Bank of Åland Plc: Interim Report for the period January - March 2019

25 huhtikuuta 2019
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Bank of Åland Plc
Interim Report
April 25, 2019 9.00 am

Interim Report for the period January - March 2019

“We began our 100th year in business with a stable quarter and satisfactory earnings performance.”

Peter Wiklöf, Managing Director and Chief Executive

January – March 2019 compared to January - March 2018

The full-year estimated stability fee of EUR 2.3 M (2.6) has been charged to the first quarters.

  • Net operating profit increased by 12 per cent to EUR 5.8 M (5.2).

  • Profit for the period attributable to shareholders increased by 14 per cent to EUR 4.6 M (4.0).

  • Net interest income decreased by 6 per cent to EUR 13.2 M (14.1).

  • Net commission income decreased by 1 per cent to EUR 14.1 M (14.3).

  • Total expenses decreased by 5 per cent to EUR 26.0 M (27.5).

  • Net impairment losses on financial assets (including recoveries) totalled EUR 0.4 M (0.2), equivalent to a loan loss level of 0.05 (0.02) per cent.

  • Return on equity after taxes (ROE) amounted to 7.6 (7.0) per cent.

  • Earnings per share increased to EUR 0.30 (0.26).

  • The common equity Tier 1 ratio amounted to 13.4 per cent (13.0 on December 31, 2018).

  • Unchanged future outlook: The Bank of Åland expects its net operating profit in 2019 to be at about the same level as in 2018.

Financial summary

GroupQ1 2019Q4 2018 %Q1 2018 %
EUR M     
Income      
Net interest income13.213.3-114.1-6
Net commission income14.113.9214.3-1
Net income from financial items at fair value0.40.2830.40
Other income4.64.9-54.112
Total income32.332.3032.9-2
      
Staff costs-14.5-14.31-15.1-4
Other expences-8.7-8.52-10.6-17
Depreciation/amortisation-2.8-1.857-1.953
Total expenses-26.0-24.66-27.5-5
      
Profit before impairment losses6.27.7-185.416
      
Impairment losses on financial assets, net-0.40.1 -0.2 
Net operating profit5.87.7-255.212
      
Income taxes-1.2-1.5-20-1.19
Profit for the report period4.66.2-264.014
Attributable to:     
Shareholders in Bank of Åland Plc4.66.2-264.014
      
Volume     
Receivables from the public and public sector4.0174.02204.0200
Deposits from the public and public sector3.1073.304-63.0980
Actively managed assets 15.4765.17765.575-2
Equity capital24724222355
Balance sheet total5.5425.55805.4951
Risk exposure amount1.5481.578-21.611-4
      
Financial ratios     
Return on equity after taxes, % (ROE) 27.610.3 7.0 
Expence/income ratio 30.810.76 0.84 
Loan loss level, % 40.050.00 0.02 
Liquidity coverage ratio (LCR), % 5171120 148 
Loan/deposit ratio, % 6129122 130 
Core funding ratio, % 79090 90 
Equity/assets ratio, % 84.54.4 4.3 
Common equtiy Tier 1 capital ratio, % 913.413.0 12.4 
Earnings per share, EUR 100.300.40-260.2613
Earnings per share after dilution, EUR0.300.40-260.2614
Equity capital per share, EUR 1115.9115.67215.225
Equity capital per share after dilution, EUR15.8615.58215.115
Market price per Series A share, EUR15.1013.301415.80-4
Market price per Series B share, EUR14.2013.10814.75-4
Number of shares outstanding, 000s15.52515.472015.4471
Number of shares outstanding, after dilution, 000s15.59515.590015.5850
Working hours re-calculated to full-time equivalent positions683692-16712

1 Actively managed assets encompassed managed assets in the Group’s own mutual funds, as well as discretionary and advisory securities volume
2 Profit for the report period attributable to shareholders / Average shareholders´portion of equity capital
3 Expenses / Income
4 Impairment losses on loan portfolio and other commitments / Lending to the public at the beginning of the period
5 Liquidity coverage ratio (LCR) = liquid assets, level 1 and 2 / 30-day net outflow
6 Receivables from the public and public sector / Deposits from the public and public sector
7 Receivables from the public and public sector / Deposits including certificates of deposit, index bonds and debentures issued to the public and public sector plus covered bonds issued
8 Equity capital / Balance sheet total
9 Common equity Tier 1 capital / Risk exposure amount
10 Shareholders’ portion of earnings for the period / Avarage number of shares
11 Shareholders’ portion of equity capital / Number of 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 – March 2019, which is enclosed with this stock exchange release. The Bank`s Interim Report for the period January – March 2019 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-mar_19.pdf

Mariehamn, April 25, 2019

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


 

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