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Wustenrot Group

Wustenrot Group's net profit rose 6.04% yoy to CZK 604 mil in 2020

By Helgi Analytics - September 28, 2021

Wustenrot Group made a net profit of CZK 604 mil under revenues of CZK 1,542 mil in 2020, up 6.04% and -2.40% respectively compared t...

Wustenrot Group's net profit rose 6.04% yoy to CZK 604 mil in 2020

By Helgi Analytics - September 28, 2021

Wustenrot Group made a net profit of CZK 604 mil in 2020, up 6.04% compared to the previous year. This implies a return on equit...

Wustenrot Group's employees fell 56.0% yoy to 135 in 2020

By Helgi Analytics - September 28, 2021

Wustenrot Group employed 135 persons in 2020, down 56.0% when compared to the previous year. Historically, the bank's workforce ...

Profit Statement 2018 2019 2020
Net Interest Income CZK mil 1,187 1,208 1,014
Net Fee Income CZK mil 149 107 107
Other Income CZK mil 189 265 421
Total Revenues CZK mil 1,525 1,580 1,542
Staff Cost CZK mil 299 337 289
Operating Profit CZK mil 603 614 718
Provisions CZK mil 128 -91.0 -36.0
Net Profit CZK mil 420 570 604
Balance Sheet 2018 2019 2020
Interbank Loans CZK mil 3,608 6,705 8,820
Customer Loans CZK mil 50,888 56,025 55,591
Investments CZK mil 14,458 14,042 7,316
Total Assets CZK mil 72,644 77,844 73,292
Shareholders' Equity CZK mil 5,435 5,376 5,094
Interbank Borrowing CZK mil 1,050 688 4,009
Customer Deposits CZK mil 48,475 55,476 53,567
Issued Debt Securities CZK mil 16,638 15,438 10,018
Ratios 2018 2019 2020
ROE % 7.61 10.5 11.5
ROA % 0.591 0.757 0.799
Costs (As % Of Assets) % 1.30 1.28 1.09
Costs (As % Of Income) % 60.5 61.2 53.4
Net Interest Margin % 1.67 1.61 1.34
Loans (As % Of Deposits) % 105 101 104
NPLs (As % Of Loans) % 4.05 2.22 2.18
Provisions (As % Of NPLs) % 69.1 101 47.8
Valuation 2018 2019 2020
Market Capitalisation USD mil 203 201 213
Number Of Shares mil 1.00 1.00 1.00
Share Price CZK 4,550 4,550 4,550
Price/Earnings (P/E) 10.8 7.99 7.53
Price/Book Value (P/BV) 0.837 0.846 0.893
Earnings Per Share (EPS) CZK 420 570 604
Book Value Per Share CZK 5,435 5,376 5,094

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summary Unit 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019 2020
income statement                                  
Net Interest Income CZK mil                     960 1,107 1,078 1,075 1,187    
Total Revenues CZK mil                     1,196 1,302 1,480 1,480 1,525    
Operating Profit CZK mil                     505 546 660 687 603    
Net Profit CZK mil                     309 340 405 415 420    
balance sheet                                  
Interbank Loans CZK mil                     2,830 1,973 574 2,626 3,608    
Customer Loans CZK mil                     46,790 47,786 48,551 49,578 50,888    
Investments CZK mil                     12,397 11,385 12,630 12,624 14,458    
Total Assets CZK mil                     66,473 64,773 67,523 69,723 72,644    
                                     
Shareholders' Equity CZK mil                     4,749 5,141 5,511 5,612 5,435    
Interbank Borrowing CZK mil                     322 1,903 511 1,360 1,050    
Customer Deposits CZK mil                     53,241 48,454 49,494 48,955 48,475    
Issued Debt Securities CZK mil                     7,762 8,832 11,550 12,649 16,638    
ratios                                  
ROE % ...                   6.76 6.88 7.60 7.47 7.61    
ROA % ...                   0.460 0.518 0.612 0.605 0.591    
Costs (As % Of Assets) % ...                   1.03 1.15 1.24 1.16 1.30    
Costs (As % Of Income) %                     57.8 58.1 55.4 53.6 60.5    
Net Interest Margin % ...                   1.43 1.69 1.63 1.57 1.67    
Interest Income (As % Of Revenues) %                     80.3 85.0 72.8 72.7 77.8    
Fee Income (As % Of Revenues) %                     16.4 12.9 11.5 12.2 9.79    
Staff Cost (As % Of Total Cost) %                     36.0 36.5 31.0 34.2 32.4    
Equity (As % Of Assets) %                     7.14 7.94 8.16 8.05 7.48    
Loans (As % Of Deposits) %                     87.9 98.6 98.1 101 105    
Loans (As % Assets) %                     70.4 73.8 71.9 71.1 70.1    
NPLs (As % Of Loans) % ... ...                 3.88 3.40 3.72 3.09 4.05    
Provisions (As % Of NPLs) % ... ...                 46.9 56.5 58.2 76.5 69.1    
valuation                                  
Market Capitalisation USD mil ... ... ... ... ... ... ... ... ... ... ... 183 177 214 203    
Number Of Shares mil ... ... ... ... ... ... ... ... ... ... ... 1.00 1.00 1.00 1.00    
Share Price CZK ... ... ... ... ... ... ... ... ... ... ... 4,550 4,550 4,550 4,550    
Earnings Per Share (EPS) CZK ... ... ... ... ... ... ... ... ... ... ... 340 405 415 420    
Book Value Per Share CZK ... ... ... ... ... ... ... ... ... ... ... 5,141 5,511 5,612 5,435    
Price/Earnings (P/E) ... ... ... ... ... ... ... ... ... ... ... 13.4 11.2 11.0 10.8    
Price/Book Value (P/BV) ... ... ... ... ... ... ... ... ... ... ... 0.885 0.826 0.811 0.837    
Earnings Per Share Growth % ... ... ... ... ... ... ... ... ... ... ... ... 19.1 2.58 1.20    
Book Value Per Share Growth % ... ... ... ... ... ... ... ... ... ... ... ... 7.20 1.84 -3.17    
income statement Unit 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019 2020
income statement                                  
Interest Income CZK mil                     2,382 2,230 2,083 1,997 2,084    
Interest Cost CZK mil                     1,422 1,123 1,005 922 897    
Net Interest Income CZK mil                     960 1,107 1,078 1,075 1,187    
Net Fee Income CZK mil                     196 168 170 180 149    
Fee Income CZK mil ... ... ... ... ... ... ... ... ... ... ... ... ... ... ...    
Fee Expense CZK mil ... ... ... ... ... ... ... ... ... ... ... ... ... ... ...    
Other Income CZK mil                     40.0 27.0 232 225 189    
Total Revenues CZK mil                     1,196 1,302 1,480 1,480 1,525    
Staff Cost CZK mil                     249 276 254 272 299    
Depreciation CZK mil                     68.0 104 80.0 84.6 80.1    
Other Cost CZK mil                     374 376 486 437 543    
Operating Cost CZK mil                     691 756 820 793 922    
Operating Profit CZK mil                     505 546 660 687 603    
Provisions CZK mil                     121 121 156 175 128    
Extra and Other Cost CZK mil                     0 0 0 -0.411 0    
Pre-Tax Profit CZK mil                     384 425 504 512 475    
Tax CZK mil                     75.0 85.0 99.0 96.9 54.5    
Minorities CZK mil                     0 0 0 0 0    
Net Profit CZK mil                     309 340 405 415 420    
Net Profit Avail. to Common CZK mil                     309 340 405 415 420    
growth rates                                  
Net Interest Income Growth % ...                   1.27 15.3 -2.62 -0.248 10.4    
Net Fee Income Growth % ...                   -37.4 -14.3 1.19 5.85 -17.0    
Total Revenue Growth % ...                   -6.78 8.86 13.7 0.002 3.06    
Operating Cost Growth % ...                   0 9.41 8.47 -3.29 16.3    
Operating Profit Growth % ...                   -14.7 8.12 20.9 4.09 -12.2    
Pre-Tax Profit Growth % ...                   -24.1 10.7 18.6 1.62 -7.27    
Net Profit Growth % ...                   -23.3 10.0 19.1 2.58 1.20    
market share                                  
Market Share in Revenues %                     0.712 0.748 0.821 0.826 0.801 ... ...
Market Share in Net Profit %                     0.490 0.513 0.551 0.552 0.516 ... ...
Market Share in Employees %                     0.875 0.666 0.697 0.695 0.733 ... ...
Market Share in Branches %                     0.090 0.092 0.098 0.103 0.102 ... ...
balance sheet Unit 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019 2020
balance sheet                                  
Cash & Cash Equivalents CZK mil                     3,588 2,916 5,037 843 543    
Interbank Loans CZK mil                     2,830 1,973 574 2,626 3,608    
Customer Loans CZK mil                     46,790 47,786 48,551 49,578 50,888    
Retail Loans CZK mil                     41,610 45,168 46,393 47,794 50,440    
Mortgage Loans CZK mil                     41,610 45,168 46,393 46,394 48,879    
Consumer Loans CZK mil                     0 0 0 1,400 1,561    
Corporate Loans CZK mil                     2,992 2,566 2,127 2,114 1,912    
Investments CZK mil                     12,397 11,385 12,630 12,624 14,458    
Property and Equipment CZK mil                     128 98.0 86.0 40.0 33.0    
Intangible Assets CZK mil ... ... ... ... ... ... ... ... ... ... 151 147 141 118 103    
Total Assets CZK mil                     66,473 64,773 67,523 69,723 72,644    
                                     
Shareholders' Equity CZK mil                     4,749 5,141 5,511 5,612 5,435    
Of Which Minority Interest CZK mil                     0 0 0 0 0    
Liabilities CZK mil                     61,724 59,632 62,012 64,110 67,209    
Interbank Borrowing CZK mil                     322 1,903 511 1,360 1,050    
Customer Deposits CZK mil                     53,241 48,454 49,494 48,955 48,475    
Retail Deposits CZK mil                     51,902 47,221 48,046 48,430 48,035    
Corporate Deposits CZK mil                     773 653 600 513 440    
Sight Deposits CZK mil ... ... ... ... ... ... ... ... ... ... ... ... ... ... ...    
Term Deposits CZK mil ... ... ... ... ... ... ... ... ... ... ... ... ... ... ...    
Issued Debt Securities CZK mil                     7,762 8,832 11,550 12,649 16,638    
Other Liabilities CZK mil                     399 443 457 1,146 1,047    
asset quality                                  
Non-Performing Loans CZK mil ... ...                 1,849 1,657 1,845 1,569 2,119    
Gross Loans CZK mil                     47,657 48,722 49,625 50,769 52,352    
Risk-Weighted Assets CZK mil ... ... ... ... ... ... ... ... ... ... 28,983 29,375 28,600 29,625 32,057    
Total Provisions CZK mil ... ...                 867 936 1,074 1,200 1,464    
growth rates                                  
Customer Loan Growth % ...                   -1.69 2.13 1.60 2.12 2.64    
Retail Loan Growth % ...                   -8.52 8.55 2.71 3.02 5.54    
Mortgage Loan Growth % ...                   -8.52 8.55 2.71 0.002 5.36    
Consumer Loan Growth % ... ... ... ... ... ... ... ... ... ... ... ... ... ... 11.5    
Corporate Loan Growth % ... ... ... ... ... ... ... ... ... ... ... -14.2 -17.1 -0.626 -9.56    
Total Asset Growth % ...                   -2.23 -2.56 4.25 3.26 4.19    
Shareholders' Equity Growth % ...                   8.25 8.25 7.20 1.84 -3.17    
Customer Deposit Growth % ...                   -3.03 -8.99 2.15 -1.09 -0.980    
Retail Deposit Growth % ...                   -5.47 -9.02 1.75 0.800 -0.816    
Corporate Deposit Growth % ... ... ... ... ... ... ... ... ... ... ... -15.5 -8.14 -14.4 -14.2    
market share                                  
Market Share in Customer Loans %                     1.78 1.72 1.65 1.61 1.54    
Market Share in Corporate Loans %                     0.342 0.279 0.218 0.207 0.177    
Market Share in Retail Loans %                     0 0 0 0.367 0.390    
Market Share in Consumer Loans %                     3.38 3.41 3.27 3.12 3.06    
Market Share in Mortgage Loans %                     4.62 4.65 4.40 4.04 3.92    
Market Share in Total Assets %                     1.23 1.17 1.12 0.987 0.991    
Market Share in Customer Deposits %                     1.55 1.38 1.31 1.17 1.09    
Market Share in Retail Deposits %                     2.70 2.32 2.17 2.04 1.88    
Market Share in Corporate Deposits %                     0.092 0.071 0.065 0.052 0.042    
ratios Unit 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019 2020
                                   
ROE % ...                   6.76 6.88 7.60 7.47 7.61    
ROTE % ... ... ... ... ... ... ... ... ... ... ... 7.09 7.82 7.65 7.77    
ROE (@ 15% of RWA) % ... ... ... ... ... ... ... ... ... ... ... 7.77 9.31 9.51 9.09    
ROA % ...                   0.460 0.518 0.612 0.605 0.591    
Return on Loans % ...                   0.655 0.719 0.841 0.847 0.837    
Operating Profit (As % of RWA) % ... ... ... ... ... ... ... ... ... ... ... 1.87 2.28 2.36 1.96    
Costs (As % Of Assets) % ...                   1.03 1.15 1.24 1.16 1.30    
Costs (As % Of Income) %                     57.8 58.1 55.4 53.6 60.5    
Costs (As % Of Loans) % ...                   1.46 1.60 1.70 1.62 1.84    
Costs (As % Of Loans & Deposits) % ...                   0.682 0.770 0.844 0.807 0.932    
Net Interest Margin % ...                   1.43 1.69 1.63 1.57 1.67    
Interest Spread % ...                   1.27 1.55 1.50 1.45 1.56    
Asset Yield % ...                   3.54 3.40 3.15 2.91 2.93    
Revenues (As % of RWA) % ... ... ... ... ... ... ... ... ... ... ... 4.46 5.11 5.08 4.95    
Cost Of Liabilities % ...                   2.27 1.85 1.65 1.46 1.37    
Interest Income (As % Of Revenues) %                     80.3 85.0 72.8 72.7 77.8    
Fee Income (As % Of Revenues) %                     16.4 12.9 11.5 12.2 9.79    
Other Income (As % Of Revenues) %                     3.34 2.07 15.7 15.2 12.4    
Staff Cost (As % Of Total Cost) %                     36.0 36.5 31.0 34.2 32.4    
Equity (As % Of Assets) %                     7.14 7.94 8.16 8.05 7.48    
Equity (As % Of Loans) %                     10.1 10.8 11.4 11.3 10.7    
Loans (As % Of Deposits) %                     87.9 98.6 98.1 101 105    
Loans (As % Assets) %                     70.4 73.8 71.9 71.1 70.1    
NPLs (As % Of Loans) % ... ...                 3.88 3.40 3.72 3.09 4.05    
Provisions (As % Of NPLs) % ... ...                 46.9 56.5 58.2 76.5 69.1    
Provisions (As % Of Loans) % ... ...                 1.85 1.96 2.21 2.42 2.88    
Cost of Provisions (As % Of Loans) % ...                   0.256 0.256 0.324 0.357 0.255    
other data Unit 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019 2020
                                   
Branches                     2.00 2.00 2.00 2.00 2.00    
ATMs ... ... ... ... ... ... ... ... ... ... ... ... ... ... ...   ...
ATMs (As % of Bank Branches) % ... ... ... ... ... ... ... ... ... ... ... ... ... ... ...   ...
Employees                     353 274 286 291 307    
Employees Per Bank Branch                     177 137 143 146 154    
Cost Per Employee USD per month                     2,750 3,514 2,933 3,314 3,710    
Cost Per Employee (Local Currency) CZK per month                     58,782 83,873 74,009 77,771 81,163    
customer breakdown Unit 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019 2020
                                   
Customers mil ... ... ... ...             0.454 0.425 0.413 0.404 0.393    
Number of Accounts mil ... ... ... ...             0.438 0.405 0.393 0.384 0.372    
Number of Mortgages mil ... ... ... ...             0.074 0.075 0.074 0.072 0.072    
Average Size of Deposit CZK ... ... ... ...             121,685 119,580 126,073 127,492 130,408    
Average Size of Mortgage Loan CZK ... ... ... ...             560,477 603,437 628,478 641,324 677,847    
Accounts (As % of Total Clients) % ... ... ... ...             96.4 95.4 95.1 95.0 94.5    
Mortgages (As % of Total Clients) % ... ... ... ...             16.4 17.6 17.9 17.9 18.3    
                                     
Market Value per Customer (Local Currency) CZK ... ... ... ... ... ... ... ... ... ... ... 10,707 11,025 11,257 11,565    
Revenue per Customer (Local Currency) CZK ... ... ... ...             2,634 3,064 3,586 3,662 3,877    
Net Profit per Customer (Local Currency) CZK ... ... ... ...             681 800 981 1,028 1,069    
Loan per Customer (Local Currency) CZK ... ... ... ...             103,050 112,451 117,644 122,660 129,345    
Deposit per Customer (Local Currency) CZK ... ... ... ...             117,258 114,023 119,929 121,119 123,213    
Market Value per Customer USD ... ... ... ... ... ... ... ... ... ... ... 431 430 529 515    
Revenue per Customer USD ... ... ... ...             123 128 142 156 177    
Net Profit per Customer USD ... ... ... ...             31.8 33.5 38.9 43.8 48.8    
Loan per Customer USD ... ... ... ...             4,497 4,530 4,588 5,761 5,757    
Deposit per Customer USD ... ... ... ...             5,117 4,593 4,678 5,689 5,484    

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Wustenrot Group's mortgage loans fell 1.03% yoy to CZK 53,174 mil in 2020

By Helgi Analytics - September 28, 2021

Wustenrot Group's mortgage loans reached CZK 53,174 mil in 2020, down 1.03% compared to the previous year. Czech banking sector provided mortgage loans of CZK 1,436 bil in 2020, up 7.98% when compared to the last year. Wustenrot Group accounted for 3.70% ...

Wustenrot Group's customer loans fell 0.775% yoy to CZK 55,591 mil in 2020

By Helgi Analytics - September 28, 2021

Wustenrot Group's customer loans reached CZK 55,591 mil in 2020, down 0.775% compared to the previous year. Czech banking sector provided customer loans of CZK 3,596 bil in 2020, up 4.20% when compared to the last year. Wustenrot Group accounted for 1.55%...

Wustenrot Group's customer deposits fell 3.44% yoy to CZK 53,567 mil in 2020

By Helgi Analytics - September 28, 2021

Wustenrot Group's customer deposits reached CZK 53,567 mil in 2020, down 3.44% compared to the previous year. Czech banking sector accepted customer deposits of CZK 5,162 bil in 2020, up 8.92% when compared to the last year. Wustenrot Group accounted for ...

Wustenrot Group's net interest margin fell 16.4% yoy to 1.34% in 2020

By Helgi Analytics - September 28, 2021

Wustenrot Group's net interest margin amounted to 1.34% in 2020, down from 1.61% compared to the previous year. Historically, the bank’s net interest margin reached an all time high of 1.97% in 2010 and an all time low of 1.34% in 2007. The average marg...

Wustenrot Group's total revenues rose 3.06% yoy to CZK 1,525 mil in 2018

By Helgi Analytics - March 24, 2021

Wustenrot Group generated total banking revenues of CZK 1,525 mil in 2018, up 3.06% compared to the previous year. Czech banking sector banking sector generated total revenues of CZK 190,399 mil in 2018, up 6.26% when compared to the last year. ...

Wustenrot Group's consumer loans rose 30.0% yoy to CZK 2,721 mil in 2020

By Helgi Analytics - September 28, 2021

Wustenrot Group's consumer loans reached CZK 2,721 mil in 2020, up 30.0% compared to the previous year. Czech banking sector provided consumer loans of CZK 423 bil in 2020, up 1.82% when compared to the last year. Wustenrot Group accounted for 3.01% of al...

Wustenrot Group's retail deposits fell 3.44% yoy to CZK 53,552 mil in 2020

By Helgi Analytics - September 28, 2021

Wustenrot Group's retail deposits reached CZK 53,552 mil in 2020, down 3.44% compared to the previous year. Czech banking sector accepted retail deposits of CZK 3,057 bil in 2020, up 12.2% when compared to the last year. Wustenrot Group accounted for 1.75...

Wustenrot Group's npls (as % of loans) fell 1.67% yoy to 2.18% in 2020

By Helgi Analytics - September 28, 2021

Wustenrot Group's non-performing loans reached 2.18% of total loans at the end of 2020, down from 2.22% compared to the previous year. Historically, the NPL ratio hit an all time high of 4.05% in 2018 and an all time low of 1.61% in 2008. Provision coverage...

Wustenrot Group's corporate deposits fell 6.25% yoy to CZK 15.0 mil in 2020

By Helgi Analytics - September 28, 2021

Wustenrot Group's corporate deposits reached CZK 15.0 mil in 2020, down 6.25% compared to the previous year. Czech banking sector accepted corporate deposits of CZK 1,218 bil in 2020, up 11.2% when compared to the last year. Wustenrot Group accounted for ...

Wustenrot Group's corporate loans rose 57.5% yoy to CZK 833 mil in 2020

By Helgi Analytics - September 28, 2021

Wustenrot Group's corporate loans reached CZK 833 mil in 2020, up 57.5% compared to the previous year. Czech banking sector provided corporate loans of CZK 1,123 bil in 2020, up 0.280% when compared to the last year. Wustenrot Group accounted for 0.074% o...

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Finance

Wustenrot Group has been growing its revenues and asset by 3.73% and 3.60% a year on average in the last 10 years. Its loans and deposits have grown by 2.54% and 3.44% a year during that time and loans to deposits ratio reached 104% at the end of 2020. The company achieved an average return on equity of 8.55% in the last decade with net profit growing 5.79% a year on average. In terms of operating efficiency, its cost to income ratio reached 53.4% in 2020, compared to 55.7% average in the last decade.

Equity represented 6.95% of total assets or 9.16% of loans at the end of 2020. Wustenrot Group's non-performing loans were 2.18% of total loans while provisions covered some 47.8% of NPLs at the end of 2020.

Valuation

Wustenrot Group 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 9.90% the bank generated for its shareholders. This closing price put stock at a 12-month trailing price to earnings (PE) of 7.53x and price to book value (PBV) of 0.893x in 2020.