Pekao SA

Pekao's employees fell 4.01% yoy to 16,613 in 2Q2019

By Helgi Analytics - November 05, 2019

Pekao SA employed 16,613 persons in 2019-06-30, down 1.20% when compared to the previous year. Historically, the bank's workforc...

Pekao's branches fell 4.02% yoy to 812 in 2Q2019

By Helgi Analytics - November 05, 2019

Pekao SA employed 16,613 persons in 2019-06-30, down 1.20% compared to the previous year. Historically, the bank's workforce hit...

Pekao's net profit rose 7.83% yoy to PLN 582 mil in 2Q2019

By Helgi Analytics - November 05, 2019

Pekao SA made a net profit of PLN 582 mil in the second quarter of 2019, up 7.83% when compared to the same period of last year. ...

Profit Statement 2016 2017 2018
Net Interest Income PLN mil 4,382 4,594 4,994
Fee Income (As % Of Revenues) % 32.8 32.3 31.7
Other Income PLN mil 520 345 301
Total Revenues PLN mil 7,292 7,291 7,757
Staff Cost PLN mil 1,897 1,950 2,037
Operating Profit PLN mil 4,080 4,028 4,313
Provisions PLN mil 515 557 525
Net Profit PLN mil 2,279 2,475 2,287
Balance Sheet 2016 2017 2018
Interbank Loans PLN mil 3,258 2,627 2,268
Customer Loans PLN mil 118,689 127,949 123,970
Debt Securities PLN mil 38,056 40,245 41,115
Total Assets PLN mil 174,215 185,466 191,090
Shareholders' Equity PLN mil 22,912 23,268 22,808
Interbank Borrowing PLN mil 4,830 4,987 5,621
Customer Deposits PLN mil 137,816 146,186 149,491
Issued Debt Securities PLN mil 5,788 6,133 8,151
Ratios 2016 2017 2018
ROE % 9.84 10.7 9.93
ROA % 1.33 1.38 1.21
Costs (As % Of Assets) % 1.87 1.81 1.83
Costs (As % Of Income) % 44.0 44.8 44.4
Capital Adequacy Ratio % 17.6 17.1 17.4
Net Interest Margin % 2.56 2.55 2.65
Loans (As % Of Deposits) % 86.1 87.5 82.9
NPLs (As % Of Loans) % 6.32 5.72 5.38
Provisions (As % Of NPLs) % 72.6 72.5 89.7
Valuation 2016 2017 2018
Market Capitalisation (End Of Period) USD mil 7,901 9,756 7,650
Share Price (End Of Period) PLN 126 130 109
Price/Earnings (P/E) 14.5 13.7 12.5
Price/Book Value (P/BV) 1.44 1.46 1.25
Dividend Yield % 6.84 6.66 7.31
Earnings Per Share (EPS) PLN 8.68 9.43 8.71
Book Value Per Share PLN 87.3 88.6 86.9
Dividend Per Share PLN 8.61 8.63 7.97

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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                           4,805 4,506 4,461 4,167 4,382    
Total Revenues PLN mil                           7,904 7,408 7,211 6,869 7,292    
Operating Profit PLN mil                           4,281 4,036 3,854 3,577 4,080    
Net Profit PLN mil                           2,956 2,785 2,715 2,292 2,279    
balance sheet                                        
Interbank Loans PLN mil                           4,054 7,548 7,170 7,315 3,258    
Customer Loans PLN mil                           97,799 101,013 111,872 118,555 118,689    
Debt Securities PLN mil                           34,727 37,477 30,117 25,515 38,056    
Total Assets PLN mil                           150,950 158,522 167,625 168,786 174,215    
Shareholders' Equity PLN mil                           23,459 23,514 24,046 23,424 22,912    
Interbank Borrowing PLN mil                           7,783 6,419 5,346 5,958 4,830    
Customer Deposits PLN mil                           107,993 119,797 125,609 128,868 137,816    
Issued Debt Securities PLN mil                           7,134 6,435 10,351 7,972 5,788    
ratios                                        
ROE %                           13.2 11.9 11.4 9.66 9.84    
ROA %                           1.99 1.80 1.66 1.36 1.33    
Costs (As % Of Assets) %                           2.44 2.18 2.06 1.96 1.87    
Costs (As % Of Income) %                           45.8 45.5 46.6 47.9 44.0    
Capital Adequacy Ratio % ... ... ... ...                   19.0 18.3 17.3 17.7 17.6    
Net Interest Margin %                           3.23 2.91 2.74 2.48 2.56    
Interest Income (As % Of Revenues) %                           60.8 60.8 61.9 60.7 60.1    
Fee Income (As % Of Revenues) %                           28.6 28.9 28.3 29.2 32.8    
Staff Cost (As % Of Total Cost) %                           52.6 55.8 56.7 58.0 59.1    
Equity (As % Of Assets) %                           15.5 14.8 14.3 13.9 13.2    
Loans (As % Of Deposits) %                           90.6 84.3 89.1 92.0 86.1    
Loans (As % Assets) %                           64.8 63.7 66.7 70.2 68.1    
NPLs (As % Of Loans) %                           7.27 7.48 7.00 6.53 6.32    
Provisions (As % Of NPLs) %                           65.1 65.5 69.6 71.9 72.6    
valuation                                        
Market Capitalisation (End Of Period) USD mil ...                         14,210 15,634 13,248 9,655 7,901    
Number Of Shares (Average) mil ...                         262 262 262 262 262    
Share Price (End Of Period) PLN                           168 180 179 144 126    
Earnings Per Share (EPS) PLN ...                         11.3 10.6 10.3 8.73 8.68    
Book Value Per Share PLN ...                         89.4 89.6 91.6 89.2 87.3    
Dividend Per Share PLN ... ... ... ... ...                 8.39 8.70 10.0 9.72 8.61    
Price/Earnings (P/E) ...                         14.9 16.9 17.3 16.4 14.5    
Price/Book Value (P/BV) ...                         1.87 2.00 1.95 1.61 1.44    
Dividend Yield % ... ... ... ... ...                 5.01 4.85 5.60 6.77 6.84    
Earnings Per Share Growth % ... ...                       1.91 -5.78 -2.52 -15.6 -0.575    
Book Value Per Share Growth % ... ...                       9.80 0.236 2.26 -2.58 -2.19    
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                           8,316 6,774 6,225 5,456 5,448    
Interest Cost PLN mil                           3,511 2,269 1,764 1,290 1,066    
Net Interest Income PLN mil                           4,805 4,506 4,461 4,167 4,382    
Net Fee Income PLN mil                           2,257 2,143 2,044 2,006 2,390    
Other Income PLN mil                           842 760 706 697 520    
Total Revenues PLN mil                           7,904 7,408 7,211 6,869 7,292    
Staff Cost PLN mil                           1,907 1,881 1,905 1,909 1,897    
Depreciation PLN mil                           369 346 327 331 341    
Other Cost PLN mil                           1,347 1,144 1,125 1,052 974    
Operating Cost PLN mil                           3,623 3,372 3,357 3,292 3,212    
Operating Profit PLN mil                           4,281 4,036 3,854 3,577 4,080    
Provisions PLN mil                           685 664 560 519 515    
Extra and Other Cost PLN mil                           -83.9 -81.7 -65.0 227 668    
Pre-Tax Profit PLN mil                           3,680 3,454 3,360 2,831 2,897    
Tax PLN mil                           715 659 635 538 617    
Minorities PLN mil                           9.55 10.2 10.4 1.02 0.489    
Net Profit PLN mil                           2,956 2,785 2,715 2,292 2,279    
Dividends PLN mil ... ... ... ... ...                 2,202 2,283 2,625 2,551 2,260    
growth rates                                        
Net Interest Income Growth % ...                         5.43 -6.24 -0.983 -6.61 5.17    
Net Fee Income Growth % ...                         -7.84 -5.05 -4.63 -1.87 19.2    
Total Revenue Growth % ...                         2.28 -6.28 -2.65 -4.75 6.15    
Operating Cost Growth % ...                         -1.33 -6.93 -0.432 -1.93 -2.44    
Operating Profit Growth % ...                         5.55 -5.72 -4.51 -7.20 14.1    
Pre-Tax Profit Growth % ...                         2.43 -6.14 -2.74 -15.7 2.31    
Net Profit Growth % ...                         1.94 -5.78 -2.52 -15.6 -0.575    
market share                                        
Market Share in Revenues %                           13.4 13.4 12.5 12.3 12.3   ...
Market Share in Net Profit %                           19.1 18.4 17.1 20.5 16.4   ...
Market Share in Employees %                           9.58 9.53 9.61 9.36 10.3   ...
Market Share in Bank Cards % ...       ...         ... ... ... ... ... ... ... ... ... ... ...
Market Share in Branches %           ... ...             6.51 6.56 6.88 6.74 6.42   ...
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                           9,207 4,191 9,226 7,882 5,873    
Interbank Loans PLN mil                           4,054 7,548 7,170 7,315 3,258    
Customer Loans PLN mil                           97,799 101,013 111,872 118,555 118,689    
Retail Loans PLN mil ...                         40,485 44,476 49,264 53,945 58,110    
Mortgage Loans PLN mil ...                         30,111 34,178 38,417 42,609 46,026    
Consumer Loans PLN mil ...                         10,374 7,455 8,052 8,951 12,084    
Corporate Loans PLN mil                           62,679 65,075 71,929 74,064 48,190    
Debt Securities PLN mil                           34,727 37,477 30,117 25,515 38,056    
Fixed Assets PLN mil                           2,340 2,216 2,171 2,097 2,019    
Total Assets PLN mil                           150,950 158,522 167,625 168,786 174,215    
Shareholders' Equity PLN mil                           23,459 23,514 24,046 23,424 22,912    
Of Which Minority Interest PLN mil ... ...                       92.2 94.3 28.0 16.0 14.9    
Liabilities PLN mil                           127,491 135,008 143,579 145,361 151,303    
Interbank Borrowing PLN mil                           7,783 6,419 5,346 5,958 4,830    
Customer Deposits PLN mil                           107,993 119,797 125,609 128,868 137,816    
Retail Deposits PLN mil                           49,758 51,416 55,935 63,865 70,725    
Corporate Deposits PLN mil                           62,993 71,444 73,531 67,906 60,807    
Issued Debt Securities PLN mil                           7,134 6,435 10,351 7,972 5,788    
Other Liabilities PLN mil                           4,581 2,357 2,274 2,563 2,870    
asset quality                                        
Non-Performing Loans PLN mil                           7,463 7,947 8,237 8,121 7,866    
Gross Loans PLN mil                           102,657 106,216 117,642 124,398 124,399    
Total Provisions PLN mil                           4,858 5,203 5,729 5,842 5,710    
growth rates                                        
Customer Loan Growth % ...                         2.22 3.29 10.8 5.97 0.113    
Retail Loan Growth % ... ...                       10.2 9.86 10.8 9.50 7.72    
Mortgage Loan Growth % ... ...                       14.0 13.5 12.4 10.9 8.02    
Consumer Loan Growth % ... ...                       0.571 -28.1 8.01 11.2 35.0    
Corporate Loan Growth % ...                         -1.99 3.82 10.5 2.97 -34.9    
Total Asset Growth % ...                         2.97 5.02 5.74 0.692 3.22    
Shareholders' Equity Growth % ...                         9.84 0.236 2.26 -2.58 -2.19    
Customer Deposit Growth % ...                         -0.410 10.9 4.85 2.59 6.94    
Retail Deposit Growth % ...                         1.65 3.33 8.79 14.2 10.7    
Corporate Deposit Growth % ...                         0.742 13.4 2.92 -7.65 -10.5    
market share                                        
Market Share in Customer Loans %                           10.5 10.4 10.8 10.7 10.2   ...
Market Share in Corporate Loans %                           23.0 23.4 23.9 22.6 14.0   ...
Market Share in Retail Loans % ...                         4.91 3.41 3.46 3.62 4.64   ...
Market Share in Consumer Loans % ...                         7.59 8.02 8.37 8.58 8.80   ...
Market Share in Mortgage Loans % ...                         9.36 10.2 10.8 11.2 11.5   ...
Market Share in Total Assets %                           11.2 11.3 10.9 10.5 10.2   ...
Market Share in Customer Deposits %                           11.6 12.2 12.0 11.6 11.4   ...
Market Share in Retail Deposits %                           9.64 9.38 9.22 9.59 9.68   ...
Market Share in Corporate Deposits %                           32.9 34.1 32.1 26.8 22.1   ...
ratios Unit 1999 2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018
ratios                                        
ROE %                           13.2 11.9 11.4 9.66 9.84    
ROA %                           1.99 1.80 1.66 1.36 1.33    
Costs (As % Of Assets) %                           2.44 2.18 2.06 1.96 1.87    
Costs (As % Of Income) %                           45.8 45.5 46.6 47.9 44.0    
Capital Adequacy Ratio % ... ... ... ...                   19.0 18.3 17.3 17.7 17.6    
Tier 1 Ratio % ... ... ... ... ... ... ... ... ... ... ... ... ... ... ... ... ... 17.6    
Net Interest Margin %                           3.23 2.91 2.74 2.48 2.56    
Interest Spread % ...                         2.81 2.65 2.55 2.35 2.46    
Asset Yield %                           5.59 4.38 3.82 3.24 3.18    
Cost Of Liabilities % ...                         2.78 1.73 1.27 0.893 0.719    
Payout Ratio % ... ... ... ... ...                 74.5 82.0 96.7 111 99.1    
Interest Income (As % Of Revenues) %                           60.8 60.8 61.9 60.7 60.1    
Fee Income (As % Of Revenues) %                           28.6 28.9 28.3 29.2 32.8    
Other Income (As % Of Revenues) %                           10.6 10.3 9.80 10.1 7.13    
Cost Per Employee USD per month                           2,802 2,902 2,864 2,609 2,203    
Cost Per Employee (Local Currency) PLN per month                           9,117 9,172 9,386 9,705 8,902    
Staff Cost (As % Of Total Cost) %                           52.6 55.8 56.7 58.0 59.1    
Equity (As % Of Assets) %                           15.5 14.8 14.3 13.9 13.2    
Loans (As % Of Deposits) %                           90.6 84.3 89.1 92.0 86.1    
Loans (As % Assets) %                           64.8 63.7 66.7 70.2 68.1    
NPLs (As % Of Loans) %                           7.27 7.48 7.00 6.53 6.32    
Provisions (As % Of NPLs) %                           65.1 65.5 69.6 71.9 72.6    
Provisions (As % Of Loans) %                           4.97 5.15 5.12 4.93 4.81    
Cost of Provisions (As % Of Loans) %                           0.708 0.668 0.526 0.451 0.434    
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           ... ...             1,001 1,001 1,034 975 928    
Employees                           17,433 17,092 16,914 16,387 17,757    
ATMs           ... ...             1,845 1,847 1,825 1,759 1,761    
Clients mil         ... ... ...             5.31 5.11 5.21 6.20 5.48    
E-Clients mil ... ... ... ... ... ... ... ... ... ...       2.21 2.45 2.66 2.90 ... ... ...
Payment Cards '000         ...         ... ... ... ... ... ... ... ... ... ... ...
Risk-Weighted Assets PLN mil ... ... ... ... ... ... ... ... ... ... ... ... ... ... ... ... ... ... ...  

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Pekao's corporate loans rose 13.1% yoy to PLN 60,356 mil in 2Q2019

By Helgi Analytics - November 05, 2019

Pekao SA's loans reached PLN 135,682 mil in the second quarter of 2019, up from PLN 133,685 mil when compared to the previous quarter and up from PLN 124,238 mil when compared to the same period of last year. Historically, the bank’s loans reached a...

Pekao's npls (as % of loans) fell 10.4% yoy to 5.09% in 2Q2019

By Helgi Analytics - November 05, 2019

Pekao SA's non-performing loans reached 5.09% of total loans at the end of 2019-06-30, down from 5.68% compared to the previous year. Historically, the NPL ratio hit an all time high of 23.7% in 2004-03-31 and an all time low of 5.09% in 2019-06-30. Provisi...

Pekao's price/earnings (P/E) rose 14.5% yoy to 13.5 in 2Q2019

By Helgi Analytics - November 05, 2019

Pekao SA stock traded at PLN 112 per share at the end second quarter of 2019 implying a market capitalization of USD 7,867 mil. Since the end of 2Q2014, the stock has depreciated by -35.7 % implying an annual average growth of -8.45 %. In absolute terms, the value of ...

Pekao's net interest margin rose 2.25% yoy to 2.76% in 2Q2019

By Helgi Analytics - November 05, 2019

Pekao SA's net interest margin amounted to 2.76% in the second quarter of 2019, up from 2.68% when compared to the previous quarter. Historically, the bank’s net interest margin reached an all time high of 4.00% in 3Q2005 and an all time low of 2.00% in...

Pekao's market capitalisation (end of period) rose 4.63% to USD 7,867 mil in 2Q2019

By Helgi Analytics - November 05, 2019

Pekao SA stock traded at PLN 112 per share at the end of second quarter of 2019 implying a market capitalization of USD 7,867 mil. Over the last five years, the stock has depreciated by 35.7 implying an annual average growth of -8.45% In absolute terms, t...

Pekao's capital adequacy ratio fell 0.575% yoy to 17.3% in 2Q2019

By Helgi Analytics - November 05, 2019

Pekao SA's capital adequacy ratio reached 17.3% at the end of second quarter of 2019, up from 17.1% when compared to the previous quarter. Historically, the bank’s capital ratio hit an all time high of 19.0% in 4Q2011 and an all time low of 10.6% in 1Q2008. T...

Pekao's net interest income rose 9.88% yoy to PLN 1,358 mil in 2Q2019

By Helgi Analytics - November 05, 2019

Pekao SA generated total banking revenues of PLN 2,067 mil in the second quarter of 2019, up 7.18% when compared to the same period of last year and 6.05% when compared to the previous quarter. Historically, the bank’s revenues containing of interest, fee...

Pekao's share price (end of period) fell 1.06% yoy to PLN 112 in 2Q2019

By Helgi Analytics - November 05, 2019

Pekao SA stock traded at PLN 112 per share at the end of second quarter of 2019 implying a market capitalization of USD 7,867 mil. Over the last five years, the stock has depreciated by -35.7 % implying an annual average growth of -8.45 %. In absolute terms, the value...

Pekao's costs (as % of assets) fell 1.88% yoy to 1.93% in 2Q2019

By Helgi Analytics - November 05, 2019

Pekao SA's cost to income ratio reached 46.0% in the second quarter of 2019, up from 44.0% when compared to the previous quarter. Historically, the bank’s costs reached an all time high of 55.5% of income in 4Q2007 and an all time low of 40.3% in 2Q2016. ...

Pekao's equity (as % of assets) fell 4.07% yoy to 11.2% in 2Q2019

By Helgi Analytics - November 05, 2019

Pekao SA'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. ...

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Bank Polska Kasa Opieki Spółka Akcyjna, commonly using the shorter name Bank Pekao S.A., is the second largest bank in Poland. The bank was founded in 1929 mainly to provide financial services to Poles living abroad. Bank Pekao operates through the second largest network of branches in Poland and employs more than 16,000 people (2019). Group of Bank Pekao consists of the biggest investment fund in Poland, pension fund, brokerage house, as well as leasing and factoring subsidiaries, all of them leading in their respective market fields. The Italian bank UniCredit used to own 59% of the company. It sold the bank in December 2016 with Powszechny Zakład Ubezpieczeń owns a 20% of the company (2019).

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Finance

Pekao SA has been growing its revenues and asset by -0.064% and 3.77% a year on average in the last 10 years. Its loans and deposits have grown by 4.15% and 5.10% a year during that time and loans to deposits ratio reached 82.9% at the end of 2018. The company achieved an average return on equity of 11.8% in the last decade with net profit growing -4.24% a year on average. In terms of operating efficiency, its cost to income ratio reached 44.4% in 2018, compared to 46.9% average in the last decade.

Equity represented 11.9% of total assets or 18.4% of loans at the end of 2018. Pekao SA's non-performing loans were 5.38% of total loans while provisions covered some 89.7% of NPLs at the end of 2018.

Valuation

Pekao SA stock traded at PLN 109 per share at the end of 2018 resulting in a market capitalization of USD 7,650 mil. Over the previous five years, stock price fell by 39.3% or 9.5% a year on average. That’s compared to an average ROE of 10.3% the bank generated for its shareholders. This closing price put stock at a 12-month trailing price to earnings (PE) of 12.5x and price to book value (PBV) of 1.25x in 2018.