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Wustenrot Stavebni Sporitelna

Banking > Czech Republic > Wustenrot Stavebni Sporitelna
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Wustenrot Stavebni Sporitelna

Wüstenrot Stavební Spořitelna is the Czech Republic's smallest building savings bank. In 2012, the bank held a 10.5% share of building savings loans and 8.7% of deposits. Partly because of its small size (and limited economies of scale and synergies with a would-be commercial bank on the Czech market) and its conservative approach (the bank has the best loan quality and provision coverage), the bank is traditionally the

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Wüstenrot Stavební Spořitelna is the Czech Republic's smallest building savings bank. In 2012, the bank held a 10.5% share of building savings loans and 8.7% of deposits. Partly because of its small size (and limited economies of scale and synergies with a would-be commercial bank on the Czech market) and its conservative approach (the bank has the best loan quality and provision coverage), the bank is traditionally the least profitable building savings bank on the market. In 2012, the bank achieved ROE of “only” 9.7%, compared to the 15.2% of the 5-building savings banks average. Size matters and the lack of economies of scale is reflected in Wüstenrot’s low cost efficiency. In 2012, the bank’s operating costs accounted for 1.27% of average assets, nearly twice as much as the other savings banks.

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AnnualQuarterly
summary Unit
2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017

income statement

                      746 737 604 511 599    
                      875 1,140 873 668 730    
                      374 611 377 191 198    
                      245 251 267 90.0 93.0    

balance sheet

                      2,066 118 1,604 2,769 1,922    
                      32,846 30,235 25,850 23,735 22,467    
                      3,496 7,810 7,456 10,756 10,101    
                      40,569 42,715 43,016 41,413 36,904    
                      2,411 2,667 2,956 3,113 3,245    
                      9.80 9.53 11.0 11.0 0    
                      36,936 38,393 39,602 37,834 33,333    
                      105 105 106 106 0    

ratios

                      10.7% 9.87% 9.50% 2.97% 2.93%    
                      0.612% 0.602% 0.623% 0.213% 0.237%    
                      1.25% 1.27% 1.16% 1.13% 1.36%    
                      57.2% 46.4% 56.8% 71.4% 72.9%    
... ... ... ...               9.81% 11.9% 14.4% 15.7% 18.1%    
                      1.86% 1.77% 1.41% 1.21% 1.53%    
                      85.3% 64.7% 69.2% 76.5% 82.1%    
                      18.0% 17.3% 29.1% 21.0% 15.5%    
                      36.5% 33.9% 38.3% 36.1% 34.4%    
                      5.94% 6.24% 6.87% 7.52% 8.79%    
                      88.9% 78.8% 65.3% 62.7% 67.4%    
                      81.0% 70.8% 60.1% 57.3% 60.9%    
                      1.82% 2.04% 2.61% 3.16% 3.29%    
                      61.0% 67.8% 69.2% 70.2% 76.7%    

Download Data
income statement Unit
2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017

income statement

Interest Income CZK mil
Interest Cost CZK mil
Net Interest Income CZK mil
Net Fee Income CZK mil
Other Income CZK mil
Total Revenues CZK mil
Staff Cost CZK mil
Depreciation CZK mil
Other Cost CZK mil
Operating Cost CZK mil
Operating Profit CZK mil
Provisions CZK mil
Extra and Other Cost CZK mil
Pre-Tax Profit CZK mil
Tax CZK mil
Minorities CZK mil
Net Profit CZK mil
Dividends CZK mil
                      1,834 1,805 1,612 1,474 1,389    
                      1,087 1,067 1,008 963 790    
                      746 737 604 511 599    
                      158 198 254 140 113    
                      -29.0 205 15.0 17.0 18.0    
                      875 1,140 873 668 730    
                      183 179 190 172 183    
                      50.7 55.4 55.0 54.0 89.0    
                      267 294 251 251 260    
                      501 529 496 477 532    
                      374 611 377 191 198    
                      59.9 1.94 47.0 77.0 81.0    
                      0.261 242 0 0 0    
                      314 367 330 114 117    
                      69.2 117 63.0 24.0 24.0    
                      0 0 0 0 0    
                      245 251 267 90.0 93.0    
... ... ... ... ... ... ... ... ... ... ... 0 0 0 0 0   ...

growth rates

...                     4.65% -1.20% -18.1% -15.4% 17.2%    
...                     7.37% 25.3% 28.5% -44.9% -19.3%    
...                     5.01% 30.2% -23.4% -23.5% 9.28%    
...                     16.6% 5.59% -6.19% -3.83% 11.5%    
...                     -7.33% 63.2% -38.3% -49.3% 3.66%    
...                     -7.97% 16.9% -10.2% -65.5% 2.63%    
...                     -8.87% 2.28% 6.56% -66.3% 3.33%    

market share

                      0.540% 0.682% 0.519% 0.398% 0.419%    
                      0.459% 0.390% 0.437% 0.143% 0.140%    
                      0.751% 0.837% 0.820% 0.788% 0.586%    
                      0.049% 0.048% 0.047% 0.047% 0.046%    

Download Data
balance sheet Unit
2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017

balance sheet

                      451 2,814 3,233 3,328 1,753    
                      2,066 118 1,604 2,769 1,922    
                      32,846 30,235 25,850 23,735 22,467    
                      32,846 30,235 25,850 20,694 19,849    
                      32,846 30,235 25,850 20,694 19,849    
                      0 0 0 ... ... ... ...
                      0 0 0 2,992 2,566    
                      3,496 7,810 7,456 10,756 10,101    
                      357 120 238 245 208    
                      40,569 42,715 43,016 41,413 36,904    
                      2,411 2,667 2,956 3,113 3,245    
                      0 0 0 0 0    
                      38,158 40,048 40,060 38,300 33,659    
                      9.80 9.53 11.0 11.0 0    
                      36,936 38,393 39,602 37,834 33,333    
... ... ... ...               36,936 38,393 39,602 36,495 32,100    
... ... ... ...               0 0 0 773 653    
                      105 105 106 106 0    
                      1,107 1,540 341 349 326    

asset quality

                      603 626 686 768 759    
                      33,214 30,659 26,325 24,274 23,049    
                      368 424 475 539 582    

growth rates

...                     2.71% -7.95% -14.5% -8.18% -5.34%    
...                     2.71% -7.95% -14.5% -19.9% -4.08%    
...                     2.71% -7.95% -14.5% -19.9% -4.08%    
... ... ... ... ... ... ... ... ... ... ... ... ... ... ... -14.2%    
...                     2.74% 5.29% 0.705% -3.73% -10.9%    
...                     11.3% 10.6% 10.8% 5.31% 4.24%    
...                     2.73% 3.94% 3.15% -4.46% -11.9%    
... ... ... ... ...             2.73% 3.94% 3.15% -7.85% -12.0%    
... ... ... ... ... ... ... ... ... ... ... ... ... ... ... -15.5%    

market share

                      1.50% 1.34% 1.04% 0.911% 0.807%    
                      0% 0% 0% 0.342% 0.279%    
                      0% 0% 0% ... ... ... ...
                      3.00% 2.67% 2.19% 1.68% 1.50%    
                      4.25% 3.73% 3.03% 2.30% 2.04%    
                      0.906% 0.922% 0.836% 0.780% 0.665%    
                      1.37% 1.36% 1.30% 1.10% 0.947%    
... ... ... ...               2.16% 2.17% 2.19% 1.90% 1.58%    
... ... ... ...               0% 0% 0% 0.092% 0.071%    

Download Data
ratios Unit
2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017

ratios

                      10.7% 9.87% 9.50% 2.97% 2.93%    
                      0.612% 0.602% 0.623% 0.213% 0.237%    
                      1.25% 1.27% 1.16% 1.13% 1.36%    
                      57.2% 46.4% 56.8% 71.4% 72.9%    
... ... ... ...               9.81% 11.9% 14.4% 15.7% 18.1%    
... ... ... ... ... ... ... ... ... ... ... ... ... ... 15.7% 18.1%    
                      1.86% 1.77% 1.41% 1.21% 1.53%    
...                     1.70% 1.60% 1.24% 1.03% 1.35%    
                      4.58% 4.33% 3.76% 3.49% 3.55%    
...                     2.88% 2.73% 2.52% 2.46% 2.20%    
... ... ... ... ... ... ... ... ... ... ... 0% 0% 0% 0% 0%   ...
                      85.3% 64.7% 69.2% 76.5% 82.1%    
                      18.0% 17.3% 29.1% 21.0% 15.5%    
                      -3.31% 18.0% 1.72% 2.54% 2.47%    
                      2,907 2,273 2,482 2,109 2,649    
                      51,415 44,453 48,569 45,073 63,225    
                      36.5% 33.9% 38.3% 36.1% 34.4%    
                      5.94% 6.24% 6.87% 7.52% 8.79%    
                      88.9% 78.8% 65.3% 62.7% 67.4%    
                      81.0% 70.8% 60.1% 57.3% 60.9%    
                      1.82% 2.04% 2.61% 3.16% 3.29%    
                      61.0% 67.8% 69.2% 70.2% 76.7%    
                      1.12% 1.40% 1.84% 2.27% 2.59%    
                      0.185% 0.006% 0.168% 0.311% 0.351%    

Download Data
other data Unit
2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017

other data

                      1.00 1.00 1.00 1.00 1.00    
                      296 336 326 318 241    
                      74.2 71.7 63.7 57.7 55.1    
... ...                   5.76 ... ... ... ... ... ...
                      455 467 459 438 405    
... ...                   69.2 62.1 56.2 56.9 31.9    
                      529 538 523 495 437    
                      0.442 0.422 0.406 0.411 0.408    
                      0.081 0.082 0.086 0.086 0.082    

Download Data
Comparison of 22 Banks in Czech Republic

This Quarterly Statistical Dossier offers a comparison of 22 Czech banks from Dec 96 to Sep 18 on an quarterly basis. The report can be downloaded as an Excel file.

You will find here the key numbers from the banks' balance sheets such as loan and deposit breakdown, or capitalization, income statements for the sector and the main ratios related to the

Read more »

This Quarterly Statistical Dossier offers a comparison of 22 Czech banks from Dec 96 to Sep 18 on an quarterly basis. The report can be downloaded as an Excel file.

You will find here the key numbers from the banks' balance sheets such as loan and deposit breakdown, or capitalization, income statements for the sector and the main ratios related to the banking business such as asset quality, number and cost of employees or details on banking infrastructure.

The file contains data of following banks:

If you are only interested in particular areas of a bank's business, you can find and download specific indicators from the bank's Corporate Profile, or specific charts from the bank's Chart Section, where you can find a comparison of the bank with its peers.

Alternatively, you can find similar data for the Czech banking sector in the banking Sector Profile.

If you are interested in the banking quarterly figures, please refer to the banking Quarterly Statistical Dossier. Download a sample excel file attached to see more details. On purchase, the hidden cells will be unlocked and all available data wll be visible.

Comparison of 24 Banks in Czech Republic

This Annual Statistical Dossier offers a comparison of 24 Czech banks from 1990 to 2017 on an annual basis. The report can be downloaded as an Excel file.

You will find here the key numbers from the banks' balance sheets such as loan and deposit breakdown, or capitalization, income statements for the sector and the main ratios related to the banking

Read more »

This Annual Statistical Dossier offers a comparison of 24 Czech banks from 1990 to 2017 on an annual basis. The report can be downloaded as an Excel file.

You will find here the key numbers from the banks' balance sheets such as loan and deposit breakdown, or capitalization, income statements for the sector and the main ratios related to the banking business such as asset quality, number and cost of employees or details on banking infrastructure.

The file contains data of following banks:

If you are only interested in particular areas of a bank's business, you can find and download specific indicators from the bank's Corporate Profile, or specific charts from the bank's Chart Section, where you can find a comparison of the bank with its peers.

Alternatively, you can find similar data for the Czech banking sector in the banking Sector Profile.

If you are interested in the banking quarterly figures, please refer to the banking Quarterly Statistical Dossier. Download a sample excel file attached to see more details. On purchase, the hidden cells will be unlocked and all available data wll be visible.

Wustenrot Stavebni Sporitelna in Quarterly Numbers

This Quarterly statistical dossier offers a summary of Wustenrot Stavebni Sporitelna's performance between Dec 00 and Sep 18 on an quarterly basis. The report can be downloaded as an excel file.

You will find here the key numbers from the bank's balance sheet and income statement and the main ratios related to the bank's business such as

Read more »

This Quarterly statistical dossier offers a summary of Wustenrot Stavebni Sporitelna's performance between Dec 00 and Sep 18 on an quarterly basis. The report can be downloaded as an excel file.

You will find here the key numbers from the bank's balance sheet and income statement and the main ratios related to the bank's business such as asset quality, capital ratios, number and cost of employees or a detailed breakdown of some of the bank's business such as its loan portfolio.

In addition, the excel file provides a detailed overview of the bank's market position in comparison with the overall banking sector. You can, for example, track WSS's market position in mortgage or consumer lending.

If you are only interested in particular areas of the bank's business, you can find and download specific indicators from the bank's corporate profile, or specific charts from the bank's charts section, where you can find a comparison of the bank with its peers.

If you are interested in the bank’s quarterly figures, please refer to the bank’s quarterly statistical dossier.

Wustenrot Stavebni Sporitelna in Numbers

This Annual statistical dossier offers a summary of Wustenrot Stavebni Sporitelna's performance between 2000 and 2017 on an annual basis. The report can be downloaded as an excel file.

You will find here the key numbers from the bank's balance sheet and income statement and the main ratios related to the bank's business such as asset

Read more »

This Annual statistical dossier offers a summary of Wustenrot Stavebni Sporitelna's performance between 2000 and 2017 on an annual basis. The report can be downloaded as an excel file.

You will find here the key numbers from the bank's balance sheet and income statement and the main ratios related to the bank's business such as asset quality, capital ratios, number and cost of employees or a detailed breakdown of some of the bank's business such as its loan portfolio.

In addition, the excel file provides a detailed overview of the bank's market position in comparison with the overall banking sector. You can, for example, track WSS's market position in mortgage or consumer lending.

If you are only interested in particular areas of the bank's business, you can find and download specific indicators from the bank's corporate profile, or specific charts from the bank's charts section, where you can find a comparison of the bank with its peers.

If you are interested in the bank’s quarterly figures, please refer to the bank’s quarterly statistical dossier.

Czech Banking - Analysis of 3Q2014

This report analyses the main trends in the Czech banking with a special focus on the 3Q2014's performance. In the 108-page report, you will find all the necessary details regarding profitability of the sector, breakdown and trends of the volume growth, market share, margin and asset quality development in the sector and within the particular segments of the market.

In

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This report analyses the main trends in the Czech banking with a special focus on the 3Q2014's performance. In the 108-page report, you will find all the necessary details regarding profitability of the sector, breakdown and trends of the volume growth, market share, margin and asset quality development in the sector and within the particular segments of the market.

In addition, you will find here financials and market share of the 20 banks we cover in the Czech Republic including all key ratios describing their business. The report includes 446 charts and 40 tables.

The key points are:

  • Czech commercial banks announced a net profit of CZK 14,387 mil in the third quarter of the year, up 3.5% compared to the same period last year. In the first nine months of the year, however, the banks' profit dropped 0.8% yoy to CZK 50,258 mil. This implies an annualised ROE of 11.6% for the last 12 months.
  • Loans grew 0.6% qoq (or 5.2% yoy) in the third quarter. Mortgages still drive the volume growth (creating 90% of the loan growth in the 3rd quarter and 57% ytd) while corporate loans and consumer lending stagnate.
  • The weak momentum is especially disappointing as the economy picks up. Banks are overcapitalized (CAR at 18%) and have plenty of cheap deposits to play with (with loans accounting for 76% of deposits only).
  • In addition, asset quality remains of little concern. Non-performing loans account for 6.2% of total loans while half of them are covered by loan provisions.
  • The trio of the largest banks (Sporitelna, CSOB and Komercni Banka) created 70% of the quarterly profit and 66% of loan growth in the third quarter of the year. Despite losing market share in revenue or overall assets, their market dominance continues. On the other hand, small players finally seem to be challenging the "boring" status quo.

You might also find all banks' financials in the Company section at www.helgilibrary.com/companies, and key charts for each bank at www.helgilibrary.com/charts.

The report is free to download, just register at our webpage.

Wüstenrot hypoteční banka - Analysis of 3Q2014 Performance

This report analyses the performance of the Bank for the 3Q2014. You will find all the necessary details regarding volume growth, market share, margin and asset quality development in the Bank.

The key highlights are:

Wüstenrot hypoteční's profit doubles...

Wüstenrot hypoteční banka

Read more »

This report analyses the performance of the Bank for the 3Q2014. You will find all the necessary details regarding volume growth, market share, margin and asset quality development in the Bank.

The key highlights are:

Wüstenrot hypoteční's profit doubles...

Wüstenrot hypoteční banka reported a net profit of CZK 54.8 mil. in 3Q2014, nearly twice as much as in the same period last year.

...thanks to a fall in cost of funding

The whole profit improvement in the third quarter (and in the whole year actually) comes from the fall in the bank's cost of funding. The average cost of liabilities (deposits account for 69% of that) fell 20%, or 53 bp in the last 12 months to 2.13%.

Given the fact that average asset yield remained stable at 3.75%, the bank's net interest margin improved dramatically from 1.26% to 1.75% in the last year.

In other words, the cheaper funding brought a CZK 51 mil. improvement in the net interest income compared to a CZK 33 mil. increase in the bank's pre-tax profit in 3Q2014.

Re-pricing of the bank's assets and liabilities corresponds with the fact that Wüstenrot stopped gaining market share. It also put the bank nearly on a par with the market leader Hypoteční banka.

When comparing these two mortgage only banks on the market, two differences stand out:

•           Cost efficiency

•           Capital strength

Cost efficiency

Wüstenrot hypoteční banka seems to be a pretty cost efficient bank as costs account for less than 39% of income. The picture deteriorates somewhat when compared to Hypoteční banka's 17.6%.

The picture darkens even more on finding out that Wüstenrot pays its staff 2.2x more than Hypoteční banka on average.

Although the two banks cannot be compared so bluntly (Hypoteční has nearly 500 employees compared to Wüstenrot's fewer than 40, so management pay might distort the numbers heavily), it is clearly the cost side to watch at Wüstenrot.

Capital strength

Wüstenrot hypoteční banka's capital adequacy of 12.9% at the end of September 2014 is a respectable number, by all means. It's clearly a high enough figure for a bank with a ROE of nearly 14% while the market grows at 7% only.

However, the sector average accounts for 18% while Hypoteční banka's capital adequacy amounts to 34% (which is rather ridiculous).

The question is how well prepared is Wüstenrot hypoteční banka to gain market share in the future, or how to keep up with the market if demand rises fast?

You will find more details about the bank at www.helgilibrary.com/companies

Wüstenrot Stavební Spořitelna - Analysis of 3Q2014 Performance

This report analyses the performance of the Bank for the 3Q2014. You will find all the necessary details regarding volume growth, market share, margin and asset quality development in the Bank.

The key highlights are:

Wüstenrot Spořitelna's net profit falls 15.5%...

Wüstenrot Stavební Spořitelna

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This report analyses the performance of the Bank for the 3Q2014. You will find all the necessary details regarding volume growth, market share, margin and asset quality development in the Bank.

The key highlights are:

Wüstenrot Spořitelna's net profit falls 15.5%...

Wüstenrot Stavební Spořitelna reported a net profit of CZK 33.2 mil. in 3Q2014, down 15.5% yoy compared to the same period last year. The deterioration was driven purely by a 47% yoy fall in net fee income generation. On the other hand, interest income continued to rise and operating costs and provisions fell.

As seen on the chart above, the big picture remains negative. Wüstenrot's ROE dropped below 5% so the bank remains the least profitable within the sector.

Falling loans and deposits (in absolute as well as in relative terms) do not allow the bank to create economies of scale, so cost efficiency is low. Finally, declining margins make the bank's life even more difficult.

...as fee income drops 47% yoy

The 47% drop in net fees is the most significant feature of the quarter. Although the bank's revenue might be volatile, fee income has been declining since September 2013. Unless 4Q results bring a change in the trend, one should be worried here.

Too small and losing...

Wüstenrot Stavební Spořitelna is the smallest building savings bank with a 9.6% market share in building savings loans and 8.8% in deposits.

This is a problem as its relatively small size does not allow the bank to benefit from economies of scale such as in the case of ČMSS, the largest building savings bank with a market share of over 40%. While ČMSS operates with cost to income at below 40%, Wüstenrot could not get below 60% in 2014.

The fact that Wüstenrot's market share continues to decline is therefore further bad news for the bank.

While market share in lending has been declining since the middle of 2012, the bank lost 49 bp on the deposit side just within the last two quarters.

...but fightiing

Despite the deteriorating profitability, declining volumes and market share losses, there are some positives worth highlighting:

•    Net interest margin continues to recover. It's 20 bp better than last year

•    The management shows good effort on the cost side.

•    The bank's asset quality remains the best within the sector

You will find more details about the bank at www.helgilibrary.com/companies

Wüstenrot Stavební Spořitelna at a Glance

Wüstenrot Stavební Spořitelna is the Czech Republic's smallest building savings bank. In 2012, the bank held a 10.5% share of building savings loans and 8.7% of deposits. Partly because of its small size (and limited economies of scale and synergies with a would-be commercial bank on the Czech market) and its conservative approach (the bank has

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Wüstenrot Stavební Spořitelna is the Czech Republic's smallest building savings bank. In 2012, the bank held a 10.5% share of building savings loans and 8.7% of deposits. Partly because of its small size (and limited economies of scale and synergies with a would-be commercial bank on the Czech market) and its conservative approach (the bank has the best loan quality and provision coverage), the bank is traditionally the least profitable building savings bank on the market. In 2012, the bank achieved ROE of “only” 9.7%, compared to the 15.2% of the 5-building savings banks average. Size matters and the lack of economies of scale is reflected in Wüstenrot’s low cost efficiency. In 2012, the bank’s operating costs accounted for 1.27% of average assets, nearly twice as much as the other savings banks.

This report offers a summary of the company's performance in 2000-2012. You will find here all the key numbers from the bank's balance sheet, income statement and main ratios related to the bank's business.

In addition, the report provides a detailed overview of the bank's market position in the comparison with the overall banking sector and within the business of building savings

Wüstenrot Stavebni Sporitelna in Numbers

Similarly to Wüstenrot Hypoteční banka in mortgage lending, Wüstenrot Stavební Spořitelna is a relatively little bank, with a 10.5% share of lending and 8.7% of building savings deposits as of the end of 2012.

Partly because of its small size (and limited economies of scale and synergies with a would-be commercial bank on

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Similarly to Wüstenrot Hypoteční banka in mortgage lending, Wüstenrot Stavební Spořitelna is a relatively little bank, with a 10.5% share of lending and 8.7% of building savings deposits as of the end of 2012.

Partly because of its small size (and limited economies of scale and synergies with a would-be commercial bank on the Czech market) and its conservative approach (the bank has the best loan quality and provision coverage), the bank is traditionally  the least profitable building savings bank on the market. In 2012, the bank achieved ROE of “only” 9.7%, compared to the 15.2% of the 5-building savings banks average. Size matters and the lack of economies of scale is reflected in Wüstenrot’s low cost efficiency. In 2012, the bank’s operating costs accounted for 1.27% of average assets, nearly twice as much as the other savings banks. 

This excel file offers a summary of the company's performance in between 1Q2003-1Q2013, both on the quarterly as well as the annual basis. You will find here all the key numbers from the bank's balance sheet, income statement and main ratios related to the bank's business. In addition, the file provides a detailed overview of the bank's market position in the comparison with the overall banking sector as well as the segment of building societies

Wüstenrot Stavebni Sporitelna at a Glance

Similarly to Wüstenrot Hypoteční banka in mortgage lending, Wüstenrot Stavební Spořitelna is a relatively little bank, with a 10.5% share of lending and 8.7% of building savings deposits as of the end of 2012.

Partly because of its small size (and limited economies of scale and synergies with a would-be commercial bank on

Read more »

Similarly to Wüstenrot Hypoteční banka in mortgage lending, Wüstenrot Stavební Spořitelna is a relatively little bank, with a 10.5% share of lending and 8.7% of building savings deposits as of the end of 2012.

Partly because of its small size (and limited economies of scale and synergies with a would-be commercial bank on the Czech market) and its conservative approach (the bank has the best loan quality and provision coverage), the bank is traditionally  the least profitable building savings bank on the market. In 2012, the bank achieved ROE of “only” 9.7%, compared to the 15.2% of the 5-building savings banks average. Size matters and the lack of economies of scale is reflected in Wüstenrot’s low cost efficiency. In 2012, the bank’s operating costs accounted for 1.27% of average assets, nearly twice as much as the other savings banks. 

This report offers a summary of the company's performance in 2008-2012. You will find here all the key numbers from the bank's balance sheet, income statement and main ratios related to the bank's business. In addition, the report provides a detailed overview of the bank's market position in the comparison wi the overall banking sector as well as with other building savings banks

Wüstenrot CR - Analysis of Building Savings in 4Q12

This report analyses the building savings business in the Czech Republic for the 4Q2012. You will find all the necessary details regarding volume growth, market share, margin and asset quality development in the building savings (as well as mortgage lending segment). Also, the report compares profitability and efficiency ratio of the largest player CMSS with the main

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This report analyses the building savings business in the Czech Republic for the 4Q2012. You will find all the necessary details regarding volume growth, market share, margin and asset quality development in the building savings (as well as mortgage lending segment). Also, the report compares profitability and efficiency ratio of the largest player CMSS with the main player in the mortgage lending business - Hypotecni Banka to find out how market dominance translates into economies of scale and superior profitability.

The key highlights from 4Q2012 we discuss in this report are:

• The business remains under pressure in spite of its impressive profitability. ROE fell to 15.2% in 2012 and net profit dropped 6% yoy in 4Q

• Lending continues to fall and is losing to mortgages. In 4Q12, the annual decline deepened to 3.3% yoy

• 4Q12 confirmed a recovery in terms of the number of new contracts sold, while deposits grew by a seasonally strong 3.2% qoq

• ČMSS remains the leader, but Raiffeisen grabs most of the growth

This report focuses specifically on development in Wüstenrot Stavební Spořitelna in 4Q2012. The main conclusions are: 

Market position

Similarly to Wüstenrot Hypoteční banka in mortgage lending, Wüstenrot Stavební Spořitelna is a relatively little bank, with a 10.5% share of lending and 8.7% of building savings deposits as of the end of 2012.

Although  the bank has been consistently building up its market position (and has gained 1-2% of the market in the last 6 years), it was the biggest loser on the loan market in 2012 (with market share falling by more than 50 bp), while the bank gained over 30 bp in deposits.

In 4Q, the bank lost 29 bp  in terms of its loan market share, but gained 8 bp in  its deposits market shareThe bank’s overall balance sheet momentum is mixed. One one hand, loan growth is being hammered by negative market development and Wüstenrot’s weakening market position (loan book  down 3.4% qoq and 7.9% yoy in 4Q). On the other hand, deposits increased  by a solid 2.5% qoq and 3.9% yoy in 4Q for exactly the opposite reasons.

Profitability

Partly because of its small size (and limited economies of scale and synergies with a would-be commercial bank on the Czech market) and its conservative approach (the bank has the best loan quality and provision coverage), the bank is traditionally  the least profitable building savings bank on the market. In 2012, the bank achieved ROE of “only” 9.7%, compared to the 15.2% of the 5-building savings banks average.

When adjusted for surplus of capital (when ROE is adjusted to the building savings market average for each bank), Wüstenrot is clearly the least profitable building savings bank on the market:

As shown in the report, the negative momentum in loan growth is taking its toll on the profitability of the sector. As it is the smallest building savings bank on the market (with relatively the highest cost base), no wonder Wüstenrot’s profitability is being doubly hit.

Asset quality

With non-performing loans at only 2.04% of the total and provision coverage of nearly 68% of non-performing loans, Wüstenrot Stavební Spořitelna is now the building savings bank with the best loan quality.

Thanks partly to the above, no wonder the need to create more provisions is low. In 2012, the bank created less than CZK 2 mil of new provisions, or 0.1% of average loans, by far the smallest amount in the sector.

Cost-efficiency

Size matters and the lack of economies of scale is reflected in Wüstenrot’s low cost efficiency. In 2012, the bank’s operating costs accounted for 1.27% of average assets, nearly twice as much as the other savings banks.

Cost savings and loan book development are the two main things to watch for at Wüstenrot in the coming quarters, in our view.

 

Analysis of Building Savings in 4Q12

This report analyses the building savings business in the Czech Republic for the 4Q2012. You will find all the necessary details regarding volume growth, market share, margin and asset quality development in the building savings (as well as mortgage lending segment). Also, the report compares profitability and efficiency ratio of the largest player CMSS with the main

Read more »

This report analyses the building savings business in the Czech Republic for the 4Q2012. You will find all the necessary details regarding volume growth, market share, margin and asset quality development in the building savings (as well as mortgage lending segment). Also, the report compares profitability and efficiency ratio of the largest player CMSS with the main player in the mortgage lending business - Hypotecni Banka to find out how market dominance translates into economies of scale and superior profitability.

The key highlights from 4Q2012 we discuss in this report are:

• The business remains under pressure in spite of its impressive profitability. ROE fell to 15.2% in 2012 and net profit dropped 6% yoy in 4Q

• Lending continues to fall and is losing to mortgages. In 4Q12, the annual decline deepened to 3.3% yoy

• 4Q12 confirmed a recovery in terms of the number of new contracts sold, while deposits grew by a seasonally strong 3.2% qoq

• ČMSS remains the leader, but Raiffeisen grabs most of the growth

Wüstenrot - Analysis of Mortgage Lending in 4Q12

This report analyses the housing lending in the Czech Republic for the 4Q2012. You will find all the necessary details regarding volume growth (for both, the mortgage as well as Building Society lending), market share, margin and asset quality development in the mortgage segment. Also, based on the example of Hypotecni Banka, we calculate profitability of the mortgage

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This report analyses the housing lending in the Czech Republic for the 4Q2012. You will find all the necessary details regarding volume growth (for both, the mortgage as well as Building Society lending), market share, margin and asset quality development in the mortgage segment. Also, based on the example of Hypotecni Banka, we calculate profitability of the mortgage business for each bank.

This report focuses specifically on development in Wuestenrot Hypotecni Banka in the 4Q2012. The key highlights are:

  • Mortgage loan growth slowed down to 6.3% yoy, while sales of new mortgages dropped to last year’s level in 4Q12.
  • The top 3 banks further cemented their market position to over 65% in 2012. They sold more than 70% of the new mortgages in 4Q12.
  • ČSOB is the clear winner for the year 2012, while GE Money Bank and Raiffeisenbank lost the most.

Mortgage loans represented nearly 30% of all bank loans in 4Q12. The mortgage business generates around 15% of banks’ profits.

Wüstenrot continues to build its market share...

Wüstenrot’s mortgage loans increased by an impressive 4.7% qoq and over 10% yoy for the full year. On the other hand, Wüstenrot’s building society lending has dropped nearly 8% yoy, the most among the five building societies: 

... but from a very low starting-point

Although Wüstenrot has been growing more than twice as fast as the overall market over the last five years, its late arrival in the mortgage business a decade ago means the bank still occupies only 2.5% of the market. While not bad as such (the bank held only 1.5% of the market in 2009), it remains well below the share the bank holds in the building society business (10.5%) and represents only a tenth of the figure for the other only pure mortgage player on the market – Hypoteční Banka.

The slowdown of the overall market growth (from 20-30% a year to 6% now) also makes it more difficult for Wüstenrot to catch up with the bigger players.

In 4Q, the bank sold 3.4% of the new production and held 4% of the net increase in the mortgage loan stock. This is a respectable achievement, though somewhat lower than in the previous quarters.  In 2011, the bank was selling 5-6% of the new loans, for example:

Lack of scale hurts profitability

The relatively small market share and a lack of scale as a result make the biggest (though not the only one, obviously) difference when compared to Hypoteční Banka, in our view.

While interest margin and asset quality numbers seem comparable between the two banks, the cost side makes the biggest difference in our view:

  • Wüstenrot operates with a cost-to-income ratio of around 45-55%, compared to the less than 16% of Hypoteční Banka
  • Costs represent 0.4% of average assets at Hypoteční Banka, compared to 0.9% at Wüstenrot and 1.6% of the market, on average

As a result, Wüstenrot achieves ROE in single-digit territory, while Hypoteční banka has been enjoying profitability implying ROE of over 30% (when adjusted for its hefty overcapitalisation)

Based on a comparison of 25 banks in the Czech Republic in 2016, PPF Banka was paying its employees the best, followed by J&T Banka and Stavebni Sporitelna Ceske Sporitelny.

PPF Banka employed 210 persons in 2016, up 7.14% when compared

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Based on a comparison of 25 banks in the Czech Republic in 2016, PPF Banka was paying its employees the best, followed by J&T Banka and Stavebni Sporitelna Ceske Sporitelny.

PPF Banka employed 210 persons in 2016, up 7.14% when compared to the previous year. Historically, the bank's workforce hit an all time high of 210 persons in 2016 and an all time low of 64.0 in 2002.

Average cost reached CZK 140,079 per month per employee, 8.73% more than a year ago. This figure was CZK 131,843 per month some 10 years ago.

Staff accounted for 36.9% of total operating expenditures in 2016.

Comparing PPF Banka with its closest peers, J&T Banka had 717 employees with average cost of CZK 109,949 per month per person, Stavebni Sporitelna Ceske Sporitelny operated with 175 people (and CZK 100,476 per month per employee) and Moravsky Penezni Ustav had 104 employees in 2016 with cost of CZK 96,787 per month per head.

You can see all the banks cost per employee data on the Cost Per Employee indicator page or you can download a report on the Czech banks in the report section.

Based on a comparison of 24 banks in the Czech Republic in 2017, Cofidis Czech Republic operated with the highest net interest margin, followed by Essox and MONETA Money Bank.

Cofidis Czech Republic's net interest margin amounted to 12.7%

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Based on a comparison of 24 banks in the Czech Republic in 2017, Cofidis Czech Republic operated with the highest net interest margin, followed by Essox and MONETA Money Bank.

Cofidis Czech Republic's net interest margin amounted to 12.7% in 2017, down from 13.5% when compared to the previous year.

Historically, the bank’s net interest margin reached an all time high of 19.5% in 2012 and an all time low of 12.7% in 2017. The average margin in the last five years amounted to 14.8%.

Average asset yield was 12.9% in 2017, down from 13.6% when compared to previous year. On the other hand, cost of funding amounted to 0.114% in 2017, up from 0.047%.

Comparing Cofidis Czech Republic with its closest peers, Essox operated in 2017 with a net interest margin of 8.54% MONETA Money Bank reached 4.22% and Equa Bank some 2.98%.

The average net interest margin reached 1.71% in the Czech banking sector in 2017 while interest spread amounted to 3.31%.

You can see all the banks interest margin data on the Net Interest Margin indicator page or you can download a report on the Czech banks in the report section.

Based on a comparison of 25 banks in the Czech Republic in 2017, PPF Banka was paying its employees the best, followed by J&T Banka and Expobank Czech Republic.

PPF Banka employed 227 persons in 2017, up 8.10% when compared to the

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Based on a comparison of 25 banks in the Czech Republic in 2017, PPF Banka was paying its employees the best, followed by J&T Banka and Expobank Czech Republic.

PPF Banka employed 227 persons in 2017, up 8.10% when compared to the previous year. Historically, the bank's workforce hit an all time high of 227 persons in 2017 and an all time low of 64.0 in 2002.

Average cost reached CZK 128,973 per month per employee, 7.93% less than a year ago. This figure was CZK 110,786 per month some 10 years ago.

Staff accounted for 40.0% of total operating expenditures in 2017.

Comparing PPF Banka with its closest peers, J&T Banka had 730 employees with average cost of CZK 123,744 per month per person, Expobank Czech Republic operated with 215 people (and CZK 99,225 per month per employee) and Raiffeisenbank Czech Republic had 2,934 employees in 2017 with cost of CZK 87,725 per month per head.

You can see all the banks cost per employee data on the Cost Per Employee indicator page or you can download a report on the Czech banks in the report section.

Based on a comparison of 23 banks in the Czech Republic in 2017, Fio banka operated with the lowest loan to deposit ratio, followed by PPF Banka and Air Bank.

Fio banka's loan to deposit ratio reached 12.7% at the end of 2017, down

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Based on a comparison of 23 banks in the Czech Republic in 2017, Fio banka operated with the lowest loan to deposit ratio, followed by PPF Banka and Air Bank.

Fio banka's loan to deposit ratio reached 12.7% at the end of 2017, down from 17.7% when compared to the previous year. Historically, the bank’s loans to deposits hit an all time high of 4,690% in 2004 and an all time low of 1.16% in 2009.

Comparing Fio banka with its closest peers, PPF Banka ended the year 2017 with loans to deposits at 21.1%, Air Bank with 43.3% and Banka Creditas some 44.7% of loans to deposits at the end of 2017.

Overall, total loans of the Czech banking sector amounted to 74.0% of deposits at the end of 2017.

You can see all the banks loan to deposit ratio on the Loans (As % Of Deposits) indicator page or you can download a report on the Czech banks in the report section.

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WSS's net profit rose 43.8% to CZK 94.7 mil in 3Q2018
WSS's mortgage loans fell 0.769% to CZK 17,438 mil in 3Q2018
WSS's corporate loans fell 3.41% to CZK 1,630 mil in 3Q2018
WSS's customer deposits fell 0.461% to CZK 31,195 mil in 3Q2018
WSS's employees remain unchanged at 247 in 3Q2018
WSS's customer loans fell 0.998% to CZK 19,125 mil in 3Q2018
WSS's net interest margin rose 2.81% to 2.21% in 3Q2018
WSS's retail deposits fell 0.422% to CZK 30,721 mil in 3Q2018
WSS's capital adequacy ratio fell 0.026% to 17.2% in 3Q2018
WSS's consumer loans remain unchanged at CZK 0.000 mil in 3Q2018
WSS's corporate deposits fell 3.03% to CZK 461 mil in 3Q2018
WSS's costs (as % of assets) fell 5.90% to 1.63% in 3Q2018
WSS's net interest income rose 1.69% to CZK 193 mil in 3Q2018
WSS's customer loan growth rose 8.73% to -5.80% in 3Q2018
WSS's total revenues fell 3.70% to CZK 273 mil in 3Q2018
WSS's npls (as % of loans) rose 0.986% to 3.99% in 4Q2017
WSS's npls (as % of loans) rose 9.41% to 3.99% in 2017
WSS's total revenues rose 4.88% to CZK 1,005 mil in 2017
WSS's corporate loans fell 14.7% to CZK 1,814 mil in 2017
WSS's corporate deposits fell 14.4% to CZK 513 mil in 2017
WSS's mortgage loans fell 4.95% to CZK 18,249 mil in 2017
WSS's net profit rose 0.140% to CZK 215 mil in 2017
WSS's customer deposits fell 2.63% to CZK 32,645 mil in 2017
WSS's customer loans fell 5.84% to CZK 20,110 mil in 2017
WSS's net interest margin rose 1.06% to 1.72% in 2017
WSS's employees rose 0.813% to 248 in 2017
WSS's retail deposits fell 0.077% to CZK 32,054 mil in 2017
WSS's costs (as % of assets) fell 0.059% to 1.56% in 2017
WSS's net interest income rose 1.18% to CZK 639 mil in 2017
WSS's customer loan growth fell 18.3% to -5.84% in 2017
WSS's corporate loans remain unchanged at CZK 0.000 mil in 2013
WSS's consumer loans remain unchanged at CZK 0.000 mil in 2013