Ålandsbanken - Company Announcement

Bank of Åland’s earnings substantially better than last year

Mariehamn, 2014-07-10 12:00 CEST (GLOBE NEWSWIRE) -- 

Bank of Åland Plc
Stock exchange release
July 10, 2014, 1.00 p.m.

Bank of Åland's earnings substantially better than last year

On March 14, 2014, when the 2013 Annual Report of the Bank of Åland was
published, the Bank announced its future outlook for 2014. At that time, the
Bank expected that in 2014 it would report a somewhat better net operating
profit and after-tax profit attributable to the shareholders than in 2013: that
is, a somewhat better net operating profit than EUR 10.4 M and a somewhat
better after-tax profit attributable to the shareholders than EUR 6.7 M. 

Based on preliminary accounting data for the first half of 2014, the Bank of
Åland is revising its future looking for the full year 2014. Net operating
profit in the first half preliminarily amounted to about EUR 8.7 M and
after-tax profits attributable to the shareholders preliminarily amounted to
about EUR 6.1 M which means that both these measures of earnings will probably
be substantially better than in 2013. 

The Bank of Åland will publish its Interim Report for January-June 2014 at 9.00
a.m. Finnish time on July 25, 2014. 

REVISED FUTURE OUTLOOK
The Bank's earning performance is determined to a significant degree by
external factors that are difficult to predict. 

Income is expected to be higher in 2014 than in 2013 as a consequence of both
increased volume and margins, but income is strongly dependent on how the fixed
income and stock markets perform and is thus difficult to forecast. Total
expenses and impairment losses on loans in 2014 are expected to be lower than
in 2013. Taken together, the result of these expectations is that in 2014 the
Bank of Åland will report a substantially better net operating profit and
after-tax profit attributable to the shareholders than in 2013. 

PREVIOUSLY COMMUNICATED FUTURE OUTLOOK
The Bank's earning performance is determined to a significant degree by
external factors that are difficult to predict. 

Income is expected to be higher in 2014 than in 2013 as a consequence of both
increased volume and margins, but income is strongly dependent on how the fixed
income and stock markets perform and is thus difficult to forecast. Total
expenses and impairment losses on loans in 2014 are expected to be at about the
same level as in 2013. Taken together, the result of these expectations is that
in 2014 the Bank of Åland will report a somewhat better net operating profit
and after-tax profit attributable to the shareholders than in 2013. 


For further information, please contact:
Peter Wiklöf, Managing Director and Chief Executive, Bank of Åland, tel. + 358
(0)40 512 7505