Bank of Åland Plc
Interim Report
Interim Report for the period January -
“We started the year strongly and more than doubled our net operating profit to
Peter Wiklöf, Managing Director and Chief Executive
January−March 2024 compared to January -
- Net operating profit more than doubled and amounted to
EUR 16.9 M (8.2). - Core income in the form of net interest income, net commission income and IT income increased by 20 per cent to
EUR 53.0 M (44.2). - Other income decreased by 24 per cent to
EUR 0.8 M (1.1). - Total expenses decreased by 1 per cent to
EUR 36.4 M (36.7). - Net impairment losses on financial assets (including recoveries) totalled
EUR 0.5 M (0.3), equivalent to a loan loss level of 0.05 percent (0.03) . - Return on equity after taxes (ROE) increased to 18.3 per
cent (8.9) . - Earnings per share increased to
EUR 0.89 (0.41). - The common equity Tier 1 capital ratio decreased to 13.5 per cent (13.7 on
December 31 , 2023). - Unchanged future outlook: The Bank of Åland expects its net operating profit in 2024 to be about the same as in 2023.
Financial Summary
Group | Q1 2024 | Q4 2023 | % | Q1 2023 | % |
EUR M | |||||
Income | |||||
Net interest income | 26.3 | 27.8 | -5 | 19.8 | 33 |
Net commission income | 18.3 | 22.6 | -19 | 18.3 | 0 |
IT income | 8.4 | 8.4 | -1 | 6.1 | 38 |
Other income | 0.8 | -3.2 | 1.1 | -24 | |
Total income | 53.8 | 55.7 | -3 | 45.3 | 19 |
Staff costs | -21.6 | -20.9 | 3 | -20.5 | 5 |
Other expenses | -11.5 | -11.2 | 3 | -10.0 | 15 |
Statutory fees | 0.0 | 0.0 | -3.2 | -100 | |
Depreciation/amortisation | -3.2 | -3.2 | 2 | -2.9 | 10 |
Total expenses | -36.4 | -35.3 | 3 | -36.7 | -1 |
Profit before impairment losses | 17.4 | 20.4 | -14 | 8.5 | |
Impairment losses on financial assets, net | -0.5 | -0.1 | -0.3 | 84 | |
Net operating profit | 16.9 | 20.2 | -17 | 8.2 | |
Income taxes | -3.3 | -4.2 | -22 | -2.0 | 62 |
Profit for the period | 13.6 | 16.1 | -15 | 6.2 | |
Attributable to: | |||||
Shareholders in Bank of Åland Plc | 13.6 | 16.1 | -15 | 6.2 | |
Volume | |||||
Lending to the public | 3,762 | 3,859 | -3 | 4,337 | -13 |
Deposits from the public | 3,399 | 3,595 | -5 | 3,808 | -11 |
Actively managed assets | 10,100 | 9,776 | 3 | 8,895 | 14 |
Managed mortage loans | 2,584 | 2,716 | -5 | 1,639 | 58 |
Equity capital | 302 | 335 | -10 | 293 | 3 |
Balance sheet total | 5,111 | 5,342 | -4 | 5,908 | -13 |
Risk exposure amount | 1,761 | 1,774 | -1 | 1,901 | -7 |
The Bank of Åland (Ålandsbanken) follows the disclosure procedure stipulated in "Disclosure obligation of the issuer (7/2013)", published by the
The Bank`s Interim Report for the period January -
https://www.alandsbanken.com/uploads/pdf/result/en_resultat_jan-mar_24.pdf
Mariehamn,
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
Attachment
- alandsbanken_en_resultat_jan-mar_24
© OMX, source