Wustenrot Stavebni Sporitelna

WSS's npls (as % of loans) rose 1.70% yoy to 8.07% in 2Q2019

By Helgi Analytics - October 17, 2019

Wustenrot Stavebni Sporitelna's non-performing loans reached 8.07% of total loans at the end of 2019-06-30, up from 7.94% compare...

WSS's net profit rose 45.3% yoy to CZK 95.6 mil in 2Q2019

By Helgi Analytics - October 17, 2019

Wustenrot Stavebni Sporitelna made a net profit of CZK 95.6 mil in the second quarter of 2019, up 45.3% when compared to the same...

WSS's total revenues rose 2.38% yoy to CZK 280 mil in 2Q2019

By Helgi Analytics - October 17, 2019

Wustenrot Stavebni Sporitelna generated total banking revenues of CZK 280 mil in 2019-06-30, down 2.82% compared to the previous...

Profit Statement 2016 2017 2018
Net Interest Income CZK mil 632 639 747
Fee Income (As % Of Revenues) % 13.0 13.9 11.2
Other Income CZK mil 201 226 195
Total Revenues CZK mil 958 1,005 1,061
Staff Cost CZK mil 235 241 268
Operating Profit CZK mil 377 423 419
Provisions CZK mil 109 159 86.3
Net Profit CZK mil 215 215 301
Balance Sheet 2016 2017 2018
Interbank Loans CZK mil 527 1,168 1,000
Customer Loans CZK mil 21,358 20,120 17,905
Debt Securities CZK mil 11,070 11,318 13,357
Total Assets CZK mil 37,332 36,996 35,445
Shareholders' Equity CZK mil 3,435 3,289 3,166
Interbank Borrowing CZK mil 10.0 65.5 8.59
Customer Deposits CZK mil 33,527 32,579 31,427
Issued Debt Securities CZK mil 0 0 0
Ratios 2016 2017 2018
ROE % 6.44 6.40 9.34
ROA % 0.579 0.579 0.832
Costs (As % Of Assets) % 1.57 1.56 1.77
Costs (As % Of Income) % 60.6 57.9 60.5
Capital Adequacy Ratio % 19.0 18.4 17.1
Net Interest Margin % 1.70 1.72 2.06
Loans (As % Of Deposits) % 63.7 61.8 57.0
NPLs (As % Of Loans) % 3.65 3.99 7.91
Provisions (As % Of NPLs) % 85.0 97.4 70.3
Growth Rates 2016 2017 2018
Total Revenue Growth % 31.2 4.88 5.63
Operating Cost Growth % 9.21 0.064 10.5
Operating Profit Growth % 90.4 12.3 -0.997
Net Profit Growth % 131 0.140 40.0
Customer Loan Growth % -4.94 -5.80 -11.0
Total Asset Growth % 1.16 -0.901 -4.19
Customer Deposit Growth % 0.582 -2.83 -3.54
Shareholders' Equity Growth % 5.86 -4.24 -3.76
Employees 246 248 263

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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 CZK mil                         737 604 511 599 632    
Total Revenues CZK mil                         1,140 873 668 730 958    
Operating Profit CZK mil                         611 377 191 198 377    
Net Profit CZK mil                         251 267 90.0 93.0 215    
balance sheet                                      
Interbank Loans CZK mil                         118 1,604 2,769 1,922 527    
Customer Loans CZK mil                         30,235 25,850 23,735 22,467 21,358    
Debt Securities CZK mil                         7,810 7,456 10,756 10,101 11,070    
Total Assets CZK mil                         42,715 43,016 41,413 36,904 37,332    
Shareholders' Equity CZK mil                         2,667 2,956 3,113 3,245 3,435    
Interbank Borrowing CZK mil                         9.53 11.0 11.0 0 10.0    
Customer Deposits CZK mil                         38,393 39,602 37,834 33,333 33,527    
Issued Debt Securities CZK mil                         105 106 106 0 0    
ratios                                      
ROE %                         9.87 9.50 2.97 2.93 6.44    
ROA %                         0.602 0.623 0.213 0.237 0.579    
Costs (As % Of Assets) %                         1.27 1.16 1.13 1.36 1.57    
Costs (As % Of Income) %                         46.4 56.8 71.4 72.9 60.6    
Capital Adequacy Ratio % ... ... ... ...                 11.9 14.4 15.7 18.1 19.0    
Net Interest Margin %                         1.77 1.41 1.21 1.53 1.70    
Interest Income (As % Of Revenues) %                         64.7 69.2 76.5 82.1 66.0    
Fee Income (As % Of Revenues) %                         17.3 29.1 21.0 15.5 13.0    
Staff Cost (As % Of Total Cost) %                         33.9 38.3 36.1 34.4 40.4    
Equity (As % Of Assets) %                         6.24 6.87 7.52 8.79 9.20    
Loans (As % Of Deposits) %                         78.8 65.3 62.7 67.4 63.7    
Loans (As % Assets) %                         70.8 60.1 57.3 60.9 57.2    
NPLs (As % Of Loans) %                         2.04 2.61 3.16 3.29 3.65    
Provisions (As % Of NPLs) %                         67.8 69.2 70.2 76.7 85.0    
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 CZK mil                         1,805 1,612 1,474 1,389 1,323    
Interest Cost CZK mil                         1,067 1,008 963 790 691    
Net Interest Income CZK mil                         737 604 511 599 632    
Net Fee Income CZK mil                         198 254 140 113 125    
Other Income CZK mil                         205 15.0 17.0 18.0 201    
Total Revenues CZK mil                         1,140 873 668 730 958    
Staff Cost CZK mil                         179 190 172 183 235    
Depreciation CZK mil                         55.4 55.0 54.0 89.0 66.0    
Other Cost CZK mil                         294 251 251 260 280    
Operating Cost CZK mil                         529 496 477 532 581    
Operating Profit CZK mil                         611 377 191 198 377    
Provisions CZK mil                         1.94 47.0 77.0 81.0 109    
Extra and Other Cost CZK mil                         242 0 0 0 0    
Pre-Tax Profit CZK mil                         367 330 114 117 268    
Tax CZK mil                         117 63.0 24.0 24.0 53.0    
Minorities CZK mil                         0 0 0 0 0    
Net Profit CZK mil                         251 267 90.0 93.0 215    
Dividends CZK mil ... ... ... ... ... ... ... ... ... ... ...   0 0 0 0 215 ...  
growth rates                                      
Net Interest Income Growth % ...                       -1.20 -18.1 -15.4 17.2 5.51    
Net Fee Income Growth % ...                       25.3 28.5 -44.9 -19.3 10.6    
Total Revenue Growth % ...                       30.2 -23.4 -23.5 9.28 31.2    
Operating Cost Growth % ...                       5.59 -6.19 -3.83 11.5 9.21    
Operating Profit Growth % ...                       63.2 -38.3 -49.3 3.66 90.4    
Pre-Tax Profit Growth % ...                       16.9 -10.2 -65.5 2.63 129    
Net Profit Growth % ...                       2.28 6.56 -66.3 3.33 131    
market share                                      
Market Share in Revenues %                         0.682 0.519 0.398 0.419 0.532    
Market Share in Net Profit %                         0.390 0.437 0.143 0.140 0.292    
Market Share in Employees %                         0.834 0.810 0.788 0.586 0.600    
Market Share in Branches %                         0.048 0.045 0.045 0.046 0.049    
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 CZK mil                         2,814 3,233 3,328 1,753 3,680    
Interbank Loans CZK mil                         118 1,604 2,769 1,922 527    
Customer Loans CZK mil                         30,235 25,850 23,735 22,467 21,358    
Retail Loans CZK mil                         30,235 25,850 20,694 19,849 19,200    
Mortgage Loans CZK mil                         30,235 25,850 20,694 19,849 19,200    
Consumer Loans CZK mil                         0 0 0 0 0    
Corporate Loans CZK mil                         0 0 2,992 2,566 2,127    
Debt Securities CZK mil                         7,810 7,456 10,756 10,101 11,070    
Fixed Assets CZK mil                         120 238 245 208 225    
Total Assets CZK mil                         42,715 43,016 41,413 36,904 37,332    
Shareholders' Equity CZK mil                         2,667 2,956 3,113 3,245 3,435    
Of Which Minority Interest CZK mil                         0 0 0 0 0    
Liabilities CZK mil                         40,048 40,060 38,300 33,659 33,897    
Interbank Borrowing CZK mil                         9.53 11.0 11.0 0 10.0    
Customer Deposits CZK mil                         38,393 39,602 37,834 33,333 33,527    
Retail Deposits CZK mil ... ... ... ...                 38,393 39,602 36,495 32,100 32,079    
Corporate Deposits CZK mil ... ... ... ...                 0 0 773 653 600    
Issued Debt Securities CZK mil                         105 106 106 0 0    
Other Liabilities CZK mil                         1,540 341 349 326 360    
asset quality                                      
Non-Performing Loans CZK mil                         626 686 768 759 804    
Gross Loans CZK mil                         30,659 26,325 24,274 23,049 22,041    
Total Provisions CZK mil                         424 475 539 582 683    
growth rates                                      
Customer Loan Growth % ...                       -7.95 -14.5 -8.18 -5.34 -4.94    
Retail Loan Growth % ...                       -7.95 -14.5 -19.9 -4.08 -3.27    
Mortgage Loan Growth % ...                       -7.95 -14.5 -19.9 -4.08 -3.27    
Corporate Loan Growth % ... ... ... ... ... ... ... ... ... ... ... ... ... ... ... -14.2 -17.1    
Total Asset Growth % ...                       5.29 0.705 -3.73 -10.9 1.16    
Shareholders' Equity Growth % ...                       10.6 10.8 5.31 4.24 5.86    
Customer Deposit Growth % ...                       3.94 3.15 -4.46 -11.9 0.582    
Retail Deposit Growth % ... ... ... ... ...               3.94 3.15 -7.85 -12.0 -0.067    
Corporate Deposit Growth % ... ... ... ... ... ... ... ... ... ... ... ... ... ... ... -15.5 -8.14    
market share                                      
Market Share in Customer Loans %                         1.28 1.03 0.901 0.807 0.724    
Market Share in Corporate Loans %                         0 0 0.342 0.279 0.218    
Market Share in Retail Loans %                         0 0 0 0 0    
Market Share in Consumer Loans %                         2.66 2.19 1.68 1.50 1.35    
Market Share in Mortgage Loans %                         3.73 3.03 2.30 2.04 1.82    
Market Share in Total Assets %                         0.922 0.827 0.769 0.665 0.620    
Market Share in Customer Deposits %                         1.23 1.19 1.10 0.947 0.890    
Market Share in Retail Deposits % ... ... ... ...                 2.17 2.19 1.90 1.58 1.45    
Market Share in Corporate Deposits % ... ... ... ...                 0 0 0.092 0.071 0.065    
ratios Unit 2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018
ratios                                      
ROE %                         9.87 9.50 2.97 2.93 6.44    
ROA %                         0.602 0.623 0.213 0.237 0.579    
Costs (As % Of Assets) %                         1.27 1.16 1.13 1.36 1.57    
Costs (As % Of Income) %                         46.4 56.8 71.4 72.9 60.6    
Capital Adequacy Ratio % ... ... ... ...                 11.9 14.4 15.7 18.1 19.0    
Tier 1 Ratio % ... ... ... ... ... ... ... ... ... ... ... ... ... ... 15.7 18.1 19.0    
Net Interest Margin %                         1.77 1.41 1.21 1.53 1.70    
Interest Spread % ...                       1.60 1.24 1.03 1.35 1.52    
Asset Yield %                         4.33 3.76 3.49 3.55 3.56    
Cost Of Liabilities % ...                       2.73 2.52 2.46 2.20 2.05    
Payout Ratio % ... ... ... ... ... ... ... ... ... ... ...   0 0 0 0 100 ...  
Interest Income (As % Of Revenues) %                         64.7 69.2 76.5 82.1 66.0    
Fee Income (As % Of Revenues) %                         17.3 29.1 21.0 15.5 13.0    
Other Income (As % Of Revenues) %                         18.0 1.72 2.54 2.47 21.0    
Cost Per Employee USD per month                         2,273 2,482 2,109 2,649 3,155    
Cost Per Employee (Local Currency) CZK per month                         44,453 48,569 45,073 63,225 79,607    
Staff Cost (As % Of Total Cost) %                         33.9 38.3 36.1 34.4 40.4    
Equity (As % Of Assets) %                         6.24 6.87 7.52 8.79 9.20    
Loans (As % Of Deposits) %                         78.8 65.3 62.7 67.4 63.7    
Loans (As % Assets) %                         70.8 60.1 57.3 60.9 57.2    
NPLs (As % Of Loans) %                         2.04 2.61 3.16 3.29 3.65    
Provisions (As % Of NPLs) %                         67.8 69.2 70.2 76.7 85.0    
Provisions (As % Of Loans) %                         1.40 1.84 2.27 2.59 3.20    
Cost of Provisions (As % Of Loans) %                         0.006 0.168 0.311 0.351 0.497    
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                         1.00 1.00 1.00 1.00 1.00    
Employees                         336 326 318 241 246    
Number Of Loan Contracts '000                         71.7 63.7 57.7 55.1 53.7    
Sale Of New Loan Contracts '000 ... ...                     ... ... ... ... ... ... ...
Number Of Deposit Contracts '000                         467 459 438 405 393    
Sale Of New Deposit Contracts '000 ... ...                     62.1 56.2 56.9 31.9 36.5    
Number Of All Contracts '000                         538 523 495 437 429    
Size Of Average Loan CZK mil                         0.422 0.406 0.411 0.408 0.398    
Size Of Average Deposit CZK mil                         0.082 0.086 0.086 0.082 0.085    

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WSS's corporate loans fell 11.4% yoy to CZK 1,496 mil in 2Q2019

By Helgi Analytics - October 17, 2019

Wustenrot Stavebni Sporitelna's loans reached CZK 18,476 mil in the second quarter of 2019, down from CZK 18,651 mil when compared to the previous quarter and down from CZK 19,318 mil when compared to the same period of last year. Historically, the ba...

WSS's mortgage loans fell 3.37% yoy to CZK 16,981 mil in 2Q2019

By Helgi Analytics - October 17, 2019

Wustenrot Stavebni Sporitelna's mortgage loans reached CZK 16,981 mil in 2019-06-30, down 0.857% compared to the previous year. Czech banking sector provided mortgage loans of CZK 1,282 bil in 2019-06-30, up 1.71% when compared to the last year. Wustenrot...

WSS's net interest margin rose 4.66% yoy to 2.25% in 2Q2019

By Helgi Analytics - October 17, 2019

Wustenrot Stavebni Sporitelna's net interest margin amounted to 2.25% in the second quarter of 2019, down from 2.27% when compared to the previous quarter. Historically, the bank’s net interest margin reached an all time high of 4.02% in 3Q2005 and an all ti...

WSS's customer deposits fell 0.536% yoy to CZK 31,171 mil in 2Q2019

By Helgi Analytics - October 17, 2019

Wustenrot Stavebni Sporitelna's customer deposits reached CZK 31,171 mil in 2019-06-30, up 0.042% compared to the previous year. Czech banking sector accepted customer deposits of CZK 4,953 bil in 2019-06-30, up 3.71% when compared to the last year. Wuste...

WSS's customer loans fell 9.88% yoy to CZK 17,409 mil in 2Q2019

By Helgi Analytics - October 17, 2019

Wustenrot Stavebni Sporitelna's customer loans reached CZK 17,409 mil in 2019-06-30, down 1.03% compared to the previous year. Czech banking sector provided customer loans of CZK 3,398 bil in 2019-06-30, up 1.23% when compared to the last year. Wustenrot ...

WSS's employees rose 4.45% yoy to 258 in 2Q2019

By Helgi Analytics - October 17, 2019

Wustenrot Stavebni Sporitelna employed 258 persons in 2019-06-30, down 1.90% when compared to the previous year. Historically, the bank's workforce hit an all time high of 336 persons in 2012-12-31 and an all time low of 185 in 2008-03-31. Average cost reached USD...

WSS's capital adequacy ratio rose 2.83% yoy to 17.7% in 2Q2019

By Helgi Analytics - October 17, 2019

Wustenrot Stavebni Sporitelna's capital adequacy ratio reached 17.7% at the end of second quarter of 2019, up from 17.4% when compared to the previous quarter. Historically, the bank’s capital ratio hit an all time high of 19.5% in 2Q2016 and an all time low of 14....

WSS's net interest income rose 4.46% yoy to CZK 198 mil in 2Q2019

By Helgi Analytics - October 17, 2019

Wustenrot Stavebni Sporitelna generated total banking revenues of CZK 280 mil in the second quarter of 2019, up 2.38% when compared to the same period of last year and down 2.82% when compared to the previous quarter. Historically, the bank’s reve...

WSS's retail deposits fell 0.219% yoy to CZK 30,784 mil in 2Q2019

By Helgi Analytics - October 17, 2019

Wustenrot Stavebni Sporitelna's retail deposits reached CZK 30,784 mil in 2019-06-30, up 0.092% compared to the previous year. Czech banking sector accepted retail deposits of CZK 2,689 bil in 2019-06-30, up 1.68% when compared to the last year. Wustenrot...

WSS's costs (as % of assets) rose 3.16% yoy to 1.79% in 2Q2019

By Helgi Analytics - October 17, 2019

Wustenrot Stavebni Sporitelna's cost to income ratio reached 56.1% in the second quarter of 2019, down from 60.3% when compared to the previous quarter. Historically, the bank’s costs reached an all time high of 124% of income in 4Q2008 and an all time low of ...

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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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Finance

Wustenrot Stavebni Sporitelna has been growing its revenues and asset by 6.15% and 0.374% a year on average in the last 10 years. Its loans and deposits have grown by -1.94% and -0.155% a year during that time and loans to deposits ratio reached 57.0% at the end of 2018. The company achieved an average return on equity of 8.90% in the last decade with net profit growing 3.44% a year on average. In terms of operating efficiency, its cost to income ratio reached 60.5% in 2018, compared to 58.7% average in the last decade.

Equity represented 8.93% of total assets or 17.7% of loans at the end of 2018. Wustenrot Stavebni Sporitelna's non-performing loans were 7.91% of total loans while provisions covered some 70.3% of NPLs at the end of 2018.