GlobeNewswire by notified

Oma Savings Bank Plc’s Interim Report 1.1.–30.9.2023: Third quarter comparable profit before taxes increased by 121% and comparable ROE increased to 27.4%



Oma Savings Bank Plc’s Interim Report 1.1.–30.9.2023: Third quarter comparable profit before taxes increased by 121% and comparable ROE increased to 27.4%

This release is a summary of Oma Savings Bank’s (OmaSp) January-September 2023 Interim Report, which can be read from the pdf file attached to this stock exchange release and on the Company’s web pages

CEO Pasi Sydänlammi:
“OmaSp's business development has continued to be very strong throughout the year. The third quarter was the best in the Company's history in terms of results, and the profit for nine months exceeds EUR 100 million for the first time. Profit development has been boosted by the acquisition carried out in the beginning of the year, the increase in volumes, and the rise in market interest rates. The stream of customers has continued to be strong despite the challenging cyclical situation and over a thousand new customer relationships have been established each month during the third quarter.

During the third quarter, net interest income increased by 103% compared to the previous year. In addition to volume growth, the normalisation of the interest rate environment contributes to strong growth. The rise in fee and commission income and expenses has also continued in the third quarter and fee and commission income and expenses increased by 20% compared to the previous year.

OmaSp's business development at the beginning of the year can be seen as a significant increase in equity. The equity exceeded 500 million for the first time, being approximately EUR 505 million at the end of September. For the third quarter, the comparable return on equity (ROE%) rose to 27.4%, and for the beginning of the year, the comparable return on equity (ROE%) to 25.7%. The comparable cost/income ratio also improved significantly and, for the first time in the third quarter, reached below 30% and was 29.2%. For the beginning of the year, the comparable cost/income ratio was 36.0% including authority fees.

OmaSp continues to prepare for the weakening cyclical situation, and in the third quarter, a total of EUR 5.5 million in credit losses were recorded, of which additional allowances for changes in the economic environment and a one-off item amounted to EUR 2.2 million. The development of credit losses is at the expected level, and our focus is on the effective management of credit risks and securing our customers' finances. The liquidity situation is also strong, and the refinancing market has worked well for banks with high credit ratings.

For the third quarter, the comparable profit before taxes grew by 121% compared to the comparison period and was EUR 41.8 million. For the beginning of the year, the comparable profit before taxes grew by 90% and was nearly EUR 105 million.

Profitable growth at the core of the business – now and in the future
We will continue to implement our strategy and focus on profitable growth and operational efficiency. From the point of view of the owners, there are again interesting things ahead. The project on the application of the IRB approach in capital adequacy is progressing, and in addition, the acquisition of Handelsbanken's Finnish SME business is on the horizon in the autumn of 2024. OmaSp has recently been the most profitable bank in Finland, and we continue the current financial year from excellent starting points. Our eyes are already focused strongly on the future and on the measures, we can take to ensure the bank's success in the future as well.”

January – September 2023
• In January–September, net interest income grew strongly by 88,6% compared to the previous year. Net interest income totalled EUR 140,1 (74,3) million. Net interest income was increased especially by the rise of market interest rates, and in addition, the volumes that have increased since March with the acquisition of Liedon Savings Bank's business.
• In the third quarter, net interest income increased by 102,7% compared to the comparative period and totalled EUR 54,7 (27,0) million.
• Home mortgage portfolio increased by 24.4% during the previous 12 months. Corporate loan portfolio increased by 17.3% during the previous 12 months.
• Deposit base grew by 29.0% over the previous 12 months.
• In January–September, fee and commission income and expenses (net) item increased due to volume growth by 13,1%. In the third quarter, fee and commission income and expenses (net) item grew by 20,2% compared to the previous year.
• In January–September, total operating income grew by 71,8% and in the third quarter 81,9% compared to the previous year. The acquisition of Liedon Savings Bank's business has had a positive impact on the development of net interest income and fee and commission income due to increased volumes.
• Total operating expenses grew in total by 23,4% during the beginning of the year and by 17,1% in the third quarter. The increase in expenses during the beginning of the year can be explained by the expanded branch network due to the corporate restructuring, increased authority fees and IT development costs.
• In the third quarter, the impairment losses on financial assets grew as the general economic situation weakened and were in total EUR -5,5 (-1,6) million. The Company has continued to prepare for the uncertainty of the economic environment and EUR 2.2 million of the impairment losses can be explained by additional allowance based on the management's judgement and a one-off item.
• In January–September, profit before taxes grew and was in total EUR 102,5 (49,9) million. The growth was 105,2% compared to the previous year.
• For the third quarter, profit before taxes grew 127,9% and was in total EUR 40,5 (17,8) million.
• In January–September, comparable profit before taxes grew 90,3% compared to the previous year and was in total EUR 104,8 (55,1) million.
• In the third quarter, comparable profit before taxes grew 121,1% and was EUR 41,8 (18,9) million.
• In January–September, cost/income ratio improved and was 37,4 (51,9)%. Also comparable cost/income improved and was 36,0 (49,5)%.
• In the third quarter, cost/income ratio improved and was 30,1 (46,7)%. Also comparable cost/income ratio improved and was 29,2 (45,3)%.
• Comparable return on equity (ROE) improved and was 25,7 (15,7)% for January–September and 27,4 (17,1)% in the third quarter.

The Group's key figures (1,000 euros)1–9/20231–9/2022Δ %2023 Q3 2022 Q3Δ %
Net interest income140,13874,29689%54,67926,981103%
Fee and commission income and expenses, net35,23431,15413%12,22610,17320%
Total operating income179,877104,67372%65,99936,28782%
Total operating expenses-67,066-54,35323%-19,824-16,93017%
Impairment losses on financial assets, net-9,857-4312,184%-5,548-1,557256%
Profit before taxes102,50149,941105%40,50617,772128%
Cost/income ratio, %37.4%51.9%-28%30.1%46.7%-36%
Balance sheet total7,071,7035,849,00121%7,071,7035,849,00121%
Return on assets (ROA) %1.7%1.0%68%1.8%1.0%84%
Return on equity (ROE) %25.1%14.2%77%26.5%16.1%65%
Earnings per share (EPS), EUR2.591.3494%0.970.47106%
Total capital (TC) ratio %16.6%13.8%20%16.6%13.8%20%
Common Equity Tier 1 (CET1) capital ratio %14.8%13.0%14%14.8%13.0%14%
Comparable profit before taxes104,81955,09290%41,84018,921121%
Comparable cost/income ratio, %36.0%49.5%-27%29.2%45.3%-35%
Comparable return on equity (ROE) %25.7%15.7%64%27.4%17.1%60%

Outlook for the 2023 accounting period (unchanged)
The Company estimates that profitable growth will continue to be strong. The Group's 2023 comparable profit before taxes will increase significantly compared to the previous financial year and will exceed EUR 100 million.

Oma Savings Bank Plc
Board of Directors

Additional information:

Pasi Sydänlammi, CEO, puh +358 45 657 5506,
Sarianna Liiri, CFO, puh. +358 40 835 6712,
Minna Sillanpää, CCO, tel. +358 50 66592,

Nasdaq Helsinki Ltd
Major media

OmaSp is the fastest growing in the Nordic countries and Finland’s most profitable bank. About 500 professionals provide nationwide services through OmaSp’s 45 branch offices and digital service channels to 200,000 private and corporate customers. OmaSp focuses primarily on retail banking operations and provides its clients with a broad range of banking services both through its own balance sheet as well as by acting as an intermediary for its partners’ products. The intermediated products include credit, investment and loan insurance products. OmaSp is also engaged in mortgage banking operations.

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.


To view this piece of content from, please give your consent at the top of this page.
To view this piece of content from, please give your consent at the top of this page.

About GlobeNewswire by notified

GlobeNewswire by notified
GlobeNewswire by notified
One Liberty Plaza - 165 Broadway
NY 10006 New York

GlobeNewswire by notified is one of the world's largest newswire distribution networks, specializing in the delivery of corporate press releases financial disclosures and multimedia content to the media, investment community, individual investors and the general public.

Subscribe to releases from GlobeNewswire by notified

Subscribe to all the latest releases from GlobeNewswire by notified by registering your e-mail address below. You can unsubscribe at any time.

Latest releases from GlobeNewswire by notified

Managers’ transactions9.12.2023 18:12:40 CET | Press release

December 9, 2023 Announcement no. 21 Managers’ transactions COPENHAGEN, DENMARK and BOSTON, MA, December 9, 2023, (GLOBE NEWSWIRE) – BioPorto A/S (BioPorto or the Company) (CPH:BIOPOR), has received notice pursuant to article 19 of Regulation (EU) no. 596/2014 of the below transaction related to shares in BioPorto made by persons discharging managerial responsibilities in BioPorto and/or persons closely related with them. 1. Details of the person discharging managerial responsibilities/person closely associated a) Name Singer Asefzadeh Family Holding Trust 2. Reason for the notification a) Position/status Closely associated person to Michael S. Singer, member of the Board of Directors of BioPorto A/S b) Initial notification/amendment Initial notification 3. Details of the issuer a) Name BioPorto A/S b) LEI 5299004SWFL5JAN4W830 4. Details of the transaction(s) a) Description of the financial instrument type of instrument and Identification code Shares, ISIN code DK0011048619 b) Nature o

New Pivotal Data for Bispecific Antibody Epcoritamab (DuoBody® CD3xCD20) Demonstrates High Overall and Complete Responses in Patients with Hard-To-Treat Relapsed/Refractory Follicular Lymphoma (FL)9.12.2023 18:00:00 CET | Press release

Media Release COPENHAGEN, Denmark; December 9, 2023 Data from the pivotal phase 1/2 EPCORE™ NHL-1 study showed 82 percent overall response rate (ORR), 63 percent complete response (CR) and 67 percent minimal residual disease (MRD) negativity in patients with relapsed/refractory (R/R) follicular lymphoma (FL) treated with subcutaneous epcoritamab Results presented at the 65th American Society of Hematology (ASH) Annual Meeting and Exposition include data from an optimized step-up dosing schedule for FL patients showing meaningful reduction in risk and severity of cytokine release syndrome (CRS) Follicular lymphoma is the second most common form of non-Hodgkin’s lymphoma, is considered incurable and can be difficult to treat in the R/R setting Genmab A/S (Nasdaq: GMAB) and AbbVie (NYSE: ABBV) todayannounced new data from the ongoing phase 1/2 EPCORE™ NHL-1 clinical trial investigating epcoritamab (DuoBody® CD3xCD20), a T-cell engaging bispecific antibody administered subcutaneously, demo

Galapagos presents new encouraging data at ASH 2023 from ongoing CD19 CAR-T studies with GLPG5201 and GLPG51019.12.2023 18:00:00 CET | Press release

Additional safety and efficacy data further support potential of innovative, decentralized approach to CAR-T manufacturing and transformational impact on patients with severe hematologic cancersTwo poster presentations include recent data updates and additional data not included in the ASH abstracts Galapagos to host a Key Opinion Leader (KOL) event with live webcast on Sunday, 10 December 2023 at 11:00 am PT/20:00 CET Mechelen, Belgium; 9 December 2023, 18:00 CET; Galapagos NV (Euronext & NASDAQ: GLPG) topresent additional encouraging clinical data from the ongoing Phase 1/2 CD19 CAR-T studies, EUPLAGIA-1 with GLPG5201 and ATALANTA-1 with GLPG5101, in patients with relapsed/refractory chronic lymphocytic leukemia (rrCLL), with or without Richter transformation, and non-Hodgkin lymphoma (rrNHL), during two poster sessions at the 65th American Society of Hematology (ASH) Annual Meeting taking place in San Diego, from 9-12 December. “We are very pleased to share promising new data from o

New data reinforce the benefit of early preventative treatment with Roche’s Hemlibra for babies with severe haemophilia A9.12.2023 17:30:00 CET | Press release

Phase III HAVEN 7 primary data presented at ASH 2023 provide additional confidence in the favourable efficacy and safety profile of subcutaneous Hemlibra given soon after birth 1At nearly two years median follow-up in the descriptive, single-arm study, no babies experienced spontaneous bleeds requiring treatment, and all treated bleeds were as a result of trauma 1Safety results were consistent with previous studies of Hemlibra, with no new safety signals observed 1The HAVEN 7 study was developed in collaboration with the haemophilia A community, to generate additional evidence for the prophylactic treatment of infants with haemophilia A Basel, 09 December 2023 - Roche (SIX: RO, ROG; OTCQX: RHHBY) announced today that the primary analysis of the Phase III HAVEN 7 study reinforced the efficacy and safety of Hemlibra® (emicizumab) in previously untreated or minimally treated infants with severe haemophilia A without factor VIII inhibitors. Results showed that Hemlibra achieved meaningful

Bulletin from Annual General Meeting in SkiStar AB9.12.2023 16:00:00 CET | Press release

At SkiStar AB (publ)’s annual general meeting, held in Sälen on 9 December 2023, the following decisions were made. A dividend of SEK 2.60 per share was adopted. Record day 12 December 2023.Lena Apler, Fredrik Paulsson, Gunilla Rudebjer, Anders Sundström, Anders Svensson and Vegard Søraunet were re-elected to the board and Carina Åkerström was elected as new board member.Anders Sundström was re-elected chairman of the board.Board fees, including committee fees, were raised to a total of SEK 2,890,000 (2022: SEK 2,810,000). The fees shall be distributed as follows: SEK 670,000 (650,000) to the chairman of the board and SEK 310,000 (300,000) each to the other non-executive directors. Audit committee members will receive total fees of SEK 240,000 (unchanged), distributed as follows: SEK 120,000 to the committee chairman and SEK 60,000 to each of the other two members. Remuneration committee members will receive total fees of SEK 120,000 (unchanged), distributed as follows: SEK 60,000 to t