Santander Bank Polska

Santander Polska's net profit fell 6.77% yoy to PLN 607 mil in 2Q2019

By Helgi Analytics - August 15, 2019

Santander Bank Polska made a net profit of PLN 607 mil in the second quarter of 2019, down 6.77% when compared to the same period...

Santander Polska's corporate loans rose 16.6% yoy to PLN 67,889 mil in 2Q2019

By Helgi Analytics - August 15, 2019

Santander Bank Polska's loans reached PLN 145,546 mil in the second quarter of 2019, up from PLN 143,332 mil when compared t...

Santander Polska's market capitalisation (end of period) rose 0.193% to USD 10,149 mil in 2Q2019

By Helgi Analytics - January 26, 2020

Santander Bank Polska stock traded at PLN 371 per share at the end of second quarter of 2019 implying a market capitalization of USD...

Profit Statement 2016 2017 2018
Net Interest Income PLN mil 4,770 5,277 5,742
Net Fee Income PLN mil 1,915 2,013 2,058
Other Income PLN mil 766 474 915
Total Revenues PLN mil 7,451 7,764 8,715
Staff Cost PLN mil 1,510 1,563 1,670
Operating Profit PLN mil 3,985 4,391 4,946
Provisions PLN mil 785 690 1,085
Net Profit PLN mil 2,167 2,213 2,397
Balance Sheet 2016 2017 2018
Interbank Loans PLN mil 3,513 2,136 2,936
Customer Loans PLN mil 103,069 107,840 137,460
Debt Securities PLN mil 32,557 32,050 49,022
Total Assets PLN mil 150,100 152,674 205,853
Shareholders' Equity PLN mil 21,019 23,344 26,642
Interbank Borrowing PLN mil 2,561 1,817 2,146
Customer Deposits PLN mil 112,522 111,481 149,617
Issued Debt Securities PLN mil 9,802 10,035 21,354
Ratios 2016 2017 2018
ROE % 10.4 9.98 9.59
ROA % 1.50 1.46 1.34
Costs (As % Of Assets) % 2.39 2.23 2.10
Costs (As % Of Income) % 46.5 43.4 43.2
Capital Adequacy Ratio % 14.6 16.7 16.0
Net Interest Margin % 3.29 3.49 3.20
Loans (As % Of Deposits) % 91.6 96.7 91.9
NPLs (As % Of Loans) % 6.58 5.80 4.10
Provisions (As % Of NPLs) % 59.0 74.1 75.4
Valuation 2016 2017 2018
Market Capitalisation (End Of Period) USD mil 7,503 11,297 9,778
Share Price (End Of Period) PLN 316 396 358
Price/Earnings (P/E) 14.5 17.8 15.3
Price/Book Value (P/BV) 1.49 1.69 1.37
Dividend Yield % 0.981 0 0
Earnings Per Share (EPS) 21.8 22.3 23.5
Book Value Per Share 212 235 261
Dividend Per Share 3.10 0 0

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summary Unit 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 ...                       2,301 3,277 3,997 4,309 4,770    
Total Revenues PLN mil ...                       4,136 6,090 6,579 7,540 7,451    
Operating Profit PLN mil ...                       2,318 3,228 3,475 3,975 3,985    
Net Profit PLN mil ...                       1,434 1,982 1,915 2,327 2,167    
balance sheet                                      
Interbank Loans PLN mil ...                       1,458 2,213 2,523 3,581 3,513    
Customer Loans PLN mil ...                       39,868 68,132 85,821 94,914 103,069    
Debt Securities PLN mil ...                       12,801 24,825 32,579 29,242 32,557    
Total Assets PLN mil ...                       60,019 105,965 134,502 139,709 150,100    
Shareholders' Equity PLN mil ...                       8,978 14,483 18,052 20,568 21,019    
Interbank Borrowing PLN mil ...                       1,351 6,279 8,360 1,067 2,561    
Customer Deposits PLN mil ...                       47,077 78,543 94,982 101,245 112,522    
Issued Debt Securities PLN mil ...                       1,460 3,530 8,953 9,463 9,802    
ratios                                      
ROE % ...                       17.4 16.9 11.8 12.1 10.4    
ROA % ...                       2.39 2.39 1.59 1.70 1.50    
Costs (As % Of Assets) % ...                       3.04 3.45 2.58 2.60 2.39    
Costs (As % Of Income) % ...                       44.0 47.0 47.2 47.3 46.5    
Capital Adequacy Ratio %                         16.5 13.9 12.9 14.6 14.6    
Net Interest Margin % ...                       3.84 3.95 3.32 3.14 3.29    
Interest Income (As % Of Revenues) % ...                       55.6 53.8 60.8 57.1 64.0    
Fee Income (As % Of Revenues) % ...                       33.5 29.2 28.1 25.7 25.7    
Staff Cost (As % Of Total Cost) % ...                       52.4 48.1 46.7 43.3 43.6    
Equity (As % Of Assets) % ...                       15.0 13.7 13.4 14.7 14.0    
Loans (As % Of Deposits) % ...                       84.7 86.7 90.4 93.7 91.6    
Loans (As % Assets) % ...                       66.4 64.3 63.8 67.9 68.7    
NPLs (As % Of Loans) % ...                       5.45 7.90 8.37 7.30 6.58    
Provisions (As % Of NPLs) % ...                       68.4 61.7 67.3 70.3 59.0    
valuation                                      
Market Capitalisation (End Of Period) USD mil ...                       5,836 12,032 10,511 7,224 7,503    
Number Of Shares (Average) mil ...                       74.6 93.5 99.2 99.2 99.2    
Share Price (End Of Period) PLN ...                       242 388 375 284 316    
Earnings Per Share (EPS) ...                       19.2 21.2 19.3 23.5 21.8    
Book Value Per Share ...                       120 155 182 207 212    
Dividend Per Share ...                       9.53 10.7 0 5.40 3.10    
Price/Earnings (P/E) ...                       12.6 18.3 19.4 12.1 14.5    
Price/Book Value (P/BV) ...                       2.01 2.50 2.06 1.37 1.49    
Dividend Yield % ...                       3.94 2.76 0 1.90 0.981    
Earnings Per Share Growth % ... ...                     18.5 10.3 -8.95 21.5 -6.89    
Book Value Per Share Growth % ... ...                     17.5 28.7 17.5 13.9 2.19    
income statement Unit 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 ...                       3,867 5,215 5,723 5,709 6,061    
Interest Cost PLN mil ...                       1,566 1,939 1,726 1,400 1,291    
Net Interest Income PLN mil ...                       2,301 3,277 3,997 4,309 4,770    
Net Fee Income PLN mil ...                       1,385 1,779 1,848 1,938 1,915    
Other Income PLN mil ...                       450 1,035 734 1,293 766    
Total Revenues PLN mil ...                       4,136 6,090 6,579 7,540 7,451    
Staff Cost PLN mil ...                       953 1,376 1,450 1,544 1,510    
Depreciation PLN mil ...                       138 219 308 257 277    
Other Cost PLN mil ...                       728 1,267 1,346 1,764 1,678    
Operating Cost PLN mil ...                       1,819 2,862 3,104 3,565 3,466    
Operating Profit PLN mil ...                       2,318 3,228 3,475 3,975 3,985    
Provisions PLN mil ...                       502 729 837 811 785    
Extra and Other Cost PLN mil ...                       -21.3 -16.3 -1.39 -13.8 78.5    
Pre-Tax Profit PLN mil ...                       1,837 2,515 2,640 3,178 3,122    
Tax PLN mil ...                       374 500 593 644 738    
Minorities PLN mil ...                       28.8 32.3 133 207 217    
Net Profit PLN mil ...                       1,434 1,982 1,915 2,327 2,167    
Dividends PLN mil ...                       711 1,001 0 536 308    
growth rates                                      
Net Interest Income Growth % ... ...                     11.2 42.4 22.0 7.81 10.7    
Net Fee Income Growth % ... ...                     2.01 28.4 3.89 4.89 -1.21    
Total Revenue Growth % ... ...                     8.20 47.2 8.03 14.6 -1.18    
Operating Cost Growth % ... ...                     -5.50 57.4 8.45 14.9 -2.78    
Operating Profit Growth % ... ...                     22.1 39.3 7.67 14.4 0.250    
Pre-Tax Profit Growth % ... ...                     19.1 36.9 4.98 20.4 -1.77    
Net Profit Growth % ... ...                     21.1 38.3 -3.41 21.5 -6.89    
market share                                      
Market Share in Revenues % ...                       7.04 11.0 11.4 13.5 12.6   ...
Market Share in Net Profit % ...                       9.27 13.1 12.1 20.8 15.6   ...
Market Share in Employees % ... ...                     4.85 7.03 8.43 8.12 8.54   ...
Market Share in Bank Cards % ... ... ... ... ... ... ... ... ...       9.31 12.4 14.0 15.5 11.2   ...
Market Share in Debit Cards % ... ... ... ... ... ... ... ... ...       10.1 13.1 14.5 14.1 10.4   ...
Market Share in Credit Cards % ... ... ... ... ... ... ... ... ...       6.48 9.29 11.5 20.7 13.3   ...
Market Share in Branches % ... ...                     3.38 5.44 6.40 6.15 5.68   ...
balance sheet Unit 2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018
balance sheet                                      
Cash PLN mil ...                       4,157 5,150 6,807 6,230 4,776    
Interbank Loans PLN mil ...                       1,458 2,213 2,523 3,581 3,513    
Customer Loans PLN mil ...                       39,868 68,132 85,821 94,914 103,069    
Retail Loans PLN mil ... ...                     13,697 34,041 47,784 51,950 56,291    
Mortgage Loans PLN mil ... ...                     8,081 25,295 30,861 33,721 38,398    
Consumer Loans PLN mil ... ... ... ...                 5,617 8,747 16,923 18,230 17,893    
Corporate Loans PLN mil ... ... ...                   27,080 34,253 39,150 43,307 51,656    
Debt Securities PLN mil ...                       12,801 24,825 32,579 29,242 32,557    
Fixed Assets PLN mil ...                       607 3,682 3,805 2,985 3,054    
Total Assets PLN mil ...                       60,019 105,965 134,502 139,709 150,100    
Shareholders' Equity PLN mil ...                       8,978 14,483 18,052 20,568 21,019    
Of Which Minority Interest PLN mil ...                       93.3 611 1,521 1,176 1,238    
Liabilities PLN mil ...                       51,042 91,482 116,450 119,141 129,081    
Interbank Borrowing PLN mil ...                       1,351 6,279 8,360 1,067 2,561    
Customer Deposits PLN mil ...                       47,077 78,543 94,982 101,245 112,522    
Retail Deposits PLN mil ... ... ...                   28,073 47,999 58,257 59,201 63,548    
Corporate Deposits PLN mil ... ... ...                   17,187 27,045 33,150 39,307 48,975    
Sight Deposits PLN mil ... ... ... ... ... ... ... ... ... ... ... ... ... 36,842 48,475 48,713 37,196    
Term Deposits PLN mil ... ... ... ... ... ... ... ... ... ... ... ... ... 38,738 43,048 48,564 75,327    
Issued Debt Securities PLN mil ...                       1,460 3,530 8,953 9,463 9,802    
Other Liabilities PLN mil ...                       1,153 3,130 4,155 7,366 4,195    
asset quality                                      
Non-Performing Loans PLN mil ...                       2,257 5,658 7,612 7,303 7,103    
Gross Loans PLN mil ...                       41,412 71,622 90,947 100,045 107,947    
Total Provisions PLN mil ...                       1,544 3,490 5,127 5,131 4,191    
growth rates                                      
Customer Loan Growth % ... ...                     4.87 70.9 26.0 10.6 8.59    
Retail Loan Growth % ... ... ...                   9.11 149 40.4 8.72 8.36    
Mortgage Loan Growth % ... ... ...                   6.25 213 22.0 9.27 13.9    
Consumer Loan Growth % ... ... ... ... ...               13.5 55.7 93.5 7.72 -1.85    
Corporate Loan Growth % ... ... ... ...                 4.47 26.5 14.3 10.6 19.3    
Total Asset Growth % ... ...                     0.372 76.6 26.9 3.87 7.44    
Shareholders' Equity Growth % ... ...                     20.0 61.3 24.6 13.9 2.19    
Customer Deposit Growth % ... ...                     0.529 66.8 20.9 6.59 11.1    
Retail Deposit Growth % ... ... ... ...                 5.58 71.0 21.4 1.62 7.34    
Corporate Deposit Growth % ... ... ... ...                 -7.42 57.4 22.6 18.6 24.6    
market share                                      
Market Share in Customer Loans % ...                       4.26 7.01 8.26 8.59 8.86   ...
Market Share in Corporate Loans % ... ... ...                   9.95 12.3 13.0 13.2 15.0   ...
Market Share in Retail Loans % ... ... ... ...                 2.66 4.00 7.26 7.37 6.87   ...
Market Share in Consumer Loans % ... ...                     2.57 6.14 8.11 8.27 8.52   ...
Market Share in Mortgage Loans % ... ...                     2.51 7.54 8.67 8.84 9.59   ...
Market Share in Total Assets % ...                       4.45 7.54 8.78 8.73 8.77   ...
Market Share in Customer Deposits % ...                       5.07 8.03 9.08 9.08 9.28   ...
Market Share in Retail Deposits % ... ... ...                   5.44 8.76 9.61 8.89 8.70   ...
Market Share in Corporate Deposits % ... ... ...                   8.99 12.9 14.5 15.5 17.8   ...
ratios Unit 2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018
ratios                                      
ROE % ...                       17.4 16.9 11.8 12.1 10.4    
ROA % ...                       2.39 2.39 1.59 1.70 1.50    
Costs (As % Of Assets) % ...                       3.04 3.45 2.58 2.60 2.39    
Costs (As % Of Income) % ...                       44.0 47.0 47.2 47.3 46.5    
Capital Adequacy Ratio %                         16.5 13.9 12.9 14.6 14.6    
Tier 1 Ratio % ... ... ... ... ... ... ... ...         14.3 11.4 12.5 14.1 15.1    
Net Interest Margin % ...                       3.84 3.95 3.32 3.14 3.29    
Interest Spread % ... ...                     3.42 3.56 3.10 2.98 3.14    
Asset Yield % ...                       6.46 6.28 4.76 4.16 4.18    
Cost Of Liabilities % ... ...                     3.03 2.72 1.66 1.19 1.04    
Payout Ratio % ...                       49.6 50.5 0 23.0 14.2    
Interest Income (As % Of Revenues) % ...                       55.6 53.8 60.8 57.1 64.0    
Fee Income (As % Of Revenues) % ...                       33.5 29.2 28.1 25.7 25.7    
Other Income (As % Of Revenues) % ...                       10.9 17.0 11.2 17.1 10.3    
Cost Per Employee USD per month ... ...                     2,762 2,876 2,485 2,432 2,109    
Cost Per Employee (Local Currency) PLN per month ... ...                     8,989 9,089 8,143 9,050 8,520    
Staff Cost (As % Of Total Cost) % ...                       52.4 48.1 46.7 43.3 43.6    
Equity (As % Of Assets) % ...                       15.0 13.7 13.4 14.7 14.0    
Loans (As % Of Deposits) % ...                       84.7 86.7 90.4 93.7 91.6    
Loans (As % Assets) % ...                       66.4 64.3 63.8 67.9 68.7    
NPLs (As % Of Loans) % ...                       5.45 7.90 8.37 7.30 6.58    
Provisions (As % Of NPLs) % ...                       68.4 61.7 67.3 70.3 59.0    
Provisions (As % Of Loans) % ...                       3.87 5.12 5.97 5.41 4.07    
Cost of Provisions (As % Of Loans) % ...                       1.29 1.35 1.09 0.897 0.793    
other data Unit 2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018
other data                                      
Branches ... ...                     519 830 961 890 821    
Employees ... ...                     8,835 12,612 14,835 14,218 14,772    
ATMs ... ... ...     ... ... ...         1,059 1,385 1,365 1,525 1,650    
Clients mil ... ... ... ... ... ... ... ... ...       0 ... ... ... 0    
E-Clients mil ... ... ... ... ... ... ... ... ... ... ... ... ... ... ... ... 3.22    
Payment Cards '000 ... ... ... ... ... ... ... ... ...       3,100 4,263 4,994 5,300 3,987    
Debit Cards '000 ... ... ... ... ... ... ... ... ...       2,682 3,693 4,300 4,100 3,208    
Credit Cards '000 ... ... ... ... ... ... ... ... ...       418 570 694 1,200 780    
Sight (As % Of Customer Deposits) % ... ... ... ... ... ... ... ... ... ... ... ... ... 46.9 51.0 48.1 33.1    

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Santander Polska's capital adequacy ratio fell 8.55% yoy to 16.3% in 2Q2019

By Helgi Analytics - August 15, 2019

Santander Bank Polska's capital adequacy ratio reached 16.3% at the end of second quarter of 2019, down from 16.5% when compared to the previous quarter. Historically, the bank’s capital ratio hit an all time high of 17.8% in 2Q2018 and an all time low of 10.7% in ...

Santander Polska's share price (end of period) rose 11.2% yoy to PLN 371 in 2Q2019

By Helgi Analytics - August 15, 2019

Santander Bank Polska stock traded at PLN 371 per share at the end of second quarter of 2019 implying a market capitalization of USD 10,149 mil. Over the last five years, the stock has depreciated by -2.75 % implying an annual average growth of -0.557 %. In absolute t...

Santander Polska's net interest income rose 16.3% yoy to PLN 1,624 mil in 2Q2019

By Helgi Analytics - August 15, 2019

Santander Bank Polska generated total banking revenues of PLN 2,396 mil in the second quarter of 2019, up 9.56% when compared to the same period of last year and 6.71% when compared to the previous quarter. Historically, the bank’s revenues containing of inte...

Santander Polska's costs (as % of assets) fell 11.7% yoy to 1.98% in 2Q2019

By Helgi Analytics - August 15, 2019

Santander Bank Polska's cost to income ratio reached 42.9% in the second quarter of 2019, down from 55.2% when compared to the previous quarter. Historically, the bank’s costs reached an all time high of 62.7% of income in 4Q2007 and an all time low of 35.2%...

Santander Polska's npls (as % of loans) fell 10.4% yoy to 4.30% in 2Q2019

By Helgi Analytics - August 15, 2019

Santander Bank Polska's non-performing loans reached 4.30% of total loans at the end of 2019-06-30, down from 4.80% compared to the previous year. Historically, the NPL ratio hit an all time high of 8.37% in 2014-12-31 and an all time low of 2.30% in 2008-09-30. ...

Santander Polska's price/earnings (P/E) rose 11.1% yoy to 16.7 in 2Q2019

By Helgi Analytics - August 15, 2019

Santander Bank Polska stock traded at PLN 371 per share at the end second quarter of 2019 implying a market capitalization of USD 10,149 mil. Since the end of 2Q2014, the stock has depreciated by -2.75 % implying an annual average growth of -0.557 %. In absolute terms...

Santander Polska's net interest margin fell 8.43% yoy to 3.14% in 2Q2019

By Helgi Analytics - August 15, 2019

Santander Bank Polska's net interest margin amounted to 3.14% in the second quarter of 2019, up from 3.11% when compared to the previous quarter. Historically, the bank’s net interest margin reached an all time high of 3.95% in 4Q2012 and an all time low of ...

Santander Polska's employees fell 1.60% yoy to 14,058 in 2Q2019

By Helgi Analytics - August 15, 2019

Santander Bank Polska employed 14,058 persons in 2019-06-30, down 3.99% when compared to the previous year. Historically, the bank's workforce hit an all time high of 15,347 persons in 2018-12-31 and an all time low of 7,955 in 2006-12-31. Average cost reached USD...

Santander Polska's branches fell 1.59% yoy to 682 in 2Q2019

By Helgi Analytics - August 15, 2019

Santander Bank Polska employed 14,058 persons in 2019-06-30, down 3.99% compared to the previous year. Historically, the bank's workforce hit an all time high of 15,347 persons in 2018-12-31 and an all time low of 7,955 in 2006-12-31. The bank operated a netwo...

Santander Polska's equity (as % of assets) fell 12.6% yoy to 12.4% in 2Q2019

By Helgi Analytics - October 7, 2019

Santander Bank Polska'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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Santander Bank Polska is a Polish universal bank. It was formed in 2001 by the merger of Bank Zachodni and Wielkopolski Bank Kredytowy. In 2013, it further acquired KBC's Kredyt Bank to establish the third largest bank in Poland in terms of assets and the number of outlets. Santander Bank Polska has a network of over 600 branches and provides services to more than 3.8 mil customers. Apart from the traditional retail and corporate banking, it also offers such services as securities intermediation, leasing, factoring, asset and fund management, insurance, and shares trading. Since 2011, the Bank has been owned by the Spanish Santander Group.

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Finance

Santander Bank Polska has been growing its revenues and asset by 10.4% and 13.6% a year on average in the last 10 years. Its loans and deposits have grown by 14.6% and 13.3% a year during that time and loans to deposits ratio reached 91.9% at the end of 2018. The company achieved an average return on equity of 13.6% in the last decade with net profit growing 10.8% a year on average. In terms of operating efficiency, its cost to income ratio reached 43.2% in 2018, compared to 46.9% average in the last decade.

Equity represented 12.9% of total assets or 19.4% of loans at the end of 2018. Santander Bank Polska's non-performing loans were 4.10% of total loans while provisions covered some 75.4% of NPLs at the end of 2018.

Valuation

Santander Bank Polska stock traded at PLN 358 per share at the end of 2018 resulting in a market capitalization of USD 9,778 mil. Over the previous five years, stock price fell by 7.59% or 1.57% a year on average. That’s compared to an average ROE of 10.8% the bank generated for its shareholders. This closing price put stock at a 12-month trailing price to earnings (PE) of 15.3x and price to book value (PBV) of 1.37x in 2018.