 -1.97 -1.10    
Costs (As % Of Assets) % ... ... ...                   2.23 2.15 2.44 2.20 2.48    
Costs (As % Of Income) % ... ... ...                   59.9 72.7 68.0 48.6 85.6    
Capital Adequacy Ratio % ... ... ...                   10.4 15.5 13.8 17.8 20.1 ... ...
Net Interest Margin % ... ... ...                   2.54 2.36 2.51 2.74 1.93    
Interest Spread % ... ... ... ...                 2.06 1.69 1.78 2.18 1.41    
Asset Yield % ... ... ...                   9.28 9.77 8.88 7.31 5.44    
Cost Of Liabilities % ... ... ... ...                 7.22 8.09 7.10 5.13 4.03    
Payout Ratio % ... ... ...                   0 0 0 0 0    
Interest Income (As % Of Revenues) % ... ... ...                   68.3 79.8 70.1 60.5 66.8    
Fee Income (As % Of Revenues) % ... ... ...                   8.62 11.2 16.2 15.7 32.0    
Other Income (As % Of Revenues) % ... ... ...                   23.0 9.03 13.7 23.8 1.20    
Cost Per Employee USD per month ... ... ...                   3,361 2,787 2,769 2,725 2,351    
Cost Per Employee (Local Currency) HUF per month ... ... ...                   675,937 627,164 619,294 649,836 644,290    
Staff Cost (As % Of Total Cost) % ... ... ...                   36.0 34.3 31.7 38.1 35.6    
Equity (As % Of Assets) % ... ... ...                   6.54 10.3 10.3 11.4 14.6    
Loans (As % Of Deposits) % ... ... ... ... ... ... ...           272 328 144 146 113    
Loans (As % Assets) % ... ... ...                   74.5 66.4 43.4 56.6 49.8    
NPLs (As % Of Loans) % ... ... ...                   9.21 13.6 21.4 26.7 21.8    
Provisions (As % Of NPLs) % ... ... ...                   65.5 51.2 49.5 40.5 38.7    
Provisions (As % Of Loans) % ... ... ...                   6.42 7.48 11.9 8.88 7.16    
Cost of Provisions (As % Of Loans) % ... ... ...                   3.24 1.76 1.66 7.49 0.254    
other data Unit 1999 2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017
other data                                      
Branches ... ... ... ... ... ... ... ... ... ... ... ... ... 46.0 44.0 42.0 41.0    
Employees                         836 770 774 812 864    
Payment Cards '000 ... ... ... ... ... ... ... ... ... ... ... ... ... 0.126 ... ... ... ... ...
Sight (As % Of Customer Deposits) % ... ... ... ... ... ... ... ... ... ... ... ... ... ... ... 31.0 37.9    

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FHB's net interest margin rose 21.4% to 2.13% in 2017

By Helgi Analytics - May 20, 2018

FHB Bank's net interest margin amounted to 2.13% in 2017, up from 1.76% compared to the previous year. Historically, the bank’s net interest margin reached an all time high of 4.56% in 2003 and an all time low of 1.76% in 2016. The average margin in the...

FHB's corporate loans rose 27.5% to HUF 132,731 mil in 2017

By Helgi Analytics - May 20, 2018

FHB Bank's loans reached HUF 403,821 mil in the 2017, up from HUF 349,749 mil compared to the previous year. Historically, the bank’s loans reached an all time high of HUF 647,150 mil in 2011 and an all time low of HUF 314,855 mil in 2015. In the last d...

FHB's consumer loans fell 24.5% to HUF 11,489 mil in 2017

By Helgi Analytics - May 22, 2018

FHB Bank's consumer loans reached HUF 11,489 mil in 2017, down 24.5% compared to the previous year. Hungarian banking sector provided consumer loans of HUF 2,323 bil in 2017, up 7.63% when compared to the last year. FHB Bank accounted for 5.06% of all con...

FHB's net profit rose 64.3% to HUF -3,949 mil in 2017

By Helgi Analytics - May 20, 2018

FHB Bank made a net profit of HUF -3,949 mil in 2017, up 64.3% compared to the previous year. This implies a return on equity of -7.32%. Historically, the bank’s net profit reached an all time high of HUF 11,100 mil in 2010 and an all time low of HUF -14,88...

FHB's costs (as % of assets) rose 11.1% to 2.95% in 2017

By Helgi Analytics - May 20, 2018

FHB Bank's cost to income ratio reached 86.6% in 2017, up from 79.6% compared to the previous year. Historically, the bank’s costs reached an all time high of 86.6% of income in 2017 and an all time low of 48.6% in 2014. When compared to total assets, bank...

FHB's customer loans rose 18.8% to HUF 387,229 mil in 2017

By Helgi Analytics - May 22, 2018

FHB Bank's customer loans reached HUF 387,229 mil in 2017, up 18.8% compared to the previous year. Hungarian banking sector provided customer loans of HUF 13,845 bil in 2017, up 5.17% when compared to the last year. FHB Bank accounted for 2.80% of all cus...

FHB's total revenues fell 8.18% to HUF 20,533 mil in 2017

By Helgi Analytics - May 22, 2018

FHB Bank generated total banking revenues of HUF 20,533 mil in 2017, down 8.18% compared to the previous year. Hungarian banking sector banking sector generated total revenues of HUF 1,358,153 mil in 2017, up 20.3% when compared to the last year. ...

FHB's employees fell 10.7% to 811 in 2017

By Helgi Analytics - May 20, 2018

FHB Bank employed 811 persons in 2017, down 10.7% when compared to the previous year. Historically, the bank's workforce hit an all time high of 908 persons in 2016 and an all time low of 770 in 2012. Average cost reached USD 2,704 per month per employee, 21....

FHB's net interest income rose 9.26% to HUF 12,845 mil in 2017

By Helgi Analytics - May 20, 2018

FHB Bank generated total banking revenues of HUF 20,533 mil in 2017, down 8.18% 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 HUF 34,122 mil in 2014 and an ...

FHB's retail loan growth rose 162% to 13.7% in 2017

By Helgi Analytics - May 20, 2018

FHB Bank's retail loans reached HUF 271,090 mil at the end of 2017, up 13.7% compared to the previous year. In the last decade, the average annual loan growth amounted to 0%. Overall, retail loans accounted for 70.0% of the bank's loan book at the end of 20...

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FHB Land Credit and Mortgage Bank Company (FHB Bank) is Hungary's largest mortgage re-financer. The bank was established in 1997, its principal business activity was to refinance the development and purchase of housing real estates and disbursement of state subsidised housing loans. Nowadays, the bank operates as a universal bank. Thanks to the strategic cooperation with the Allianz Insurance Company, FHB Bank now offers insurance, health fund, pension fund type and other related products and services in close to 50 branches all over the country. In addition, the bank offers life annuity and annuity mortgages for elderly people, or real estate related services. Formerly state-owned, the bank was floated on the stock market in 2003, and the government sold its remaining A shares in 2007

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Finance

FHB Bank has been growing its revenues and asset by 0.269% and -0.104% a year on average in the last 10 years. Its loans and deposits have grown by -3.62% and 57.1% a year during that time and loans to deposits ratio reached 118% at the end of 2017. The company achieved an average return on equity of -1.45% in the last decade with net profit growing % a year on average. In terms of operating efficiency, its cost to income ratio reached 86.6% in 2017, compared to 65.5% average in the last decade.

Equity represented 8.24% of total assets or 13.0% of loans at the end of 2017. FHB Bank's non-performing loans were 23.5% of total loans while provisions covered some 17.5% of NPLs at the end of 2017.

Valuation

FHB Bank stock traded at PLN 741 per share at the end of 2017 resulting in a market capitalization of USD 189 mil. Over the previous five years, stock price rose by 90% or 13.7% a year on average. That’s compared to an average ROE of -10.7% the bank generated for its shareholders. This closing price put stock at a 12-month trailing price to earnings (PE) of x and price to book value (PBV) of 0.972x in 2017.