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Aktia plc: Interim report 1-3/2013

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AKTIA PLC INTERIM REPORT JANUARY-MARCH 2013
7.5.2013 at 8:00 a.m.

 

OPERATING PROFIT IMPROVED BY 36%, CHALLENGES REMAIN
 

CEO JUSSI LAITINEN:

”Aktia had a good start of the year. Net interest income increased, commission income improved, and costs were kept under control. Customer relations are our highest priority, and we work hard to further improve our customer service. Aktia’s Plan of Action 2015 proceeds on several fronts, the simplifying of Group structure and the merger of Aktia plc and Aktia Bank plc will be carried out during the summer.

However, there are clouds gathering over the Finnish economy, making the business environment difficult to predict. Consumers already experience the stricter rules for lending. The new banking tax will cost Aktia approx. EUR 2.4 million per annum, and stricter regulation will tighten requirements for effectiveness.”

 

JANUARY-MARCH 2013: OPERATING PROFIT EUR 19.5 (14.3) MILLION

  • Group operating profit from continuing operations improved to EUR 19.5 (14.3) million.
  • Profit for the period from continuing operations amounted to EUR 14.8 (10.2) million.
  • Earnings per share stood at EUR 0.22 (0.29), of which earnings per share from continuing operations was EUR 0.22 (0.15).
  • The capital adequacy ratio strengthened to 20.0 (31.12.2012; 20.2)% and the Tier 1 capital ratio to 11.7 (11.8)%. NAV was EUR 9.02 (31.12.2012: EUR 8.91).
  • Total net interest income rose to EUR 30.1 (29.6) million.
  • Write-downs on credits and other commitments decreased by 41% to EUR 1.1 (1.9) million.
     
  • OUTLOOK: Despite the probably persistent low interest rate level and one-off costs from the Action Plan 2015, the Group’s operating profit from continuing operations for 2013 is expected to reach approximately the 2012 level.

 

KEY FIGURES
(EUR million)		 1-3/ 2013 1-3/ 2012 ∆ %      10-12/ 2012 ∆ %      2012 7-9/ 2012 4-6/ 2012
Net interest income 30.1 29.6 2% 29.3 3% 117.3 28.7 29.7
Total operating income 57.5 53.2 8% 58.4 -2% 217.9 50.5 55.8
Total operating expenses -37.5 -36.7 2% -46.0 18% -154.2 -34.0 -37.5
Operating profit before write downs on credits, continuing operations 20.6 16.2 27% 12.1 70% 62.4 15.2 18.8
Write-downs on credits and other commitments -1.1 -1.9 -41% -1.7 36% -6.4 -1.8 -1.0
Operating profit from continuing operations 19.5 14.3 36% 10.4 88% 56.0 13.4 17.9
Cost-to-income ratio 0.67 0.68 -1% 0.89 -25% 0.74 0.69 0.69
Earnings per share (EPS), EUR 0.22 0.29 -23% 0.09 142% 0.74 0.15 0.21
Equity per share (NAV)1, EUR 9.02 7.89 14% 8.91 1% 8.91 8.70 7.88
Return on equity (ROE), % 8.9 14.1 -37% 3.9 130% 8.5 6.4 9.7
Capital adequacy ratio1, % 20.0 18.1 11% 20.2 -1% 20.2 19.9 18.9
Tier 1 capital ratio1, % 11.7 11.3 3% 11.8 -1% 11.8 11.8 11.7
Write-downs on credits / total credit stock, % 0.02 0.03 -33% 0.02 0% 0.09 0.02 0.01

1) At the end of the period
The Interim Report January-March 2013 is a translation of the original Swedish version ”Delårsrapport 1.1-31.3.2013”. In case of discrepancies, the Swedish version shall prevail.                

 

         Managing Director, 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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