2016-07-22 08:00:01 CEST
2016-07-22 08:00:01 CEST
REGULATED INFORMATION
Ålandsbanken - Half Year financial report
Bank of Åland Plc: Interim Report for the period January–June 2016
Mariehamn, 2016-07-22 08:00 CEST (GLOBE NEWSWIRE) --
Bank of Åland Plc
Half Year financial report
July 22, 2016, 9.00 p.m.
Interim Report for the period January–June 2016
“Our net interest income turned out well, considering the negative market
interest rates now prevailing in financial markets, but market worries have
lowered the level of activity in our financial investment operations. Our net
commission income fell − especially income from securities brokerage, which was
EUR 1.5 M lower than for the same period of 2015.
“During the past year, we have recruited additional advisors in order to
guarantee a continued high level of service to our existing and new customers
both in Sweden and Finland. This investment in human resources increased our
staff costs by more than EUR 1 M during the first half of 2016. The percentage
of non-performing loans has declined steadily over the past year, and the
second quarter’s higher loan losses should thus not be regarded as the
beginning of a new trend.
“The Bank of Åland is continuing to attract new customers and we are steadily
growing, but the current market situation – including a further increase in
volatility due to the British referendum vote to leave the European Union –
implies that it will be challenging to reach last year's record earnings.”
Peter Wiklöf, Managing Director
January - June 2016 compared to January – June 2015
-- Net operating profit decreased by 27 per cent to EUR 12.6 M (17.3).
-- Profit for the period attributable to shareholders decreased by 30 per cent
to EUR 9.8 M (14.0).
-- Net interest income increased by 7 per cent to EUR 27.5 M (25.6).
-- Net commission income decreased by 11 per cent to EUR 22.1 M (24.7).
-- Total expenses increased by 2 per cent to EUR 46.0 M (45.3).
-- Net impairment losses on loans (including recoveries) amounted to EUR 2.1 M
(0.5), equivalent to a loan loss level of 0.12 (0.03) per cent.
-- Return on equity after taxes (ROE) amounted to 9.2 (14.2) per cent.
-- Earnings per share amounted to EUR 0.64 (0.92).
-- The core Tier 1 capital ratio, not taking into account transitional rules,
amounted to 12.4 per cent (12.0 on December 31, 2015).
The second quarter of 2016 compared to the second quarter of 2015
-- Net operating profit decreased by 41 per cent to EUR 4.6 M (7.8).
-- Profit for the period attributable to shareholders decreased by 44 per cent
to EUR 3.5 M (6.2).
-- Net interest income increased by 5 per cent to EUR 13.5 M (12.9).
-- Net commission income decreased by 9 per cent to EUR 10.8 M (11.9).
-- Total expenses increased by 6 per cent to EUR 23.8 M (22.5).
-- Net impairment losses on loans (including recoveries) amounted to EUR 1.7 M
(0.3), equivalent to a loan loss level of 0.19 (0.04) per cent.
-- Return on equity after taxes (ROE) amounted to 6.5 (12.5) per cent.
-- Earnings per share amounted to EUR 0.23 (0.41).
Financial summary
Bank of Åland Group Q2 Q1 % Q2 % Jan-Ju Jan-Ju %
2016 2016 2015 n 2016 n 2015
EUR M
Income
--------------------------------------------------------------------------------
Net interest income 13,5 13,9 -3 12,9 5 27,5 25,6 7
--------------------------------------------------------------------------------
Net commission income 10,8 11,3 -5 11,9 -9 22,1 24,7 -11
--------------------------------------------------------------------------------
Net income from financial 1,9 1,5 25 1,6 14 3,4 4,1 -18
items at fair value
--------------------------------------------------------------------------------
Other income 3,9 3,8 2 4,1 -6 7,7 8,6 -11
--------------------------------------------------------------------------------
Total income 30,1 30,6 -1 30,6 -2 60,7 63,0 -4
Staff costs -14,7 -14,2 3 -14,1 4 -28,9 -27,8 4
--------------------------------------------------------------------------------
Other expences -7,7 -6,4 20 -6,7 15 -14,1 -13,9 1
--------------------------------------------------------------------------------
Depreciation/amortisation -1,5 -1,5 -5 -1,7 -14 -3,0 -3,6 -16
--------------------------------------------------------------------------------
Total expenses -23,8 -22,2 7 -22,5 6 -46,0 -45,3 2
--------------------------------------------------------------------------------
Profit before impairment 6,3 8,4 -25 8,1 -22 14,7 17,8 -17
losses
Impairment losses on -1,7 -0,4 -0,3 -2,1 -0,5
loans and other
commitments
--------------------------------------------------------------------------------
Net operating profit 4,6 8,0 -42 7,8 -41 12,6 17,3 -27
Income taxes -1,1 -1,7 -34 -1,6 -31 -2,8 -3,3 -16
--------------------------------------------------------------------------------
Profit for the report 3,5 6,3 -45 6,2 -44 9,8 14,0 -30
period
Attributable to:
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
Shareholders in Bank of 3,5 6,3 -45 6,2 -44 9,8 14,0 -30
Åland Plc
Volume
Lending to the public 3 629 3 594 1 3 515 3
--------------------------------------------------------------------------------
Deposits from the public 2 894 2 896 0 2 755 5
1
--------------------------------------------------------------------------------
Investment volume 2 6 328 6 815 -7 6 696 -5
--------------------------------------------------------------------------------
Equity capital 212 219 -3 200 6
--------------------------------------------------------------------------------
Balance sheet total 4 718 4 715 0 4 851 -3
--------------------------------------------------------------------------------
Risk exposure amount 1 500 1 542 -3 1 619 -7
Financial ratios
Return on equity after 6,5 11,7 12,5 9,2 14,2
taxes, % (ROE) 3
--------------------------------------------------------------------------------
Expences/income ratio 4 0,79 0,73 0,73 0,76 0,72
--------------------------------------------------------------------------------
Loan loss level, % 5 0,19 0,05 0,04 0,12 0,03
--------------------------------------------------------------------------------
Gross non-performing 0,65 0,79 0,65
receivables, % 6
--------------------------------------------------------------------------------
Level of provisions for 51 37 43
doubtful receivables, %7
--------------------------------------------------------------------------------
Core funding ratio, % 8 94 93 93
--------------------------------------------------------------------------------
Equity/assets ratio, % 9 4,5 4,6 4,1
--------------------------------------------------------------------------------
Tier 1 capital ratio, % 12,4 12,5 11,2
10
--------------------------------------------------------------------------------
Earnings per share, EUR 0,23 0,41 -45 0,41 -40 0,64 0,92 -30
11
--------------------------------------------------------------------------------
Earnings per share after 0,23 0,41 -45 0,41 -41 0,64 0,92 -30
dilution, EUR
--------------------------------------------------------------------------------
Equity capital per share, 13,90 14,36 -3 13,18 5
EUR 12
--------------------------------------------------------------------------------
Equity capital per share 13,81 14,26 -3 13,15 5
after dilution, EUR
--------------------------------------------------------------------------------
Market price per Series A 13,86 16,19 -14 15,50 -11
share, EUR
--------------------------------------------------------------------------------
Market price per Series B 13,74 15,30 -10 15,75 -13
share, EUR
--------------------------------------------------------------------------------
Number of shares 15 267 15 267 15 178 1
outstanding (not own
shares), 000s
--------------------------------------------------------------------------------
Number of shares 15 477 15 478 0 15 278 1
outstanding (not own
shares), after dilution,
000s
--------------------------------------------------------------------------------
Working hours 690 667 3 668 3 678 665 2
re-calculated to
full-time equivalent
positions
1 Deposits from the public and public sector enteties, including certificates
of deposit, index bonds and debentures issued to the public
2 Investment volume encompassed actively managed assets (the Group´s own mutual
funds, discretionary and advisory managed assets) plus other securities volume
in brokarage accounts"
3 Profit for the report period attributable to shareholders / Average
shareholders´portion of equity capital
4 Expences / Income
5 Impaiment losses on loan portfolio and other commitments / Lending to the
public at the beginning of the period
6 Gross doubtful receivables / Lending to the public before provisions for
impairment losses
7 Provisions for individual impairment losses / Gross doubtful receivables
8 Lending to the public / Deposits including certificates of deposit, index
bonds and debentures issued to the public plus covered bonds issued
9 Equity capital / Balance sheet total
10 (Core Tier 1 capital / Capital requirement)x 8% 11 Shareholders ´portion of
earnings for the period / Avarage number of shares
12 Equity capital / Number of shares less own shares on closing day
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 2016, which is enclosed with this stock exchange release.
The Bank`s Interim Report for the period January – June 2016 is attached to
this release in PDF format and is also available on the company’s web site at
https://www.alandsbanken.com/uploads/pdf/result/en_resultat_jan-jun_16.pdf
Mariehamn, July 22, 2016
THE BOARD OF DIRECTORS
For more information please contact:
Peter Wiklöf, Managing Director and Chief Executive, Bank of Åland, tel. + 358
(0)40 512 7505
© 2024 Nasdaq, Inc. All Rights Reserved |