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Aktia Bank plc: Accounts Announcement 1.1-31.12.2013

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Aktia Bank plc
Accounts announcement 1.1-31.12.2013
12.2.2013 at 1:00 p.m.
 

COMMISSION INCOME INCREASED IN A DIFFICULT MARKET SITUATION

CEO JUSSI LAITINEN

”Aktia achieved a good result. Commission income increased throughout the year and counterbalanced the negative effects of the low interest rates. Aktia’s revised lending policy has generated results, and the write-downs on credits decreased more than expected. Our Asset Management has received several excellent marks during the year and the efforts in capital market activity will continue in the course of the coming year. Action Plan 2015 advanced as intended, and we will carry on to adapt our cost structure to the continuing difficult market situation. The savings bank Saaristosäästöpankki is now part of Aktia and the merger of the savings bank Vöyrin Säästöpankki is underway. Aktia’s refinancing, liquidity and capital adequacy ratio continue to be at a good level and meet the rapidly tightening regulations”

 OCTOBER - DECEMBER 2013: OPERATING PROFIT EUR 11.1 (10.4) MILLION

  • The Group’s operating profit from continuing operations amounted to EUR 11.1 (10.4) million.
  • Profit for the period from continuing operations amounted to EUR 11.9 (6.3) million.
  • Earnings per share stood at EUR 0.18 (0.09).
  • Net interest income totalled EUR 27.3 (29.3) million and net commission income increased to EUR 17.8 (16.0) million.
  • Write-downs on credits and other commitments decreased by 39% to EUR 1.1 (1.7) million.

 JANUARY - DECEMBER 2013: OPERATING PROFIT EUR 65.4 (56.0) MILLION

  • The Group’s operating profit from continuing operations amounted to EUR 65.4 (56.0) million.
  • Profit for the period from continuing operations amounted to EUR 52.4 (40.3) million.
  • Earnings per share stood at EUR 0.78 (0.74), of which earnings per share from continuing operations were EUR 0.78 (0.59).
  • The Board of Directors proposes a dividend of 0.42 (0.36) euro per share.
  • The capital adequacy ratio stood at 19.3 (31 December 2012: 20.2)% and the Tier 1 capital ratio at 12.3 (11.8)%.
  • Equity per share stood at EUR 8.67 (31 December 2012: 8.91).
  • Net interest income totalled EUR 112.6 (117.3) million and net commission income increased to EUR 70.7 (65.3) million.
  • Write-downs on credits and other commitments decreased by 57% to EUR 2.7 (6.4) million.
  • OUTLOOK 2014 (new): Despite the persistent low interest rate level, the Group’s operating profit for 2014 is expected to reach approximately the 2013 level.

 

KEY FIGURES
(EUR million)		 10-12/ 2013 10-12/ 2012 ∆ %      2013 2012 ∆ %      7-9/ 2013 4-6/ 2013 1-3/ 2013
Net interest income 27.3 29.3 -7% 112.6 117.3 -4% 26.9 28.3 30.1
Net commission income 17.8 16.0 12% 70.7 65.3 8% 17.4 18.6 16.9
Total operating income 57.3 58.4 -2% 224.2 217.9 3% 53.6 55.7 57.5
Total operating expenses -45.9 -46.0 0% -157.2 -154.2 2% -34.6 -39.2 -37.5
Operating profit before write downs on credits, continuing operations 12.2 12.1 1% 68.1 62.4 9% 19.8 15.5 20.6
Write-downs on credits and other commitments -1.1 -1.7 -39% -2.7 -6.4 -57% -0.2 -0.4 -1.1
Operating profit from continuing operations 11.1 10.4 7% 65.4 56.0 17% 19.6 15.1 19.5
Cost-to-income ratio 0.87 0.89 -2% 0.72 0.74 -3% 0.66 0.70 0.67
Earnings per share (EPS), EUR 0.18 0.09 91% 0.78 0.74 6% 0.22 0.16 0.22
Equity per share (NAV)1, EUR 8.67 8.91 -3% 8.67 8.91 -3% 8.52 8.34 9.02
Return on equity (ROE), % 7.5 3.9 92% 8.1 8.5 -5% 9.4 6.9 8.9
Capital adequacy ratio1, % 19.3 20.2 -4% 19.3 20.2 -4% 19.1 20.3 20.0
Tier 1 capital ratio1, % 12.3 11.8 5% 12.3 11.8 5% 12.2 12.1 11.7
Write-downs on credits / total credit stock, % 0.02 0.02 0% 0.04 0.09 -56% 0.00 0.01 0.02
1) At the end of the period              
The Accounts Announcement January-December 2013 is a translation of the original Swedish version ”Bokslutskommuniké 1.1-31.12.2013”. In case of discrepancies, the Swedish version shall prevail.           
               

 

Calendar 2014:

7 April 2014           Annual General Meeting
6 May 2014           Interim report Jan-March 2014
5 August 2014       Interim report Jan-June 2014
4 November 2014  Interim report Jan-Sep 2014

 

         CEO Jussi Laitinen, tel. +358 10 247 6250
         CFO Fredrik Westerholm, tel. +358 10 247 6505
         IR Anna Gabrán, tel. +358 10 247 6501

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