Aktia Bank plc: Interim report January-September 2013: Credit losses remained low
Helsinki, 2013-11-07 07:00 CET (GLOBE NEWSWIRE) --
Aktia Bank plc
Interim report January-September 2013
7 November 2013 at 8:00 a.m.
Credit losses remained low
CEO Jussi Laitinen
”Aktia achieved a good nine month result in a demanding market situation.
Commission income increased, compensating for the negative effects of low
interest rates. In the annual survey on customer satisfactions carried out by
SFR, Aktia Asset Management did, again, receive excellent marks. Aktia’s Action
Plan 2015 proceeds, and Aktia adjusts its cost-structure to the changed market
situation in order to ensure continued good competitiveness in the future.
Aktia aims to merge with the savings banks Saaristosäästöpankki and Vöyrin
Säästöpankki, enabling profitable growth and strengthened positions in the
regions. Aktia’s re-financing, liquidity and capital management are in good
shape, and they will comply with a further tightening of the regulations.”
July-September 2013: Operating profit EUR 19.6 (13.4) million
-- The Group’s operating profit from continuing operations amounted to EUR
19.6 (13.4) million.
-- Profit for the period from continuing operations amounted to EUR 14.7 (9.9)
million.
-- Earnings per share stood at EUR 0.22 (0.15).
-- Net interest income totalled EUR 26.9 (28.7) million and net commission
income increased to EUR 17.4 (16.4) million.
-- Write-downs on credits and other commitments decreased by 91% to EUR 0.2
(1.8) million.
January-September 2013: Operating profit EUR 54.3 (45.6) million
-- The Group’s Operating profit from continuing operations amounted to EUR
54.3 (45.6) million.
-- Profit for the period from continuing operations amounted to EUR 40.5
(33.9) million.
-- Earnings per share stood at EUR 0.61 (0.65), of which earnings per share
from continuing operations were EUR 0.61 (0.50).
-- The capital adequacy ratio stood at 19.1 (31 December 2012: 20.2)% and the
Tier 1 capital ratio at 12.2 (11.8)%.
-- Equity per share stood at EUR 8.52 (31 December 2012: 8.91).
-- Net interest income totalled EUR 85.4 (88.0) million and net commission
income increaced to EUR 52.9 (49.4) million.
-- Write-downs on credits and other commitments decreased by 64% to EUR 1.7
(4.6) million.
-- OUTLOOK (changed): Despite the persistent low interest rate level, and
one-off costs from implementing the Action Plan 2015, the Group’s operating
profit from continuing operations for 2013 is expected to reach the 2012,
or a slightly higher level
KEY FIGURES 7-9/ 7-9/ ∆% 1-9/ 1-9/ ∆% 4-6/ 1-3/ 2012
(EUR 2013 2012 2013 2012 2013 2013
million)
--------------------------------------------------------------------------------
Net 26.9 28.7 -6% 85.4 88.0 -3% 28.3 30.1 117.3
interest
income
--------------------------------------------------------------------------------
Net 17.4 16.4 6% 52.9 49.4 7% 18.6 16.9 65.3
commission
income
--------------------------------------------------------------------------------
Total 53.6 50.5 6% 166.9 159.5 5% 55.7 57.5 217.9
operating
income
--------------------------------------------------------------------------------
Total -34.6 -34.0 2% -111.3 -108.2 3% -39.2 -37.5 -154.2
operating
expenses
--------------------------------------------------------------------------------
Operating 19.8 15.2 30% 55.9 50.3 11% 15.5 20.6 62.4
profit
before
write
downs on
credits,
continuing
operations
--------------------------------------------------------------------------------
Write-downs -0.2 -1.8 -91% -1.7 -4.6 -64% -0.4 -1.1 -6.4
on credits
and other
commitment
s
--------------------------------------------------------------------------------
Operating 19.6 13.4 46% 54.3 45.6 19% 15.1 19.5 56.0
profit
from
continuing
operations
--------------------------------------------------------------------------------
Cost-to-inc 0.66 0.69 - 0.68 0.69 - 0.70 0.67 0.74
ome ratio
--------------------------------------------------------------------------------
Earnings 0.22 0.15 53% 0.61 0.65 -6% 0.16 0.22 0.74
per share
(EPS), EUR
--------------------------------------------------------------------------------
Equity per 8.52 8.70 -2% 8.52 8.70 -2% 8.34 9.02 8.91
share
(NAV)1,
EUR
--------------------------------------------------------------------------------
Return on 9.4 6.4 46% 8.4 10.0 -16% 6.9 8.9 8.5
equity
(ROE), %
--------------------------------------------------------------------------------
Capital 19.1 19.9 -4% 19.1 19.9 -4% 20.3 20.0 20.2
adequacy
ratio1, %
--------------------------------------------------------------------------------
Tier 1 12.2 11.8 3% 12.2 11.8 3% 12.1 11.7 11.8
capital
ratio1, %
--------------------------------------------------------------------------------
Write-downs 0.00 0.02 -100% 0.02 0.06 -67% 0.01 0.02 0.09
on credits
/ total
credit
stock, %
--------------------------------------------------------------------------------
1) At the end of the period
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The Interim Report January-September 2013 is a translation of the original
Swedish version ”Delårsrapport 1.1-30.9.2013”. In case of discrepancies, the
Swedish version shall prevail.
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CEO Jussi Laitinen, tel. +358 10 247 6250
CFO Fredrik Westerholm, tel. +358 10 247 6505
IR Anna Gabrán, tel. +358 10 247 6501, [email protected]
