Bank of Åland plc Announces Consolidated Earnings Results for the Second Quarter and Six Months Ended June 30, 2018; Provides Earnings Guidance for the Full Year of Fiscal 2018
July 20, 2018 at 02:00 am
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Bank of Åland Plc announced consolidated earnings results for the second quarter and six months ended June 30, 2018. For the quarter, the bank announced net interest income of EUR 13.8 million compared to EUR 13.6 million for the same period a year ago. Total income was EUR 32.5 million compared to EUR 30.5 million for the same period a year ago. Net operating profit was EUR 7.5 million compared to EUR 5.0 million for the same period a year ago. Profit for the period attributable to shareholders in Bank of Åland Plc was EUR 5.9 million compared to EUR 3.9 million for the same period a year ago. Earnings per share, after dilution was EUR 0.38 compared to EUR 0.25 for the same period a year ago. Return on equity after taxes (ROE) amounted to 10.2% compared to 7.0% for the same period a year ago.
For the six months, the bank announced net interest income of EUR 27.9 million compared to EUR 27.5 million for the same period a year ago. Total income was EUR 65.4 million compared to EUR 63.5 million for the same period a year ago. Net operating profit was EUR 14.9 million compared to EUR 12.3 million for the same period a year ago. Profit for the period attributable to shareholders in Bank of Åland Plc was EUR 11.7 million compared to EUR 9.8 million for the same period a year ago. Earnings per share, after dilution was EUR 0.75 compared to EUR 0.63 for the same period a year ago. Cash outflow from operating activities was EUR 9.6 million compared to cash inflow from operating activities of EUR 94.8 million for the same period a year ago. Return on equity after taxes (ROE) amounted to 10.2% compared to 8.8% for the same period a year ago.
The bank expects its net operating profit in 2018 to be at about the same level as, or better than, in 2017. The bank is especially dependent on developments in the fixed income and stock markets. There is concern about the economic trends in various important markets. For this reason, there is significant uncertainty in the bank's current forecast of the future.
Alandsbanken Abp (Bank of Aland Plc) is a Finland-based commercial bank primarily engaged in the provision of banking services to individuals and corporate customers. It offers such products, as bank accounts, loans, credit cards, insurance, savings solutions, consulting services and Internet and Mobile banking, among others. As of December 31, 2011, the bank had 16 branches located on the Aland Islands and eight offices in other parts of Finland, namely in the cities of Helsinki, Espoo, Tampere, Vaasa, Turku and Pargas. It also operates three branches in the Swedish cities of Stockholm, Gothenburg and Malmo.
Bank of Åland plc Announces Consolidated Earnings Results for the Second Quarter and Six Months Ended June 30, 2018; Provides Earnings Guidance for the Full Year of Fiscal 2018