Piraeus Bank Bulgaria

Piraeus Bulgaria's net interest margin rose 20.6% to 1.71% in 2017

By Helgi Analytics - September 2, 2018

Piraeus Bank Bulgaria's net interest margin amounted to 1.71% in 2017, up from 1.42% compared to the previous year. Histor...

Piraeus Bulgaria's customer deposits rose 4.76% to BGN 2,270 mil in 2017

By Helgi Analytics - September 2, 2018

Piraeus Bank Bulgaria's customer deposits reached BGN 2,270 mil in 2017, up 4.76% compared to the previous year. Bulgarian bank...

Piraeus Bulgaria's customer loans fell 2.32% to BGN 1,433 mil in 2017

By Helgi Analytics - September 2, 2018

Piraeus Bank Bulgaria's customer loans reached BGN 1,433 mil in 2017, down 2.32% compared to the previous year. Bulgarian banki...

Profit Statement 2015 2016 2017
Net Interest Income BGN mil 57.0 41.3 51.4
Fee Income (As % Of Revenues) % 22.0 25.7 26.2
Other Income BGN mil 12.3 18.6 11.4
Total Revenues BGN mil 88.8 80.7 85.1
Staff Cost BGN mil 16.7 19.1 24.1
Operating Profit BGN mil 13.2 3.74 10.9
Provisions BGN mil 194 67.3 -20.3
Net Profit BGN mil -179 -65.3 29.9
Balance Sheet 2015 2016 2017
Interbank Loans BGN mil 223 571 785
Customer Loans BGN mil 1,691 1,467 1,433
Debt Securities BGN mil 18.7 101 112
Total Assets BGN mil 2,894 2,930 3,077
Shareholders' Equity BGN mil 415 343 376
Interbank Borrowing BGN mil 286 269 273
Customer Deposits BGN mil 2,039 2,167 2,270
Issued Debt Securities BGN mil 129 130 132
Ratios 2015 2016 2017
ROE % -35.8 -17.2 8.31
ROA % -5.79 -2.24 0.994
Costs (As % Of Assets) % 2.44 2.64 2.47
Costs (As % Of Income) % 85.2 95.4 87.2
Capital Adequacy Ratio % 26.0 22.8 23.4
Net Interest Margin % 1.84 1.42 1.71
Loans (As % Of Deposits) % 82.9 67.7 63.1
NPLs (As % Of Loans) % 33.3 32.8 15.1
Provisions (As % Of NPLs) % 45.9 52.4 46.6
Growth Rates 2015 2016 2017
Total Revenue Growth % -13.2 -9.14 5.47
Operating Cost Growth % 12.4 1.73 -3.52
Operating Profit Growth % -62.4 -71.6 190
Net Profit Growth % 310 -63.6 -146
Customer Loan Growth % -22.5 -13.2 -2.32
Total Asset Growth % -12.4 1.26 5.00
Customer Deposit Growth % -9.69 6.26 4.76
Shareholders' Equity Growth % -29.4 -17.4 9.66
Employees 850 800 902

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summary Unit 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017
income statement                          
Net Interest Income BGN mil             150 113 92.3 73.7 57.0    
Total Revenues BGN mil             180 140 118 102 88.8    
Operating Profit BGN mil             107 70.5 56.0 35.0 13.2    
Net Profit BGN mil             55.0 2.30 3.11 -43.7 -179    
balance sheet                          
Interbank Loans BGN mil             181 170 814 723 223    
Customer Loans BGN mil             2,717 2,509 2,261 2,181 1,691    
Debt Securities BGN mil             19.1 15.8 14.0 8.81 18.7    
Total Assets BGN mil             3,212 3,099 3,355 3,303 2,894    
Shareholders' Equity BGN mil             627 628 631 588 415    
Interbank Borrowing BGN mil             1,165 849 769 310 286    
Customer Deposits BGN mil             1,284 1,470 1,818 2,258 2,039    
Issued Debt Securities BGN mil             119 122 124 126 129    
ratios                          
ROE %             9.17 0.367 0.494 -7.17 -35.8    
ROA %             1.51 0.073 0.096 -1.31 -5.79    
Costs (As % Of Assets) %             2.01 2.19 1.91 2.02 2.44    
Costs (As % Of Income) %             40.6 49.5 52.4 65.8 85.2    
Capital Adequacy Ratio % ... ... ...       20.1 16.7 19.3 28.5 26.0    
Net Interest Margin %             4.12 3.59 2.86 2.21 1.84    
Interest Income (As % Of Revenues) %             83.3 81.2 78.4 72.0 64.2    
Fee Income (As % Of Revenues) %             13.0 14.7 16.5 21.2 22.0    
Staff Cost (As % Of Total Cost) %             23.5 23.2 24.6 24.3 22.1    
Equity (As % Of Assets) %             19.5 20.3 18.8 17.8 14.3    
Loans (As % Of Deposits) %             212 171 124 96.6 82.9    
Loans (As % Assets) %             84.6 81.0 67.4 66.0 58.4    
NPLs (As % Of Loans) % ...           13.7 24.3 28.1 35.3 33.3    
Provisions (As % Of NPLs) % ...           39.3 33.2 32.8 34.8 45.9    
income statement Unit 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017
income statement                          
Interest Income BGN mil             255 201 182 156 111    
Interest Cost BGN mil             105 87.9 89.5 82.3 54.1    
Net Interest Income BGN mil             150 113 92.3 73.7 57.0    
Net Fee Income BGN mil             23.4 20.6 19.4 21.7 19.5    
Other Income BGN mil             6.69 5.63 5.92 6.91 12.3    
Total Revenues BGN mil             180 140 118 102 88.8    
Staff Cost BGN mil             17.2 16.0 15.2 16.3 16.7    
Depreciation BGN mil             14.6 11.5 7.79 7.72 5.97    
Other Cost BGN mil             41.5 41.6 38.7 43.2 53.0    
Operating Cost BGN mil             73.3 69.0 61.6 67.3 75.6    
Operating Profit BGN mil             107 70.5 56.0 35.0 13.2    
Provisions BGN mil             46.3 68.1 52.6 78.9 194    
Extra and Other Cost BGN mil             0 < -0.001 < -0.001 0 0    
Pre-Tax Profit BGN mil             60.7 2.46 3.37 -43.9 -181    
Tax BGN mil             5.76 0.159 0.258 -0.194 -1.51    
Minorities BGN mil             0 0 0 0 0    
Net Profit BGN mil             55.0 2.30 3.11 -43.7 -179    
growth rates                          
Net Interest Income Growth % ...           15.9 -24.5 -18.6 -20.1 -22.7    
Net Fee Income Growth % ...           9.15 -12.2 -5.48 11.6 -10.1    
Total Revenue Growth % ...           12.4 -22.6 -15.7 -13.0 -13.2    
Operating Cost Growth % ...           -1.22 -5.79 -10.7 9.20 12.4    
Operating Profit Growth % ...           24.2 -34.1 -20.6 -37.5 -62.4    
Pre-Tax Profit Growth % ...           12.6 -95.9 36.9 -1,403 312    
Net Profit Growth % ...           14.2 -95.8 35.1 -1,505 310    
market share                          
Market Share in Revenues %             4.59 3.66 3.17 2.62 2.15    
Market Share in Net Profit %             11.6 0.439 0.617 ... ... ...  
Market Share in Employees % ...           2.67 2.50 2.59 2.69 2.77    
Market Share in Branches % ...           2.65 2.17 2.20 2.23 2.04    
balance sheet Unit 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017
balance sheet                          
Cash BGN mil             216 317 167 197 691    
Interbank Loans BGN mil             181 170 814 723 223    
Customer Loans BGN mil             2,717 2,509 2,261 2,181 1,691    
Retail Loans BGN mil             488 430 383 351 324    
Mortgage Loans BGN mil             381 340 304 271 250    
Consumer Loans BGN mil             106 89.3 78.8 80.2 74.1    
Corporate Loans BGN mil             2,229 2,079 1,878 1,831 1,230    
Debt Securities BGN mil             19.1 15.8 14.0 8.81 18.7    
Fixed Assets BGN mil             42.8 29.1 23.7 19.4 16.9    
Total Assets BGN mil             3,212 3,099 3,355 3,303 2,894    
Shareholders' Equity BGN mil             627 628 631 588 415    
Of Which Minority Interest BGN mil             0 0 0 0 0    
Liabilities BGN mil             2,586 2,471 2,724 2,716 2,479    
Interbank Borrowing BGN mil             1,165 849 769 310 286    
Customer Deposits BGN mil             1,284 1,470 1,818 2,258 2,039    
Retail Deposits BGN mil             817 949 1,094 1,424 1,490    
Corporate Deposits BGN mil             467 521 725 834 549    
Sight Deposits BGN mil ... ... ... ... ... ... ... ... 1,566 1,978 266    
Term Deposits BGN mil ... ... ... ... ... ... ... ... 252 280 1,773    
Issued Debt Securities BGN mil             119 122 124 126 129    
Other Liabilities BGN mil             17.7 30.3 12.1 20.8 25.0    
asset quality                          
Non-Performing Loans BGN mil ...           393 662 700 878 664    
Gross Loans BGN mil             2,872 2,729 2,491 2,487 1,995    
Total Provisions BGN mil             155 220 229 305 305    
growth rates                          
Customer Loan Growth % ...           -10.9 -7.67 -9.87 -3.53 -22.5    
Retail Loan Growth % ...           -13.0 -11.9 -11.0 -8.34 -7.61    
Mortgage Loan Growth % ...           -10.2 -10.7 -10.7 -11.0 -7.61    
Consumer Loan Growth % ...           -21.6 -16.1 -11.8 1.77 -7.61    
Corporate Loan Growth % ...           -10.4 -6.74 -9.65 -2.55 -32.8    
Total Asset Growth % ...           -21.3 -3.54 8.28 -1.54 -12.4    
Shareholders' Equity Growth % ...           9.61 0.233 0.508 -6.88 -29.4    
Customer Deposit Growth % ...           -3.46 14.5 23.7 24.2 -9.69    
Retail Deposit Growth % ...           1.41 16.1 15.3 30.2 4.62    
Corporate Deposit Growth % ...           -10.9 11.6 39.1 15.1 -34.1    
market share                          
Market Share in Customer Loans %             5.01 4.51 4.05 4.23 3.33    
Market Share in Corporate Loans %             6.67 5.93 5.35 5.90 4.04    
Market Share in Retail Loans %             1.06 0.914 0.799 0.832 0.780    
Market Share in Consumer Loans %             2.58 2.30 2.05 1.91 1.79    
Market Share in Mortgage Loans %             4.30 3.81 3.44 3.09 2.89    
Market Share in Total Assets %             5.35 4.80 4.81 4.71 3.80    
Market Share in Customer Deposits %             2.40 2.54 2.89 3.52 3.05    
Market Share in Retail Deposits %             2.64 2.75 2.90 3.63 3.50    
Market Share in Corporate Deposits %             3.41 3.65 4.69 5.43 3.01    
ratios Unit 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017
ratios                          
ROE %             9.17 0.367 0.494 -7.17 -35.8    
ROA %             1.51 0.073 0.096 -1.31 -5.79    
Costs (As % Of Assets) %             2.01 2.19 1.91 2.02 2.44    
Costs (As % Of Income) %             40.6 49.5 52.4 65.8 85.2    
Capital Adequacy Ratio % ... ... ...       20.1 16.7 19.3 28.5 26.0    
Tier 1 Ratio % ... ... ...       19.8 16.7 19.3 24.4 20.9    
Net Interest Margin %             4.12 3.59 2.86 2.21 1.84    
Interest Spread % ...           3.55 2.90 2.19 1.66 1.50    
Asset Yield %             6.99 6.38 5.63 4.68 3.58    
Cost Of Liabilities % ...           3.44 3.48 3.45 3.02 2.08    
Interest Income (As % Of Revenues) %             83.3 81.2 78.4 72.0 64.2    
Fee Income (As % Of Revenues) %             13.0 14.7 16.5 21.2 22.0    
Other Income (As % Of Revenues) %             3.71 4.03 5.04 6.76 13.9    
Cost Per Employee USD per month ...           1,128 1,045 1,011 1,050 961    
Cost Per Employee (Local Currency) BGN per month ...           1,586 1,590 1,489 1,594 1,636    
Staff Cost (As % Of Total Cost) %             23.5 23.2 24.6 24.3 22.1    
Equity (As % Of Assets) %             19.5 20.3 18.8 17.8 14.3    
Loans (As % Of Deposits) %             212 171 124 96.6 82.9    
Loans (As % Assets) %             84.6 81.0 67.4 66.0 58.4    
NPLs (As % Of Loans) % ...           13.7 24.3 28.1 35.3 33.3    
Provisions (As % Of NPLs) % ...           39.3 33.2 32.8 34.8 45.9    
Provisions (As % Of Loans) %             5.69 8.76 10.1 14.0 18.0    
Cost of Provisions (As % Of Loans) %             1.61 2.61 2.21 3.55 10.0    
other data Unit 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017
other data                          
Branches ...           100 83.0 83.0 83.0 75.0    
Employees ...           905 839 848 854 850    
Sight (As % Of Customer Deposits) % ... ... ... ... ... ... ... ... 86.1 87.6 13.0    

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Piraeus Bulgaria's retail deposits fell 2.33% to BGN 1,471 mil in 2017

By Helgi Analytics - September 20, 2018

Piraeus Bank Bulgaria's retail deposits reached BGN 1,471 mil in 2017, down 2.33% compared to the previous year. Bulgarian banking sector accepted retail deposits of BGN 47.8 bil in 2017, up 5.40% when compared to the last year. Piraeus Bank Bulgaria acco...

Piraeus Bulgaria's corporate deposits rose 20.9% to BGN 799 mil in 2017

By Helgi Analytics - September 20, 2018

Piraeus Bank Bulgaria's corporate deposits reached BGN 799 mil in 2017, up 20.9% compared to the previous year. Bulgarian banking sector accepted corporate deposits of BGN 22.0 bil in 2017, up 13.8% when compared to the last year. Piraeus Bank Bulgaria ac...

Piraeus Bulgaria's mortgage loans fell 2.51% to BGN 211 mil in 2017

By Helgi Analytics - September 20, 2018

Piraeus Bank Bulgaria's mortgage loans reached BGN 211 mil in 2017, down 2.51% compared to the previous year. Bulgarian banking sector provided mortgage loans of BGN 9.45 bil in 2017, up 7.40% when compared to the last year. Piraeus Bank Bulgaria accounte...

Piraeus Bulgaria's net profit rose 146% to BGN 29.9 mil in 2017

By Helgi Analytics - September 2, 2018

Piraeus Bank Bulgaria made a net profit of BGN 29.9 mil under revenues of BGN 85.1 mil in 2017, up 146% and 5.47% respectively compared to the previous year. Historically, the bank’s net profit reached an all time high of BGN 61.5 mil in 2008 and an all time low of B...

Piraeus Bulgaria's npls (as % of loans) fell 53.9% to 15.1% in 2017

By Helgi Analytics - September 2, 2018

Piraeus Bank Bulgaria's non-performing loans reached 15.1% of total loans at the end of 2017, down from 32.8% compared to the previous year. Historically, the NPL ratio hit an all time high of 35.3% in 2014 and an all time low of 1.02% in 2007. Provision co...

Piraeus Bulgaria's corporate loans fell 18.1% to BGN 1,213 mil in 2017

By Helgi Analytics - September 2, 2018

Piraeus Bank Bulgaria's loans reached BGN 1,541 mil in the 2017, down from BGN 1,771 mil compared to the previous year. Historically, the bank’s loans reached an all time high of BGN 3,163 mil in 2010 and an all time low of BGN 1,073 mil in 2006. In the...

Piraeus Bulgaria's total revenues rose 5.47% to BGN 85.1 mil in 2017

By Helgi Analytics - September 20, 2018

Piraeus Bank Bulgaria generated total banking revenues of BGN 85.1 mil in 2017, up 5.47% compared to the previous year. Bulgarian banking sector banking sector generated total revenues of BGN 3,870 mil in 2017, down 4.62% when compared to the last yea...

Piraeus Bulgaria's employees rose 12.8% to 902 in 2017

By Helgi Analytics - September 2, 2018

Piraeus Bank Bulgaria employed 902 persons in 2017, up 12.8% when compared to the previous year. Historically, the bank's workforce hit an all time high of 1,046 persons in 2008 and an all time low of 777 in 2006. Average cost reached USD 1,276 per month per empl...

Piraeus Bulgaria's net interest income rose 24.4% to BGN 51.4 mil in 2017

By Helgi Analytics - September 2, 2018

Piraeus Bank Bulgaria generated total banking revenues of BGN 85.1 mil in 2017, up 5.47% 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 BGN 180 mil in 2011 a...

Piraeus Bulgaria's capital adequacy ratio rose 2.45% to 23.4% in 2017

By Helgi Analytics - September 2, 2018

Piraeus Bank Bulgaria's capital adequacy ratio reached 23.4% at the end of 2017, up from 22.8% compared to the previous year. Historically, the bank’s capital ratio hit an all time high of 28.5% in 2014 and an all time low of 14.9% in 2008. The Tier 1 ratio a...

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Piraeus Bank Bulgaria AD is a Bulgaria-based commercial bank. The Bank offers a wide range of banking and other financial services to commercial and private banking clients. Its products include loans, current and saving accounts, and deposits amongst others. In addition to providing mainstream banking products, the Group undertakes insurance activities, stock brokerage, investment in mutual funds, leasing services, real estate investment management and financial advice, amongst others. At the end of 2013, the Bank operated a network of 83 branches, employed 848 persons and held a 4% market share by assets in Bulgaria. The Bank was founded in 1993 and is headquartered in Sofia, Bulgaria. Piraeus Bank Bulgaria AD is a subsidiary of Piraeus Bank S.A.

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Finance

Piraeus Bank Bulgaria has been growing its revenues and asset by -3.34% and -1.58% a year on average in the last 10 years. Its loans and deposits have grown by -5.30% and 6.85% a year during that time and loans to deposits ratio reached 63.1% at the end of 2017. The company achieved an average return on equity of -0.981% in the last decade with net profit growing -5.47% a year on average. In terms of operating efficiency, its cost to income ratio reached 87.2% in 2017, compared to 61.1% average in the last decade.

Equity represented 12.2% of total assets or 26.2% of loans at the end of 2017. Piraeus Bank Bulgaria's non-performing loans were 15.1% of total loans while provisions covered some 46.6% of NPLs at the end of 2017.