MONETA Money Bank

MONETA's net interest margin fell 10.7% yoy to 3.59% in 4Q2019

By Helgi Analytics - February 7, 2020

MONETA Money Bank's net interest margin amounted to 3.59% in the fourth quarter of 2019, down from 3.64% when compared to the pr...

MONETA's branches fell 11.4% yoy to 179 in 4Q2019

By Helgi Analytics - February 7, 2020

MONETA Money Bank employed 2,980 persons in 2019-12-31, down 1.13% compared to the previous year. Historically, the bank's workf...

MONETA's npls (as % of loans) fell 35.7% yoy to 1.80% in 4Q2019

By Helgi Analytics - February 7, 2020

MONETA Money Bank's non-performing loans reached 1.80% of total loans at the end of 2019-12-31, down from 2.80% compared to the p...

Profit Statement 2017 2018 2019
Net Interest Income CZK mil 7,364 7,409 7,925
Net Fee Income CZK mil 1,933 1,892 1,950
Other Income CZK mil 944 861 644
Total Revenues CZK mil 10,241 10,162 10,519
Staff Cost CZK mil 2,456 2,324 2,318
Operating Profit CZK mil 5,388 5,310 5,500
Provisions CZK mil 381 274 517
Net Profit CZK mil 3,923 4,200 4,019
Balance Sheet 2017 2018 2019
Interbank Loans CZK mil 53,380 33,436 23,485
Customer Loans CZK mil 123,680 140,123 156,409
Debt Securities CZK mil 11,828 20,780 25,972
Total Assets CZK mil 199,734 206,932 219,053
Shareholders' Equity CZK mil 25,763 25,237 24,411
Interbank Borrowing CZK mil 29,643 10,716 7,091
Customer Deposits CZK mil 141,469 168,792 181,523
Issued Debt Securities CZK mil 68.0 0 2,006
Ratios 2017 2018 2019
ROE % 14.8 16.5 16.2
ROA % 2.25 2.07 1.89
Costs (As % Of Assets) % 2.78 2.39 2.36
Costs (As % Of Income) % 47.4 47.7 47.7
Capital Adequacy Ratio % 17.4 16.4 18.0
Net Interest Margin % 4.22 3.64 3.72
Loans (As % Of Deposits) % 87.4 83.0 86.2
NPLs (As % Of Loans) % 4.10 2.80 1.80
Provisions (As % Of NPLs) % 76.8 99.9 109
Valuation 2017 2018 2019
Market Capitalisation (End Of Period) USD mil 1,975 1,649 1,832
Share Price (End Of Period) 82.4 72.5 85.0
Price/Earnings (P/E) 10.7 8.82 10.8
Price/Book Value (P/BV) 1.63 1.47 1.78
Dividend Yield % 9.71 8.48 7.82
Earnings Per Share (EPS) 7.68 8.22 7.86
Book Value Per Share 50.4 49.4 47.8
Dividend Per Share 8.00 6.15 6.65

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summary Unit 1998 1999 2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019
income statement                                            
Net Interest Income CZK mil ... ...                           9,828 9,385 9,310 8,305 7,364    
Total Revenues CZK mil ... ...                           13,574 12,631 12,102 11,058 10,241    
Operating Profit CZK mil ... ...                           7,995 7,183 6,569 5,974 5,388    
Net Profit CZK mil ...                             4,259 4,180 4,506 4,054 3,923    
balance sheet                                            
Interbank Loans CZK mil ... ...                           1,114 533 139 189 53,380    
Customer Loans CZK mil ... ...                           97,493 107,197 108,437 111,860 123,680    
Debt Securities CZK mil ... ...                           22,835 20,401 13,277 13,775 11,828    
Total Assets CZK mil ...                             134,622 143,403 140,037 149,379 199,734    
Shareholders' Equity CZK mil ... ...                           38,047 42,583 27,839 27,268 25,763    
Interbank Borrowing CZK mil ... ...                           123 247 289 2,657 29,643    
Customer Deposits CZK mil ...                             93,641 97,006 108,698 116,252 141,469    
Issued Debt Securities CZK mil ... ... ... ...                       5.00 16.0 8.00 7.00 68.0    
ratios                                            
ROE % ... ...                           11.8 10.4 12.8 14.7 14.8    
ROA % ...                             3.14 3.01 3.18 2.80 2.25    
Costs (As % Of Assets) % ... ...                           4.11 3.92 3.90 3.51 2.78    
Costs (As % Of Income) % ... ...                           41.1 43.1 45.7 46.0 47.4    
Capital Adequacy Ratio %                               23.7 27.8 17.7 20.5 17.4    
Net Interest Margin % ... ...                           7.24 6.75 6.57 5.74 4.22    
Interest Income (As % Of Revenues) % ... ...                           72.4 74.3 76.9 75.1 71.9    
Fee Income (As % Of Revenues) % ... ...                           23.3 21.2 19.3 17.7 18.9    
Staff Cost (As % Of Total Cost) % ... ...                           40.8 36.5 40.5 44.5 50.6    
Equity (As % Of Assets) % ... ...                           28.3 29.7 19.9 18.3 12.9    
Loans (As % Of Deposits) % ... ...                           104 111 99.8 96.2 87.4    
Loans (As % Assets) % ... ...                           72.4 74.8 77.4 74.9 61.9    
NPLs (As % Of Loans) % ... ...                           14.8 12.9 11.7 5.97 4.10    
Provisions (As % Of NPLs) % ... ...                           83.8 83.0 84.0 87.6 76.8    
valuation                                            
Market Capitalisation (End Of Period) USD mil ... ... ... ... ... ... ... ... ... ... ... ... ... ... ... ... ... ... 1,594 1,975    
Number Of Shares (Average) mil ... ... ... ... ... ... ... ... ... ... ... ... ... ... ... ... ... 510 511 511    
Share Price (End Of Period) ... ... ... ... ... ... ... ... ... ... ... ... ... ... ... ... ... ... 80.0 82.4    
Earnings Per Share (EPS) ... ... ... ... ... ... ... ... ... ... ... ... ... ... ... ... ... 8.84 7.93 7.68    
Book Value Per Share ... ... ... ... ... ... ... ... ... ... ... ... ... ... ... ... ... 54.6 53.4 50.4    
Dividend Per Share ... ... ... ... ... ... ... ... ... ... ... ... ... ... ... ... ... 8.84 9.80 8.00    
Price/Earnings (P/E) ... ... ... ... ... ... ... ... ... ... ... ... ... ... ... ... ... ... 10.1 10.7    
Price/Book Value (P/BV) ... ... ... ... ... ... ... ... ... ... ... ... ... ... ... ... ... ... 1.50 1.63    
Dividend Yield % ... ... ... ... ... ... ... ... ... ... ... ... ... ... ... ... ... ... 12.3 9.71    
Earnings Per Share Growth % ... ... ... ... ... ... ... ... ... ... ... ... ... ... ... ... ... ... -10.2 -3.23    
Book Value Per Share Growth % ... ... ... ... ... ... ... ... ... ... ... ... ... ... ... ... ... ... -2.24 -5.52    
income statement Unit 1998 1999 2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019
income statement                                            
Interest Income CZK mil ... ...                           10,385 9,670 9,522 8,494 7,582    
Interest Cost CZK mil ... ...                           557 285 212 189 218    
Net Interest Income CZK mil ... ...                           9,828 9,385 9,310 8,305 7,364    
Net Fee Income CZK mil ... ...                           3,158 2,674 2,336 1,961 1,933    
Other Income CZK mil ... ...                           588 572 456 792 944    
Total Revenues CZK mil ... ...                           13,574 12,631 12,102 11,058 10,241    
Staff Cost CZK mil ... ...                           2,275 1,991 2,243 2,263 2,456    
Depreciation CZK mil ... ...                           531 479 520 310 414    
Other Cost CZK mil ... ...                           2,773 2,978 2,770 2,511 1,983    
Operating Cost CZK mil ... ...                           5,579 5,448 5,533 5,084 4,853    
Operating Profit CZK mil ... ...                           7,995 7,183 6,569 5,974 5,388    
Provisions CZK mil ... ...                           2,554 1,742 849 927 381    
Extra and Other Cost CZK mil ... ...                           0 0 0 0 104    
Pre-Tax Profit CZK mil ... ...                           5,441 5,441 5,720 5,047 4,903    
Tax CZK mil ... ...                           1,182 1,261 1,214 993 980    
Minorities CZK mil ... ...                           0 0 0 0 0    
Net Profit CZK mil ...                             4,259 4,180 4,506 4,054 3,923    
Dividends CZK mil ... ... ... ... ... ... ... ... ... ... ... ... ... ... ... ... 19,700 4,506 5,008 4,088    
growth rates                                            
Net Interest Income Growth % ... ... ...                         8.30 -4.51 -0.799 -10.8 -11.3    
Net Fee Income Growth % ... ... ...                         -3.13 -15.3 -12.6 -16.1 -1.43    
Total Revenue Growth % ... ... ...                         6.25 -6.95 -4.19 -8.63 -7.39    
Operating Cost Growth % ... ... ...                         3.51 -2.35 1.56 -8.11 -4.54    
Operating Profit Growth % ... ... ...                         8.26 -10.2 -8.55 -9.06 -9.81    
Pre-Tax Profit Growth % ... ... ...                         14.3 0 5.13 -11.8 -2.85    
Net Profit Growth % ... ...                           11.6 -1.85 7.80 -10.0 -3.23    
market share                                            
Market Share in Revenues % ... ...                           8.07 7.52 6.95 6.14 5.72   ...
Market Share in Net Profit % ... ...                           6.98 6.63 6.79 5.51 5.21   ...
Market Share in Employees %                               7.53 7.79 7.47 7.59 7.91   ...
Market Share in Bank Cards % ... ... ...             ... ...   ... ...   9.91 9.33 ... ... ... ... ...
Market Share in Debit Cards % ... ... ...                   ... ... ... ... ... ... ... ... ... ...
Market Share in Credit Cards % ... ... ... ... ... ... ... ... ... ... ...     ... ... ... ... ... ... ... ... ...
Market Share in Branches %                               11.3 11.0 10.9 11.2 11.7   ...
balance sheet Unit 1998 1999 2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019
balance sheet                                            
Cash CZK mil ... ...                           9,372 11,746 15,475 20,235 7,127    
Interbank Loans CZK mil ... ...                           1,114 533 139 189 53,380    
Customer Loans CZK mil ... ...                           97,493 107,197 108,437 111,860 123,680    
Retail Loans CZK mil ... ...                           67,563 66,491 63,882 65,185 61,984    
Mortgage Loans CZK mil ... ...                           17,640 16,850 15,387 15,571 20,338    
Consumer Loans CZK mil ... ...                           39,168 36,806 35,933 42,639 34,969    
Corporate Loans CZK mil ... ...                           29,930 40,706 44,555 46,675 61,696    
Debt Securities CZK mil ... ...                           22,835 20,401 13,277 13,775 11,828    
Fixed Assets CZK mil ... ... ... ... ...                     889 646 914 744 871    
Total Assets CZK mil ...                             134,622 143,403 140,037 149,379 199,734    
Shareholders' Equity CZK mil ... ...                           38,047 42,583 27,839 27,268 25,763    
Of Which Minority Interest CZK mil ... ...                           0 0 0 0 0    
Liabilities CZK mil ... ...                           96,575 100,820 112,198 122,111 173,971    
Interbank Borrowing CZK mil ... ...                           123 247 289 2,657 29,643    
Customer Deposits CZK mil ...                             93,641 97,006 108,698 116,252 141,469    
Retail Deposits CZK mil ... ...                           68,555 69,182 73,465 73,167 83,021    
Corporate Deposits CZK mil ... ...                           18,664 19,720 24,001 42,401 48,503    
Sight Deposits CZK mil ... ... ... ... ... ... ... ... ... ... ... ... ... ... ... 87,413 93,730 102,515 67,491 76,408    
Term Deposits CZK mil ... ... ... ... ... ... ... ... ... ... ... ... ... ... ... 5,528 2,658 5,639 48,077 55,116    
Issued Debt Securities CZK mil ... ... ... ...                       5.00 16.0 8.00 7.00 68.0    
Other Liabilities CZK mil ... ... ... ...                       2,806 3,551 3,203 3,195 2,791    
asset quality                                            
Non-Performing Loans CZK mil ... ...                           16,513 15,547 14,023 7,047 5,236    
Gross Loans CZK mil ... ...                           111,329 120,097 120,215 118,035 127,700    
Total Provisions CZK mil ... ...                           13,836 12,900 11,778 6,175 4,020    
growth rates                                            
Customer Loan Growth % ... ... ...                         1.21 9.95 1.16 3.16 10.6    
Retail Loan Growth % ... ... ...                         -2.11 -1.59 -3.92 2.04 -4.91    
Mortgage Loan Growth % ... ... ... ...                       -10.9 -4.48 -8.68 1.20 30.6    
Consumer Loan Growth % ... ... ... ...                       -20.4 -6.03 -2.37 18.7 -18.0    
Corporate Loan Growth % ... ... ...                         9.60 36.0 9.46 4.76 32.2    
Total Asset Growth % ... ...                           -1.76 6.52 -2.35 6.67 33.7    
Shareholders' Equity Growth % ... ... ...                         12.4 11.9 -34.6 -2.05 -5.52    
Customer Deposit Growth % ... ...                           -5.04 3.59 12.1 6.95 21.7    
Retail Deposit Growth % ... ... ...                         -4.06 0.915 6.19 -0.406 13.5    
Corporate Deposit Growth % ... ... ...                         -6.23 5.66 21.7 76.7 14.4    
market share                                            
Market Share in Customer Loans % ... ...                           3.88 4.07 3.90 3.79 4.01   ...
Market Share in Corporate Loans % ... ...                           3.45 4.65 4.84 4.78 6.04   ...
Market Share in Retail Loans % ... ...                           11.9 11.1 10.2 11.6 9.16   ...
Market Share in Consumer Loans % ... ...                           5.71 5.40 4.83 4.59 4.05   ...
Market Share in Mortgage Loans % ... ...                           2.07 1.87 1.58 1.48 1.77   ...
Market Share in Total Assets % ...                             2.59 2.66 2.52 2.48 2.83   ...
Market Share in Customer Deposits % ...                             2.80 2.82 3.09 3.09 3.39   ...
Market Share in Retail Deposits % ... ...                           3.78 3.60 3.61 3.31 3.50   ...
Market Share in Corporate Deposits % ... ...                           2.40 2.35 2.60 4.63 4.87   ...
ratios Unit 1998 1999 2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019
ratios                                            
ROE % ... ...                           11.8 10.4 12.8 14.7 14.8    
ROA % ...                             3.14 3.01 3.18 2.80 2.25    
Costs (As % Of Assets) % ... ...                           4.11 3.92 3.90 3.51 2.78    
Costs (As % Of Income) % ... ...                           41.1 43.1 45.7 46.0 47.4    
Capital Adequacy Ratio %                               23.7 27.8 17.7 20.5 17.4    
Tier 1 Ratio % ... ... ... ... ... ... ... ...               23.7 27.8 17.7 20.5 17.4    
Net Interest Margin % ... ...                           7.24 6.75 6.57 5.74 4.22    
Interest Spread % ... ... ...                         7.09 6.67 6.52 5.71 4.20    
Asset Yield % ... ...                           7.65 6.96 6.72 5.87 4.34    
Cost Of Liabilities % ... ... ...                         0.558 0.289 0.199 0.161 0.147    
Payout Ratio % ... ... ... ... ... ... ... ... ... ... ... ... ... ... ... ... 471 100 124 104    
Interest Income (As % Of Revenues) % ... ...                           72.4 74.3 76.9 75.1 71.9    
Fee Income (As % Of Revenues) % ... ...                           23.3 21.2 19.3 17.7 18.9    
Other Income (As % Of Revenues) % ... ...                           4.33 4.53 3.77 7.16 9.22    
Cost Per Employee USD per month ... ...                           3,198 2,471 2,543 2,400 2,632    
Cost Per Employee (Local Currency) CZK per month ... ...                           62,569 52,806 60,707 60,560 61,796    
Staff Cost (As % Of Total Cost) % ... ...                           40.8 36.5 40.5 44.5 50.6    
Equity (As % Of Assets) % ... ...                           28.3 29.7 19.9 18.3 12.9    
Loans (As % Of Deposits) % ... ...                           104 111 99.8 96.2 87.4    
Loans (As % Assets) % ... ...                           72.4 74.8 77.4 74.9 61.9    
NPLs (As % Of Loans) % ... ...                           14.8 12.9 11.7 5.97 4.10    
Provisions (As % Of NPLs) % ... ...                           83.8 83.0 84.0 87.6 76.8    
Provisions (As % Of Loans) % ... ...                           14.2 12.0 10.9 5.52 3.25    
Cost of Provisions (As % Of Loans) % ... ...                           2.64 1.70 0.787 0.842 0.324    
other data Unit 1998 1999 2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019
other data                                            
Branches                               252 243 236 230 227    
Employees                               3,030 3,142 3,079 3,114 3,312    
ATMs ... ... ...                         708 700 686 632 668    
Clients mil ... ...                           1.05 1.03 1.00 1.07 1.03    
Payment Cards '000 ... ... ...             ... ...   ... ...   1,016 1,028 ... ... ... ... ...
Debit Cards '000 ... ... ...                   ... ... ... ... ... ... ... ... ... ...
Credit Cards '000 ... ... ... ... ... ... ... ... ... ... ...     ... ... ... ... ... ... ... ... ...
Sight (As % Of Customer Deposits) % ... ... ... ... ... ... ... ... ... ... ... ... ... ... ... ... ... ... 58.1 54.0    
Risk-Weighted Assets CZK mil ... ... ... ... ... ... ... ... ... ... ... ... ... ... ... ... ... ... ... ...    

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MONETA's price/earnings (P/E) rose 22.5% yoy to 10.8 in 4Q2019

By Helgi Analytics - February 7, 2020

MONETA Money Bank stock traded at 85.0 per share at the end fourth quarter of 2019 implying a market capitalization of USD 1,832 mil. Since the end of 4Q2014, the stock has appreciated by % implying an annual average growth of 0 %. In absolute terms, the value of the...

MONETA's corporate loans rose 2.07% yoy to CZK 66,768 mil in 4Q2019

By Helgi Analytics - February 7, 2020

MONETA Money Bank's loans reached CZK 156,671 mil in the fourth quarter of 2019, up from CZK 152,466 mil when compared to the previous quarter and up from CZK 140,118 mil when compared to the same period of last year. Historically, the bank’s loans ...

MONETA's net profit rose 13.4% yoy to CZK 949 mil in 4Q2019

By Helgi Analytics - February 7, 2020

MONETA Money Bank made a net profit of CZK 949 mil in the fourth quarter of 2019, up 13.4% when compared to the same period of last year. This implies a return on equity of 15.3%. Historically, the bank’s net profit reached an all time high of CZK 1,242 mil in 3Q...

MONETA's costs (as % of assets) fell 18.0% yoy to 2.32% in 4Q2019

By Helgi Analytics - February 7, 2020

MONETA Money Bank's cost to income ratio reached 48.5% in the fourth quarter of 2019, up from 43.9% when compared to the previous quarter. Historically, the bank’s costs reached an all time high of 59.1% of income in 4Q2010 and an all time low of 32.2% in 4Q...

MONETA's share price (end of period) rose 17.2% yoy to 85.0 in 4Q2019

By Helgi Analytics - February 7, 2020

MONETA Money Bank stock traded at 85.0 per share at the end of fourth quarter of 2019 implying a market capitalization of USD 1,832 mil. Over the last five years, the stock has appreciated by % implying an annual average growth of 0 %. In absolute terms, the value of...

MONETA's employees fell 4.15% yoy to 2,980 in 4Q2019

By Helgi Analytics - February 7, 2020

MONETA Money Bank employed 2,980 persons in 2019-12-31, down 1.13% when compared to the previous year. Historically, the bank's workforce hit an all time high of 3,486 persons in 2011-12-31 and an all time low of 1,919 in 2003-12-31. Average cost reached USD 2,954...

MONETA's capital adequacy ratio rose 9.76% yoy to 18.0% in 4Q2019

By Helgi Analytics - February 7, 2020

MONETA Money Bank's capital adequacy ratio reached 18.0% at the end of fourth quarter of 2019, down from 18.1% when compared to the previous quarter. Historically, the bank’s capital ratio hit an all time high of 27.6% in 1Q2015 and an all time low of 0% in 4Q2002....

MONETA's net interest income rose 2.13% yoy to CZK 2,014 mil in 4Q2019

By Helgi Analytics - February 7, 2020

MONETA Money Bank generated total banking revenues of CZK 2,685 mil in the fourth quarter of 2019, up 1.82% when compared to the same period of last year and 1.51% when compared to the previous quarter. Historically, the bank’s revenues containing of interest...

MONETA's retail loan growth fell 2.60% yoy to 20.0% in 4Q2019

By Helgi Analytics - February 7, 2020

MONETA Money Bank's retail loans reached CZK 89,641 mil at the end of 2019-12-31, up 3.62% compared to the previous year. In the last decade, the average annual loan growth amounted to 1.68%. Overall, retail loans accounted for 57.3% of the bank's loan book...

MONETA's equity (as % of assets) fell 8.63% yoy to 11.1% in 4Q2019

By Helgi Analytics - February 7, 2020

MONETA Money Bank's Equity reached of total assets in the 4Q2019, up from 10.9% for the previous year. As a share of net customer loans, the ratio amounted to at the end of the fourth quarter of 2019. ...

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MONETA Money Bank is a medium-sized bank based in Prague, the Czech Republic. Since its acquisition of the troubled Agrobanka in 1997, the Bank has developed a branch network of almost 200 branches and 600 ATMs (2019), though its focus has been shifting towards purely consumer finance in the last decade. Now, with over 1 million retail clients, the bank is primarily focused on consumer finance, ranging from instalment payments, leasing, credit cards and consumer lending to mortgage loans, although less so for the latter in recent years.

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Finance

MONETA Money Bank has been growing its revenues and asset by 0.098% and 4.90% a year on average in the last 10 years. Its loans and deposits have grown by 4.82% and 5.07% a year during that time and loans to deposits ratio reached 86.2% at the end of 2019. The company achieved an average return on equity of 13.6% in the last decade with net profit growing 6.56% a year on average. In terms of operating efficiency, its cost to income ratio reached 47.7% in 2019, compared to 44.8% average in the last decade.

Equity represented 11.1% of total assets or 15.6% of loans at the end of 2019. MONETA Money Bank's non-performing loans were 1.80% of total loans while provisions covered some 109% of NPLs at the end of 2019.

Valuation

MONETA Money Bank stock traded at 85.0 per share at the end of 2019 resulting in a market capitalization of USD 1,832 mil. Over the previous three years, stock price rose by 6.25% or 2.04% a year on average. That’s compared to an average ROE of 15.8% the bank generated for its shareholders. This closing price put stock at a 12-month trailing price to earnings (PE) of 10.8x and price to book value (PBV) of 1.78x in 2019.