2011-08-01 08:00:00 CEST
2011-08-01 08:00:10 CEST
REGULATED INFORMATION
Ålandsbanken - Interim report (Q1 and Q3)
Interim Report for the period January - June 2011
Mariehamn, 2011-08-01 08:00 CEST (GLOBE NEWSWIRE) -- Bank of Åland Plc STOCK
EXCHANGE RELEASE 1.8.2011 09.00 hrs
Interim Report for the period January - June 2011"During the first half of 2011, we improved our profit before loan losses and
nonrecurring expenses by 24 per cent, adjusted for exchange rate effects, with
continued major success in Private Banking, both in Finland and Sweden. Given
our new issue of equity capital during the autumn plus permission to issue
covered bonds, the financial prerequisites are in place to continue expanding
our operations in Finland and Sweden, in keeping with our strategy. Return on
equity is approaching 15 per cent in our Finnish operations. The restructuring
of our Swedish operations now being carried out under new management -
including closure of the institutional equities trading unit and a transition
to branch status - will make a faster improvement in earnings possible."
Peter Wiklöf, Managing Director
January−June 2011 compared to January−June 2010
- Net operating profit excluding restructuring expenses increased by 20 per
cent, adjusted for exchange rate effects, to EUR 4.3 M (3.5)
- Profit for the period attributable to shareholders decreased to EUR -1.2 M
(2.0), mainly due to EUR 2.9 M in restructuring expenses in Sweden
- Earnings per share totalled EUR -0.10 (0.17)
- Net interest income increased by 6 per cent to EUR 19.6 M (18.4)
- Net commission income increased by 20 percent to EUR 20.8 M (17.3)
- Based on our assessment of external factors and taking into consideration
that operations in Sweden will have a smaller negative impact on earnings than
last year, the Group's profit before loan losses is expected to be better in
2011 than in 2010. Loan losses are expected to be low during 2011. Taken
together, this means that the Group's after-tax profit attributable to
shareholders in 2011 will be significantly better than in 2010.
The second quarter of 2011 compared to the first quarter of 2011
- Net operating profit excluding restructuring expenses was unchanged at EUR
2.1 M
- Profit for the period attributable to shareholders decreased to EUR -2.2 M
(1.0), mainly due to EUR 2.9 M in restructuring expenses in Sweden
- Earnings per share totalled EUR -0.19 (0.09)
- Net interest income increased by 6 per cent to EUR 10.1 M (9.5)
- Net commission income increased by 5 percent to EUR 10.7 M (10.1)
- Net loan losses totalled EUR 0.3 M (0.0), equivalent to a loan loss level of
0.04 percent
- The Tier 1 capital ratio was 7.7 (December 31, 2011: 7.3) per cent
Financial summary
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-
Bank of Åland Group Q2 Q1 % Q1 % Jan-Ju Jan-Ju %
2011 2011 2010 n 2011 n 2010
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EUR M
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Income
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Net interest income 10.1 9.5 6 9.3 9 19.6 18.4 6
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Net commission income 10.7 10.1 5 9.9 8 20.8 17.3 20
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Other income 5.9 6.6 -10 6.3 -5 12.5 13.3 -6
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Total income 26.7 26.1 2 25.4 5 52.8 49.0 8
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Staff costs -16.5 -13.9 19 -13.6 22 -30.4 -26.4 15
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Other expenses -10.6 -10.1 5 -9.8 9 -20.8 -18.2 14
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Total expenses -27.2 -24.0 13 -23.4 16 -51.2 -44.7 15
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Profit before loan -0.5 2.1 -123 2.1 -124 1.6 4.3 -63
losses etc.
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Impairment losses on -0.3 0.0 0.0 -0.3 -0.1 144
loans and other
commitments
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Operating income -0.8 2.1 -136 2.0 -138 1.4 4.2 -68
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Income taxes -0.6 -1.1 -48 -0.4 33 -1.6 -1.8 -9
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Profit for the report -1.3 1.0 -227 1.6 -181 -0.3 2.4 -112
period
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Attributable to:
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Non-controlling 0.9 0.0 0.4 103 0.9 0.5 92
interests
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Shareholders in Bank -2.2 1.0 1.2 -1.2 2.0 -160
of Åland Plc
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VOLUME
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Lending to the public 2,567 2,550 1 2,549 1
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Deposits from the 2,492 2,521 -1 2,492 0
public
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Managed assets 4,019 4,347 -8 3,507 15
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Equity capital 155 155 0 160 -3
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Balance sheet total 3,403 3,398 0 3,617 -6
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Risk-weighted assets 1,591 1,645 -3 1,657 -4
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FINANCIAL RATIOS
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Return on equity after -3.4 2.7 4.0 -1.5 1.6
taxes, % (ROE) 2
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Expenses/income ratio, 103 92 92 97 91
%
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Loan loss level, % 0.04 0.00 0.01 0.02 0.01
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Gross non-performing 1.04 0.89 0.70 1.04 0.70
assets, %
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Level of provisions 75 72 78 75 78
for doubtful
receivables, %
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Core funding ratio 103 101 102 103 102
(Lending/deposits), %
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Equity/assets ratio, % 4.6 4.6 4.4 4.6 4.4
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Tier 1 capital ratio, 7.7 7.4 7.6 7.7 7.6
%
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Earnings per share -0.19 0.09 0.11 -0.10 0.17
before dilution, %
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Equity capital per 13.15 13.41 13.72 13.15 13.72
share, EUR
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Market price per 25.98 25.50 27.95 25.98 27.95
Series A share, EUR
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Market price per 16.50 17.00 20.85 16.50 20.85
Series B share, EUR
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Working hours 699 687 690 693 701
re-calculated to
full-time equivalent
positions
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Ålandsbanken follows the disclosure procedure enabled by Standard 5.2b
published by the Finnish Financial Supervision Authority and hereby publishes
its Interim Report for January-June 2011 enclosed to this stock exchange
release. Ålandsbanken's Interim Report for January-June 2011 is attached to
this release in pdf format and is also available on the company's web site at
www.alandsbanken.fi.
Mariehamn, July 29, 2011
THE BOARD OF DIRECTORS
For more information please contact:
Managing Director, Peter Wiklöf +358 204 291255
Communications and Marketing Director, Tom Westerén +358 40 519 0885
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