World News: 06:10 GMT Thursday 8th August 2019. [Oma Säästöpankki Oyj via Globe Newswire via SPi World News]
OMA SAVINGS BANK PLC, STOCK EXCHANGE RELEASE 8 AUGUST 2019 AT 8.10 A.M. EET, HALF-YEAR FINANCIAL REPORT
This release is a summary of Oma Savings Bank’s (OmaSp) January-June 2019 Half-Year Financial Report, which can be read from the pdf file attached to this stock exchange release and on the company’s web pages
Our net interest income grew strongly also during the second quarter, increasing 22% on the comparable period. Our deposit stocks continued to develop in line with expectations. The growth rate of our home mortgage portfolio grew excellently compared to the first quarter of the year, amounting to EUR 71.3 million and growing 6% during the second quarter. At the end of June, our home mortgage portfolio stood at EUR 1.31 (1.24) billion. Corporate loans continued to increase, growing at a solid rate of more than 5%, amounting to EUR 47.1 million. At the end of June, our corporate loans totalled EUR 921.7 (874.6) billion. The second-quarter result was affected by an increase in IT costs, a change in the recognition principles for lending fees and commissions and personnel and leasing costs related to the new branches. The result was additionally affected by the growth in expected credit losses, which was due to the substantial growth in the loan portfolio and the ECL-stage transfers of some loans.
Comparable profit before taxes for the first six months of the year was EUR 13.1 (12.8) million.
The project of the banking platform proceeds according to the plans and is in a good speed.
We want our customers around Finland to experience quality personal service in the form of traditional in-office meetings and modern digital services. I believe that the investments we have made translate to an even better customer experience and, in turn, to a growing customer base.
* The number of shares in the comparable periods take into account the 50:1 stock split carried out on 9 November 2018.1) The calculation principles of the key figures are presented in note G15 of the financial statements. Items linked to the comparability of the key figures and the actual calculation are presented in the income statement.2) The figure does not correspond to the published interim report for H1 2018. In its Q3 2018 reporting, Oma Savings Bank corrected Common Equity Tier 1 capital and adequacy calculations on issued shares to employees year 2017. Retained earnings for the interim period are not included in the Common Equity Tier 1 capital.
The company’s business volumes have grown strongly throughout the first half of the year and are predicted to maintain their solid growth during the 2019 accounting period. The company’s profitable growth is supported by efforts in recent years to improve the customer experience and the availability of customer service through new digital service channels and the opening of new units.
Oma Savings Bank Plc provides earnings guidance and the comparable profit before taxes and the profit before taxes. A verbal description is used to make a comparison with the comparable period. Earnings guidance is based on the forecast for the entire year, which takes into account the current market and business situation. Forecasts are based on the management’s insight into the Group’s business development.
Provided that profitable growth continues, the company estimates that the Group’s comparable profit before taxes for 2019 will grow compared to the previous accounting period. At the same time, the profit before taxes for 2019 is estimated to grow compared to the previous accounting period.
Oma Savings Bank PlcBoard of Directors
Additional information:Pasi Sydänlammi, CEO, tel. +358 45 657 5506, email@example.com Sarianna Liiri, Chief Financial and Administrative Officer, tel. +358 40 835 6712, firstname.lastname@example.org
Additional information and interview requests for media:Minna Sillanpää, CCO, tel. +358 50 66592, email@example.com
DISTRIBUTIONNasdaq Helsinki LtdMajor mediawww.omasp.fi
OmaSp core idea is to provide personal service and to be local and close to its customers, both in digital and traditional channels. OmaSp strives to offer premium level customer experience through personal service and easy accessibility. In addition, the development of the operations and services is customer-oriented. The personnel is committed and OmaSp seeks to support their career development with versatile tasks and continuous development. A substantial part of the personnel also own shares in OmaSp.
Globe Newswire: 06:10 GMT Thursday 8th August 2019
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