Oberbank

Oberbank's npls (as % of loans) fell 20.4% to 2.81% in 2017

By Helgi Analytics - November 05, 2019

Oberbank's non-performing loans reached 2.81% of total loans at the end of 2017, down from 3.53% compared to the previous year. ...

Oberbank's net profit rose 10.5% to EUR 200 mil in 2017

By Helgi Analytics - November 05, 2019

Oberbank made a net profit of EUR 200 mil in 2017, up 10.5% compared to the previous year. This implies a return on equity of 8....

Oberbank's price/earnings (P/E) rose 33.8% to 14.5 in 2017

By Helgi Analytics - November 05, 2019

Oberbank stock traded at 82.0 per share at the end 2017 implying a market capitalization of USD 3,467 mil. Since the end of 2012, the s...

Profit Statement 2015 2016 2017
Net Interest Income EUR mil 300 308 315
Fee Income (As % Of Revenues) % 25.3 26.1 26.1
Other Income EUR mil 91.3 62.7 82.2
Total Revenues EUR mil 524 502 538
Staff Cost EUR mil 149 154 164
Operating Profit EUR mil 280 250 272
Provisions EUR mil 47.1 25.0 28.4
Net Profit EUR mil 166 181 200
Balance Sheet 2015 2016 2017
Interbank Loans EUR mil 1,066 726 1,253
Customer Loans EUR mil 12,352 13,325 14,368
Debt Securities EUR mil 3,817 3,842 3,764
Total Assets EUR mil 18,243 19,159 20,831
Shareholders' Equity EUR mil 1,926 2,283 2,467
Interbank Borrowing EUR mil 2,996 3,159 4,155
Customer Deposits EUR mil 10,522 10,945 11,397
Issued Debt Securities EUR mil 2,099 2,064 1,997
Ratios 2015 2016 2017
ROE % 9.61 8.60 8.42
ROA % 0.923 0.968 1.00
Costs (As % Of Assets) % 1.35 1.35 1.33
Costs (As % Of Income) % 46.5 50.2 49.5
Capital Adequacy Ratio % 17.7 19.4 17.0
Net Interest Margin % 1.66 1.65 1.58
Loans (As % Of Deposits) % 117 122 126
NPLs (As % Of Loans) % 4.86 3.53 2.81
Provisions (As % Of NPLs) % 78.3 93.0 94.7
Valuation 2015 2016 2017
Market Capitalisation (End Of Period) USD mil 1,748 2,066 3,467
Share Price (End Of Period) 52.8 60.3 82.0
Price/Earnings (P/E) 9.65 10.8 14.5
Price/Book Value (P/BV) 0.884 0.933 1.17
Earnings Per Share (EPS) 5.47 5.58 5.67
Book Value Per Share 59.7 64.7 69.9

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summary Unit 2009 2010 2011 2012 2013 2014 2015 2016 2017
income statement                  
Net Interest Income EUR mil ...   279 277 287 314 300    
Total Revenues EUR mil ...   455 628 438 498 524    
Operating Profit EUR mil ...   226 403 207 261 280    
Net Profit EUR mil ...   111 111 122 137 166    
balance sheet                  
Interbank Loans EUR mil ...   1,566 1,769 1,693 1,461 1,066    
Customer Loans EUR mil ...   10,564 10,877 11,317 11,802 12,352    
Debt Securities EUR mil ...   4,443 4,242 3,868 3,707 3,817    
Total Assets EUR mil ...   17,484 17,675 17,571 17,775 18,243    
Shareholders' Equity EUR mil ...   1,222 1,342 1,421 1,534 1,926    
Interbank Borrowing EUR mil ...   4,279 4,040 3,239 3,252 2,996    
Customer Deposits EUR mil ...   9,064 9,399 10,026 9,994 10,522    
Issued Debt Securities EUR mil ...   2,251 2,209 2,224 2,295 2,099    
ratios                  
ROE % ...   9.33 8.67 8.86 9.25 9.61    
ROA % ...   0.649 0.632 0.694 0.773 0.923    
Costs (As % Of Assets) % ...   1.34 1.29 1.31 1.34 1.35    
Costs (As % Of Income) % ...   50.4 35.9 52.8 47.6 46.5    
Capital Adequacy Ratio %     16.5 16.8 17.0 15.7 17.7    
Net Interest Margin % ...   1.63 1.58 1.63 1.78 1.66    
Interest Income (As % Of Revenues) % ...   61.2 44.1 65.5 63.1 57.2    
Fee Income (As % Of Revenues) % ...   22.9 17.2 26.2 24.0 25.3    
Staff Cost (As % Of Total Cost) % ...   57.8 61.0 60.7 61.2 61.3    
Equity (As % Of Assets) % ...   6.99 7.60 8.09 8.63 10.6    
Loans (As % Of Deposits) % ...   117 116 113 118 117    
Loans (As % Assets) % ...   60.4 61.5 64.4 66.4 67.7    
NPLs (As % Of Loans) % ... ... 4.47 4.48 5.00 5.03 4.86    
Provisions (As % Of NPLs) % ... ... 71.7 73.2 67.6 76.8 78.3    
valuation                  
Market Capitalisation (End Of Period) USD mil ... ... 1,765 1,823 1,924 1,739 1,748    
Number Of Shares (Average) mil ... ... 28.8 28.8 28.8 28.7 30.4    
Share Price (End Of Period) ... ... 47.3 48.0 48.5 50.0 52.8    
Earnings Per Share (EPS) ... ... 3.86 3.86 4.25 4.75 5.47    
Book Value Per Share ... ... 42.5 46.6 49.4 53.3 59.7    
Price/Earnings (P/E) ... ... 12.2 12.4 11.4 10.5 9.65    
Price/Book Value (P/BV) ... ... 1.11 1.03 0.982 0.938 0.884    
Earnings Per Share Growth % ... ... ... -0.054 10.1 11.8 15.1    
Book Value Per Share Growth % ... ... ... 9.85 5.85 7.96 12.1    
income statement Unit 2009 2010 2011 2012 2013 2014 2015 2016 2017
income statement                  
Interest Income EUR mil ...   599 564 481 483 437    
Interest Cost EUR mil ...   320 287 194 169 138    
Net Interest Income EUR mil ...   279 277 287 314 300    
Net Fee Income EUR mil ...   105 108 115 119 133    
Other Income EUR mil ...   72.0 243 36.4 64.3 91.3    
Total Revenues EUR mil ...   455 628 438 498 524    
Staff Cost EUR mil ...   133 138 140 145 149    
Depreciation EUR mil ...   0 0 0 0 0    
Other Cost EUR mil ...   96.8 88.2 90.7 91.9 94.2    
Operating Cost EUR mil ...   229 226 231 237 243    
Operating Profit EUR mil ...   226 403 207 261 280    
Provisions EUR mil ...   97.6 59.8 70.6 78.0 47.1    
Extra and Other Cost EUR mil ...   2.36 207 -5.45 25.0 41.8    
Pre-Tax Profit EUR mil ...   126 136 142 158 191    
Tax EUR mil ...   14.8 24.6 19.3 21.1 25.1    
Minorities EUR mil ...   0.025 0.019 0.040 -0.134 0.107    
Net Profit EUR mil ...   111 111 122 137 166    
growth rates                  
Net Interest Income Growth % ... ... 1.28 -0.608 3.47 9.44 -4.56    
Net Fee Income Growth % ... ... 3.27 3.55 5.91 4.09 11.3    
Total Revenue Growth % ... ... 6.76 38.0 -30.3 13.6 5.26    
Operating Cost Growth % ... ... 3.95 -1.55 2.26 2.57 2.68    
Operating Profit Growth % ... ... 9.77 78.1 -48.6 26.0 7.61    
Pre-Tax Profit Growth % ... ... 10.1 7.76 4.35 11.2 21.5    
Net Profit Growth % ... ... 13.1 -0.054 10.1 11.6 21.7    
balance sheet Unit 2009 2010 2011 2012 2013 2014 2015 2016 2017
balance sheet                  
Cash EUR mil ...   300 183 175 147 354    
Interbank Loans EUR mil ...   1,566 1,769 1,693 1,461 1,066    
Customer Loans EUR mil ...   10,564 10,877 11,317 11,802 12,352    
Retail Loans EUR mil ... ... ... ... ... ... 2,695 ...  
Corporate Loans EUR mil ... ... ... ... ... ... 9,657 ...  
Debt Securities EUR mil ...   4,443 4,242 3,868 3,707 3,817    
Fixed Assets EUR mil ...   225 233 238 256 248    
Total Assets EUR mil ...   17,484 17,675 17,571 17,775 18,243    
Shareholders' Equity EUR mil ...   1,222 1,342 1,421 1,534 1,926    
Of Which Minority Interest EUR mil ...   1.41 2.93 2.96 3.24 4.56    
Liabilities EUR mil ...   16,262 16,333 16,150 16,241 16,318    
Interbank Borrowing EUR mil ...   4,279 4,040 3,239 3,252 2,996    
Customer Deposits EUR mil ...   9,064 9,399 10,026 9,994 10,522    
Retail Deposits EUR mil ... ... ... ... ... ... 4,736 ...  
Corporate Deposits EUR mil ... ... ... ... ... ... 5,786 ...  
Issued Debt Securities EUR mil ...   2,251 2,209 2,224 2,295 2,099    
Other Liabilities EUR mil ...   668 685 661 700 702    
asset quality                  
Non-Performing Loans EUR mil ... ... 488 504 586 618 624    
Gross Loans EUR mil ...   10,914 11,246 11,713 12,276 12,840    
Total Provisions EUR mil ...   350 369 396 474 488    
growth rates                  
Customer Loan Growth % ... ... 4.29 2.96 4.05 4.28 4.66    
Total Asset Growth % ... ... 4.27 1.09 -0.589 1.16 2.64    
Shareholders' Equity Growth % ... ... 5.26 9.85 5.85 7.96 25.5    
Customer Deposit Growth % ... ... 1.81 3.69 6.67 -0.323 5.28    
ratios Unit 2009 2010 2011 2012 2013 2014 2015 2016 2017
ratios                  
ROE % ...   9.33 8.67 8.86 9.25 9.61    
ROA % ...   0.649 0.632 0.694 0.773 0.923    
Costs (As % Of Assets) % ...   1.34 1.29 1.31 1.34 1.35    
Costs (As % Of Income) % ...   50.4 35.9 52.8 47.6 46.5    
Capital Adequacy Ratio %     16.5 16.8 17.0 15.7 17.7    
Tier 1 Ratio %     11.5 11.9 12.3 11.6 14.2    
Net Interest Margin % ...   1.63 1.58 1.63 1.78 1.66    
Interest Spread % ... ... 1.49 1.45 1.53 1.69 1.58    
Asset Yield % ...   3.50 3.21 2.73 2.73 2.43    
Cost Of Liabilities % ... ... 2.01 1.76 1.20 1.04 0.847    
Interest Income (As % Of Revenues) % ...   61.2 44.1 65.5 63.1 57.2    
Fee Income (As % Of Revenues) % ...   22.9 17.2 26.2 24.0 25.3    
Other Income (As % Of Revenues) % ...   15.8 38.7 8.31 12.9 17.4    
Cost Per Employee USD per month ...   7,986 7,787 8,274 7,774 7,033    
Cost Per Employee (Local Currency) EUR per month ...   5,744 6,065 6,232 6,031 6,136    
Staff Cost (As % Of Total Cost) % ...   57.8 61.0 60.7 61.2 61.3    
Equity (As % Of Assets) % ...   6.99 7.60 8.09 8.63 10.6    
Loans (As % Of Deposits) % ...   117 116 113 118 117    
Loans (As % Assets) % ...   60.4 61.5 64.4 66.4 67.7    
NPLs (As % Of Loans) % ... ... 4.47 4.48 5.00 5.03 4.86    
Provisions (As % Of NPLs) % ... ... 71.7 73.2 67.6 76.8 78.3    
Provisions (As % Of Loans) % ...   3.32 3.39 3.50 4.02 3.95    
Cost of Provisions (As % Of Loans) % ...   0.944 0.558 0.637 0.675 0.390    
other data Unit 2009 2010 2011 2012 2013 2014 2015 2016 2017
other data                  
Branches ... ... ... ... ... 156 156    
Employees ...   1,925 1,892 1,876 2,004 2,025    

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Oberbank's net interest margin fell 4.36% to 1.58% in 2017

By Helgi Analytics - November 05, 2019

Oberbank's net interest margin amounted to 1.58% in 2017, down from 1.65% compared to the previous year. Historically, the bank’s net interest margin reached an all time high of 1.78% in 2014 and an all time low of 1.58% in 2017. The average margin in t...

Oberbank's capital adequacy ratio fell 12.0% to 17.0% in 2017

By Helgi Analytics - November 05, 2019

Oberbank's capital adequacy ratio reached 17.0% at the end of 2017, down from 19.4% compared to the previous year. Historically, the bank’s capital ratio hit an all time high of 19.4% in 2016 and an all time low of 15.7% in 2014. The Tier 1 ratio amounted to ...

Oberbank's net interest income rose 2.25% to EUR 315 mil in 2017

By Helgi Analytics - November 05, 2019

Oberbank generated total banking revenues of EUR 538 mil in 2017, up 7.19% 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 628 mil in 2012 and an all time...

Oberbank's customer loan growth fell 0.784% to 7.82% in 2017

By Helgi Analytics - November 05, 2019

Oberbank's customer loan growth reached 7.82% in 2017, down from 7.88% compared to the previous year. Historically, the bank’s loans growth reached an all time high of 7.88% in 2016 and an all time low of 2.96% in 2012. In the last decade, the average ann...

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Finance

Oberbank has been growing its revenues and asset by -3.06% and 3.34% a year on average in the last 5 years. Its loans and deposits have grown by 5.72% and 3.93% a year during that time and loans to deposits ratio reached 126% at the end of 2017. The company achieved an average return on equity of 8.95% in the last five years with net profit growing 12.5% a year on average. In terms of operating efficiency, its cost to income ratio reached 49.5% in 2017, compared to 49.3% average in the last five years.

Equity represented 11.8% of total assets or 17.2% of loans at the end of 2017. Oberbank's non-performing loans were 2.81% of total loans while provisions covered some 94.7% of NPLs at the end of 2017.

Valuation

Oberbank stock traded at 82.0 per share at the end of 2017 resulting in a market capitalization of USD 3,467 mil. Over the previous five years, stock price rose by 70.7% or 11.3% a year on average. That’s compared to an average ROE of 8.95% the bank generated for its shareholders. This closing price put stock at a 12-month trailing price to earnings (PE) of 14.5x and price to book value (PBV) of 1.17x in 2017.