Getin Noble Bank

Noble Bank's mortgage loans fell 11.4% to PLN 28,368 mil in 2017

By Helgi Analytics - November 29, 2018

Getin Noble Bank's mortgage loans reached PLN 28,368 mil in 2017, down 11.4% compared to the previous year. Polish banking sect...

Noble Bank's npls (as % of loans) rose 7.06% to 15.8% in 2017

By Helgi Analytics - September 25, 2018

Getin Noble Bank's non-performing loans reached 15.8% of total loans at the end of 2017, up from 14.7% compared to the previous y...

Noble Bank's net profit fell 882% to PLN -575 mil in 2017

By Helgi Analytics - September 25, 2018

Getin Noble Bank made a net profit of PLN -575 mil under revenues of PLN 1,480 mil in 2017, up -882% and -3.72% respectively compared...

Profit Statement 2015 2016 2017
Net Interest Income PLN mil 1,196 1,317 1,297
Net Fee Income PLN mil 327 126 154
Other Income PLN mil 139 94.2 29.0
Total Revenues PLN mil 1,662 1,537 1,480
Staff Cost PLN mil 393 387 399
Operating Profit PLN mil 469 678 585
Provisions PLN mil 430 660 1,261
Net Profit PLN mil 44.2 -58.5 -575
Balance Sheet 2015 2016 2017
Interbank Loans PLN mil 2,295 1,178 656
Customer Loans PLN mil 49,225 46,666 42,712
Debt Securities PLN mil 13,049 12,496 9,856
Total Assets PLN mil 70,757 66,517 59,836
Shareholders' Equity PLN mil 5,164 5,114 4,316
Interbank Borrowing PLN mil 3,829 2,595 1,848
Customer Deposits PLN mil 55,726 53,041 48,614
Issued Debt Securities PLN mil 5,614 3,820 4,443
Ratios 2015 2016 2017
ROE % 0.860 -1.14 -12.2
ROA % 0.063 -0.085 -0.910
Costs (As % Of Assets) % 1.71 1.25 1.42
Costs (As % Of Income) % 71.8 55.9 60.5
Capital Adequacy Ratio % 14.3 15.7 12.4
Net Interest Margin % 1.71 1.92 2.05
Loans (As % Of Deposits) % 88.3 88.0 87.9
NPLs (As % Of Loans) % 13.2 14.7 15.8
Provisions (As % Of NPLs) % 34.7 37.1 44.2
Valuation 2015 2016 2017
Market Capitalisation (End Of Period) USD mil 449 279 419
Share Price (End Of Period) PLN 1.80 1.32 1.62
Price/Earnings (P/E) 36.0 ... ...
Price/Book Value (P/BV) 0.308 0.228 0.338
Earnings Per Share (EPS) 0.050 -0.066 -0.638
Book Value Per Share 5.85 5.79 4.79

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summary Unit 2011 2012 2013 2014 2015 2016 2017
income statement              
Net Interest Income PLN mil 1,372 1,248 1,298 1,431 1,196    
Total Revenues PLN mil 3,178 2,238 1,886 1,956 1,662    
Operating Profit PLN mil 2,311 1,404 1,007 1,033 469    
Net Profit PLN mil 980 371 400 360 44.2    
balance sheet              
Interbank Loans PLN mil 3,313 2,105 1,380 2,444 2,295    
Customer Loans PLN mil 41,056 42,394 45,353 44,910 49,225    
Debt Securities PLN mil 4,650 7,398 9,118 11,976 13,049    
Total Assets PLN mil 54,488 58,794 63,617 68,831 70,757    
Shareholders' Equity PLN mil 4,227 4,722 4,780 5,111 5,164    
Interbank Borrowing PLN mil 579 795 3,140 4,822 3,829    
Customer Deposits PLN mil 47,217 50,185 51,486 53,847 55,726    
Issued Debt Securities PLN mil 1,947 2,624 3,640 4,498 5,614    
ratios              
ROE % 23.2 8.29 8.41 7.28 0.860    
ROA % 1.80 0.655 0.653 0.544 0.063    
Costs (As % Of Assets) % 1.59 1.47 1.44 1.39 1.71    
Costs (As % Of Income) % 27.3 37.3 46.6 47.2 71.8    
Capital Adequacy Ratio % 10.0 12.2 12.4 13.1 14.3    
Net Interest Margin % 2.52 2.20 2.12 2.16 1.71    
Interest Income (As % Of Revenues) % 43.2 55.8 68.8 73.1 71.9    
Fee Income (As % Of Revenues) % 27.4 34.4 23.1 22.3 19.7    
Staff Cost (As % Of Total Cost) % 41.9 43.6 43.0 43.6 32.9    
Equity (As % Of Assets) % 7.76 8.03 7.51 7.43 7.30    
Loans (As % Of Deposits) % 87.0 84.5 88.1 83.4 88.3    
Loans (As % Assets) % 75.3 72.1 71.3 65.2 69.6    
NPLs (As % Of Loans) % 12.3 13.5 13.6 13.7 13.2    
Provisions (As % Of NPLs) % 66.9 65.4 64.5 53.6 34.7    
valuation              
Market Capitalisation (End Of Period) USD mil ... 1,525 2,372 1,647 449    
Number Of Shares (Average) mil 762 883 875 883 883    
Share Price (End Of Period) PLN ... 5.34 8.17 6.60 1.80    
Earnings Per Share (EPS) 1.29 0.420 0.457 0.408 0.050    
Book Value Per Share 5.54 5.34 5.46 5.79 5.85    
Price/Earnings (P/E) ... 12.7 17.9 16.2 36.0 ... ...
Price/Book Value (P/BV) ... 0.999 1.50 1.14 0.308    
Earnings Per Share Growth % ... -67.3 8.75 -10.8 -87.7    
Book Value Per Share Growth % ... -3.61 2.24 5.88 1.03    
income statement Unit 2011 2012 2013 2014 2015 2016 2017
income statement              
Interest Income PLN mil 3,684 4,291 3,817 3,595 3,005    
Interest Cost PLN mil 2,312 3,043 2,519 2,164 1,810    
Net Interest Income PLN mil 1,372 1,248 1,298 1,431 1,196    
Net Fee Income PLN mil 871 769 436 437 327    
Other Income PLN mil 935 221 152 88.7 139    
Total Revenues PLN mil 3,178 2,238 1,886 1,956 1,662    
Staff Cost PLN mil 364 364 378 403 393    
Depreciation PLN mil 62.5 63.7 72.8 68.2 72.4    
Other Cost PLN mil 441 406 428 452 728    
Operating Cost PLN mil 867 834 879 923 1,193    
Operating Profit PLN mil 2,311 1,404 1,007 1,033 469    
Provisions PLN mil 1,225 975 624 733 430    
Extra and Other Cost PLN mil -9.82 -27.2 -5.08 -14.0 -33.9    
Pre-Tax Profit PLN mil 1,095 456 388 314 73.0    
Tax PLN mil 116 70.1 -14.5 -46.2 18.6    
Minorities PLN mil -0.381 14.6 2.76 0.461 10.2    
Net Profit PLN mil 980 371 400 360 44.2    
growth rates              
Net Interest Income Growth % ... -9.05 4.03 10.2 -16.4    
Net Fee Income Growth % ... -11.8 -43.3 0.170 -25.2    
Total Revenue Growth % ... -29.6 -15.7 3.71 -15.0    
Operating Cost Growth % ... -3.88 5.41 5.01 29.2    
Operating Profit Growth % ... -39.2 -28.2 2.57 -54.6    
Pre-Tax Profit Growth % ... -58.4 -14.9 -19.0 -76.8    
Net Profit Growth % ... -62.1 7.70 -9.93 -87.7    
market share              
Market Share in Revenues % 5.55 3.81 3.40 3.39 2.97    
Market Share in Net Profit % 6.30 2.40 2.63 2.27 0.395 ... ...
Market Share in Employees % 2.97 3.25 3.43 3.34 3.43    
Market Share in Branches % ... ... ... ... ... ...  
balance sheet Unit 2011 2012 2013 2014 2015 2016 2017
balance sheet              
Cash PLN mil 2,423 2,907 2,630 2,841 2,724    
Interbank Loans PLN mil 3,313 2,105 1,380 2,444 2,295    
Customer Loans PLN mil 41,056 42,394 45,353 44,910 49,225    
Retail Loans PLN mil 42,312 43,427 44,644 43,128 41,007    
Mortgage Loans PLN mil 33,874 34,903 35,666 34,831 33,358    
Consumer Loans PLN mil 8,437 8,524 8,979 8,297 7,650    
Corporate Loans PLN mil 2,422 3,084 5,064 5,355 10,590    
Debt Securities PLN mil 4,650 7,398 9,118 11,976 13,049    
Fixed Assets PLN mil 294 420 528 615 576    
Total Assets PLN mil 54,488 58,794 63,617 68,831 70,757    
Shareholders' Equity PLN mil 4,227 4,722 4,780 5,111 5,164    
Of Which Minority Interest PLN mil 2.48 2.98 5.35 0.191 0.005    
Liabilities PLN mil 50,261 54,073 58,837 63,720 65,593    
Interbank Borrowing PLN mil 579 795 3,140 4,822 3,829    
Customer Deposits PLN mil 47,217 50,185 51,486 53,847 55,726    
Retail Deposits PLN mil 37,164 38,901 39,507 40,153 43,675    
Corporate Deposits PLN mil 8,563 9,369 9,637 10,936 8,876    
Sight Deposits PLN mil 4,434 4,690 8,672 8,438 8,986    
Term Deposits PLN mil 42,783 45,495 42,815 45,409 46,740    
Issued Debt Securities PLN mil 1,947 2,624 3,640 4,498 5,614    
Other Liabilities PLN mil 517 469 571 553 424    
asset quality              
Non-Performing Loans PLN mil 5,495 6,294 6,749 6,662 6,836    
Gross Loans PLN mil 44,733 46,510 49,709 48,483 51,597    
Total Provisions PLN mil 3,678 4,117 4,355 3,573 2,372    
growth rates              
Customer Loan Growth % ... 3.26 6.98 -0.976 9.61    
Retail Loan Growth % ... 2.64 2.80 -3.40 -4.92    
Mortgage Loan Growth % ... 3.04 2.19 -2.34 -4.23    
Consumer Loan Growth % ... 1.03 5.34 -7.59 -7.80    
Corporate Loan Growth % ... 27.3 64.2 5.75 97.7    
Total Asset Growth % ... 7.90 8.20 8.20 2.80    
Shareholders' Equity Growth % ... 11.7 1.25 6.92 1.03    
Customer Deposit Growth % ... 6.29 2.59 4.58 3.49    
Retail Deposit Growth % ... 4.67 1.56 1.63 8.77    
Corporate Deposit Growth % ... 9.41 2.85 13.5 -18.8    
market share              
Market Share in Customer Loans % 4.47 4.53 4.67 4.32 4.45    
Market Share in Corporate Loans % 0.916 1.13 1.82 1.78 3.24    
Market Share in Retail Loans % 3.94 4.03 4.10 3.56 3.09    
Market Share in Consumer Loans % 7.95 8.14 8.05 7.32 6.52    
Market Share in Mortgage Loans % 10.6 10.8 10.6 9.79 8.75    
Market Share in Total Assets % 4.21 4.35 4.53 4.49 4.42    
Market Share in Customer Deposits % 5.23 5.40 5.26 5.15 5.00    
Market Share in Retail Deposits % 7.79 7.54 7.21 6.62 6.56    
Market Share in Corporate Deposits % 4.16 4.90 4.59 4.77 3.50    
ratios Unit 2011 2012 2013 2014 2015 2016 2017
ratios              
ROE % 23.2 8.29 8.41 7.28 0.860    
ROA % 1.80 0.655 0.653 0.544 0.063    
Costs (As % Of Assets) % 1.59 1.47 1.44 1.39 1.71    
Costs (As % Of Income) % 27.3 37.3 46.6 47.2 71.8    
Capital Adequacy Ratio % 10.0 12.2 12.4 13.1 14.3    
Tier 1 Ratio % ... ... ... 9.70 11.1    
Net Interest Margin % 2.52 2.20 2.12 2.16 1.71    
Interest Spread % ... 1.74 1.77 1.90 1.51    
Asset Yield % 6.76 7.57 6.24 5.43 4.31    
Cost Of Liabilities % ... 5.83 4.46 3.53 2.80    
Interest Income (As % Of Revenues) % 43.2 55.8 68.8 73.1 71.9    
Fee Income (As % Of Revenues) % 27.4 34.4 23.1 22.3 19.7    
Other Income (As % Of Revenues) % 29.4 9.89 8.07 4.54 8.39    
Cost Per Employee USD per month 1,845 1,574 1,622 1,742 1,661    
Cost Per Employee (Local Currency) PLN per month 5,469 5,123 5,125 5,709 5,444    
Staff Cost (As % Of Total Cost) % 41.9 43.6 43.0 43.6 32.9    
Equity (As % Of Assets) % 7.76 8.03 7.51 7.43 7.30    
Loans (As % Of Deposits) % 87.0 84.5 88.1 83.4 88.3    
Loans (As % Assets) % 75.3 72.1 71.3 65.2 69.6    
NPLs (As % Of Loans) % 12.3 13.5 13.6 13.7 13.2    
Provisions (As % Of NPLs) % 66.9 65.4 64.5 53.6 34.7    
Provisions (As % Of Loans) % 8.96 9.71 9.60 7.96 4.82    
Cost of Provisions (As % Of Loans) % 2.98 2.34 1.42 1.62 0.914    
other data Unit 2011 2012 2013 2014 2015 2016 2017
other data              
Branches ... ... ... ... ... ...  
Employees 5,543 5,917 6,149 5,877 6,015    
Sight (As % Of Customer Deposits) % 9.39 9.35 16.8 15.7 16.1    

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Noble Bank's total revenues fell 3.72% to PLN 1,480 mil in 2017

By Helgi Analytics - May 22, 2018

Getin Noble Bank generated total banking revenues of PLN 1,480 mil in 2017, down 3.72% compared to the previous year. Polish banking sector banking sector generated total revenues of PLN 61,763 mil in 2017, up 4.13% when compared to the last year. ...

Noble Bank's customer deposits fell 8.35% to PLN 48,614 mil in 2017

By Helgi Analytics - May 22, 2018

Getin Noble Bank's customer deposits reached PLN 48,614 mil in 2017, down 8.35% compared to the previous year. Polish banking sector accepted customer deposits of PLN 1,270 bil in 2017, up 4.79% when compared to the last year. Getin Noble Bank accounted f...

Noble Bank's corporate deposits fell 14.8% to PLN 6,690 mil in 2017

By Helgi Analytics - September 25, 2018

Getin Noble Bank's corporate deposits reached PLN 6,690 mil in 2017, down 14.8% compared to the previous year. Polish banking sector accepted corporate deposits of PLN 285 bil in 2017, up 3.64% when compared to the last year. Getin Noble Bank accounted fo...

Noble Bank's consumer loans fell 3.66% to PLN 6,827 mil in 2017

By Helgi Analytics - September 25, 2018

Getin Noble Bank's consumer loans reached PLN 6,827 mil in 2017, down 3.66% compared to the previous year. Polish banking sector provided consumer loans of PLN 278 bil in 2017, up 6.64% when compared to the last year. Getin Noble Bank accounted for 5.24% ...

Noble Bank's corporate loans rose 4.85% to PLN 10,713 mil in 2017

By Helgi Analytics - September 25, 2018

Getin Noble Bank's loans reached PLN 45,908 mil in the 2017, down from PLN 49,361 mil compared to the previous year. Historically, the bank’s loans reached an all time high of PLN 51,597 mil in 2015 and an all time low of PLN 45,908 mil in 2017. In the ...

Noble Bank's customer loans fell 8.47% to PLN 42,712 mil in 2017

By Helgi Analytics - May 22, 2018

Getin Noble Bank's customer loans reached PLN 42,712 mil in 2017, down 8.47% compared to the previous year. Polish banking sector provided customer loans of PLN 1,206 bil in 2017, up 3.69% when compared to the last year. Getin Noble Bank accounted for 3.5...

Noble Bank's net interest margin rose 7.01% to 2.05% in 2017

By Helgi Analytics - May 1, 2018

Getin Noble Bank's net interest margin amounted to 2.05% in 2017, up from 1.92% compared to the previous year. Historically, the bank’s net interest margin reached an all time high of 2.20% in 2012 and an all time low of 1.71% in 2015. The average margi...

Noble Bank's retail deposits fell 7.35% to PLN 39,619 mil in 2017

By Helgi Analytics - September 25, 2018

Getin Noble Bank's retail deposits reached PLN 39,619 mil in 2017, down 7.35% compared to the previous year. Polish banking sector accepted retail deposits of PLN 761 bil in 2017, up 4.18% when compared to the last year. Getin Noble Bank accounted for 5.2...

Noble Bank's retail loan growth fell 117% to -10.0% in 2017

By Helgi Analytics - September 25, 2018

Getin Noble Bank's retail loans reached PLN 35,195 mil at the end of 2017, down 10.0% compared to the previous year. In the last decade, the average annual loan growth amounted to 0%. Overall, retail loans accounted for 82.4% of the bank's loan book at the ...

Noble Bank's customer loan growth fell 63.0% to -8.47% in 2017

By Helgi Analytics - May 1, 2018

Getin Noble Bank's customer loan growth reached -8.47% in 2017, down from -5.20% compared to the previous year. Historically, the bank’s loans growth reached an all time high of 9.61% in 2015 and an all time low of -8.47% in 2017. In the last decade, the ...

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Finance

Getin Noble Bank has been growing its revenues and asset by -7.94% and 0.352% a year on average in the last 5 years. Its loans and deposits have grown by 0.150% and -0.634% a year during that time and loans to deposits ratio reached 87.9% at the end of 2017. The company achieved an average return on equity of 0.644% in the last five years with net profit growing % a year on average. In terms of operating efficiency, its cost to income ratio reached 60.5% in 2017, compared to 56.4% average in the last five years.

Equity represented 7.21% of total assets or 10.1% of loans at the end of 2017. Getin Noble Bank's non-performing loans were 15.8% of total loans while provisions covered some 44.2% of NPLs at the end of 2017.

Valuation

Getin Noble Bank stock traded at PLN 1.62 per share at the end of 2017 resulting in a market capitalization of USD 419 mil. Over the previous three years, stock price fell by 75.5% or 37.4% a year on average. That’s compared to an average ROE of -4.16% 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 0.338x in 2017.