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Oma Savings Bank Plcs half-year financial report 1.1.-30.6.221: growth continues

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OMA SAVING BANK PLC, PUBLICATION ON AUGUST 2, 2021 AT 8:30 AM ET, HALF-YEAR FINANCIAL REPORT

Oma Savings Bank Plcs Semester Financial Report 1.1.-30.6.2021: Growth continues – best profits since the start of the year

This press release is a summary of the January-June 2021 half-year financial report of Oma Savings Bank (OmaSp), which can be read from the pdf file attached to this stock market press release. In addition, alongside the half-yearly financial report, the Company also publishes information on capital adequacy and risk management in accordance with Pillar III in a separate report, available as an attached pdf file. Both reports are also available on the Company’s website at www.omasp.fi.

CEO after Sydnlammi:
the the start of the year has been the best in history and all key indicators have improved at all levels. Business volumes continued to grow strongly, and profitability has been further improved.

The main sources of income grew strongly during the first half of the year, with net interest income by 20% and income from fees and commissions by 17%. In addition, we have recognized in operating income the non-recurring item received from the termination of the core banking project, which has a positive effect on the result of approximately EUR 22 million. Credit losses remained low and the quality of the loan portfolio continued to improve.

The comparable cost / income ratio improved further in the first half of the year and stood at 49.6%. The comparable return on equity (ROE) was 10.6% in the first half of the year.

The profit before tax for the second quarter amounted to 38.3 million euros. Comparable profit before tax doubled to EUR 14.6 million.

Profit before tax for the first half of the year reached a new record level and amounted to 50 million euros. Comparable profit before tax increased by 175% to 24.7 million euros. OmaSp’s balance sheet is approaching the 5 billion mark and increasing by 9% during the first half of the year.

The number of shareholders has increased considerably
The company’s growth and steadily improved profitability further improved shareholder value. This was reflected in increased investor interest in OmaSp and the number of new owners increased 2.5 times during the year.

A record dividend of 0.30 euro will be paid in the fall after the end of the profit sharing restrictions.

Improved profit guidance
OmaSp has issued a positive profit warning twice this year and the profit forecast has been revised up again in August 2021. The starting points for the rest of the year are excellent.

The merger of Caisse d’Epargne Eurajoen with OmaSp is proceeding as planned and the objective is to finalize the business transfer in December 2021.

January June 2021
Net interest income rose sharply in April-June by 23.8% and in January-June by 20.0% compared to the same period last year.
The residential mortgage portfolio increased a total of 5.8% in the second quarter. Over the previous 12 months, the residential mortgage portfolio increased 22.7%. At the same time, the business loan portfolio increased by 27.6%.
Deposit stocks rose 6.6% in the second quarter. The previous 12 months saw an increase of 20.9%.
The Fees and commissions item increased by 17.1% in April-June and by 17.4% in January-June compared to the same period last year.
In June, the company announced that it had agreed with Cognizant to terminate the contract for the core banking project. As part of the deal, Cognizant paid OmaSp financial compensation, which had a positive impact of approximately € 22 million on the company’s pre-tax profit.
The company issued a positive earnings warning in June and revised its earnings guidance for fiscal 2021.
Total operating income increased by 143.9% in the second quarter and amounted to a total of 57.6 million euros. For January-June, total operating income increased by 61.9% to 86.8 (53.6) million euros.
Impairment losses on financial assets decreased compared to the comparison period and amounted to 0.8 (3.9) million euros in April-June. For the first half of the year, impairment losses on financial assets amounted to 3.6 (12.5) million euros.
The cost / income ratio improved significantly in the second quarter and stood at 32.0 (56.2)%. The comparable cost / income ratio improved to 47.0 (52.8)%.
For April-June, profit before tax increased significantly compared to the previous year and amounted to 38.3 (6.5) million euros. For the first half of the year, the profit before taxes increased significantly compared to the previous year and amounted to 50.0 (13.7) million euros.
Comparable profit before tax for the second quarter increased significantly compared to the comparative period and amounted to 14.6 (7.3) million euros. For the first half of the year, the comparative profit before tax amounted to 24.7 (9.0) million euros.

Key figures of the Group (1,000 euros)

1-6 / 2021

1-6 / 2020

%

2021 T2

2020 T2

%

Net interest income

37 668

31,391

20%

19 669

15 886

24%

Income and expenses of fees and commissions, net

16,485

14,042

17%

8,583

7 328

17%

Total operating expenses

-32 834

-27,524

19%

-18,422

-13,291

39%

Impairment losses on financial assets, net

-3 603

-12,453

-71%

-813

-3 922

-79%

pre-tax profit

49 956

13,678

265%

38 284

6 457

493%

Operating coefficient, %

38.0%

51.3%

-26%

32.0%

56.2%

-43%

Total balance

4 776 891

3,838,097

24%

4 776 891

3,838,097

24%

Equity

383,434

329 789

16%

383,434

329 789

16%

Return on Assets (ROA)%

1.7%

0.6%

189%

2.6%

0.6%

341%

Return on equity (ROE)%

21.6%

6.8%

217%

33.1%

6.5%

410%

Earnings per share (EPS), EUR

1.34

0.38

256%

1.03

0.18

477%

Common Equity Tier 1 (CET1) capital ratio%

16.4%

16.4%

0%

16.4%

16.4%

0%

Comparable profit before tax

24,679

8 966

175%

14 636

7,276

101%

Comparable expense / income ratio,%

49.6%

55.6%

-11%

47.0%

52.8%

-11%

Comparable return on equity (ROE)%

10.6%

4.5%

136%

12.6%

7.3%

73%

Outlook for fiscal year 2021 (updated August 2, 2021)
The company improves in June its revised outlook and profit forecast for 2021 to comparable pre-tax profit. The Company’s pre-tax profit and comparable pre-tax profit for 2021 will increase significantly from the prior year. The result for the year is reinforced by the continued favorable development of the business.

Oma Savings Bank Plc
Board of directors

Further information:

Pasi Sydnlammi, CEO, tel. +358 45 657 5506, [email protected]
Sariana Liiri, Financial Director, tel. +358 40 835 6712, [email protected]
Minna Sillanp, CCO, tel. +358 50 66592, [email protected]

DISTRIBUTION
Nasdaq Helsinki Ltd
Main media
www.omasp.fi

OmaSp coming soon
OmaSp is a growing Finnish bank and Finland’s largest savings bank in terms of total assets. Around 300 professionals provide services nationwide through the 32 OmaSps branches and digital service channels to 140,000 customers. OmaSp focuses mainly on retail banking operations and provides its clients with a wide range of banking services both through its own balance sheet and by acting as an intermediary for the products of its partners. Intermediated products include credit, investment and loan insurance products. OmaSp is also engaged in mortgage banking.

The central idea of ​​OmaSp is to provide personalized service and to be local and close to its customers, both in digital and traditional channels. OmaSp strives to provide a superior customer experience through personalized service and easy accessibility. In addition, the development of operations and services is customer-oriented. The staff are engaged and OmaSp seeks to support their career development with versatile tasks and continuous development. A significant portion of the staff also owns shares in OmaSp.

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