Bank of Åland Plc: Interim Report for the period January - March 2019
Bank of Åland Plc
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.
|Group||Q1 2019||Q4 2018||%||Q1 2018||%|
|Net interest income||13.2||13.3||-1||14.1||-6|
|Net commission income||14.1||13.9||2||14.3||-1|
|Net income from financial items at fair value||0.4||0.2||83||0.4||0|
|Profit before impairment losses||6.2||7.7||-18||5.4||16|
|Impairment losses on financial assets, net||-0.4||0.1||-0.2|
|Net operating profit||5.8||7.7||-25||5.2||12|
|Profit for the report period||4.6||6.2||-26||4.0||14|
|Shareholders in Bank of Åland Plc||4.6||6.2||-26||4.0||14|
|Receivables from the public and public sector||4.017||4.022||0||4.020||0|
|Deposits from the public and public sector||3.107||3.304||-6||3.098||0|
|Actively managed assets 1||5.476||5.177||6||5.575||-2|
|Balance sheet total||5.542||5.558||0||5.495||1|
|Risk exposure amount||1.548||1.578||-2||1.611||-4|
|Return on equity after taxes, % (ROE) 2||7.6||10.3||7.0|
|Expence/income ratio 3||0.81||0.76||0.84|
|Loan loss level, % 4||0.05||0.00||0.02|
|Liquidity coverage ratio (LCR), % 5||171||120||148|
|Loan/deposit ratio, % 6||129||122||130|
|Core funding ratio, % 7||90||90||90|
|Equity/assets ratio, % 8||4.5||4.4||4.3|
|Common equtiy Tier 1 capital ratio, % 9||13.4||13.0||12.4|
|Earnings per share, EUR 10||0.30||0.40||-26||0.26||13|
|Earnings per share after dilution, EUR||0.30||0.40||-26||0.26||14|
|Equity capital per share, EUR 11||15.91||15.67||2||15.22||5|
|Equity capital per share after dilution, EUR||15.86||15.58||2||15.11||5|
|Market price per Series A share, EUR||15.10||13.30||14||15.80||-4|
|Market price per Series B share, EUR||14.20||13.10||8||14.75||-4|
|Number of shares outstanding, 000s||15.525||15.472||0||15.447||1|
|Number of shares outstanding, after dilution, 000s||15.595||15.590||0||15.585||0|
|Working hours re-calculated to full-time equivalent positions||683||692||-1||671||2|
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
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