ProCredit Holding - Promising Q320 figures
ProCredit Holding (PCB) reported Q320 profit after tax of €11.7m (down from €21.5m profit from continued operations in Q319), which was primarily due to higher loss provisions and lower net fee and commission income year-on-year (y-o-y) driven by the COVID-19 crisis. However, we note that both gross loan book and deposit base growth remain strong, while the year to date run-rate for PCB’s cost of risk (56bp annualised) and its cost income ratio (66.5%) are slightly better than management’s expectations. Furthermore, its net interest margin (NIM) remained stable vs Q220 at 2.9%, which together with the robust lending activity resulted in a net interest income close to Q319 levels (€50.8m vs €51.0m last year).Procredit Holding Ag & Co Kgaa. ProCredit Holding AG & Co KGaA is a Germany-based company, which is primarily engaged in the financial services industry. The Company operates as a parent for development-oriented ProCredit group, which consists of commercial banks for small and medium enterprises (SMEs) and whose operational focus is on South Eastern and Eastern Europe. In addition to this regional presence, the ProCredit group is also active in South America and Germany. The Company operates through various subsidiaries, such as ProCredit Bank SA, ProCredit Bank (Bulgaria) EAD, ProCredit Bank AG, ProCredit Academy GmbH, Quipu GmbH, ProCredit Bank SA, ProCredit Bank ShA, Banco ProCredit Colombia SA, Banco ProCredit SA, JSC ProCredit Bank, Banco Pyme Los Andes ProCredit SA, BC ProCredit Bank, JSC ProCredit Bank, as well as operates special purpose vehicles PC Finance II BV and Fideicosimo Primera Tituarizacion de Cartera Comercial Pymes ProCredit, among others.
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