Bank of Åland Plc
Half-Year Financial Report
Half-Year Financial Report for the period January -
“We increased our operating profit during the first half by
“Despite a cautious market, we continued to attract new financial investment volume. During the first half of 2023 we received
Peter Wiklöf, Managing Director and Chief Executive
January -
- 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 toEUR 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 percent (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 | Q2 2023 | Q1 2023 | % | Q2 2022 | % | Jan- | Jan- | % |
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
Mariehamn,
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
Attachment
- alandsbanken_en_resultat_jan-jun_23
© OMX, source