ING Bank Slaski

ING Slaski's net profit rose 26.2% yoy to PLN 470 mil in 2Q2019

By Helgi Analytics - November 05, 2019

ING Bank Slaski made a net profit of PLN 470 mil in the second quarter of 2019, up 26.2% when compared to the same period of last...

ING Slaski's net interest margin fell 0.812% yoy to 2.83% in 2Q2019

By Helgi Analytics - November 05, 2019

ING Bank Slaski's net interest margin amounted to 2.83% in the second quarter of 2019, up from 2.81% when compared to the previo...

ING Slaski's share price (end of period) rose 12.8% yoy to PLN 202 in 2Q2019

By Helgi Analytics - November 05, 2019

ING Bank Slaski stock traded at PLN 202 per share at the end of second quarter of 2019 implying a market capitalization of USD 6,950 mil. ...

Profit Statement 2016 2017 2018
Net Interest Income PLN mil 2,953 3,389 3,759
Fee Income (As % Of Revenues) % 24.6 25.1 24.9
Other Income PLN mil 306 184 169
Total Revenues PLN mil 4,325 4,769 5,233
Staff Cost PLN mil 1,039 1,036 1,105
Operating Profit PLN mil 2,225 2,633 2,906
Provisions PLN mil 301 421 501
Net Profit PLN mil 1,253 1,403 1,526
Balance Sheet 2016 2017 2018
Interbank Loans PLN mil 1,113 2,235 777
Customer Loans PLN mil 81,980 91,108 103,126
Debt Securities PLN mil 31,004 28,189 34,559
Total Assets PLN mil 117,478 126,014 141,590
Shareholders' Equity PLN mil 10,475 11,795 13,336
Interbank Borrowing PLN mil 5,043 4,109 5,196
Customer Deposits PLN mil 95,825 104,503 117,682
Issued Debt Securities PLN mil 4,590 3,341 3,453
Ratios 2016 2017 2018
ROE % 11.8 12.6 12.1
ROA % 1.11 1.15 1.14
Costs (As % Of Assets) % 1.85 1.75 1.74
Costs (As % Of Income) % 48.5 44.8 44.5
Capital Adequacy Ratio % 14.7 16.7 15.6
Net Interest Margin % 2.61 2.78 2.81
Loans (As % Of Deposits) % 85.6 87.2 87.6
NPLs (As % Of Loans) % 2.63 2.82 2.79
Provisions (As % Of NPLs) % 70.7 66.8 78.1
Valuation 2016 2017 2018
Market Capitalisation (End Of Period) USD mil 5,024 7,677 6,213
Share Price (End Of Period) PLN 161 206 180
Price/Earnings (P/E) 16.8 19.1 15.3
Price/Book Value (P/BV) 2.00 2.27 1.76
Dividend Yield % 0 1.56 0
Earnings Per Share (EPS) 9.63 10.8 11.7
Book Value Per Share 80.5 90.7 103
Dividend Per Share 0 3.20 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 2018
income statement                                        
Net Interest Income PLN mil ... ...                       2,049 2,043 2,330 2,467 2,953    
Total Revenues PLN mil ... ...                       3,209 3,290 3,533 3,778 4,325    
Operating Profit PLN mil ... ...                       1,343 1,422 1,603 1,622 2,225    
Net Profit PLN mil ... ...                       832 962 1,041 1,127 1,253    
balance sheet                                        
Interbank Loans PLN mil ... ...                       1,377 1,400 1,838 1,015 1,113    
Customer Loans PLN mil ... ...                       48,985 52,238 61,055 72,520 81,980    
Debt Securities PLN mil ... ...                       21,258 25,068 31,259 27,061 31,004    
Total Assets PLN mil                           78,267 116,682 134,712 108,893 117,478    
Shareholders' Equity PLN mil ... ...                       8,136 8,629 10,457 10,681 10,475    
Interbank Borrowing PLN mil ... ...                       4,555 4,610 6,123 3,914 5,043    
Customer Deposits PLN mil ... ...                       57,858 67,548 75,659 87,819 95,825    
Issued Debt Securities PLN mil ... ...                       6,713 4,408 6,338 4,700 4,590    
ratios                                        
ROE % ... ...                       11.4 11.5 10.9 10.7 11.8    
ROA % ... ...                       1.12 0.986 0.828 0.925 1.11    
Costs (As % Of Assets) % ... ...                       2.52 1.92 1.54 1.77 1.85    
Costs (As % Of Income) % ... ...                       58.1 56.8 54.6 57.1 48.5    
Capital Adequacy Ratio %                           14.6 17.3 14.2 13.7 14.7    
Net Interest Margin % ... ...                       2.77 2.10 1.85 2.03 2.61    
Interest Income (As % Of Revenues) % ... ...                       63.8 62.1 66.0 65.3 68.3    
Fee Income (As % Of Revenues) % ... ...                       32.7 31.1 30.1 26.9 24.6    
Staff Cost (As % Of Total Cost) % ... ...                       48.3 49.6 49.1 45.1 49.5    
Equity (As % Of Assets) % ... ...                       10.4 7.39 7.76 9.81 8.92    
Loans (As % Of Deposits) % ... ...                       84.7 77.3 80.7 82.6 85.6    
Loans (As % Assets) % ... ...                       62.6 44.8 45.3 66.6 69.8    
NPLs (As % Of Loans) % ... ...                       3.76 4.30 3.79 3.06 2.63    
Provisions (As % Of NPLs) % ... ...                       75.4 67.4 72.5 68.2 70.7    
valuation                                        
Market Capitalisation (End Of Period) USD mil ... ... ...                     4,710 4,896 5,141 4,305 5,024    
Number Of Shares (Average) mil ... ...                       130 130 130 130 130    
Share Price (End Of Period) PLN ... ... ...                     112 113 140 117 161    
Earnings Per Share (EPS) ... ...                       6.40 7.39 8.00 8.66 9.63    
Book Value Per Share ... ...                       62.5 66.3 80.4 82.1 80.5    
Dividend Per Share ... ...                       0 4.40 4.00 4.30 0    
Price/Earnings (P/E) ... ... ...                     17.5 15.3 17.5 13.5 16.8    
Price/Book Value (P/BV) ... ... ...                     1.79 1.71 1.74 1.43 2.00    
Dividend Yield % ... ... ...                     0 3.88 2.86 3.67 0    
Earnings Per Share Growth % ... ... ...                     -5.43 15.5 8.25 8.29 11.2    
Book Value Per Share Growth % ... ... ...                     26.8 6.05 21.2 2.14 -1.93    
income statement Unit 1999 2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018
income statement                                        
Interest Income PLN mil ... ...                       3,832 3,615 3,725 3,629 3,923    
Interest Cost PLN mil ... ...                       1,783 1,572 1,394 1,162 970    
Net Interest Income PLN mil ... ...                       2,049 2,043 2,330 2,467 2,953    
Net Fee Income PLN mil ... ...                       1,048 1,022 1,063 1,017 1,065    
Other Income PLN mil ... ...                       112 226 139 294 306    
Total Revenues PLN mil ... ...                       3,209 3,290 3,533 3,778 4,325    
Staff Cost PLN mil ... ...                       901 927 948 972 1,039    
Depreciation PLN mil ... ...                       148 164 175 189 211    
Other Cost PLN mil ... ...                       817 778 807 995 849    
Operating Cost PLN mil ... ...                       1,866 1,868 1,930 2,156 2,099    
Operating Profit PLN mil ... ...                       1,343 1,422 1,603 1,622 2,225    
Provisions PLN mil ... ...                       363 267 268 232 301    
Extra and Other Cost PLN mil ... ...                       -35.7 -38.1 -12.3 0 280    
Pre-Tax Profit PLN mil ... ...                       1,016 1,193 1,347 1,390 1,645    
Tax PLN mil ... ...                       184 231 307 263 391    
Minorities PLN mil ... ...                       0 0 0.100 0.100 0.100    
Net Profit PLN mil ... ...                       832 962 1,041 1,127 1,253    
Dividends PLN mil ... ...                       0 572 520 559 0    
growth rates                                        
Net Interest Income Growth % ... ... ...                     10.7 -0.307 14.1 5.88 19.7    
Net Fee Income Growth % ... ... ...                     -0.879 -2.52 4.01 -4.30 4.68    
Total Revenue Growth % ... ... ...                     8.84 2.52 7.36 6.95 14.5    
Operating Cost Growth % ... ... ...                     9.78 0.118 3.28 11.7 -2.62    
Operating Profit Growth % ... ... ...                     7.56 5.87 12.7 1.22 37.2    
Pre-Tax Profit Growth % ... ... ...                     -9.08 17.4 13.0 3.18 18.3    
Net Profit Growth % ... ... ...                     -5.43 15.5 8.25 8.29 11.2    
market share                                        
Market Share in Revenues % ... ...                       5.46 5.93 6.12 6.75 7.29   ...
Market Share in Net Profit % ... ...                       5.38 6.34 6.56 10.1 9.01   ...
Market Share in Employees % ... ...                       4.77 4.61 4.64 4.68 4.64   ...
Market Share in Bank Cards % ... ... ... ...                   7.32 7.45 7.64 8.77 8.88   ...
Market Share in Debit Cards % ... ... ... ...                   8.08 8.04 8.17 9.21 9.21   ...
Market Share in Credit Cards % ... ... ... ...                   3.12 3.26 3.41 3.63 3.70   ...
Market Share in Branches % ...                         2.77 2.73 2.67 2.73 2.65   ...
balance sheet Unit 1999 2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018
balance sheet                                        
Cash PLN mil ... ...                       4,072 6,970 5,331 3,590 1,825    
Interbank Loans PLN mil ... ...                       1,377 1,400 1,838 1,015 1,113    
Customer Loans PLN mil ... ...                       48,985 52,238 61,055 72,520 81,980    
Retail Loans PLN mil ... ... ...                     17,020 19,016 22,916 26,454 31,641    
Mortgage Loans PLN mil ... ... ...                     12,515 14,018 16,681 20,295 23,469    
Consumer Loans PLN mil ... ... ...                     4,396 4,487 5,289 6,159 8,171    
Corporate Loans PLN mil ... ... ...                     24,053 25,951 30,268 43,593 40,556    
Debt Securities PLN mil ... ...                       21,258 25,068 31,259 27,061 31,004    
Fixed Assets PLN mil ... ...                       962 943 972 1,017 458    
Total Assets PLN mil                           78,267 116,682 134,712 108,893 117,478    
Shareholders' Equity PLN mil ... ...                       8,136 8,629 10,457 10,681 10,475    
Of Which Minority Interest PLN mil ... ...                       2.30 2.30 2.60 2.60 2.30    
Liabilities PLN mil ... ...                       70,131 108,053 124,256 98,213 107,003    
Interbank Borrowing PLN mil ... ...                       4,555 4,610 6,123 3,914 5,043    
Customer Deposits PLN mil ... ...                       57,858 67,548 75,659 87,819 95,825    
Retail Deposits PLN mil ... ...                       37,684 43,629 50,279 58,976 63,610    
Corporate Deposits PLN mil ... ...                       14,567 18,602 21,261 24,793 30,439    
Sight Deposits PLN mil ... ... ... ... ... ... ... ... ... ... ... ... ... 15,931 17,212 18,357 22,999 32,016    
Term Deposits PLN mil ... ... ... ... ... ... ... ... ... ... ... ... ... 35,437 44,098 52,038 59,491 63,810    
Issued Debt Securities PLN mil ... ...                       6,713 4,408 6,338 4,700 4,590    
Other Liabilities PLN mil ... ...                       1,006 31,487 36,135 1,781 1,544    
asset quality                                        
Non-Performing Loans PLN mil ... ...                       1,895 2,315 2,379 2,268 2,077    
Gross Loans PLN mil ... ...                       50,415 53,798 62,780 74,067 79,101    
Total Provisions PLN mil ... ...                       1,429 1,560 1,726 1,547 1,468    
growth rates                                        
Customer Loan Growth % ... ... ...                     15.7 6.64 16.9 18.8 13.0    
Retail Loan Growth % ... ... ... ...                   11.3 11.7 20.5 15.4 19.6    
Mortgage Loan Growth % ... ... ... ...                   11.7 12.0 19.0 21.7 15.6    
Consumer Loan Growth % ... ... ... ...                   7.29 2.08 17.9 16.5 32.7    
Corporate Loan Growth % ... ... ... ...                   50.5 7.89 16.6 44.0 -6.97    
Total Asset Growth % ...                         12.3 49.1 15.5 -19.2 7.88    
Shareholders' Equity Growth % ... ... ...                     26.8 6.05 21.2 2.14 -1.93    
Customer Deposit Growth % ... ... ...                     9.55 16.7 12.0 16.1 9.12    
Retail Deposit Growth % ... ... ...                     12.7 15.8 15.2 17.3 7.86    
Corporate Deposit Growth % ... ... ...                     4.90 27.7 14.3 16.6 22.8    
market share                                        
Market Share in Customer Loans % ... ...                       5.23 5.37 5.87 6.56 7.05   ...
Market Share in Corporate Loans % ... ... ...                     8.83 9.34 10.1 13.3 11.8   ...
Market Share in Retail Loans % ... ... ...                     2.08 2.05 2.27 2.49 3.14   ...
Market Share in Consumer Loans % ... ... ...                     3.19 3.43 3.89 4.21 4.79   ...
Market Share in Mortgage Loans % ... ... ...                     3.89 4.18 4.69 5.32 5.86   ...
Market Share in Total Assets %                           5.80 8.30 8.79 6.81 6.86   ...
Market Share in Customer Deposits % ... ...                       6.23 6.91 7.23 7.88 7.90   ...
Market Share in Retail Deposits % ... ...                       7.30 7.96 8.29 8.86 8.70   ...
Market Share in Corporate Deposits % ... ...                       7.62 8.87 9.27 9.79 11.1   ...
ratios Unit 1999 2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018
ratios                                        
ROE % ... ...                       11.4 11.5 10.9 10.7 11.8    
ROA % ... ...                       1.12 0.986 0.828 0.925 1.11    
Costs (As % Of Assets) % ... ...                       2.52 1.92 1.54 1.77 1.85    
Costs (As % Of Income) % ... ...                       58.1 56.8 54.6 57.1 48.5    
Capital Adequacy Ratio %                           14.6 17.3 14.2 13.7 14.7    
Tier 1 Ratio % ... ... ... ... ... ... ... ... ... ... ...     13.4 16.7 14.2 13.7 13.7    
Net Interest Margin % ... ...                       2.77 2.10 1.85 2.03 2.61    
Interest Spread % ... ... ...                     2.51 1.94 1.76 1.93 2.52    
Asset Yield % ... ...                       5.18 3.71 2.96 2.98 3.47    
Cost Of Liabilities % ... ... ...                     2.67 1.76 1.20 1.04 0.945    
Payout Ratio % ... ...                       0 59.5 50.0 49.6 0    
Interest Income (As % Of Revenues) % ... ...                       63.8 62.1 66.0 65.3 68.3    
Fee Income (As % Of Revenues) % ... ...                       32.7 31.1 30.1 26.9 24.6    
Other Income (As % Of Revenues) % ... ...                       3.50 6.87 3.95 7.78 7.08    
Cost Per Employee USD per month ... ...                       2,655 2,956 2,954 3,018 2,671    
Cost Per Employee (Local Currency) PLN per month ... ...                       8,641 9,341 9,680 9,891 10,792    
Staff Cost (As % Of Total Cost) % ... ...                       48.3 49.6 49.1 45.1 49.5    
Equity (As % Of Assets) % ... ...                       10.4 7.39 7.76 9.81 8.92    
Loans (As % Of Deposits) % ... ...                       84.7 77.3 80.7 82.6 85.6    
Loans (As % Assets) % ... ...                       62.6 44.8 45.3 66.6 69.8    
NPLs (As % Of Loans) % ... ...                       3.76 4.30 3.79 3.06 2.63    
Provisions (As % Of NPLs) % ... ...                       75.4 67.4 72.5 68.2 70.7    
Provisions (As % Of Loans) % ... ...                       2.92 2.99 2.83 2.13 1.79    
Cost of Provisions (As % Of Loans) % ... ...                       0.795 0.528 0.473 0.348 0.389    
other data Unit 1999 2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018
other data                                        
Branches ...                         426 417 401 395 384    
Employees ... ...                       8,687 8,266 8,157 8,189 8,025    
ATMs ... ...         ... ... ...     ... ... ... ... ... ... ... ... ...
Clients mil ... ... ... ...                   3.24 3.54 3.73 4.02 4.32    
Payment Cards '000 ... ... ... ...                   2,437 2,562 2,731 3,003 3,160    
Debit Cards '000 ... ... ... ...                   2,144 2,271 2,431 2,685 2,832    
Credit Cards '000 ... ... ... ...                   201 200 206 211 218    
Sight (As % Of Customer Deposits) % ... ... ... ... ... ... ... ... ... ... ... ... ... 27.5 25.5 24.3 26.2 33.4    

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ING Slaski's corporate loans rose 13.7% yoy to PLN 53,785 mil in 2Q2019

By Helgi Analytics - November 05, 2019

ING Bank Slaski's loans reached PLN 111,280 mil in the second quarter of 2019, up from PLN 108,239 mil when compared to the previous quarter and up from PLN 95,902 mil when compared to the same period of last year. Historically, the bank’s loans rea...

ING Slaski's market capitalisation (end of period) rose 5.87% to USD 6,950 mil in 2Q2019

By Helgi Analytics - November 05, 2019

ING Bank Slaski stock traded at PLN 202 per share at the end of second quarter of 2019 implying a market capitalization of USD 6,950 mil. Over the last five years, the stock has appreciated by 52.3 implying an annual average growth of 8.78% In absolute te...

ING Slaski's npls (as % of loans) fell 0.686% yoy to 2.98% in 2Q2019

By Helgi Analytics - November 05, 2019

ING Bank Slaski's non-performing loans reached 2.98% of total loans at the end of 2019-06-30, down from 3.00% compared to the previous year. Historically, the NPL ratio hit an all time high of 9.46% in 2005-03-31 and an all time low of 1.82% in 2008-09-30. ...

ING Slaski's costs (as % of assets) fell 8.81% yoy to 1.57% in 2Q2019

By Helgi Analytics - November 05, 2019

ING Bank Slaski's cost to income ratio reached 40.0% in the second quarter of 2019, down from 52.0% when compared to the previous quarter. Historically, the bank’s costs reached an all time high of 122% of income in 4Q2008 and an all time low of 40.0% in 2Q2...

ING Slaski's net interest income rose 13.9% yoy to PLN 1,048 mil in 2Q2019

By Helgi Analytics - November 05, 2019

ING Bank Slaski generated total banking revenues of PLN 1,451 mil in the second quarter of 2019, up 10.8% when compared to the same period of last year and 4.68% when compared to the previous quarter. Historically, the bank’s revenues containing of interest, ...

ING Slaski's price/earnings (P/E) fell 0.283% yoy to 16.2 in 2Q2019

By Helgi Analytics - November 05, 2019

ING Bank Slaski stock traded at PLN 202 per share at the end second quarter of 2019 implying a market capitalization of USD 6,950 mil. Since the end of 2Q2014, the stock has appreciated by 52.3 % implying an annual average growth of 8.78 %. In absolute terms, the valu...

ING Slaski's employees rose 1.18% yoy to 8,170 in 2Q2019

By Helgi Analytics - November 05, 2019

ING Bank Slaski employed 8,170 persons in 2019-06-30, up 0.678% when compared to the previous year. Historically, the bank's workforce hit an all time high of 8,639 persons in 2012-06-30 and an all time low of 7,226 in 2006-09-30. Average cost reached USD 3,199 pe...

ING Slaski's capital adequacy ratio fell 1.25% yoy to 15.1% in 2Q2019

By Helgi Analytics - November 05, 2019

ING Bank Slaski's capital adequacy ratio reached 15.1% at the end of second quarter of 2019, down from 15.8% when compared to the previous quarter. Historically, the bank’s capital ratio hit an all time high of 17.4% in 3Q2013 and an all time low of 10.1% in 1Q2009...

ING Slaski's equity (as % of assets) rose 3.96% yoy to 9.45% in 2Q2019

By Helgi Analytics - November 05, 2019

ING Bank Slaski's Equity reached 11.2% of total assets in the 2Q2019, down from 11.7% for the previous year. As a share of net customer loans, the ratio amounted to 17.1% at the end of the second quarter of 2019. ...

ING Slaski's Cost of Risk fell 32.1% yoy to 0.361% in 2Q2019

By Helgi Analytics - November 05, 2019

ING Bank Slaski's Cost of Risk (loan loss provisions as % of total assets) amounted to 0.361% in the second quarter of 2019, up from 0.343% when compared to the previous quarter. Historically, the bank’s cost of risk reached an all time high of 0.747% in 2Q2012 ...

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ING Bank Slaski is Poland's nationwide universal bank. Its product and service offer includes personal accounts, debit and credit cards, overdraft limits, cash and mortgage loans, saving accounts, term deposits, investment funds, brokerage services, structured products, insurance products and pension funds. The bank offers its services to companies, institutions, and to almost 5 mil individual clients through a network of more than 300 branches and 1,000 ATMs. The bank is especially strong at deposit collection and payment card business. Since 1996, the bank's majority shareholder is the Dutch ING Group now holding a 75% stake in the bank

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Finance

ING Bank Slaski has been growing its revenues and asset by 9.63% and 7.64% a year on average in the last 10 years. Its loans and deposits have grown by 15.7% and 9.60% a year during that time and loans to deposits ratio reached 87.6% at the end of 2018. The company achieved an average return on equity of 12.3% in the last decade with net profit growing 13.1% a year on average. In terms of operating efficiency, its cost to income ratio reached 44.5% in 2018, compared to 54.2% average in the last decade.

Equity represented 9.42% of total assets or 12.9% of loans at the end of 2018. ING Bank Slaski's non-performing loans were 2.79% of total loans while provisions covered some 78.1% of NPLs at the end of 2018.

Valuation

ING Bank Slaski stock traded at PLN 180 per share at the end of 2018 resulting in a market capitalization of USD 6,213 mil. Over the previous five years, stock price rose by 58.7% or 9.68% a year on average. That’s compared to an average ROE of 11.6% the bank generated for its shareholders. This closing price put stock at a 12-month trailing price to earnings (PE) of 15.3x and price to book value (PBV) of 1.76x in 2018.