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2020-07-17

Bank of Åland Plc: Half-Year Financial Report for the period January - June 2020


 

Bank of Åland Plc
Half-Year Financial Report
July 17, 2020 9:00 am


 

Half-Year Financial Report for the period January - June 2020

“Looking at net operating profit, the second quarter (EUR 9.8 M) was the best we have ever achieved.

“Our operating profit before impairment losses − which largely consist of provisions for possible future coronavirus effects − was 40 per cent better than in the first half of last year. We achieved this through a clearly higher income level, in which our Swedish operations made especially great progress.

“We are not yet seeing any rising levels of non-performing loans due to the pandemic, but we expect its negative impact to be more clearly visible this coming winter.”

Peter Wiklöf, Managing Director and Chief Executive

January - June 2020 compared to January - June 2019

• Net operating profit increased by 15 per cent to EUR 16.7 M (14.5).

• Profit for the period attributable to shareholders rose by 14 per cent to EUR 13.2 M (11.5).

• Net interest income increased by 10 per cent to EUR 29.3 M (26.5).

• Net commission income increased by 17 per cent to EUR 32.6 M (27.9).

• Total expenses increased by 7 per cent to EUR 53.0 M (49.4).

• Net impairment losses on financial assets (including recoveries) totalled EUR 4.6 M (0.6), equivalent to a loan loss level of 0.22 (0.03) per cent.

• Return on equity after taxes (ROE) increased to 10.1 (9.6) per cent.

• Earnings per share increased by 14 per cent to EUR 0.85 (0.74).

• The common equity Tier 1 ratio increased to 14.5 per cent (13.4 on December 31, 2019).

• Future outlook: Due to low visibility and high volatility in the market, until further notice the Bank of Åland has decided to refrain from issuing any outlook for 2020.

The second quarter of 2020 compared to the second quarter of 2019

• Net operating profit increased by 12 per cent to EUR 9.8 M (8.7).

• Profit for the period attributable to shareholders rose by 12 per cent to EUR 7.8 M (6.9).

• Net interest income increased by 11 per cent to EUR 14.8 M (13.4).

• Net commission income increased by 14 per cent to EUR 15.7 M (13.8).

• Total expenses increased by 10 per cent to EUR 25.8 M (23.4).

• Net impairment losses on financial assets (including recoveries) totalled EUR 0.8 M (0.2), equivalent to a loan loss level of 0.08 (0.01) per cent.

• Return on equity after taxes (ROE) increased to 11.8 (11.5) per cent.

• Earnings per share increased by 11 per cent to EUR 0.50 (0.45).

Financial summary

GroupQ1
2020
Q1
2020
 %Q2
2019
 %Jan-Jun
2020
Jan-Jun
2019
%
EUR M        
Income         
Net interest income14.814.5313.41129.326.510
Net commission income15.716.9-713.81432.627.917
Net income from financial items at fair value0.00.7-940.8-940.81.2-33
Other income5.75.804.33311.58.929
Total income36.337.9-432.31274.264.615
         
Staff costs-15.6-15.23-14.57-30.7-29.06
Other expences-7.1-9.0-21-6.018-16.1-14.89
Depreciation/amortisation-3.1-3.1-1-2.88
Författare Ålandsbanken

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