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Pekao

Pekao's net profit fell 87.7% yoy to PLN 85.7 mil in 4Q2020

By Helgi Analytics - March 23, 2021

Pekao made a net profit of PLN 85.7 mil in the fourth quarter of 2020, down 87.7% when compared to the same period of last year. ...

Pekao's net profit fell 87.7% yoy to PLN 85.7 mil in 4Q2020

By Helgi Analytics - March 23, 2021

Pekao made a net profit of PLN 85.7 mil under revenues of PLN 2,177 mil in the fourth quarter of 2020, down 87.7% and 9.13% ...

Pekao's net interest margin fell 26.6% yoy to 2.07% in 4Q2020

By Helgi Analytics - March 23, 2021

Pekao's net interest margin amounted to 2.07% in the fourth quarter of 2020, up from 2.06% when compared to the previous quarter...

Profit Statement 2018 2019 2020
Net Interest Income PLN mil 5,014 5,490 5,228
Net Fee Income PLN mil 2,463 2,534 2,434
Other Income PLN mil 638 713 770
Total Revenues PLN mil 8,114 8,737 8,432
Staff Cost PLN mil 2,037 2,078 2,040
Operating Profit PLN mil 3,813 3,977 3,426
Provisions PLN mil 471 590 1,152
Net Profit PLN mil 2,217 2,169 1,165
Balance Sheet 2018 2019 2020
Interbank Loans PLN mil 2,268 1,792 2,578
Customer Loans PLN mil 129,297 140,913 142,488
Investments PLN mil 39,361 47,175 71,809
Total Assets PLN mil 191,090 203,323 233,217
Shareholders' Equity PLN mil 22,808 23,398 25,495
Interbank Borrowing PLN mil 6,071 7,108 10,846
Customer Deposits PLN mil 149,143 157,203 177,745
Issued Debt Securities PLN mil 7,243 9,480 9,311
Ratios 2018 2019 2020
ROE % 9.62 9.39 4.76
ROA % 1.18 1.10 0.534
Costs (As % Of Assets) % 2.28 2.41 2.29
Costs (As % Of Income) % 53.0 54.5 59.4
Capital Adequacy Ratio % 17.4 17.1 18.7
Net Interest Margin % 2.66 2.78 2.40
Loans (As % Of Deposits) % 86.7 89.6 80.2
NPLs (As % Of Loans) % 5.32 5.14 5.34
Provisions (As % Of NPLs) % 86.3 85.4 90.5
Valuation 2018 2019 2020
Market Capitalisation USD mil 7,639 6,955 4,292
Number Of Shares mil 262 262 262
Share Price PLN 109 100 61.1
Price/Earnings (P/E) 12.9 12.2 13.8
Price/Book Value (P/BV) 1.25 1.13 0.629
Dividend Yield % 6.06 6.97 0
Earnings Per Share (EPS) PLN 8.44 8.27 4.44
Book Value Per Share PLN 86.9 89.1 97.1
Dividend Per Share PLN 6.60 7.00 0

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summary Unit 1996 1997 1998 1999 2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019 2020
income statement                                                  
Net Interest Income PLN mil                                     4,470 4,180 4,399 4,613 5,014    
Total Revenues PLN mil                                     7,778 7,393 7,604 7,624 8,114    
Operating Profit PLN mil                                     4,373 3,864 3,574 3,496 3,813    
Net Profit PLN mil                                     2,713 2,444 2,284 2,131 2,217    
balance sheet                                                  
Interbank Loans PLN mil                                     15,686 15,464 3,258 2,627 2,268    
Customer Loans PLN mil                                     109,195 117,304 122,664 132,301 129,297    
Investments PLN mil                                     22,470 18,945 35,878 38,658 39,361    
Total Assets PLN mil                                     167,625 168,786 174,215 185,466 191,090    
                                                     
Shareholders' Equity PLN mil                                     24,046 23,424 22,912 23,268 22,808    
Interbank Borrowing PLN mil                                     10,916 11,040 6,939 6,245 6,071    
Customer Deposits PLN mil                                     120,630 124,399 136,380 145,398 149,143    
Issued Debt Securities PLN mil                                     3,857 2,903 1,523 4,029 7,243    
ratios                                                  
ROE % ...                                   11.4 10.3 9.86 9.23 9.62    
ROA % ...                                   1.66 1.45 1.33 1.18 1.18    
Costs (As % Of Assets) % ...                                   2.09 2.10 2.35 2.30 2.28    
Costs (As % Of Income) %                                     43.8 47.7 53.0 54.1 53.0    
Capital Adequacy Ratio %                                     17.3 17.7 17.6 17.1 17.4    
Net Interest Margin % ...                                   2.74 2.49 2.56 2.57 2.66    
Interest Income (As % Of Revenues) %                                     57.5 56.5 57.8 60.5 61.8    
Fee Income (As % Of Revenues) %                                     26.3 27.1 31.4 30.9 30.3    
Staff Cost (As % Of Total Cost) % ...                                   55.9 54.1 47.1 47.2 47.3    
Equity (As % Of Assets) %                                     14.3 13.9 13.2 12.5 11.9    
Loans (As % Of Deposits) %                                     90.5 94.3 89.9 91.0 86.7    
Loans (As % Assets) %                                     65.1 69.5 70.4 71.3 67.7    
NPLs (As % Of Loans) %                                     7.13 6.47 5.97 5.39 5.32    
Provisions (As % Of NPLs) %                                     70.4 73.3 74.5 74.4 86.3    
valuation                                                  
Market Capitalisation USD mil ... ...                                 13,251 9,587 7,905 9,787 7,639    
Number Of Shares mil ... ... ... ... ...                           262 262 262 262 262    
Share Price PLN ... ...                                 179 144 126 130 109    
Earnings Per Share (EPS) PLN ... ... ... ... ...                           10.3 9.31 8.70 8.12 8.44    
Book Value Per Share PLN ... ... ... ... ...                           91.6 89.2 87.3 88.6 86.9    
Dividend Per Share PLN                                     10.0 8.70 8.68 7.90 6.60    
Price/Earnings (P/E) ... ... ... ... ...                           17.3 15.4 14.5 16.0 12.9    
Price/Book Value (P/BV) ... ... ... ... ...                           1.95 1.61 1.44 1.46 1.25    
Dividend Yield % ... ...                                 5.60 6.06 6.90 6.10 6.06    
Earnings Per Share Growth % ... ... ... ... ... ...                         -1.36 -9.91 -6.61 -6.68 3.99    
Book Value Per Share Growth % ... ... ... ... ... ...                         2.26 -2.58 -2.19 1.55 -1.98    
income statement Unit 1996 1997 1998 1999 2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019 2020
income statement                                                  
Interest Income PLN mil                                     6,234 5,470 5,465 5,660 6,143    
Interest Cost PLN mil                                     1,764 1,290 1,066 1,047 1,128    
Net Interest Income PLN mil                                     4,470 4,180 4,399 4,613 5,014    
Net Fee Income PLN mil                                     2,044 2,006 2,390 2,353 2,463    
Fee Income PLN mil                                     2,536 2,389 2,683 2,664 2,844    
Fee Expense PLN mil                                     493 383 293 311 382    
Other Income PLN mil                                     1,265 1,207 815 658 638    
Total Revenues PLN mil                                     7,778 7,393 7,604 7,624 8,114    
Staff Cost PLN mil ...                                   1,905 1,909 1,897 1,950 2,037    
Depreciation PLN mil ... ... ...                               197 182 169 177 178    
Other Cost PLN mil ... ... ...                               1,303 1,438 1,964 2,001 2,087    
Operating Cost PLN mil                                     3,405 3,529 4,030 4,128 4,302    
Operating Profit PLN mil                                     4,373 3,864 3,574 3,496 3,813    
Provisions PLN mil                                     586 515 417 497 471    
Extra and Other Cost PLN mil                                     429 331 255 271 382    
Pre-Tax Profit PLN mil                                     3,358 3,019 2,902 2,728 2,960    
Tax PLN mil                                     634 573 618 597 743    
Minorities PLN mil                                     10.4 1.02 0.489 0.579 0.650    
Net Profit PLN mil                                     2,713 2,444 2,284 2,131 2,217    
Net Profit Avail. to Common PLN mil                                     2,713 2,444 2,284 2,131 2,217    
Dividends PLN mil                                     2,625 2,283 2,278 2,074 1,732    
growth rates                                                  
Net Interest Income Growth % ...                                   0.426 -6.47 5.23 4.88 8.69    
Net Fee Income Growth % ...                                   -4.13 -1.87 19.2 -1.55 4.66    
Total Revenue Growth % ...                                   -2.08 -4.95 2.86 0.263 6.43    
Operating Cost Growth % ...                                   -0.896 3.63 14.2 2.43 4.20    
Operating Profit Growth % ...                                   -2.99 -11.6 -7.52 -2.19 9.07    
Pre-Tax Profit Growth % ...                                   -1.59 -10.1 -3.85 -6.02 8.53    
Net Profit Growth % ...                                   -1.36 -9.91 -6.56 -6.72 4.04    
market share                                                  
Market Share in Revenues %                                     13.5 13.2 12.8 12.3 12.6    
Market Share in Net Profit %                                     17.1 21.8 16.4 15.7 17.0    
Market Share in Employees %                                     10.9 10.7 10.5 10.5 10.3    
Market Share in Bank Cards % ... ... ... ... ... ... ... ... ... ... ... ... ...           7.22 7.59 7.44 9.91 ... ... ...
Market Share in Branches % ... ... ...                               8.48 8.23 8.25 8.17 8.32    
balance sheet Unit 1996 1997 1998 1999 2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019 2020
balance sheet                                                  
Cash & Cash Equivalents PLN mil                                     9,226 7,882 5,873 5,236 13,027    
Interbank Loans PLN mil                                     15,686 15,464 3,258 2,627 2,268    
Customer Loans PLN mil                                     109,195 117,304 122,664 132,301 129,297    
Retail Loans PLN mil                                     49,310 54,156 58,380 64,378 71,459    
Mortgage Loans PLN mil ... ... ... ...                             38,417 42,609 46,026 50,446 56,263    
Consumer Loans PLN mil ... ... ... ...                             10,893 11,547 12,354 13,932 15,196    
Corporate Loans PLN mil                                     56,325 58,542 55,257 58,842 54,755    
Investments PLN mil                                     22,470 18,945 35,878 38,658 39,361    
Property and Equipment PLN mil                                     1,544 1,461 1,423 1,425 1,420    
Intangible Assets PLN mil                                     627 637 596 1,526 1,527    
Goodwill PLN mil ... ... ... ... ... ... ... ... ... ... ... ... ...           55.5 55.5 55.5 748 748    
Total Assets PLN mil                                     167,625 168,786 174,215 185,466 191,090    
                                                     
Shareholders' Equity PLN mil                                     24,046 23,424 22,912 23,268 22,808    
Of Which Minority Interest PLN mil                                     28.0 16.0 14.9 0 11.5    
Liabilities PLN mil                                     143,579 145,361 151,303 162,198 168,282    
Interbank Borrowing PLN mil                                     10,916 11,040 6,939 6,245 6,071    
Customer Deposits PLN mil                                     120,630 124,399 136,380 145,398 149,143    
Retail Deposits PLN mil ... ... ...                               55,935 63,865 70,725 76,107 85,298    
Corporate Deposits PLN mil ... ... ...                               73,531 67,906 60,807 61,920 60,492    
Sight Deposits PLN mil                                     59,849 67,565 79,091 90,646 98,954    
Term Deposits PLN mil                                     60,109 56,647 57,056 54,521 49,972    
Issued Debt Securities PLN mil                                     3,857 2,903 1,523 4,029 7,243    
Subordinated Debt PLN mil ... ... ... ... ... ... ... ... ... ... ... ... ... ... ... ... ... ... ... ... ... 1,257 2,012    
Other Liabilities PLN mil                                     8,176 7,020 6,461 6,526 5,824    
asset quality                                                  
Non-Performing Loans PLN mil                                     8,202 7,972 7,661 7,436 7,207    
Gross Loans PLN mil                                     114,965 123,146 128,373 137,833 135,517    
Risk-Weighted Assets PLN mil ... ... ... ... ... ... ... ... ...                   115,977 114,450 113,109 119,780 125,179    
Total Provisions PLN mil                                     5,770 5,842 5,710 5,532 6,220    
growth rates                                                  
Customer Loan Growth % ...                                   7.73 7.43 4.57 7.86 -2.27    
Retail Loan Growth % ...                                   10.6 9.83 7.80 10.3 11.0    
Mortgage Loan Growth % ... ... ... ... ...                           12.4 10.9 8.02 9.60 11.5    
Consumer Loan Growth % ... ... ... ... ...                           4.59 6.00 6.99 12.8 9.07    
Corporate Loan Growth % ...                                   13.0 3.94 -5.61 6.49 -6.95    
Total Asset Growth % ...                                   5.74 0.692 3.22 6.46 3.03    
Shareholders' Equity Growth % ...                                   2.26 -2.58 -2.19 1.55 -1.98    
Customer Deposit Growth % ...                                   3.88 3.12 9.63 6.61 2.58    
Retail Deposit Growth % ... ... ... ...                             8.79 14.2 10.7 7.61 12.1    
Corporate Deposit Growth % ... ... ... ...                             2.92 -7.65 -10.5 1.83 -2.31    
market share                                                  
Market Share in Customer Loans %                                     10.5 10.6 10.5 11.0 10.5    
Market Share in Corporate Loans %                                     18.7 17.9 16.0 16.1 14.7    
Market Share in Retail Loans % ... ... ... ...                             4.67 4.67 4.74 5.02 5.66    
Market Share in Consumer Loans %                                     8.37 8.62 8.84 9.58 10.2    
Market Share in Mortgage Loans % ... ... ... ...                             10.8 11.2 11.5 12.8 13.0    
Market Share in Total Assets %                                     10.9 10.5 10.2 10.4 9.63    
Market Share in Customer Deposits %                                     11.5 11.2 11.2 11.4 12.1    
Market Share in Retail Deposits % ... ... ...                               9.22 9.59 9.68 10.00 11.2    
Market Share in Corporate Deposits % ... ... ...                               32.1 26.8 22.1 21.7 15.5    
ratios Unit 1996 1997 1998 1999 2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019 2020
                                                   
ROE % ...                                   11.4 10.3 9.86 9.23 9.62    
ROTE % ...                                   11.7 10.6 10.1 9.67 10.3    
ROE (@ 15% of RWA) % ... ... ... ... ... ... ... ... ... ...                 16.1 14.1 13.4 12.2 12.1    
ROA % ...                                   1.66 1.45 1.33 1.18 1.18    
Costs (As % Of Assets) % ...                                   2.09 2.10 2.35 2.30 2.28    
Costs (As % Of Income) %                                     43.8 47.7 53.0 54.1 53.0    
Capital Adequacy Ratio %                                     17.3 17.7 17.6 17.1 17.4    
Tier 1 Ratio % ... ... ... ... ... ... ...                       17.3 17.7 17.6 16.1 15.8    
Net Interest Margin % ...                                   2.74 2.49 2.56 2.57 2.66    
Interest Spread % ...                                   2.56 2.36 2.47 2.48 2.58    
Asset Yield % ...                                   3.82 3.25 3.19 3.15 3.26    
Cost Of Liabilities % ...                                   1.27 0.893 0.719 0.668 0.683    
Payout Ratio %                                     96.7 93.4 99.7 97.3 78.2    
Interest Income (As % Of Revenues) %                                     57.5 56.5 57.8 60.5 61.8    
Fee Income (As % Of Revenues) %                                     26.3 27.1 31.4 30.9 30.3    
Other Income (As % Of Revenues) %                                     16.3 16.3 10.7 8.63 7.86    
Staff Cost (As % Of Total Cost) % ...                                   55.9 54.1 47.1 47.2 47.3    
Equity (As % Of Assets) %                                     14.3 13.9 13.2 12.5 11.9    
Loans (As % Of Deposits) %                                     90.5 94.3 89.9 91.0 86.7    
Loans (As % Assets) %                                     65.1 69.5 70.4 71.3 67.7    
NPLs (As % Of Loans) %                                     7.13 6.47 5.97 5.39 5.32    
Provisions (As % Of NPLs) %                                     70.4 73.3 74.5 74.4 86.3    
Provisions (As % Of Loans) %                                     5.28 4.98 4.65 4.18 4.81    
Cost of Provisions (As % Of Loans) % ...                                   0.557 0.454 0.347 0.390 0.360    
other data Unit 1996 1997 1998 1999 2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019 2020
                                                   
Branches ... ... ...                               1,034 975 928 851 825    
Employees                                     18,765 18,327 17,757 17,339 16,714    
Cost Per Employee USD per month ...                                   2,582 2,332 2,203 2,447 2,805    
Cost Per Employee (Local Currency) PLN per month ...                                   8,460 8,678 8,902 9,373 10,154    
ATMs ... ... ...                               1,847 1,759 1,761 1,745 1,708    
Return on Loans % ...                                   2.58 2.16 1.90 1.67 1.69    
Operating Profit (As % of Loans) % ...                                   4.15 3.41 2.98 2.74 2.91    
Costs (As % Of Loans) % ...                                   3.23 3.12 3.36 3.24 3.29    
Costs (As % Of Loans & Deposits) % ...                                   1.52 1.50 1.61 1.54 1.55    
Equity (As % Of Loans) %                                     22.0 20.0 18.7 17.6 17.6    
customer breakdown Unit 1996 1997 1998 1999 2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019 2020
                                                   
Customers mil ... ... ...                               5.21 6.20 5.48 5.67 5.95    
Number of Accounts mil ... ... ... ... ... ... ... ... ... ... ... ... ... ... ... ... ... ... ... 5.31 5.48 5.67 5.95    
Number of Primary Customers mil ... ... ... ... ... ... ... ... ... ... ... ... ...           2.66 2.90 3.19 1.85 2.05    
Payment Cards mil ... ... ... ... ... ... ... ... ... ... ... ... ...           2.58 2.67 2.74 3.87 ... ... ...
Number of Mortgages mil ... ... ... ... ... ... ... ... ... ...                 0.288 0.310 0.328 0.354 0.378    
Number of Consumer Loans mil ... ... ... ... ... ... ... ... ... ... ... ... ... ... ... ... ... ... ... 0.576 0.572 0.621 0.678    
Average Size of Deposit PLN ... ... ... ... ... ... ... ... ... ... ... ... ... ... ... ... ... ... ... 23,410 24,887 25,648 25,070    
Average Size of Mortgage Loan PLN ... ... ... ... ... ... ... ... ... ...                 133,439 137,449 140,322 142,503 148,844    
Average Size of Consumer Loan PLN ... ... ... ... ... ... ... ... ... ... ... ... ... ... ... ... ... ... ... 20,046 21,598 22,434 22,412    
Accounts (As % of Total Clients) % ... ... ... ... ... ... ... ... ... ... ... ... ... ... ... ... ... ... ... 85.7 100.0 100.0 100.0    
Primary (As % of Total Clients) % ... ... ... ... ... ... ... ... ... ... ... ... ...           51.0 46.8 58.2 32.5 34.4    
Mortgages (As % of Total Clients) % ... ... ... ... ... ... ... ... ... ...                 5.52 5.00 5.99 6.24 6.35    
Consumer Loans (As % of Total Clients) % ... ... ... ... ... ... ... ... ... ... ... ... ... ... ... ... ... ... ... 9.29 10.4 11.0 11.4    
Payments Cards (As % of Total Clients) % ... ... ... ... ... ... ... ... ... ... ... ... ...           49.5 43.1 50.1 68.3 ... ... ...
                                                     
Market Value per Customer (Local Currency) PLN ... ... ...                               8,997 6,032 6,029 6,010 4,827    
Revenue per Customer (Local Currency) PLN ... ... ...                               1,492 1,192 1,388 1,345 1,364    
Net Profit per Customer (Local Currency) PLN ... ... ...                               520 394 417 376 373    
Loan per Customer (Local Currency) PLN ... ... ...                               20,943 18,919 22,384 23,336 21,733    
Deposit per Customer (Local Currency) PLN ... ... ...                               23,136 20,063 24,886 25,647 25,069    
Market Value per Customer USD ... ... ...                               2,541 1,546 1,443 1,726 1,284    
Revenue per Customer USD ... ... ...                               455 320 343 351 377    
Net Profit per Customer USD ... ... ...                               159 106 103 98.1 103    
Loan per Customer USD ... ... ...                               5,916 4,850 5,356 6,703 5,780    
Deposit per Customer USD ... ... ...                               6,535 5,143 5,955 7,367 6,668    

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Pekao's customer deposits remain unchanged yoy at PLN mil in 4Q2020

By Helgi Analytics - March 23, 2021

Pekao's customer deposits reached PLN 145,398 mil in 2017-12-31, up 7.52% compared to the previous year. Polish banking sector accepted customer deposits of PLN 1,079 bil in 2017-12-31, up 4.48% when compared to the last year. Pekao accounted for 13.5% of...

Pekao's employees fell 17.9% yoy to 12,870 in 4Q2020

By Helgi Analytics - March 23, 2021

Pekao employed 12,870 persons in 2020-12-31, down 16.1% when compared to the previous year. Historically, the bank's workforce hit an all time high of 21,120 persons in 2010-06-30 and an all time low of 12,870 in 2020-12-31. Average cost reached USD 3,143 per mont...

Pekao's retail deposits remain unchanged yoy at PLN mil in 2Q2019

By Helgi Analytics - March 23, 2021

Pekao's retail deposits reached PLN 76,107 mil in 2017-12-31, up 2.39% compared to the previous year. Polish banking sector accepted retail deposits of PLN 683 bil in 2017-12-31, up 2.59% when compared to the last year. Pekao accounted for 11.1% of all re...

Pekao's customer loans remain unchanged yoy at PLN mil in 4Q2020

By Helgi Analytics - March 23, 2021

Pekao's customer loans reached PLN 132,301 mil in 2017-12-31, up 2.22% compared to the previous year. Polish banking sector provided customer loans of PLN 1,040 bil in 2017-12-31, down 0.252% when compared to the last year. Pekao accounted for 12.2% of al...

Pekao's consumer loans remain unchanged yoy at PLN mil in 2Q2019

By Helgi Analytics - March 23, 2021

Pekao's consumer loans reached PLN 13,932 mil in 2017-12-31, up 2.11% compared to the previous year. Polish banking sector provided consumer loans of PLN 277 bil in 2017-12-31, up 1.05% when compared to the last year. Pekao accounted for 5.04% of all cons...

Pekao's branches fell 11.4% yoy to 713 in 4Q2020

By Helgi Analytics - March 23, 2021

Pekao employed 12,870 persons in 2020-12-31, down 16.1% compared to the previous year. Historically, the bank's workforce hit an all time high of 21,120 persons in 2010-06-30 and an all time low of 12,870 in 2020-12-31. The bank operated a network of 713 b...

Pekao's retail loans remain unchanged yoy at PLN mil in 4Q2020

By Helgi Analytics - March 23, 2021

Pekao's retail loans reached PLN 64,378 mil in the fourth quarter of 2017, up 2.12% compared to the previous year. Polish banking sector provided retail loans of PLN 668 bil in 4Q2017, down 0.192% when compared to the last year. Pekao accounted for 9.64% ...

Pekao's corporate deposits remain unchanged yoy at PLN mil in 2Q2019

By Helgi Analytics - March 23, 2021

Pekao's corporate deposits reached PLN 61,920 mil in 2017-12-31, up 13.4% compared to the previous year. Polish banking sector accepted corporate deposits of PLN 296 bil in 2017-12-31, up 10.1% when compared to the last year. Pekao accounted for 20.9% of ...

Pekao's npls (as % of loans) rose 3.84% yoy to 5.34% in 4Q2020

By Helgi Analytics - March 23, 2021

Pekao's non-performing loans reached 5.34% of total loans at the end of 2020-12-31, up from 5.14% compared to the previous year. Historically, the NPL ratio hit an all time high of 25.5% in 2004-03-31 and an all time low of 4.88% in 2019-06-30. Provision co...

Pekao's price/earnings (P/E) remain unchanged yoy at in 4Q2020

By Helgi Analytics - March 23, 2021

Pekao stock traded at per share at the end first quarter of 1970 implying a market capitalization of. Since the end of 1Q1965, the stock has A PHP Error was encountered Severity: Warning Message: A non-numeric value encountered Filename: src/Environment.php(418) : eval()'d c...

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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).

Finance

Pekao has been growing its revenues and asset by 1.19% and 5.69% a year on average in the last 10 years. Its loans and deposits have grown by 6.02% and 6.01% a year during that time and loans to deposits ratio reached 80.2% at the end of 2020. The company achieved an average return on equity of 10.3% in the last decade with net profit growing -7.31% a year on average. In terms of operating efficiency, its cost to income ratio reached 59.4% in 2020, compared to 49.7% average in the last decade.

Equity represented 10.9% of total assets or 17.9% of loans at the end of 2020. Pekao's non-performing loans were 5.34% of total loans while provisions covered some 90.5% of NPLs at the end of 2020.

Valuation

Pekao stock traded at per share at the end of 2020 resulting in a market capitalization of . Over the previous three years, stock price rose by 0% or 0% a year on average. That’s compared to an average ROE of 7.93% the bank generated for its shareholders. This closing price put stock at a 12-month trailing price to earnings (PE) of 13.8x and price to book value (PBV) of 0.629x in 2020.