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Aktia Bank plc: Interim report January-September 2013: Credit losses remained low

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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
(EUR million)		 7-9/ 2013 7-9/ 2012  ∆%      1-9/ 2013 1-9/ 2012 ∆%      4-6/ 2013 1-3/ 2013 2012
Net interest income 26.9 28.7 -6% 85.4 88.0 -3% 28.3 30.1 117.3
Net commission income 17.4 16.4 6% 52.9 49.4 7% 18.6 16.9 65.3
Total operating income 53.6 50.5 6% 166.9 159.5 5% 55.7 57.5 217.9
Total operating expenses -34.6 -34.0 2% -111.3 -108.2 3% -39.2 -37.5 -154.2
Operating profit before write downs on credits, continuing operations 19.8 15.2 30% 55.9 50.3 11% 15.5 20.6 62.4
Write-downs on credits and other commitments -0.2 -1.8 -91% -1.7 -4.6 -64% -0.4 -1.1 -6.4
Operating profit from continuing operations 19.6 13.4 46% 54.3 45.6 19% 15.1 19.5 56.0
Cost-to-income ratio 0.66 0.69 - 0.68 0.69 - 0.70 0.67 0.74
Earnings per share (EPS), EUR 0.22 0.15 53% 0.61 0.65 -6% 0.16 0.22 0.74
Equity per share (NAV)1, EUR 8.52 8.70 -2% 8.52 8.70 -2% 8.34 9.02 8.91
Return on equity (ROE), % 9.4 6.4 46% 8.4 10.0 -16% 6.9 8.9 8.5
Capital adequacy ratio1, % 19.1 19.9 -4% 19.1 19.9 -4% 20.3 20.0 20.2
Tier 1 capital ratio1, % 12.2 11.8 3% 12.2 11.8 3% 12.1 11.7 11.8
Write-downs on credits / total credit stock, % 0.00 0.02 -100% 0.02 0.06 -67% 0.01 0.02 0.09
1) At the end of the period              
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.                       
               

 

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

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