Huaxia Bank

Huaxia's capital adequacy ratio rose 17.9% yoy to 14.1% in 2Q2019

By Helgi Analytics - November 05, 2019

Huaxia Bank's capital adequacy ratio reached 14.1% at the end of second quarter of 2019, up from 12.8% when compared to the previ...

Huaxia's corporate loans rose 5.43% yoy to CNY 1,228,640 mil in 2Q2019

By Helgi Analytics - November 05, 2019

Huaxia Bank's loans reached CNY 1,779,800 mil in the second quarter of 2019, up from CNY 1,696,660 mil when compared to the ...

Huaxia's net interest income rose 35.2% yoy to CNY 16,255 mil in 2Q2019

By Helgi Analytics - November 05, 2019

Huaxia Bank generated total banking revenues of CNY 20,813 mil in the second quarter of 2019, up 18.5% when compared to the same ...

Profit Statement 2016 2017 2018
Net Interest Income CNY mil 48,989 47,318 51,538
Fee Income (As % Of Revenues) % 22.4 27.3 23.9
Other Income CNY mil 1,676 1,707 4,886
Total Revenues CNY mil 65,321 67,432 74,182
Operating Profit CNY mil 26,068 14,518 9,684
Provisions CNY mil 13,411 16,418 20,186
Net Profit CNY mil 19,677 19,819 20,854
Balance Sheet 2016 2017 2018
Interbank Loans CNY mil 271,680 112,289 64,257
Customer Loans CNY mil 1,184,360 1,355,580 1,566,240
Debt Securities CNY mil 640,162 765,326 787,021
Total Assets CNY mil 2,356,240 2,508,930 2,680,580
Shareholders' Equity CNY mil 152,973 169,498 218,715
Interbank Borrowing CNY mil 726,148 750,111 793,594
Customer Deposits CNY mil 1,365,090 1,428,860 1,488,980
Issued Debt Securities CNY mil 55,000 102,000 122,500
Ratios 2016 2017 2018
ROE % 14.5 12.3 10.7
ROA % 0.899 0.815 0.804
Costs (As % Of Assets) % 1.79 2.18 2.49
Costs (As % Of Income) % 60.1 78.5 86.9
Capital Adequacy Ratio % 12.4 13.2 14.1
Net Interest Margin % 2.24 1.95 1.99
Loans (As % Of Deposits) % 86.8 94.9 105
NPLs (As % Of Loans) % 1.76 1.96 2.09
Provisions (As % Of NPLs) % 151 141 140
Valuation 2016 2017 2018
Market Capitalisation (End Of Period) USD mil 16,682 17,723 13,773
Share Price (End Of Period) CNY 9.04 9.00 7.39
Price/Earnings (P/E) 6.57 6.99 5.17
Price/Book Value (P/BV) 0.846 0.817 0.493
Earnings Per Share (EPS) CNY 1.53 1.55 1.63
Book Value Per Share CNY 11.9 13.2 17.1

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summary Unit 2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018
income statement                                      
Net Interest Income CNY mil                         35,344 38,902 46,241 46,083 48,989    
Total Revenues CNY mil                         40,145 45,768 54,852 59,886 65,321    
Operating Profit CNY mil                         2,094 8,417 6,731 14,645 26,068    
Net Profit CNY mil                         12,796 15,506 17,981 18,883 19,677    
balance sheet                                      
Interbank Loans CNY mil                         357,952 389,257 204,910 325,763 271,680    
Customer Loans CNY mil                         699,861 800,726 916,105 1,041,940 1,184,360    
Debt Securities CNY mil         ...               183,486 194,753 409,925 357,075 640,162    
Total Assets CNY mil                         1,488,860 1,672,450 1,851,630 2,020,600 2,356,240    
Shareholders' Equity CNY mil                         74,723 86,019 102,099 118,388 152,973    
Interbank Borrowing CNY mil                         348,492 374,408 367,180 414,832 726,148    
Customer Deposits CNY mil                         1,033,970 1,175,550 1,300,290 1,348,750 1,365,090    
Issued Debt Securities CNY mil                         8,430 8,430 43,897 96,920 55,000    
ratios                                      
ROE %                         18.5 19.3 19.1 17.1 14.5    
ROA %                         0.936 0.981 1.02 0.975 0.899    
Costs (As % Of Assets) %                         2.78 2.36 2.73 2.34 1.79    
Costs (As % Of Income) %                         94.8 81.6 87.7 75.5 60.1    
Capital Adequacy Ratio % ... ... ...                   9.88 11.0 10.9 11.4 12.4    
Net Interest Margin %                         2.59 2.46 2.62 2.38 2.24    
Interest Income (As % Of Revenues) %                         88.0 85.0 84.3 77.0 75.0    
Fee Income (As % Of Revenues) %                         10.1 13.8 14.0 20.7 22.4    
Equity (As % Of Assets) %                         5.02 5.14 5.51 5.86 6.49    
Loans (As % Of Deposits) %                         67.7 68.1 70.5 77.3 86.8    
Loans (As % Assets) %                         47.0 47.9 49.5 51.6 50.3    
NPLs (As % Of Loans) % ... ... ... ... ...               0.906 0.928 1.12 1.58 1.76    
Provisions (As % Of NPLs) % ... ... ... ... ...               311 294 227 161 151    
valuation                                      
Market Capitalisation (End Of Period) USD mil ... ... ...                   11,379 12,605 19,315 19,984 16,682    
Number Of Shares (Average) mil                         12,823 12,823 12,823 12,823 12,823    
Share Price (End Of Period) CNY ... ... ...                   5.53 5.95 9.35 10.1 9.04    
Earnings Per Share (EPS) CNY                         0.998 1.21 1.40 1.47 1.53    
Book Value Per Share CNY                         5.83 6.71 7.96 9.23 11.9    
Price/Earnings (P/E) ... ... ...                   6.89 6.30 8.33 8.20 6.57    
Price/Book Value (P/BV) ... ... ...                   1.18 1.14 1.47 1.31 0.846    
Earnings Per Share Growth % ...                       26.2 21.2 16.0 5.02 4.20    
Book Value Per Share Growth % ...                       6.31 15.1 18.7 16.0 29.2    
income statement Unit 2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018
income statement                                      
Interest Income CNY mil                         73,395 76,253 94,362 91,324 88,242    
Interest Cost CNY mil                         38,051 37,351 48,121 45,241 39,253    
Net Interest Income CNY mil                         35,344 38,902 46,241 46,083 48,989    
Net Fee Income CNY mil                         4,046 6,312 7,652 12,372 14,656    
Other Income CNY mil                         756 554 959 1,431 1,676    
Total Revenues CNY mil                         40,145 45,768 54,852 59,886 65,321    
Operating Cost CNY mil                         38,051 37,351 48,121 45,241 39,253    
Operating Profit CNY mil                         2,094 8,417 6,731 14,645 26,068    
Provisions CNY mil                         3,812 3,634 5,225 8,818 13,411    
Extra and Other Cost CNY mil                         -18,969 -15,922 -22,497 -19,378 -13,586    
Pre-Tax Profit CNY mil                         17,252 20,705 24,003 25,205 26,243    
Tax CNY mil                         4,456 5,194 5,980 6,253 6,487    
Minorities CNY mil                         -0.622 5.00 42.0 69.0 79.0    
Net Profit CNY mil                         12,796 15,506 17,981 18,883 19,677    
growth rates                                      
Net Interest Income Growth % ...                       16.7 10.1 18.9 -0.342 6.31    
Net Fee Income Growth % ...                       36.0 56.0 21.2 61.7 18.5    
Total Revenue Growth % ...                       18.1 14.0 19.8 9.18 9.08    
Operating Cost Growth % ...                       18.0 -1.84 28.8 -5.98 -13.2    
Operating Profit Growth % ...                       20.2 302 -20.0 118 78.0    
Pre-Tax Profit Growth % ...                       37.7 20.0 15.9 5.01 4.12    
Net Profit Growth % ...                       38.8 21.2 16.0 5.02 4.20    
market share                                      
Market Share in Revenues % ... ... ... ... ... ... ... ... ... ...     1.27 1.28 1.31 1.29 1.39   ...
Market Share in Net Profit % ... ... ... ... ... ... ...           0.847 ... ... ... ... ... ...
Market Share in Employees % ... ... ... ... ... ... ... ... ... ...   ... ... ... ... ... ... ... ...
balance sheet Unit 2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018
balance sheet                                      
Cash CNY mil                         227,152 262,227 292,248 264,094 222,173    
Interbank Loans CNY mil                         357,952 389,257 204,910 325,763 271,680    
Customer Loans CNY mil                         699,861 800,726 916,105 1,041,940 1,184,360    
Retail Loans CNY mil ... ... ... ... ...               100,667 142,754 174,740 200,905 245,658    
Mortgage Loans CNY mil ... ... ... ... ... ... ... ... ...       72,793 97,398 108,953 111,248 123,841    
Consumer Loans CNY mil ... ... ... ... ... ... ... ... ...       27,874 45,356 65,787 89,657 121,817    
Corporate Loans CNY mil                         619,501 680,415 765,249 868,267 970,996    
Debt Securities CNY mil         ...               183,486 194,753 409,925 357,075 640,162    
Fixed Assets CNY mil                         7,659 8,072 9,359 11,252 11,372    
Total Assets CNY mil                         1,488,860 1,672,450 1,851,630 2,020,600 2,356,240    
Shareholders' Equity CNY mil                         74,723 86,019 102,099 118,388 152,973    
Of Which Minority Interest CNY mil                         28.4 599 641 710 789    
Liabilities CNY mil                         1,414,140 1,586,430 1,749,530 1,902,220 2,203,260    
Interbank Borrowing CNY mil                         348,492 374,408 367,180 414,832 726,148    
Customer Deposits CNY mil                         1,033,970 1,175,550 1,300,290 1,348,750 1,365,090    
Sight Deposits CNY mil                         413,511 477,228 472,921 600,667 674,781    
Term Deposits CNY mil                         620,458 698,326 827,365 748,084 690,313    
Issued Debt Securities CNY mil                         8,430 8,430 43,897 96,920 55,000    
Other Liabilities CNY mil                         23,247 28,036 38,166 41,713 57,020    
asset quality                                      
Non-Performing Loans CNY mil ... ... ... ... ...               6,528 7,641 10,531 16,933 21,440    
Gross Loans CNY mil                         720,168 823,169 939,989 1,069,170 1,216,650    
Total Provisions CNY mil                         20,307 22,443 23,884 27,235 32,299    
growth rates                                      
Customer Loan Growth % ...                       17.8 14.4 14.4 13.7 13.7    
Retail Loan Growth % ... ... ... ... ... ...             34.2 41.8 22.4 15.0 22.3    
Mortgage Loan Growth % ... ... ... ... ... ... ... ... ... ...     30.8 33.8 11.9 2.11 11.3    
Consumer Loan Growth % ... ... ... ... ... ... ... ... ... ...     44.3 62.7 45.0 36.3 35.9    
Corporate Loan Growth % ...                       15.5 9.83 12.5 13.5 11.8    
Total Asset Growth % ...                       19.7 12.3 10.7 9.13 16.6    
Shareholders' Equity Growth % ...                       16.9 15.1 18.7 16.0 29.2    
Customer Deposit Growth % ...                       15.7 13.7 10.6 3.73 1.21    
market share                                      
Market Share in Customer Loans % ... ... ...                   1.04 1.01 1.02 0.991 1.02    
Market Share in Total Assets % ... ... ...                   1.11 1.10 1.08 1.01 1.02    
Market Share in Customer Deposits % ... ... ...                   1.10 2.82 2.87 2.37 1.92    
ratios Unit 2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018
ratios                                      
ROE %                         18.5 19.3 19.1 17.1 14.5    
ROA %                         0.936 0.981 1.02 0.975 0.899    
Costs (As % Of Assets) %                         2.78 2.36 2.73 2.34 1.79    
Costs (As % Of Income) %                         94.8 81.6 87.7 75.5 60.1    
Capital Adequacy Ratio % ... ... ...                   9.88 11.0 10.9 11.4 12.4    
Tier 1 Ratio % ...                       8.03 8.49 8.89 9.70 9.37    
Net Interest Margin %                         2.59 2.46 2.62 2.38 2.24    
Interest Spread % ...                       2.44 2.33 2.47 2.24 2.12    
Asset Yield %                         5.37 4.82 5.36 4.72 4.03    
Cost Of Liabilities % ...                       2.93 2.49 2.88 2.48 1.91    
Interest Income (As % Of Revenues) %                         88.0 85.0 84.3 77.0 75.0    
Fee Income (As % Of Revenues) %                         10.1 13.8 14.0 20.7 22.4    
Other Income (As % Of Revenues) %                         1.88 1.21 1.75 2.39 2.57    
Equity (As % Of Assets) %                         5.02 5.14 5.51 5.86 6.49    
Loans (As % Of Deposits) %                         67.7 68.1 70.5 77.3 86.8    
Loans (As % Assets) %                         47.0 47.9 49.5 51.6 50.3    
NPLs (As % Of Loans) % ... ... ... ... ...               0.906 0.928 1.12 1.58 1.76    
Provisions (As % Of NPLs) % ... ... ... ... ...               311 294 227 161 151    
Provisions (As % Of Loans) %                         2.90 2.80 2.61 2.61 2.73    
Cost of Provisions (As % Of Loans) %                         0.589 0.484 0.609 0.901 1.20    
other data Unit 2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018
other data                                      
Employees ... ... ...                   23,082 25,200 27,835 34,243 39,354    
Sight (As % Of Customer Deposits) %                         40.0 40.6 36.4 44.5 49.4    
On-balance Sheet Loans RMB mil ... ... ... ... ... ... ... ... ... ... ... ... ... 800,726 916,105 1,041,940 1,184,360    

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Huaxia's price/earnings (P/E) rose 11.4% yoy to 6.31 in 2Q2019

By Helgi Analytics - November 05, 2019

Huaxia Bank stock traded at CNY 7.70 per share at the end second quarter of 2019 implying a market capitalization of USD 17,246 mil. Since the end of 2Q2014, the stock has appreciated by 35.2 % implying an annual average growth of 6.22 %. In absolute terms, the value ...

Huaxia's net interest margin rose 18.8% yoy to 2.24% in 2Q2019

By Helgi Analytics - November 05, 2019

Huaxia Bank's net interest margin amounted to 2.24% in the second quarter of 2019, up from 1.91% when compared to the previous quarter. Historically, the bank’s net interest margin reached an all time high of 2.88% in 3Q2011 and an all time low of 1.86%...

Huaxia's market capitalisation (end of period) fell 8.84% to USD 17,246 mil in 2Q2019

By Helgi Analytics - November 05, 2019

Huaxia Bank stock traded at JPY 1,645 per share at the end of second quarter of 2019 implying a market capitalization of USD 3,477 mil. Over the last five years, the stock has depreciated by 36.4 implying an annual average growth of -8.65% In absolute ter...

Huaxia's share price (end of period) rose 3.36% yoy to CNY 7.70 in 2Q2019

By Helgi Analytics - November 05, 2019

Huaxia Bank stock traded at CNY 7.70 per share at the end of second quarter of 2019 implying a market capitalization of USD 17,246 mil. Over the last five years, the stock has appreciated by 35.2 % implying an annual average growth of 6.22 %. In absolute terms, the va...

Huaxia's equity (as % of assets) rose 23.4% yoy to 8.54% in 2Q2019

By Helgi Analytics - November 05, 2019

Huaxia Bank's Equity reached 4.91% of total assets in the 2Q2019, up from 4.86% for the previous year. As a share of net customer loans, the ratio amounted to 10.9% at the end of the second quarter of 2019. ...

Huaxia's retail loan growth fell 26.4% yoy to 23.7% in 2Q2019

By Helgi Analytics - November 05, 2019

Huaxia Bank's retail loans reached CNY 460,666 mil at the end of 2019-06-30, up 3.23% compared to the previous year. In the last decade, the average annual loan growth amounted to 0%. Overall, retail loans accounted for 26.5% of the bank's loan book at the ...

Huaxia's customer loan growth fell 5.72% yoy to 16.2% in 2Q2019

By Helgi Analytics - November 05, 2019

Huaxia Bank's customer loan growth reached 16.2% in 2019-06-30, down from 17.2% compared to the previous year. Historically, the bank’s loans growth reached an all time high of 22.7% in 2010-12-31 and an all time low of 12.0% in 2015-09-30. In the last de...

Huaxia's capital adequacy ratio rose 6.97% to 14.1% in 2018

By Helgi Analytics - November 05, 2019

Huaxia Bank's capital adequacy ratio reached 14.1% at the end of 2018, up from 13.2% compared to the previous year. Historically, the bank’s capital ratio hit an all time high of 14.1% in 2018 and an all time low of 8.27% in 2004. The Tier 1 ratio amounted to...

Huaxia's net interest margin rose 2.11% to 1.99% in 2018

By Helgi Analytics - November 05, 2019

Huaxia Bank's net interest margin amounted to 1.99% in 2018, up from 1.95% compared to the previous year. Historically, the bank’s net interest margin reached an all time high of 2.66% in 2001 and an all time low of 1.95% in 2017. The average margin in ...

Huaxia's corporate loans rose 10.3% to CNY 1,181,660 mil in 2018

By Helgi Analytics - November 05, 2019

Huaxia Bank's loans reached CNY 1,613,520 mil in the 2018, up from CNY 1,394,080 mil compared to the previous year. Historically, the bank’s loans reached an all time high of CNY 1,613,520 mil in 2018 and an all time low of CNY 430,226 mil in 2009. In t...

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Finance

Huaxia Bank has been growing its revenues and asset by 15.3% and 13.9% a year on average in the last 10 years. Its loans and deposits have grown by 16.3% and 11.9% a year during that time and loans to deposits ratio reached 105% at the end of 2018. The company achieved an average return on equity of 16.1% in the last decade with net profit growing 21.1% a year on average. In terms of operating efficiency, its cost to income ratio reached 86.9% in 2018, compared to 83.9% average in the last decade.

Equity represented 8.16% of total assets or 14.0% of loans at the end of 2018. Huaxia Bank's non-performing loans were 2.09% of total loans while provisions covered some 140% of NPLs at the end of 2018.

Valuation

Huaxia Bank stock traded at CNY 7.39 per share at the end of 2018 resulting in a market capitalization of USD 13,773 mil. Over the previous five years, stock price rose by 24.2% or 4.43% a year on average. That’s compared to an average ROE of 14.8% the bank generated for its shareholders. This closing price put stock at a 12-month trailing price to earnings (PE) of 5.17x and price to book value (PBV) of 0.493x in 2018.