QNB Finansbank

QNB Finansbank's net profit rose 41.2% to TRY 1,553 mil in 2017

By Helgi Analytics - June 24, 2018

QNB Finansbank made a net profit of TRY 1,553 mil in 2017, up 41.2% compared to the previous year. This implies a return on equi...

QNB Finansbank's customer loans rose 31.8% to TRY 82,905 mil in 2017

By Helgi Analytics - December 12, 2019

QNB Finansbank's customer loans reached TRY 82,905 mil in 2017, up 31.8% compared to the previous year. Turkish banking sector ...

QNB Finansbank's customer deposits rose 25.8% to TRY 67,832 mil in 2017

By Helgi Analytics - December 12, 2019

QNB Finansbank's customer deposits reached TRY 67,832 mil in 2017, up 25.8% compared to the previous year. Turkish banking sect...

Profit Statement 2015 2016 2017
Net Interest Income TRY mil 3,549 4,116 5,473
Net Fee Income TRY mil 1,181 1,245 1,633
Other Income TRY mil -405 -244 -1,053
Total Revenues TRY mil 4,324 5,118 6,052
Staff Cost TRY mil 937 1,040 1,214
Operating Profit TRY mil 1,864 2,559 3,178
Provisions TRY mil 1,052 1,203 1,194
Net Profit TRY mil 635 1,100 1,553
Balance Sheet 2015 2016 2017
Interbank Loans TRY mil 315 274 1,296
Customer Loans TRY mil 57,226 62,900 82,905
Debt Securities TRY mil 14,681 19,209 21,039
Total Assets TRY mil 85,727 101,503 126,212
Shareholders' Equity TRY mil 9,024 10,126 12,190
Interbank Borrowing TRY mil 4,627 6,521 6,508
Customer Deposits TRY mil 48,566 53,939 67,832
Issued Debt Securities TRY mil 12,604 18,322 27,776
Ratios 2015 2016 2017
ROE % 7.21 11.5 13.9
ROA % 0.789 1.17 1.36
Costs (As % Of Assets) % 3.06 2.73 2.52
Costs (As % Of Income) % 56.9 50.0 47.5
Capital Adequacy Ratio % 15.4 14.5 15.0
Net Interest Margin % 4.41 4.40 4.81
Loans (As % Of Deposits) % 118 117 122
NPLs (As % Of Loans) % 6.30 5.81 5.02
Provisions (As % Of NPLs) % 80.4 84.0 81.5
Valuation 2015 2016 2017
Market Capitalisation (End Of Period) USD mil 5,779 4,251 4,836
Share Price (End Of Period) TRY 5.02 4.47 5.46
Price/Earnings (P/E) 26.5 13.6 11.8
Price/Book Value (P/BV) 1.86 1.48 1.50
Earnings Per Share (EPS) TRY 0.189 0.328 0.463
Book Value Per Share TRY 2.69 3.02 3.64

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summary Unit 1987 1988 1989 1990 1991 1992 1993 1994 1995 1996 1997 1998 1999 2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017
income statement                                                              
Net Interest Income TRY mil ... ... ... ... ... ... ... ... ... ... ... ... ... ... ...                   1,979 2,914 2,831 2,977 3,549    
Total Revenues TRY mil ... ... ... ... ... ... ... ... ... ... ... ... ... ... ...                   2,669 3,981 3,860 4,388 4,324    
Operating Profit TRY mil ... ... ... ... ... ... ... ... ... ... ... ... ... ... ...                   1,269 2,160 1,807 2,138 1,864    
Net Profit TRY mil ... ... ... ... ... ... ... ... ... ... ... ... ... ... ...                   754 914 657 846 635    
balance sheet                                                              
Interbank Loans TRY mil ... ... ... ... ... ... ... ... ... ... ... ... ... ... ...                   828 111 309 245 315    
Customer Loans TRY mil                                                 30,271 36,440 42,725 50,246 57,226    
Debt Securities TRY mil ... ... ... ... ... ... ... ... ... ... ... ... ... ... ...                   9,506 8,425 12,237 12,558 14,681    
Total Assets TRY mil                                                 46,199 54,402 66,010 75,206 85,727    
Shareholders' Equity TRY mil                                                 5,696 7,325 7,648 8,574 9,024    
Interbank Borrowing TRY mil ... ... ... ... ... ... ... ... ... ... ... ... ... ... ...                   1,511 1,734 3,737 4,165 4,627    
Customer Deposits TRY mil                                                 29,276 32,922 38,322 42,075 48,566    
Issued Debt Securities TRY mil ... ... ... ... ... ... ... ... ... ... ... ... ... ... ...                   5,609 8,277 9,342 12,446 12,604    
ratios                                                              
ROE % ... ... ... ... ... ... ... ... ... ... ... ... ... ... ...                   13.8 14.0 8.78 10.4 7.21    
ROA % ... ... ... ... ... ... ... ... ... ... ... ... ... ... ...                   1.79 1.82 1.09 1.20 0.789    
Costs (As % Of Assets) % ... ... ... ... ... ... ... ... ... ... ... ... ... ... ...                   3.32 3.62 3.41 3.19 3.06    
Costs (As % Of Income) % ... ... ... ... ... ... ... ... ... ... ... ... ... ... ...                   52.5 45.7 53.2 51.3 56.9    
Capital Adequacy Ratio % ... ... ... ... ... ... ... ... ... ... ... ... ... ... ...                   17.2 18.8 17.0 17.0 15.4    
Net Interest Margin % ... ... ... ... ... ... ... ... ... ... ... ... ... ... ...                   4.70 5.79 4.70 4.22 4.41    
Interest Income (As % Of Revenues) % ... ... ... ... ... ... ... ... ... ... ... ... ... ... ...                   74.2 73.2 73.3 67.9 82.1    
Fee Income (As % Of Revenues) % ... ... ... ... ... ... ... ... ... ... ... ... ... ... ...                   26.7 26.2 23.9 29.3 27.3    
Staff Cost (As % Of Total Cost) % ... ... ... ... ... ... ... ... ... ... ... ... ... ... ...                   43.4 41.8 39.4 40.3 38.1    
Equity (As % Of Assets) %                                                 12.3 13.5 11.6 11.4 10.5    
Loans (As % Of Deposits) %                                                 103 111 111 119 118    
Loans (As % Assets) %                                                 65.5 67.0 64.7 66.8 66.8    
NPLs (As % Of Loans) % ... ... ... ... ... ... ... ... ... ... ... ... ... ... ...                   5.83 6.51 6.56 5.21 6.30    
Provisions (As % Of NPLs) % ... ... ... ... ... ... ... ... ... ... ... ... ... ... ...                   78.2 85.0 82.8 79.2 80.4    
valuation                                                              
Market Capitalisation (End Of Period) USD mil ... ... ... ... ... ... ... ... ... ... ... ... ... ... ... ... ... ... ... ... ... ... ... ... ... 6,534 3,942 4,387 5,779    
Number Of Shares (Average) mil ... ... ... ... ... ... ... ... ... ... ... ... ... ... ... ... ... ... ... ... ... ... ... ... ... 3,350 3,350 3,350 3,350    
Share Price (End Of Period) TRY ... ... ... ... ... ... ... ... ... ... ... ... ... ... ... ... ... ... ... ... ... ... ... ... ... 3.48 2.53 3.06 5.02    
Earnings Per Share (EPS) TRY ... ... ... ... ... ... ... ... ... ... ... ... ... ... ... ... ... ... ... ... ... ... ... ... ... 0.273 0.196 0.253 0.189    
Book Value Per Share TRY ... ... ... ... ... ... ... ... ... ... ... ... ... ... ... ... ... ... ... ... ... ... ... ... ... 2.19 2.28 2.56 2.69    
Price/Earnings (P/E) ... ... ... ... ... ... ... ... ... ... ... ... ... ... ... ... ... ... ... ... ... ... ... ... ... 12.8 12.9 12.1 26.5    
Price/Book Value (P/BV) ... ... ... ... ... ... ... ... ... ... ... ... ... ... ... ... ... ... ... ... ... ... ... ... ... 1.59 1.11 1.20 1.86    
Earnings Per Share Growth % ... ... ... ... ... ... ... ... ... ... ... ... ... ... ... ... ... ... ... ... ... ... ... ... ... ... -28.1 28.7 -25.0    
Book Value Per Share Growth % ... ... ... ... ... ... ... ... ... ... ... ... ... ... ... ... ... ... ... ... ... ... ... ... ... ... 4.41 12.1 5.24    
income statement Unit 1987 1988 1989 1990 1991 1992 1993 1994 1995 1996 1997 1998 1999 2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017
income statement                                                              
Interest Income TRY mil ... ... ... ... ... ... ... ... ... ... ... ... ... ... ...                   4,034 5,647 5,075 6,263 6,830    
Interest Cost TRY mil ... ... ... ... ... ... ... ... ... ... ... ... ... ... ...                   2,054 2,734 2,244 3,285 3,282    
Net Interest Income TRY mil ... ... ... ... ... ... ... ... ... ... ... ... ... ... ...                   1,979 2,914 2,831 2,977 3,549    
Net Fee Income TRY mil ... ... ... ... ... ... ... ... ... ... ... ... ... ... ...                   713 1,042 923 1,286 1,181    
Other Income TRY mil ... ... ... ... ... ... ... ... ... ... ... ... ... ... ...                   -23.2 25.5 106 125 -405    
Total Revenues TRY mil ... ... ... ... ... ... ... ... ... ... ... ... ... ... ...                   2,669 3,981 3,860 4,388 4,324    
Staff Cost TRY mil ... ... ... ... ... ... ... ... ... ... ... ... ... ... ...                   608 762 810 907 937    
Operating Cost TRY mil ... ... ... ... ... ... ... ... ... ... ... ... ... ... ...                   1,400 1,821 2,053 2,250 2,461    
Operating Profit TRY mil ... ... ... ... ... ... ... ... ... ... ... ... ... ... ...                   1,269 2,160 1,807 2,138 1,864    
Provisions TRY mil ... ... ... ... ... ... ... ... ... ... ... ... ... ... ...                   272 978 967 1,037 1,052    
Extra and Other Cost TRY mil ... ... ... ... ... ... ... ... ... ... ... ... ... ... ...                   0 0 0 0 0    
Pre-Tax Profit TRY mil ... ... ... ... ... ... ... ... ... ... ... ... ... ... ...                   996 1,182 839 1,101 812    
Tax TRY mil ... ... ... ... ... ... ... ... ... ... ... ... ... ... ...                   242 269 182 255 177    
Net Profit TRY mil ... ... ... ... ... ... ... ... ... ... ... ... ... ... ...                   754 914 657 846 635    
growth rates                                                              
Net Interest Income Growth % ... ... ... ... ... ... ... ... ... ... ... ... ... ... ... ...                 -10.5 47.2 -2.83 5.16 19.2    
Net Fee Income Growth % ... ... ... ... ... ... ... ... ... ... ... ... ... ... ... ...                 22.5 46.2 -11.4 39.2 -8.13    
Total Revenue Growth % ... ... ... ... ... ... ... ... ... ... ... ... ... ... ... ...                 -1.73 49.2 -3.04 13.7 -1.45    
Operating Cost Growth % ... ... ... ... ... ... ... ... ... ... ... ... ... ... ... ...                 3.80 30.1 12.8 9.57 9.37    
Operating Profit Growth % ... ... ... ... ... ... ... ... ... ... ... ... ... ... ... ...                 -7.18 70.3 -16.4 18.4 -12.8    
Pre-Tax Profit Growth % ... ... ... ... ... ... ... ... ... ... ... ... ... ... ... ...                 -10.4 18.7 -29.0 31.2 -26.3    
Net Profit Growth % ... ... ... ... ... ... ... ... ... ... ... ... ... ... ... ...                 -15.9 21.1 -28.1 28.7 -25.0    
market share                                                              
Market Share in Revenues % ... ... ... ... ... ... ... ... ... ... ... ... ... ... ...                   4.55 5.47 4.78 4.93 4.36   ...
Market Share in Net Profit % ... ... ... ... ... ... ... ... ... ... ... ... ... ... ...                   3.96 4.04 2.78 3.46 2.47   ...
Market Share in Employees %                                                 5.97 6.48 7.07 6.39 6.44    
Market Share in Branches %                                                 5.31 5.69 6.12 5.86 5.74    
balance sheet Unit 1987 1988 1989 1990 1991 1992 1993 1994 1995 1996 1997 1998 1999 2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017
balance sheet                                                              
Cash TRY mil ... ... ... ... ... ... ... ... ... ... ... ... ... ... ...                   2,958 5,347 8,284 8,700 9,970    
Interbank Loans TRY mil ... ... ... ... ... ... ... ... ... ... ... ... ... ... ...                   828 111 309 245 315    
Customer Loans TRY mil                                                 30,271 36,440 42,725 50,246 57,226    
Debt Securities TRY mil ... ... ... ... ... ... ... ... ... ... ... ... ... ... ...                   9,506 8,425 12,237 12,558 14,681    
Fixed Assets TRY mil ... ... ... ... ... ... ... ... ... ... ... ... ... ... ...                   518 593 726 1,701 1,836    
Total Assets TRY mil                                                 46,199 54,402 66,010 75,206 85,727    
Shareholders' Equity TRY mil                                                 5,696 7,325 7,648 8,574 9,024    
Liabilities TRY mil                                                 40,503 47,076 58,361 66,632 76,704    
Interbank Borrowing TRY mil ... ... ... ... ... ... ... ... ... ... ... ... ... ... ...                   1,511 1,734 3,737 4,165 4,627    
Customer Deposits TRY mil                                                 29,276 32,922 38,322 42,075 48,566    
Issued Debt Securities TRY mil ... ... ... ... ... ... ... ... ... ... ... ... ... ... ...                   5,609 8,277 9,342 12,446 12,604    
Other Liabilities TRY mil ... ... ... ... ... ... ... ... ... ... ... ... ... ... ...                   4,107 4,144 6,961 7,947 10,907    
asset quality                                                              
Non-Performing Loans TRY mil ... ... ... ... ... ... ... ... ... ... ... ... ... ... ...                   1,845 2,522 2,993 2,743 3,788    
Gross Loans TRY mil ... ... ... ... ... ... ... ... ... ... ... ... ... ... ...                   31,645 38,717 45,597 52,630 60,117    
Total Provisions TRY mil ... ... ... ... ... ... ... ... ... ... ... ... ... ... ...                   1,443 2,143 2,480 2,172 3,046    
growth rates                                                              
Customer Loan Growth % ...                                               21.8 20.4 17.2 17.6 13.9    
Total Asset Growth % ...                                               21.3 17.8 21.3 13.9 14.0    
Shareholders' Equity Growth % ...                                               9.36 28.6 4.41 12.1 5.24    
Customer Deposit Growth % ...                                               19.8 12.5 16.4 9.79 15.4    
market share                                                              
Market Share in Customer Loans %                                                 4.76 4.97 4.41 4.38 4.14    
Market Share in Total Assets %                                                 3.98 4.19 4.04 3.98 3.83    
Market Share in Customer Deposits %                                                 4.46 4.54 4.28 4.22 4.15    
ratios Unit 1987 1988 1989 1990 1991 1992 1993 1994 1995 1996 1997 1998 1999 2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017
ratios                                                              
ROE % ... ... ... ... ... ... ... ... ... ... ... ... ... ... ...                   13.8 14.0 8.78 10.4 7.21    
ROA % ... ... ... ... ... ... ... ... ... ... ... ... ... ... ...                   1.79 1.82 1.09 1.20 0.789    
Costs (As % Of Assets) % ... ... ... ... ... ... ... ... ... ... ... ... ... ... ...                   3.32 3.62 3.41 3.19 3.06    
Costs (As % Of Income) % ... ... ... ... ... ... ... ... ... ... ... ... ... ... ...                   52.5 45.7 53.2 51.3 56.9    
Capital Adequacy Ratio % ... ... ... ... ... ... ... ... ... ... ... ... ... ... ...                   17.2 18.8 17.0 17.0 15.4    
Tier 1 Ratio % ... ... ... ... ... ... ... ... ... ... ... ... ... ... ... ... ... ... ... ... ... ... ... ... ... ... ... ... ...    
Net Interest Margin % ... ... ... ... ... ... ... ... ... ... ... ... ... ... ...                   4.70 5.79 4.70 4.22 4.41    
Interest Spread % ... ... ... ... ... ... ... ... ... ... ... ... ... ... ...                   3.97 4.98 4.17 3.61 3.91    
Asset Yield % ... ... ... ... ... ... ... ... ... ... ... ... ... ... ...                   9.57 11.2 8.43 8.87 8.49    
Cost Of Liabilities % ... ... ... ... ... ... ... ... ... ... ... ... ... ... ...                   5.60 6.24 4.26 5.26 4.58    
Interest Income (As % Of Revenues) % ... ... ... ... ... ... ... ... ... ... ... ... ... ... ...                   74.2 73.2 73.3 67.9 82.1    
Fee Income (As % Of Revenues) % ... ... ... ... ... ... ... ... ... ... ... ... ... ... ...                   26.7 26.2 23.9 29.3 27.3    
Other Income (As % Of Revenues) % ... ... ... ... ... ... ... ... ... ... ... ... ... ... ...                   -0.871 0.639 2.73 2.85 -9.37    
Cost Per Employee USD per month ... ... ... ... ... ... ... ... ... ... ... ... ... ... ...                   2,783 2,924 2,534 2,627 2,298    
Cost Per Employee (Local Currency) TRY per month ... ... ... ... ... ... ... ... ... ... ... ... ... ... ...                   4,676 5,263 4,832 5,894 6,028    
Staff Cost (As % Of Total Cost) % ... ... ... ... ... ... ... ... ... ... ... ... ... ... ...                   43.4 41.8 39.4 40.3 38.1    
Equity (As % Of Assets) %                                                 12.3 13.5 11.6 11.4 10.5    
Loans (As % Of Deposits) %                                                 103 111 111 119 118    
Loans (As % Assets) %                                                 65.5 67.0 64.7 66.8 66.8    
NPLs (As % Of Loans) % ... ... ... ... ... ... ... ... ... ... ... ... ... ... ...                   5.83 6.51 6.56 5.21 6.30    
Provisions (As % Of NPLs) % ... ... ... ... ... ... ... ... ... ... ... ... ... ... ...                   78.2 85.0 82.8 79.2 80.4    
Provisions (As % Of Loans) % ... ... ... ... ... ... ... ... ... ... ... ... ... ... ...                   4.77 5.88 5.80 4.32 5.32    
Cost of Provisions (As % Of Loans) % ... ... ... ... ... ... ... ... ... ... ... ... ... ... ...                   0.988 2.93 2.44 2.23 1.96    
other data Unit 1987 1988 1989 1990 1991 1992 1993 1994 1995 1996 1997 1998 1999 2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017
other data                                                              
Branches                                                 522 582 674 658 642    
Employees                                                 10,837 12,060 13,967 12,830 12,950    
ATMs ... ... ... ... ... ... ... ... ... ... ... ... ... ... ... ... ... ... ... ... ... ... ... ... ... ... ... ... ... ...  

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QNB Finansbank's employees fell 4.79% to 11,854 in 2017

By Helgi Analytics - June 24, 2018

QNB Finansbank employed 11,854 persons in 2017, down 4.79% when compared to the previous year. Historically, the bank's workforce hit an all time high of 13,967 persons in 2013 and an all time low of 2,811 in 2002. Average cost reached USD 2,336 per month per emp...

QNB Finansbank's npls (as % of loans) fell 13.5% to 5.02% in 2017

By Helgi Analytics - June 24, 2018

QNB Finansbank's non-performing loans reached 5.02% of total loans at the end of 2017, down from 5.81% compared to the previous year. Historically, the NPL ratio hit an all time high of 9.20% in 2002 and an all time low of 2.05% in 2004. Provision coverage ...

QNB Finansbank's net interest income rose 32.9% to TRY 5,473 mil in 2017

By Helgi Analytics - June 24, 2018

QNB Finansbank generated total banking revenues of TRY 6,052 mil in 2017, up 18.2% 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 TRY 6,052 mil in 2017 and a...

QNB Finansbank's costs (as % of assets) fell 7.70% to 2.52% in 2017

By Helgi Analytics - June 24, 2018

QNB Finansbank's cost to income ratio reached 47.5% in 2017, down from 50.0% compared to the previous year. Historically, the bank’s costs reached an all time high of 56.9% of income in 2015 and an all time low of 38.6% in 2006. When compared to total asse...

QNB Finansbank's net interest margin rose 9.31% to 4.81% in 2017

By Helgi Analytics - June 24, 2018

QNB Finansbank's net interest margin amounted to 4.81% in 2017, up from 4.40% compared to the previous year. Historically, the bank’s net interest margin reached an all time high of 10.3% in 2002 and an all time low of 4.22% in 2014. The average margin ...

QNB Finansbank's price/earnings (P/E) fell 13.5% to 11.8 in 2017

By Helgi Analytics - June 24, 2018

QNB Finansbank stock traded at TRY 5.46 per share at the end 2017 implying a market capitalization of USD 4,836 mil. Since the end of 2012, the stock has appreciated by 56.9 % implying an annual average growth of 9.43 %. In absolute terms, the value of the company ...

QNB Finansbank's customer loan growth rose 221% to 31.8% in 2017

By Helgi Analytics - June 24, 2018

QNB Finansbank's customer loan growth reached 31.8% in 2017, up from 9.92% compared to the previous year. Historically, the bank’s loans growth reached an all time high of 425% in 1988 and an all time low of -1.85% in 2009. In the last decade, the average...

QNB Finansbank's total revenues rose 18.2% to TRY 5,118 mil in 2017

By Helgi Analytics - July 16, 2018

QNB Finansbank generated total banking revenues of TRY 5,118 mil in 2016, up 18.4% compared to the previous year. Turkish banking sector banking sector generated total revenues of TRY 121,108 mil in 2016, up 22.1% when compared to the last year. ...

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Finance

QNB Finansbank has been growing its revenues and asset by 11.6% and 19.7% a year on average in the last 10 years. Its loans and deposits have grown by 19.3% and 18.0% a year during that time and loans to deposits ratio reached 122% at the end of 2017. The company achieved an average return on equity of 12.6% in the last decade with net profit growing 9.57% a year on average. In terms of operating efficiency, its cost to income ratio reached 47.5% in 2017, compared to 50.4% average in the last decade.

Equity represented 9.66% of total assets or 14.7% of loans at the end of 2017. QNB Finansbank's non-performing loans were 5.02% of total loans while provisions covered some 81.5% of NPLs at the end of 2017.

Valuation

QNB Finansbank stock traded at TRY 5.46 per share at the end of 2017 resulting in a market capitalization of USD 4,836 mil. Over the previous five years, stock price rose by 56.9% or 9.43% a year on average. That’s compared to an average ROE of 10.4% the bank generated for its shareholders. This closing price put stock at a 12-month trailing price to earnings (PE) of 11.8x and price to book value (PBV) of 1.50x in 2017.