Home Credit N.V.

Home Credit's net profit rose 650% yoy to EUR 154 mil in 1Q2019

By Helgi Analytics - October 10, 2019

Home Credit N.V. made a net profit of EUR 154 mil under revenues of EUR 1,023 mil in the first quarter of 2019, up 650% and 7...

Home Credit's market capitalisation (end of period) fell 1.88% to USD 10,941 mil in 1Q2019

By Helgi Analytics - October 23, 2019

Home Credit N.V. stock traded at HKD 5.89 per share at the end of first quarter of 2019 implying a market capitalization of USD 55,7...

Home Credit's net interest income rose 18.3% yoy to EUR 899 mil in 1Q2019

By Helgi Analytics - October 10, 2019

Home Credit N.V. generated total banking revenues of EUR 1,023 mil in the first quarter of 2019, up 7.46% when compared to the sa...

Profit Statement 2016 2017 2018
Net Interest Income EUR mil 1,519 2,413 3,221
Fee Income (As % Of Revenues) % 21.1 21.4 17.1
Other Income EUR mil 41.0 32.0 56.0
Total Revenues EUR mil 1,978 3,109 3,952
Staff Cost EUR mil 677 1,055 1,106
Operating Profit EUR mil 899 1,526 2,252
Provisions EUR mil 562 1,126 1,711
Net Profit EUR mil 227 275 498
Balance Sheet 2016 2017 2018
Interbank Loans EUR mil 400 398 298
Customer Loans EUR mil 9,857 15,449 17,430
Debt Securities EUR mil 1,238 1,516 1,280
Total Assets EUR mil 14,661 21,467 23,527
Shareholders' Equity EUR mil 1,481 1,967 2,783
Interbank Borrowing EUR mil 6,417 10,598 11,319
Customer Deposits EUR mil 5,386 6,347 6,770
Issued Debt Securities EUR mil 764 1,703 1,913
Ratios 2016 2017 2018
ROE % 17.0 16.0 21.0
ROA % 1.87 1.52 2.21
Costs (As % Of Assets) % 8.87 8.76 7.56
Costs (As % Of Income) % 54.6 50.9 43.0
Net Interest Margin % 12.5 13.4 14.3
Loans (As % Of Deposits) % 183 243 257
NPLs (As % Of Loans) % 8.05 9.87 8.33
Provisions (As % Of NPLs) % 74.4 85.2 129
Growth Rates 2016 2017 2018
Total Revenue Growth % 22.2 57.2 27.1
Operating Cost Growth % 21.7 46.7 7.39
Operating Profit Growth % 22.8 69.7 47.6
Net Profit Growth % -663 21.1 81.1
Customer Loan Growth % 68.9 56.7 12.8
Total Asset Growth % 51.8 46.4 9.60
Customer Deposit Growth % 9.73 17.8 6.66
Shareholders' Equity Growth % 23.9 32.8 41.5
Employees 119,923 157,320 125,124

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summary Unit 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018
income statement                              
Net Interest Income EUR mil                 1,057 1,762 1,377 1,193 1,519    
Total Revenues EUR mil                 1,773 2,542 1,943 1,619 1,978    
Operating Profit EUR mil                 1,119 1,618 1,077 732 899    
Net Profit EUR mil                 506 327 -56.9 -40.4 227    
balance sheet                              
Interbank Loans EUR mil                 394 410 172 407 400    
Customer Loans EUR mil                 6,531 7,171 5,060 5,835 9,857    
Debt Securities EUR mil                 725 196 457 1,388 1,238    
Total Assets EUR mil                 9,426 9,313 7,037 9,656 14,661    
Shareholders' Equity EUR mil                 1,505 1,532 1,239 1,196 1,481    
Interbank Borrowing EUR mil                 1,311 604 1,434 2,331 6,417    
Customer Deposits EUR mil                 4,724 5,105 2,890 4,909 5,386    
Issued Debt Securities EUR mil                 1,560 1,121 1,117 801 764    
ratios                              
ROE %                 43.3 21.5 -4.11 -3.32 17.0    
ROA %                 7.38 3.49 -0.696 -0.484 1.87    
Costs (As % Of Assets) %                 9.55 9.87 10.6 10.6 8.87    
Costs (As % Of Income) %                 36.9 36.4 44.6 54.8 54.6    
Net Interest Margin %                 15.4 18.8 16.8 14.3 12.5    
Interest Income (As % Of Revenues) %                 59.6 69.3 70.9 73.7 76.8    
Fee Income (As % Of Revenues) %                 33.6 24.3 21.3 19.7 21.1    
Staff Cost (As % Of Total Cost) %                 44.3 44.1 51.3 55.7 62.7    
Equity (As % Of Assets) %                 16.0 16.5 17.6 12.4 10.1    
Loans (As % Of Deposits) % ...               138 140 175 119 183    
Loans (As % Assets) %                 69.3 77.0 71.9 60.4 67.2    
NPLs (As % Of Loans) % ... ... ...           7.57 12.2 15.3 10.0 8.05    
Provisions (As % Of NPLs) % ... ... ...           119 117 107 116 74.4    
income statement Unit 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018
income statement                              
Interest Income EUR mil                 1,486 2,483 1,987 1,842 2,176    
Interest Cost EUR mil                 429 721 610 649 657    
Net Interest Income EUR mil                 1,057 1,762 1,377 1,193 1,519    
Net Fee Income EUR mil                 597 618 415 319 418    
Other Income EUR mil                 120 162 151 107 41.0    
Total Revenues EUR mil                 1,773 2,542 1,943 1,619 1,978    
Staff Cost EUR mil                 290 408 444 494 677    
Depreciation EUR mil                 49.2 73.1 79.6 78.5 80.0    
Other Cost EUR mil                 315 443 342 314 322    
Operating Cost EUR mil                 655 924 866 887 1,079    
Operating Profit EUR mil                 1,119 1,618 1,077 732 899    
Provisions EUR mil                 478 1,186 1,116 725 562    
Extra and Other Cost EUR mil                 -4.11 -6.56 -1.67 -1.46 -2.00    
Pre-Tax Profit EUR mil                 644 439 -37.3 8.50 339    
Tax EUR mil                 139 114 23.1 50.1 112    
Minorities EUR mil                 0.349 -2.16 -3.52 -1.25 -3.00    
Net Profit EUR mil                 506 327 -56.9 -40.4 227    
Dividends EUR mil ... ... ... ... ... ... ... ... ... ... ... ... ... ...  
growth rates                              
Net Interest Income Growth % ...               68.5 66.7 -21.9 -13.4 27.3    
Net Fee Income Growth % ...               151 3.65 -32.9 -23.1 31.1    
Total Revenue Growth % ...               95.9 43.4 -23.6 -16.7 22.2    
Operating Cost Growth % ...               62.3 41.2 -6.35 2.41 21.7    
Operating Profit Growth % ...               123 44.6 -33.4 -32.0 22.8    
Pre-Tax Profit Growth % ...               91.8 -31.9 -109 -123 3,887    
Net Profit Growth % ...               119 -35.5 -117 -29.1 -663    
balance sheet Unit 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018
balance sheet                              
Cash EUR mil                 1,210 926 866 1,349 2,404    
Interbank Loans EUR mil                 394 410 172 407 400    
Customer Loans EUR mil                 6,531 7,171 5,060 5,835 9,857    
Retail Loans EUR mil                 6,527 7,168 5,054 5,784 ... ... ...
Mortgage Loans EUR mil                 90.5 89.3 68.5 74.0 ... ... ...
Consumer Loans EUR mil                 6,437 7,078 4,985 5,672 ... ... ...
Corporate Loans EUR mil                 3.50 3.52 5.07 52.4 ... ... ...
Debt Securities EUR mil                 725 196 457 1,388 1,238    
Fixed Assets EUR mil                 298 328 258 274 329    
Total Assets EUR mil                 9,426 9,313 7,037 9,656 14,661    
Shareholders' Equity EUR mil                 1,505 1,532 1,239 1,196 1,481    
Of Which Minority Interest EUR mil                 103 2.92 3.82 4.77 4.00    
Liabilities EUR mil                 7,922 7,781 5,798 8,460 13,180    
Interbank Borrowing EUR mil                 1,311 604 1,434 2,331 6,417    
Customer Deposits EUR mil                 4,724 5,105 2,890 4,909 5,386    
Sight Deposits EUR mil ... ... ... ... ... ... ... ... ... 473 297 2,947 3,391    
Term Deposits EUR mil ... ... ... ... ... ... ... ... ... 4,632 2,593 1,950 2,008    
Issued Debt Securities EUR mil                 1,560 1,121 1,117 801 764    
Other Liabilities EUR mil                 327 950 356 420 613    
asset quality                              
Non-Performing Loans EUR mil ... ... ...           543 1,020 925 660 862    
Gross Loans EUR mil                 7,176 8,360 6,046 6,603 10,707    
Total Provisions EUR mil                 645 1,189 986 768 641    
growth rates                              
Customer Loan Growth % ...               117 9.81 -29.4 15.3 68.9    
Retail Loan Growth % ...               117 9.81 -29.5 14.4 ... ... ...
Mortgage Loan Growth % ... ... ...           -18.8 -1.33 -23.3 7.91 ... ... ...
Consumer Loan Growth % ...               123 9.97 -29.6 13.8 ... ... ...
Corporate Loan Growth % ... ...             -19.1 0.600 43.9 934 ... ... ...
Total Asset Growth % ...               120 -1.20 -24.4 37.2 51.8    
Shareholders' Equity Growth % ...               81.0 1.85 -19.2 -3.48 23.9    
Customer Deposit Growth % ... ...             178 8.08 -43.4 69.9 9.73    
ratios Unit 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018
ratios                              
ROE %                 43.3 21.5 -4.11 -3.32 17.0    
ROA %                 7.38 3.49 -0.696 -0.484 1.87    
Costs (As % Of Assets) %                 9.55 9.87 10.6 10.6 8.87    
Costs (As % Of Income) %                 36.9 36.4 44.6 54.8 54.6    
Net Interest Margin %                 15.4 18.8 16.8 14.3 12.5    
Interest Spread % ...               14.1 17.3 15.3 13.0 11.8    
Asset Yield %                 21.7 26.5 24.3 22.1 17.9    
Cost Of Liabilities % ...               7.55 9.18 8.98 9.11 6.07    
Payout Ratio % ... ... ... ... ... ... ... ... ... ... ... ... ... ...  
Interest Income (As % Of Revenues) %                 59.6 69.3 70.9 73.7 76.8    
Fee Income (As % Of Revenues) %                 33.6 24.3 21.3 19.7 21.1    
Other Income (As % Of Revenues) %                 6.76 6.36 7.78 6.59 2.07    
Cost Per Employee USD per month ...               798 878 820 727 606    
Cost Per Employee (Local Currency) EUR per month ...               622 661 636 564 470    
Staff Cost (As % Of Total Cost) %                 44.3 44.1 51.3 55.7 62.7    
Equity (As % Of Assets) %                 16.0 16.5 17.6 12.4 10.1    
Loans (As % Of Deposits) % ...               138 140 175 119 183    
Loans (As % Assets) %                 69.3 77.0 71.9 60.4 67.2    
NPLs (As % Of Loans) % ... ... ...           7.57 12.2 15.3 10.0 8.05    
Provisions (As % Of NPLs) % ... ... ...           119 117 107 116 74.4    
Provisions (As % Of Loans) %                 9.88 16.6 19.5 13.2 6.50    
Cost of Provisions (As % Of Loans) %                 10.0 17.3 18.3 13.3 7.16    
other data Unit 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018
other data                              
Branches ... ... ... ... ... ... ... ... ... ... ... 439 328    
Employees ...               38,900 51,400 58,200 72,900 119,923    
ATMs ... ... ... ... ... ... ... ... ... ... ... 1,281 1,268    
Clients mil ... ... ... ... ... ...     6.80 8.40 9.10 12.5 20.1    
Sight (As % Of Customer Deposits) % ... ... ... ... ... ... ... ... ... 9.27 10.3 60.0 63.0    

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Home Credit's npls (as % of loans) fell 5.96% yoy to 7.71% in 1Q2019

By Helgi Analytics - October 10, 2019

Home Credit N.V.'s non-performing loans reached 7.71% of total loans at the end of 2019-03-31, down from 8.20% compared to the previous year. Historically, the NPL ratio hit an all time high of 16.4% in 2014-09-30 and an all time low of 5.10% in 2017-03-31. ...

Home Credit's net interest margin rose 6.17% yoy to 14.8% in 1Q2019

By Helgi Analytics - October 10, 2019

Home Credit N.V.'s net interest margin amounted to 14.8% in the first quarter of 2019, down from 15.4% when compared to the previous quarter. Historically, the bank’s net interest margin reached an all time high of 18.2% in 4Q2013 and an all time low of ...

Home Credit's price/earnings (P/E) fell 75.6% yoy to 14.3 in 1Q2019

By Helgi Analytics - October 10, 2019

Home Credit N.V. stock traded at EUR 9,738 per share at the end first quarter of 2019 implying a market capitalization of USD 10,941 mil. Since the end of 1Q2014, the stock has depreciated by 0 % implying an annual average growth of 0 %. In absolute terms, the value o...

Home Credit's share price (end of period) remain unchanged yoy at EUR 9,738 in 1Q2019

By Helgi Analytics - October 10, 2019

Home Credit N.V. stock traded at EUR 9,738 per share at the end of first quarter of 2019 implying a market capitalization of USD 10,941 mil. Over the last five years, the stock has depreciated by 0 % implying an annual average growth of 0 %. In absolute terms, the val...

Home Credit's customer loan growth rose 6.60% yoy to 22.9% in 1Q2019

By Helgi Analytics - October 10, 2019

Home Credit N.V.'s customer loan growth reached 22.9% in 2019-03-31, up from 21.5% compared to the previous year. Historically, the bank’s loans growth reached an all time high of 87.0% in 2016-12-31 and an all time low of -29.4% in 2014-12-31. In the las...

Home Credit's Cost of Risk fell 35.0% yoy to 6.75% in 1Q2019

By Helgi Analytics - October 10, 2019

Home Credit N.V.'s Cost of Risk (loan loss provisions as % of total assets) amounted to 6.75% in the first quarter of 2019, up from 5.30% when compared to the previous quarter. Historically, the bank’s cost of risk reached an all time high of 17.4% in 1Q2014 ...

Home Credit's equity (as % of assets) rose 75.4% yoy to 14.1% in 1Q2019

By Helgi Analytics - October 10, 2019

Home Credit N.V.'s Equity reached 14.1% of total assets in the 1Q2019, up from 8.03% for the previous year. As a share of net customer loans, the ratio amounted to 18.8% at the end of the first quarter of 2019. ...

Home Credit's net profit rose 81.1% to EUR 498 mil in 2018

By Helgi Analytics - August 1, 2019

Home Credit N.V. made a net profit of EUR 498 mil in 2018, up 81.1% compared to the previous year. This implies a return on equity of 21.0%. Historically, the bank’s net profit reached an all time high of EUR 506 mil in 2012 and an all time low of EUR -56.9...

Home Credit's npls (as % of loans) fell 15.7% to 8.33% in 2018

By Helgi Analytics - August 1, 2019

Home Credit N.V.'s non-performing loans reached 8.33% of total loans at the end of 2018, down from 9.87% compared to the previous year. Historically, the NPL ratio hit an all time high of 16.7% in 2009 and an all time low of 7.57% in 2012. Provision coverag...

Home Credit's net interest income rose 33.5% to EUR 3,221 mil in 2018

By Helgi Analytics - August 1, 2019

Home Credit N.V. generated total banking revenues of EUR 3,952 mil in 2018, up 27.1% 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 EUR 3,952 mil in 2018 and...

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Home Credit Group (Home Credit B.V. and its subsidiaries) is a mass market consumer finance provider with over EUR 10 bil of assets. The Company was established in 1997 in the Czech Republic. Since then it has experienced considerable growth within Central and Eastern Europe, the Commonwealth of Independent States and Asia. The Group employes over 44,000 people and serves more than 35 mil customers. Lending to consumers seeking purchases of durable goods is the main focus of the Company. The product portfolio includes loans to first-time borrowers, revolving credit lines as well as credit cards to its existing customers. Home Credit's network consists of point-of-sales outlets, own branches, post offices and direct channels

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Finance

Home Credit N.V. has been growing its revenues and asset by 13.0% and 19.9% a year on average in the last 10 years. Its loans and deposits have grown by 21.3% and 37.8% a year during that time and loans to deposits ratio reached 257% at the end of 2018. The company achieved an average return on equity of 17.4% in the last decade with net profit growing 28.1% a year on average. In terms of operating efficiency, its cost to income ratio reached 43.0% in 2018, compared to 45.8% average in the last decade.

Equity represented 11.8% of total assets or 16.0% of loans at the end of 2018. Home Credit N.V.'s non-performing loans were 8.33% of total loans while provisions covered some 129% of NPLs at the end of 2018.

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