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Aleur Bank’s net profit in the first quarter was 108.1 million Polish zloty, above consensus

photo. Jab Arens / Noor Photo via Zuma Press / forum

The bank said in its quarterly report that the net profit of Alior Bank Group in the first quarter of 2021 rose to 108.1 million PLN from 72.1 million PLN the previous year. It turns out that the profit is 39 percent. Above analysts’ expectations.

Ten brokerage houses’ forecasts for the bank’s first quarter profit ranged from 52.3 million PLN to 95.2 million PLN.

In the first quarter of 2021, the return on equity was 6.7%.

The amounts written off amounted to 244 million PLN in the first quarter. Meanwhile, the market expected a rise of 14 percent. Write-offs at 283.1 million PLN in the forecast range from 255.4 million PLN to 309.9 million PLN.

The cost risk ratio decreased to 1.59 percent. From 1.93% a year ago. In the last quarter of 2020, the House of Representatives was 1.48%.

The bank said it kept the cost of risk below its long-term average, and the bank’s loan portfolio remained immune to the effects of the Covid-19 pandemic.

Alior Bank Group results in the first quarter of 2021 indicating the PAP consensus and past results
In millions of Polish zloty 1Q2021 consensus Difference
Door
Interest result 670.2 680,1 -1%
Commission result 177,7 174,4 2%
Total costs 417,9 421,4 -1%
Reserve balance -244.0 -283.1 -14%
Net profit 108.1 77,8 39%
1Q2021 1Q2020 Difference 4Q2020 Difference
In millions of Polish zloty rdr Kuwaiti Dinar
Interest result 670 776 -14% 667 1%
Commission result 178 135 31% 177 0%
Total costs 418 482 -13% 380 10%
Reserve balance -244 -295 -17% -295 -17%
Net profit 108 72 50% 120 -10%
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“As a result of the actions taken by the bank in 2020 in the area of ​​credit portfolio risk management and in relation to the perceived behavior of customers, the level of the cost of risk (COR) should not exceed 2.2 percent in 2021” – the bank informed.

The bank’s net interest income amounted to 670.2 million PLN and was in line with analysts ’forecasts, who expected it to amount to 680.1 million PLN (in the range 670-702 million PLN). This result decreased 14 percent. On an annualized basis and increased by 1 percent. On a quarterly basis.

The bank said that in the first quarter, the level of net interest income was negatively affected by a slight increase in the volume of current commission proceeds (“small CJEU”) resulting from the consolidation of the bank’s client loans.

The net interest margin in the first quarter of 2021 was 3.67%, while it was 3.63% in the fourth quarter. The bank said that the margin improvement came as a result of its efforts to neutralize the negative impact of the interest rate cut for 2020.

The bank’s net interest income amounted to 670.2 million PLN, that is, a decrease of 14%. On an annualized basis and increased by 1 percent. On a quarterly basis.

The bank said that in the first quarter, the level of net interest income was negatively affected by a slight increase in the volume of current commission proceeds (“small CJEU”) resulting from the consolidation of the bank’s client loans.

The result on fees and commissions was 177.7 million PLN and was 2%. Higher than the market estimate, which had forecast 174.4 million PLN (forecast ranged from 170 million PLN to 178.5 million PLN). As a result, the commission increased 31 percent. On an annual basis, it remained at the level of the fourth quarter of 2020.

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As a result of the increase in commission, the bank is mainly due to the increase in fees related to the maintenance of accounts, transfers, payments, loans granted, leasing, brokerage activities and payment cards.

The costs of the bank in the first quarter of 2021 amounted to 417.9 million PLN and were at the level expected by the market (421.4 million PLN). Costs decreased by 13 percent. Year on year and increased by 10 percent. Kuwaiti Dinar. The increase in operating costs compared to the last quarter of 2020 is mainly due to the additional contribution of the BGF to the settlement fund.

In the first quarter, BFG’s costs were 29 percent higher. The lowest year-on-year was 62.9 million PLN.

The cost to income ratio was 46.9%. (39.8% excluding the cost of BFG).

Total loans at the end of March 2021 amounted to 62.1 billion PLN, a decrease of 0.2%. On an annual basis, deposits were at 68.6 billion PLN, which means an increase of 6.2%. X p.

In the first quarter, sales Home loans 746 million PLN, which means an increase of 58% year-on-year. In the first quarter, the bank’s market share was 4.2%.

Installment loan sales increased by 5 percent. On an annual basis, it amounted to 0.98 billion PLN.

Rental sales in the first quarter amounted to 717 million PLN, which means an increase of 39%. Q / o, 5% KD.

The bank announced that Alior TFI in the first quarter maintained a high level of net sales of the investment funds it managed, with sales of 218 million PLN.

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The brokerage firm’s revenue increased 50% year over year. It amounts to 16.2 million PLN. BM acquired 1.6 thousand new brokerage accounts (80% of which were opened in channels).

Tier1 share capital is 13.14% and TCR 15.27%. The surplus from regulatory thresholds in the Tier 1 case is 464 bps.

Allure does not exclude that 21’s risk costs may be lower than assumed

The cost of risk ratio decreased in the first quarter of 2021 to 1.59%. From 1.93% a year ago.

“We can now see that the economic situation is developing better, and the negative scenarios have not materialized. (…) We can expect the costs of risk to behave well, better than we expected,” – said Maciej Brzuzovsky, the bank’s vice president in charge of the risk area.

He added, “We are not reviewing our goals safely and conservatively, but of course if the economy is as good as it appears, I think we will definitely not exceed the target that we assumed for 2021.”

The bank had earlier planned that the cost of risk should not exceed 2.2% in 2021.

SB /

Source:PAP Biznes