Halbank Serbia

Profit Statement 2015 2016 2017
Net Interest Income RSD mil 1,174 1,345 1,489
Fee Income (As % Of Revenues) % 32.1 29.5 28.1
Other Income RSD mil 36.6 33.1 56.6
Total Revenues RSD mil 1,784 1,955 2,150
Staff Cost RSD mil 525 585 649
Operating Profit RSD mil 548 525 464
Provisions RSD mil 759 389 270
Net Profit RSD mil -185 136 195
Balance Sheet 2015 2016 2017
Interbank Loans RSD mil 3,044 1,019 1,525
Customer Loans RSD mil 19,115 23,962 28,908
Debt Securities RSD mil 537 4,645 4,858
Total Assets RSD mil 31,800 34,986 41,449
Shareholders' Equity RSD mil 5,716 5,884 6,120
Interbank Borrowing RSD mil 700 1,715 3,190
Customer Deposits RSD mil 23,275 19,227 23,449
Issued Debt Securities RSD mil 1,844 7,362 7,586
Ratios 2015 2016 2017
ROE % -3.54 2.35 3.24
ROA % -0.581 0.408 0.509
Costs (As % Of Assets) % 3.89 4.28 4.41
Costs (As % Of Income) % 69.3 73.1 78.4
Capital Adequacy Ratio % 15.8 16.0 17.1
Net Interest Margin % 3.69 4.03 3.90
Loans (As % Of Deposits) % 82.1 125 123
NPLs (As % Of Loans) % 29.8 17.6 13.3
Provisions (As % Of NPLs) % 63.3 103 108
Growth Rates 2015 2016 2017
Total Revenue Growth % 0.412 9.57 10.0
Operating Cost Growth % 11.1 15.6 18.0
Operating Profit Growth % -17.5 -4.13 -11.6
Net Profit Growth % -30.8 -174 43.0
Customer Loan Growth % -14.0 25.4 20.6
Total Asset Growth % -0.041 10.0 18.5
Customer Deposit Growth % 0.247 -17.4 22.0
Shareholders' Equity Growth % 21.0 2.94 4.01
Employees 377 411 435

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summary Unit 2014 2015 2016 2017
income statement        
Net Interest Income RSD mil 1,164 1,174    
Total Revenues RSD mil 1,777 1,784    
Operating Profit RSD mil 664 548    
Net Profit RSD mil -267 -185    
balance sheet        
Interbank Loans RSD mil 2,803 3,044    
Customer Loans RSD mil 22,216 19,115    
Debt Securities RSD mil 320 537    
Total Assets RSD mil 31,813 31,800    
Shareholders' Equity RSD mil 4,723 5,716    
Interbank Borrowing RSD mil 1,770 700    
Customer Deposits RSD mil 23,218 23,275    
Issued Debt Securities RSD mil 1,844 1,844    
ratios        
ROE % -5.65 -3.54    
ROA % -0.839 -0.581    
Costs (As % Of Assets) % 3.50 3.89    
Costs (As % Of Income) % 62.6 69.3    
Capital Adequacy Ratio % 12.8 15.8    
Net Interest Margin % 3.66 3.69    
Interest Income (As % Of Revenues) % 65.5 65.8    
Fee Income (As % Of Revenues) % 30.9 32.1    
Staff Cost (As % Of Total Cost) % 44.2 42.4    
Equity (As % Of Assets) % 14.8 18.0    
Loans (As % Of Deposits) % 95.7 82.1    
Loans (As % Assets) % 69.8 60.1    
NPLs (As % Of Loans) % 25.5 29.8    
Provisions (As % Of NPLs) % 60.7 63.3    
income statement Unit 2014 2015 2016 2017
income statement        
Interest Income RSD mil 1,819 1,620    
Interest Cost RSD mil 655 446    
Net Interest Income RSD mil 1,164 1,174    
Net Fee Income RSD mil 548 573    
Other Income RSD mil 64.1 36.6    
Total Revenues RSD mil 1,777 1,784    
Staff Cost RSD mil 492 525    
Depreciation RSD mil 90.0 95.6    
Other Cost RSD mil 531 616    
Operating Cost RSD mil 1,113 1,236    
Operating Profit RSD mil 664 548    
Provisions RSD mil 932 759    
Extra and Other Cost RSD mil 0.117 -23.5    
Pre-Tax Profit RSD mil -268 -187    
Tax RSD mil -1.05 -2.30    
Minorities RSD mil 0 0    
Net Profit RSD mil -267 -185    
growth rates        
Net Interest Income Growth % ... 0.855    
Net Fee Income Growth % ... 4.53    
Total Revenue Growth % ... 0.412    
Operating Cost Growth % ... 11.1    
Operating Profit Growth % ... -17.5    
Pre-Tax Profit Growth % ... -30.2    
Net Profit Growth % ... -30.8    
market share        
Market Share in Revenues % 1.02 0.972    
Market Share in Net Profit % ... ...    
Market Share in Employees % 1.53 1.55    
Market Share in Branches % ... ... ...  
balance sheet Unit 2014 2015 2016 2017
balance sheet        
Cash RSD mil 5,499 4,064    
Interbank Loans RSD mil 2,803 3,044    
Customer Loans RSD mil 22,216 19,115    
Retail Loans RSD mil 3,782 4,056    
Mortgage Loans RSD mil 1,837 1,886    
Consumer Loans RSD mil 1,944 2,170    
Corporate Loans RSD mil 18,172 14,963    
Debt Securities RSD mil 320 537    
Fixed Assets RSD mil 673 654    
Total Assets RSD mil 31,813 31,800    
Shareholders' Equity RSD mil 4,723 5,716    
Of Which Minority Interest RSD mil ... ...    
Liabilities RSD mil 27,090 26,085    
Interbank Borrowing RSD mil 1,770 700    
Customer Deposits RSD mil 23,218 23,275    
Retail Deposits RSD mil 8,143 7,909    
Corporate Deposits RSD mil 15,075 15,366    
Sight Deposits RSD mil ... ...    
Term Deposits RSD mil ... ...    
Issued Debt Securities RSD mil 1,844 1,844    
Other Liabilities RSD mil 259 266    
asset quality        
Non-Performing Loans RSD mil 6,690 7,009    
Gross Loans RSD mil 26,277 23,550    
Total Provisions RSD mil 4,061 4,435    
growth rates        
Customer Loan Growth % ... -14.0    
Retail Loan Growth % ... 7.24    
Mortgage Loan Growth % ... 2.63    
Consumer Loan Growth % ... 11.6    
Corporate Loan Growth % ... -17.7    
Total Asset Growth % ... -0.041    
Shareholders' Equity Growth % ... 21.0    
Customer Deposit Growth % ... 0.247    
Retail Deposit Growth % ... -2.87    
Corporate Deposit Growth % ... 1.93    
market share        
Market Share in Customer Loans % 0.932 0.759    
Market Share in Corporate Loans % 1.87 1.51    
Market Share in Retail Loans % 0.502 0.526    
Market Share in Consumer Loans % 0.522 0.534    
Market Share in Mortgage Loans % 0.545 0.544    
Market Share in Total Assets % 0.962 0.928    
Market Share in Customer Deposits % 1.35 1.27    
Market Share in Retail Deposits % 0.743 0.699    
Market Share in Corporate Deposits % 3.01 2.67    
ratios Unit 2014 2015 2016 2017
ratios        
ROE % -5.65 -3.54    
ROA % -0.839 -0.581    
Costs (As % Of Assets) % 3.50 3.89    
Costs (As % Of Income) % 62.6 69.3    
Capital Adequacy Ratio % 12.8 15.8    
Net Interest Margin % 3.66 3.69    
Interest Spread % ... 3.42    
Asset Yield % 5.72 5.09    
Cost Of Liabilities % ... 1.68    
Interest Income (As % Of Revenues) % 65.5 65.8    
Fee Income (As % Of Revenues) % 30.9 32.1    
Other Income (As % Of Revenues) % 3.61 2.05    
Cost Per Employee USD per month 1,163 1,098    
Cost Per Employee (Local Currency) RSD per month 106,478 115,969    
Staff Cost (As % Of Total Cost) % 44.2 42.4    
Equity (As % Of Assets) % 14.8 18.0    
Loans (As % Of Deposits) % 95.7 82.1    
Loans (As % Assets) % 69.8 60.1    
NPLs (As % Of Loans) % 25.5 29.8    
Provisions (As % Of NPLs) % 60.7 63.3    
Provisions (As % Of Loans) % 18.3 23.2    
Cost of Provisions (As % Of Loans) % 4.19 3.67    
other data Unit 2014 2015 2016 2017
other data        
Branches ... ... ...  
Employees 385 377    
Sight (As % Of Customer Deposits) % ... ...    

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Finance

Halbank Serbia has been growing its revenues and asset by 6.57% and 9.22% a year on average in the last 3 years. Its loans and deposits have grown by 9.17% and 0.331% a year during that time and loans to deposits ratio reached 123% at the end of 2017. The company achieved an average return on equity of 0.684% in the last three years with net profit growing nan% a year on average. In terms of operating efficiency, its cost to income ratio reached 78.4% in 2017, compared to 73.6% average in the last three years.

Equity represented 14.8% of total assets or 21.2% of loans at the end of 2017. Halbank Serbia's non-performing loans were 13.3% of total loans while provisions covered some 108% of NPLs at the end of 2017.