Procredit Bank Serbia

Procredit Bank Serbia's customer deposits rose 8.08% to RSD 52,175 mil in 2017

By Helgi Analytics - September 19, 2018

Procredit Bank Serbia's customer deposits reached RSD 52,175 mil in 2017, up 8.08% compared to the previous year. Serbian banki...

Procredit Bank Serbia's customer loans rose 2.54% to RSD 73,667 mil in 2017

By Helgi Analytics - September 19, 2018

Procredit Bank Serbia's customer loans reached RSD 73,667 mil in 2017, up 2.54% compared to the previous year. Serbian banking ...

Profit Statement 2015 2016 2017
Net Interest Income RSD mil 4,353 3,859 3,330
Fee Income (As % Of Revenues) % 19.1 19.0 20.9
Other Income RSD mil 208 342 423
Total Revenues RSD mil 5,642 5,187 4,743
Staff Cost RSD mil 1,311 1,198 1,115
Operating Profit RSD mil 2,225 1,962 1,430
Provisions RSD mil 4.47 73.4 7.43
Net Profit RSD mil 1,862 1,606 1,189
Balance Sheet 2015 2016 2017
Interbank Loans RSD mil 3,971 3,584 4,766
Customer Loans RSD mil 64,638 71,845 73,667
Debt Securities RSD mil 74.3 3,586 8,327
Total Assets RSD mil 82,348 89,334 96,682
Shareholders' Equity RSD mil 13,204 14,654 14,833
Interbank Borrowing RSD mil 14,636 21,941 25,185
Customer Deposits RSD mil 49,864 48,276 52,175
Issued Debt Securities RSD mil 3,792 3,849 3,693
Ratios 2015 2016 2017
ROE % 14.6 11.5 8.07
ROA % 2.37 1.87 1.28
Costs (As % Of Assets) % 4.35 3.76 3.56
Costs (As % Of Income) % 60.6 62.2 69.8
Capital Adequacy Ratio % 15.7 18.9 17.2
Net Interest Margin % 5.54 4.50 3.58
Loans (As % Of Deposits) % 130 149 141
NPLs (As % Of Loans) % 2.81 3.20 2.79
Provisions (As % Of NPLs) % 116 86.8 65.9
Growth Rates 2015 2016 2017
Total Revenue Growth % -11.7 -8.06 -8.55
Operating Cost Growth % -13.5 -5.63 2.74
Operating Profit Growth % -8.95 -11.8 -27.1
Net Profit Growth % -9.10 -13.8 -26.0
Customer Loan Growth % 6.98 11.2 2.54
Total Asset Growth % 10.2 8.48 8.23
Customer Deposit Growth % 14.1 -3.19 8.08
Shareholders' Equity Growth % 7.70 11.0 1.22

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summary Unit 2013 2014 2015 2016 2017
income statement          
Net Interest Income RSD mil ... 4,979 4,353    
Total Revenues RSD mil ... 6,391 5,642    
Operating Profit RSD mil ... 2,443 2,225    
Net Profit RSD mil ... 2,049 1,862    
balance sheet          
Interbank Loans RSD mil 3,161 627 3,971    
Customer Loans RSD mil 52,789 60,421 64,638    
Debt Securities RSD mil 40.8 56.7 74.3    
Total Assets RSD mil 70,114 74,701 82,348    
Shareholders' Equity RSD mil 11,579 12,261 13,204    
Interbank Borrowing RSD mil 13,803 14,078 14,636    
Customer Deposits RSD mil 40,232 43,719 49,864    
Issued Debt Securities RSD mil 3,571 3,767 3,792    
ratios          
ROE % ... 17.2 14.6    
ROA % ... 2.83 2.37    
Costs (As % Of Assets) % ... 5.45 4.35    
Costs (As % Of Income) % ... 61.8 60.6    
Capital Adequacy Ratio % ... 16.8 15.7    
Net Interest Margin % ... 6.88 5.54    
Interest Income (As % Of Revenues) % ... 77.9 77.2    
Fee Income (As % Of Revenues) % ... 18.4 19.1    
Staff Cost (As % Of Total Cost) % ... 44.8 38.4    
Equity (As % Of Assets) % 16.5 16.4 16.0    
Loans (As % Of Deposits) % 131 138 130    
Loans (As % Assets) % 75.3 80.9 78.5    
NPLs (As % Of Loans) % ... 1.78 2.81    
Provisions (As % Of NPLs) % ... 195 116    
income statement Unit 2013 2014 2015 2016 2017
income statement          
Interest Income RSD mil ... 6,661 5,733    
Interest Cost RSD mil ... 1,682 1,380    
Net Interest Income RSD mil ... 4,979 4,353    
Net Fee Income RSD mil ... 1,179 1,080    
Other Income RSD mil ... 233 208    
Total Revenues RSD mil ... 6,391 5,642    
Staff Cost RSD mil ... 1,768 1,311    
Depreciation RSD mil ... 304 294    
Other Cost RSD mil ... 1,876 1,812    
Operating Cost RSD mil ... 3,948 3,417    
Operating Profit RSD mil ... 2,443 2,225    
Provisions RSD mil ... 11.2 4.47    
Extra and Other Cost RSD mil ... -0.110 0    
Pre-Tax Profit RSD mil ... 2,432 2,220    
Tax RSD mil ... 383 358    
Minorities RSD mil ... 0 0    
Net Profit RSD mil ... 2,049 1,862    
growth rates          
Net Interest Income Growth % ... ... -12.6    
Net Fee Income Growth % ... ... -8.42    
Total Revenue Growth % ... ... -11.7    
Operating Cost Growth % ... ... -13.5    
Operating Profit Growth % ... ... -8.95    
Pre-Tax Profit Growth % ... ... -8.72    
Net Profit Growth % ... ... -9.10    
market share          
Market Share in Revenues % ... 3.66 3.07    
Market Share in Net Profit % ... 90.0 25.0    
balance sheet Unit 2013 2014 2015 2016 2017
balance sheet          
Cash RSD mil 11,080 10,459 10,084    
Interbank Loans RSD mil 3,161 627 3,971    
Customer Loans RSD mil 52,789 60,421 64,638    
Retail Loans RSD mil ... 7,288 7,725    
Mortgage Loans RSD mil ... 4,037 3,912    
Consumer Loans RSD mil ... 3,251 3,813    
Corporate Loans RSD mil ... 55,305 59,082    
Debt Securities RSD mil 40.8 56.7 74.3    
Fixed Assets RSD mil 2,603 2,737 3,099    
Total Assets RSD mil 70,114 74,701 82,348    
Shareholders' Equity RSD mil 11,579 12,261 13,204    
Of Which Minority Interest RSD mil 0 0 0    
Liabilities RSD mil 58,535 62,441 69,144    
Interbank Borrowing RSD mil 13,803 14,078 14,636    
Customer Deposits RSD mil 40,232 43,719 49,864    
Retail Deposits RSD mil ... 25,000 25,811    
Corporate Deposits RSD mil ... 18,719 24,053    
Issued Debt Securities RSD mil 3,571 3,767 3,792    
Other Liabilities RSD mil 928 877 852    
asset quality          
Non-Performing Loans RSD mil ... 1,112 1,877    
Gross Loans RSD mil ... 62,593 66,807    
Total Provisions RSD mil ... 2,172 2,169    
growth rates          
Customer Loan Growth % ... 14.5 6.98    
Retail Loan Growth % ... ... 6.00    
Mortgage Loan Growth % ... ... -3.09    
Consumer Loan Growth % ... ... 17.3    
Corporate Loan Growth % ... ... 6.83    
Total Asset Growth % ... 6.54 10.2    
Shareholders' Equity Growth % ... 5.88 7.70    
Customer Deposit Growth % ... 8.67 14.1    
Retail Deposit Growth % ... ... 3.24    
Corporate Deposit Growth % ... ... 28.5    
market share          
Market Share in Customer Loans % 2.39 2.53 2.57    
Market Share in Corporate Loans % ... 5.70 5.95    
Market Share in Retail Loans % ... 0.839 0.924    
Market Share in Consumer Loans % ... 1.01 1.02    
Market Share in Mortgage Loans % ... 1.20 1.13    
Market Share in Total Assets % 2.23 2.26 2.40    
Market Share in Customer Deposits % 2.52 2.55 2.73    
Market Share in Retail Deposits % ... 2.28 2.28    
Market Share in Corporate Deposits % ... 3.74 4.17    
ratios Unit 2013 2014 2015 2016 2017
ratios          
ROE % ... 17.2 14.6    
ROA % ... 2.83 2.37    
Costs (As % Of Assets) % ... 5.45 4.35    
Costs (As % Of Income) % ... 61.8 60.6    
Capital Adequacy Ratio % ... 16.8 15.7    
Tier 1 Ratio % ... ... ... ...  
Net Interest Margin % ... 6.88 5.54    
Interest Spread % ... 6.42 5.20    
Asset Yield % ... 9.20 7.30    
Cost Of Liabilities % ... 2.78 2.10    
Interest Income (As % Of Revenues) % ... 77.9 77.2    
Fee Income (As % Of Revenues) % ... 18.4 19.1    
Other Income (As % Of Revenues) % ... 3.65 3.70    
Staff Cost (As % Of Total Cost) % ... 44.8 38.4    
Equity (As % Of Assets) % 16.5 16.4 16.0    
Loans (As % Of Deposits) % 131 138 130    
Loans (As % Assets) % 75.3 80.9 78.5    
NPLs (As % Of Loans) % ... 1.78 2.81    
Provisions (As % Of NPLs) % ... 195 116    
Provisions (As % Of Loans) % ... 3.59 3.36    
Cost of Provisions (As % Of Loans) % ... 0.020 0.007    

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Finance

Procredit Bank Serbia has been growing its revenues and asset by -9.46% and 8.98% a year on average in the last 3 years. Its loans and deposits have grown by 6.83% and 6.07% a year during that time and loans to deposits ratio reached 141% at the end of 2017. The company achieved an average return on equity of 11.4% in the last three years with net profit growing -16.6% a year on average. In terms of operating efficiency, its cost to income ratio reached 69.8% in 2017, compared to 64.2% average in the last three years.

Equity represented 15.3% of total assets or 20.1% of loans at the end of 2017. Procredit Bank Serbia's non-performing loans were 2.79% of total loans while provisions covered some 65.9% of NPLs at the end of 2017.