2013-07-29 14:00:00 CEST
2013-07-29 14:00:03 CEST
REGULATED INFORMATION
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Ålandsbanken - Interim report (Q1 and Q3)
Bank of Åland Plc: Interim Report for the period January – June 2013
Mariehamn, 2013-07-29 14:00 CEST (GLOBE NEWSWIRE) --
Bank of Åland Plc
Interim Report
29.7.2013 3.00 pm
Interim Report for the period January - June 2013
“Our net operating profit was nine million euros better than in the
corresponding period of 2012, showing that the Bank of Åland has made
significant progress during the year. We have raised the efficiency of our
organisation. Business volume has climbed, and especially in Sweden we are
seeing steady growth. We have reviewed the pricing of our services, and an
increasingly large proportion of our lending portfolio has achieved pricing
that corresponds to the costs that result from the new regulations.
I would like to express my warm gratitude to all our employees, who are
implementing a major reform effort while continuing to deliver the best
possible service to our customers. Yet much work remains before we have reached
the level of profitability that our shareholders have a right to expect. Our
earnings performance remains challenged by low market interest rates and cost
increases due to recurring regulatory requirements.”
Peter Wiklöf, Managing Director
January−June 2013 compared to January−June 2012
• Net operating profit improved by EUR 9.3 M to EUR 5.2 M (-4.1).
• Profit for the period attributable to shareholders improved by EUR 6.7 M to
EUR 3.6 M (-3.1).
• Net interest income decreased by 7 per cent to EUR 19.5 M (21.0).
• Net commission income increased by 22 per cent to EUR 19.2 M (15.7).
• Total expenses decreased by 2 per cent to EUR 46.3 M (47.3).
• Impairment losses on loans (including recoveries) amounted to EUR 1.0 M
(2.4), equivalent to a loan loss level of 0.06 (0.17) per cent.
• Return on equity after taxes (ROE) amounted to 4.0 per cent (-3.6).
• Earnings per share amounted to EUR 0.25 (-0.22).
• The core Tier 1 capital ratio calculated without transitional rules amounted
to 10.8 per cent (December 31, 2012: 10.9 per cent).
The second quarter of 2013 compared to the first quarter of 2013
• Net operating profit amounted to EUR 2.5 M (2.6).
• Profit for the period attributable to shareholders amounted to EUR 1.6 M
(1.9).
• Net interest income increased by 8 per cent to EUR 10.2 M (9.4).
• Net commission income increased by 6 per cent to EUR 9.9 M (9.3).
• Total expenses increased by 1 per cent to EUR 23.2 M (23.1).
• Impairment losses on loans signified a net reversal of EUR 0.5 M (1.4),
equivalent to a loan loss level of -0.06 per cent (0.19).
Bank of Åland Group Q2 Q1 % Q2 % Jan-Ju Jan-Ju %
2013 2013 2012 n n
2013 2012
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EUR M
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Income
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Net interest income 10.2 9.4 8 9.6 6 19.5 21.0 -7
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Net commission income 9.9 9.3 6 7.6 31 19.2 15.7 22
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Net income from financial 1.4 4.4 -68 1.0 44 5.8 1.0
items at fair value
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Other income 3.8 4.0 -5 4.2 -8 7.9 7.9 0
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Total income 25.3 27.1 -7 22.3 14 52.4 45.6 15
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Staff costs -13.2 -13.1 1 -13.1 1 -26.3 -26.3 0
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Other expenses -8.2 -8.1 1 -8.9 -8 -16.3 -17.4 -7
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Depreciation/amortisation -1.9 -1.9 -2 -1.8 2 -3.8 -3.6 6
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Total expenses -23.2 -23.1 1 -23.8 -2 -46.3 -47.3 -2
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Profit before impairment 2.1 4.1 -49 -1.5 6.1 -1.8
losses
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Impairment losses on loans 0.5 -1.4 -1.5 -1.0 -2.4 -60
and other commitments
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Net operating profit 2.5 2.6 -4 -3.0 5.2 -4.1
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Income taxes -0.6 -0.5 21 0.9 -1.1 1.3
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Profit for the report 1.9 2.1 -5 -2.1 4.1 -2.8
period
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Attributable to:
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Non-controlling interests 0.3 0.2 47 0.1 0.5 0.2
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Shareholders in Bank of 1.6 1.9 -16 -2.3 3.6 -3.1
Åland Plc
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Volume
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Lending to the public 3,021 2,977 1 2,861 6
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Deposits from the public 1 2,516 2,446 3 2,591 -3
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Managed assets 4,255 4,493 -5 3,889 9
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Equity capital 179 179 0 174 3
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Balance sheet total 3,787 3,743 1 3,575 6
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Risk-weighted assets 1,451 1,472 -1 1,445 0
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Financial ratios
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Return on equity after 3.7 4.4 -5.4 4.0 -3.6
taxes, % (ROE)2
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Expenses/income ratio, % 3 92 85 107 88 104
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Loan loss level, % 4 -0.06 0.19 0.21 0.06 0.17
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Gross non-performing 0.51 0.58 0.87
receivables, % 5
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Level of provisions for 90 98 73
doubtful receivables, % 6
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Core funding ratio, % 7 102 102 110
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Equity/assets ratio, % 8 4.7 4.8 4.9
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Tier 1 capital ratio, 10.8 10.4 9.7
without transitional
rules, % 9
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Earnings per share before 0.11 0.13 -0.16 0.25 -0.22
dilution, % 10
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Equity capital per share, 12.20 12.27 11.89
EUR 11
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Market price per Series A 10.50 12.50 10.90
share, EUR
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Market price per Series B 7.68 8.14 7.58
share, EUR
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Number of shares 14,395 14,395 14,395
outstanding (not own
shares) thousands
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Working hours 609 604 651 607 664
re-calculated to
full-time equivalent
positions
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The Bank of Åland (Ålandsbanken) follows the disclosure procedure stipulated in"Disclosure obligation of the issuer (7/2013)", published by the Finnish
Financial Supervisory Authority and hereby publishes its Interim Report for the
period January - June 2013, which is enclosed with this stock exchange release.
The Bank's Interim Report for the period January - June 2013 is attached to
this release in PDF format and is also available on the company's web site at
http://www.alandsbanken.fi/info/opencms/pdf/result/en_resultat_jan-jun_13.pdf
Mariehamn, July 29, 2013
THE BOARD OF DIRECTORS
For more information please contact:
Managing Director, Peter Wiklöf +358 204 2912 25
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