Bank of Åland Plc: Half-Year Financial Report for the period January - June 2023
20 Luglio 2023 - 8:00AM
Bank of Åland Plc: Half-Year Financial Report for the period
January - June 2023
Bank of Åland PlcHalf-Year Financial ReportJuly 20, 2023 9:00
am
Half-Year Financial Report for the period January - June
2023
“We increased our operating profit during the first half by EUR
8.0 million (55 per cent) if we exclude the divestment gain in the
year-earlier period. Net interest income is developing nicely and
rose by EUR 14.4 M (49 per cent). This more than offset net
commission income, which fell by EUR 4.9 M (12 per cent) during the
first half of 2023, when our investment customers made fewer
transactions for reasons of prudence.
“Despite a cautious market, we continued to attract new
financial investment volume. During the first half of 2023 we
received EUR 401 M in increased net financial investments. On the
lending side, we saw rising interest rates and customers starting
to use excess deposits to make prepayments of principal on their
loans.”
Peter Wiklöf, Managing Director and Chief Executive
January - June 2023 compared to January - June
2022
- Net operating profit decreased by
8 per cent to EUR 22.5 M (24.3). Excluding a divestment gain in the
year-earlier period, net operating profit increased by 55 per cent
to EUR 22.5 M (14.5).
- Core income in the form of net
interest income, net commission income and IT income increased by
13 per cent to EUR 94.3 M (83.3).
- Other income, which included a
divestment gain in the year-earlier period, decreased by 90 per
cent to EUR 1.1 M (11.0).
- Total expenses increased by 7 per
cent to EUR 71.6 M (67.2).
- Net impairment losses on
financial assets (including recoveries) totalled EUR 1.3 M (2.8),
equivalent to a loan loss level of 0.06 (0.13) per cent.
- Return on equity after taxes
(ROE) decreased to 12.8 (13.4) per cent. Excluding a divestment
gain last year, ROE amounted to 8.1 per cent during the comparative
period.
- Earnings per share decreased by 8
per cent to EUR 1.15 (1.25).
- The common equity Tier 1 capital
ratio increased to 12.3 per cent (12.0 on December 31, 2022).
- Unchanged future outlook: The
Bank of Åland expects its net operating profit in 2023 to be
significantly better than in 2022.
The second quarter of 2023 compared to the second
quarter of 2022
- Net operating profit increased by
36 per cent to EUR 14.2 M (10.4).
- Core income in the form of net
interest income, net commission income and IT income increased by
16 per cent to EUR 50.1 M (43.2).
- Other income was at the same
level and amounted to EUR 0.0 M (0.0).
- Total expenses increased by 10
per cent to EUR 34.9 M (31.7).
- Net impairment losses on
financial assets (including recoveries) totalled EUR 1.0 M (1.2),
equivalent to a loan loss level of 0.09 per cent (0.13).
- Return on equity after taxes
(ROE) increased to 17.0 per cent (11.9).
- Earnings per share increased by
37 per cent to EUR 0.74 (0.54).
Financial summary
Group |
Q22023 |
Q12023 |
% |
Q22022 |
% |
Jan-Jun 2023 |
Jan-Jun 2022 |
% |
EUR M |
|
|
|
|
|
|
|
|
Income |
|
|
|
|
|
|
|
|
Net interest
income |
24.2 |
19.8 |
22 |
15.2 |
59 |
44.0 |
29.6 |
49 |
Net commission
income |
18.2 |
18.3 |
0 |
21.2 |
-14 |
36.6 |
41.5 |
-12 |
IT income |
7.7 |
6.1 |
26 |
6.8 |
13 |
13.8 |
12.3 |
12 |
Other income |
0.0 |
1.1 |
-99 |
0.0 |
-85 |
1.1 |
11.1 |
-90 |
Total
income |
50.1 |
45.3 |
11 |
43.3 |
16 |
95.4 |
94.4 |
1 |
|
|
|
|
|
|
|
|
|
Staff costs |
-20.4 |
-20.5 |
-1 |
-19.1 |
7 |
-41.0 |
-37.9 |
8 |
Other expenses |
-11.5 |
-10.0 |
15 |
-9.5 |
21 |
-21.5 |
-19.2 |
12 |
Statutory fees |
0.0 |
-3.2 |
-100 |
0.1 |
|
-3.2 |
-3.4 |
-6 |
Depreciation/amortisation |
-3.0 |
-2.9 |
1 |
-3.3 |
-9 |
-5.9 |
-6.7 |
-11 |
Total
expenses |
-34.9 |
-36.7 |
-5 |
-31.7 |
10 |
-71.6 |
-67.2 |
7 |
|
|
|
|
|
|
|
|
|
Profit
before impairment losses |
15.2 |
8.5 |
78 |
11.6 |
31 |
23.8 |
27.2 |
-13 |
|
|
|
|
|
|
|
|
|
Impairment losses on
financial assets, net |
-1.0 |
-0.3 |
|
-1.2 |
-12 |
-1.3 |
-2.8 |
-54 |
Net
operating profit |
14.2 |
8.2 |
72 |
10.4 |
36 |
22.5 |
24.3 |
-8 |
|
|
|
|
|
|
|
|
|
Income taxes |
-2.9 |
-2.0 |
46 |
-2.1 |
41 |
-5.0 |
-5.0 |
0 |
Profit for
the period |
11.3 |
6.2 |
81 |
8.3 |
35 |
17.5 |
19.4 |
-10 |
|
|
|
|
|
|
|
|
|
Attributable
to: |
|
|
|
|
|
|
|
|
Shareholders
in Bank of Åland Plc |
11.3 |
6.2 |
81 |
8.3 |
35 |
17.5 |
19.4 |
-10 |
|
|
|
|
|
|
|
|
|
Volume |
|
|
|
|
|
|
|
|
Lending to the
public |
4,274 |
4,337 |
-1 |
4,145 |
3 |
|
|
|
Deposits from the
public |
3,700 |
3,808 |
-3 |
4,295 |
-14 |
|
|
|
Actively managed
assets |
9,010 |
8,895 |
1 |
8,425 |
7 |
|
|
|
Managed mortgage
loans |
2,050 |
1,639 |
25 |
1,162 |
76 |
|
|
|
Equity capital |
296 |
292 |
2 |
310 |
-4 |
|
|
|
Balance sheet
total |
5,701 |
5,908 |
-4 |
5,943 |
-4 |
|
|
|
Risk exposure
amount |
1,882 |
1,901 |
-1 |
1,893 |
-1 |
|
|
|
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 Half-Year Financial Report for the period
January - June 2023, which is enclosed with this stock exchange
release. The Bank`s Half-Year Financial Report for the period
January - June 2023 is attached to this release in PDF format and
is also available on the company’s web site at
https://www.alandsbanken.com/financial-information/financial-reports
Mariehamn, July 20, 2023
THE BOARD OF DIRECTORS
For more information please contact:
Peter Wiklöf, Managing Director and Chief Executive, Bank of
Åland Plc, tel. + 358 (0)40 512 7505
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