Byblos Bank reports 12.5% revenue growth in FY2016
27 Jan 2017 • About Byblos Bank (
$BYB) • By InTwits
Byblos Bank reported FY2016 financial results today. Overall the company's long term financial model is characterised by the following facts:
- The company has business model with low profitability: ROIC is at 8.0%
- It operates with high leverage: Net Debt/EBITDA is 7.5x while industry average is
Below you can find a comprehensive analysis of the key data driving the company's performance and stock price.
Byblos Bank ($BYB) key annual financial indicators
| mln. LBP | 2012 | 2013 | 2014 | 2015 | 2016 | 2016/2015 |
|---|
P&L
|
|---|
| Revenue | 1,607,580 | 1,636,485 | 1,759,220 | 1,803,302 | 2,028,343 | 12.5% |
| Net Income | 246,450 | 224,683 | 252,792 | 228,185 | 232,647 | 2.0% |
Balance Sheet
|
|---|
| Cash | 5,507,572 | 5,809,930 | 7,048,785 | 7,236,237 | 8,783,092 | 21.4% |
| Short Term Debt | 1,344,965 | 1,444,064 | 982,319 | 861,966 | 1,551,138 | 80.0% |
| Long Term Debt | 919,607 | 506,489 | 859,967 | 862,599 | 420,165 | -51.3% |
Cash flow
|
|---|
| Capex | 29,919 | 18,674 | 23,834 | 45,972 | | -100.0% |
Ratios
|
|---|
| Revenue growth | 2.7% | 1.8% | 7.5% | 2.5% | 12.5% | |
| Net Income Margin | 15.3% | 13.7% | 14.4% | 12.7% | 11.5% | -1.2% |
| CAPEX, % of revenue | 1.9% | 1.1% | 1.4% | 2.5% | | -2.5% |
| ROIC | 5.7% | 5.7% | 6.9% | 6.2% | 8.0% | 1.8% |
| ROE | 14.0% | 9.8% | 11.1% | 9.5% | 11.6% | 2.2% |
Revenue and profitability
Byblos Bank's Revenue jumped on 12.5% in FY2016.
Net Income marign decreased slightly on 1.2 pp from 12.7% to 11.5% in FY2016.
Return on investment
The company operates at low ROIC (8.01%) and ROE (11.63%). ROIC increased slightly on 1.8 pp from 6.2% to 8.0% in FY2016. ROE increased on 2.2 pp from 9.5% to 11.6% in FY2016.
Leverage (Debt)
Debt surged on 14.3% in FY2016 while cash jumped on 21.4% in FY2016.
Appendix 1: Peers in Banks
Below we provide Byblos Bank benchmarking against other companies in Banks industry for the last 5 years. We show data for the top-5 companies by key financial metric together with the median value for all the companies in the industry.
Top companies by Revenue growth, %
| Top 5 | FY2012 | FY2013 | FY2014 | FY2015 | FY2016 |
|---|
| Kazkommertsbank JSC ($KKB) | | 6.0% | 16.3% | 41.4% | |
| Sberbank Of Russia ($SBER) | 37.2% | 25.1% | 23.4% | 27.4% | |
| Commercial Intl Bank(Egypt)S.A.E ($CBKD) | 37.6% | 23.7% | 18.9% | 26.8% | |
| Yapi Ve Kredi Bankasi As ($YKBD) | 14.9% | 4.8% | 19.7% | 25.3% | |
| Mcb Bank Ltd ($MCBS) | 3.0% | -1.7% | 19.4% | 22.4% | |
| |
|---|
| Median (43 companies) | 12.4% | 4.8% | 12.1% | 5.5% | 3.2% |
|---|
| Byblos Bank ($BYB) | | 1.8% | 7.5% | 2.5% | 12.5% |
Top companies by CAPEX/Revenue, %
| Top 5 | FY2012 | FY2013 | FY2014 | FY2015 | FY2016 |
|---|
| Banque Marocaine Du Comm Exterieur ($69IR) | 3.7% | 9.7% | 4.3% | 26.8% | |
| Lloyds Banking Group ($LLPC) | 8.0% | 8.9% | 13.1% | 13.6% | 14.5% |
| Banco Santander Sa ($BNC) | 2.7% | 2.6% | 8.9% | 10.2% | 9.1% |
| Guaranty Trust Bank ($GRTB) | 6.7% | 6.1% | 6.8% | 7.7% | |
| Diamond Bank ($DBPA) | 8.2% | 7.9% | 6.0% | 6.7% | |
| |
|---|
| Median (41 companies) | 2.4% | 2.8% | 2.2% | 2.5% | 2.3% |
|---|
| Byblos Bank ($BYB) | 1.9% | 1.1% | 1.4% | 2.5% | |
Top companies by ROIC, %
| Top 5 | FY2012 | FY2013 | FY2014 | FY2015 | FY2016 |
|---|
| Commercial Intl Bank(Egypt)S.A.E ($CBKD) | 21.7% | 26.9% | 30.1% | 30.3% | |
| Guaranty Trust Bank ($GRTB) | 19.8% | 18.9% | 17.8% | 16.0% | |
| Mcb Bank Ltd ($MCBS) | 15.0% | 14.4% | 15.8% | 14.9% | |
| United Bank Ltd ($UBLS) | 11.7% | 11.8% | 13.8% | 12.6% | |
| Zenith Bank ($ZENB) | 19.0% | 17.6% | 15.0% | 11.2% | |
| |
|---|
| Median (43 companies) | 6.4% | 5.3% | 4.4% | 3.4% | 3.8% |
|---|
| Byblos Bank ($BYB) | 5.7% | 5.7% | 6.9% | 6.2% | 8.0% |
