This report analyses the performance of MONETA Money Bank for the 2Q2019. You will find all the necessary details regarding volume growth, market share, margin and asset quality development in the Bank.
The key highlights are:
Revenues increased 10.6% yoy to CZK 2,639 mil in the second quarter of 2019. Interest income formed 74.1% of total revenues with the net interest margin decreasing 0.08 pp to 3.76% of total assets. Fees added a further 18.3% to total revenue generated in 2Q2019, down from an average of 18.9% as seen in the previous two years.
Operating costs grew by 9.51% yoy to CZK 1,221 mil, so cost to income ratio reached 46.3%, up by 11.9% compared to the previous two years. Staff accounted for 47.4% of total operating expenditures. At the end of second quarter of 2019, MONETA Money Bank operated a network of 192 branches and 3,033 employees.
Loans and deposits grew by 4.25% and 4.2% qoq respectively, so loan to deposit ratio reached 84.6% at the end of 2Q2019. That’s down from 90.3% the previous year. Equity reached 11.4% of assets and capital adequacy ratio amounted to 16.7% at the end of the second quarter of 2019.
NPLs were 1.80% of total loans at the end of the quarter. Provisions covered 109% of non-performing loans
MONETA Money Bank stock traded at 77.2 per share at the end of second quarter of 2019 implying a market capitalization of USD 1,773 mil. This put stock at a 12-month trailing price to earnings of 9.69x and price to book value of 1.64x as of the end of 2Q2019.
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