Record result and additional dividend to shareholders
OmaSp's business development continued on the path of strong growth in the financial year 2023. Profit development was boosted by the transaction carried out in the early part of the year and the rise in market interest rates. The unique combination of growth and profitability is reflected in a strong accumulation of equity, which enables owners to achieve record profit distribution as well as investments to enable future success.
The development of net interest income continued throughout the year and the growth was 88% compared to the previous year. The upward trend in fee and commission income and expenses also continued and full-year commission and fee and commission income and expenses increased by 20% compared to the previous year. The development of customer numbers remained at a good level. With the acquisition of Liedon Savings Bank's a total of EUR 7.8 million in ECL in profit or loss for the financial year. For the year 2023, profit before taxes was EUR 138 million. The full-year comparable profit before taxes increased by 89% compared to the comparison period and was EUR 143.6 million. The balance sheet total was EUR 7.6 billion and grew by over EUR 1.7 billion during the financial year. business, we received about 50,000 new customer relationships and in addition to this, about 1,000 new customer relationships were organically created every month.
Strong business development is reflected in a significant increase in equity. The equity exceeds 500 million for the first time for the full year and was approximately EUR 541 million at the end of the year. The full-year comparable return on equity (ROE%) reached a record level of 25.3%. During the financial year, the comparable cost/income ratio improved further and was 35.1% including authority fees.
The quality of the credit portfolio has remained at the expected level despite the uncertain economic situation. OmaSp continued to prepare for the weakening cyclical situation and additional allowances based on the management's judgement of EUR 8.3 million are for use. We recognised a total of EUR 7.8 million in ECL in profit or loss for the financial year.
For the year 2023, profit before taxes was EUR 138 million. The full-year comparable profit before taxes increased by 89% compared to the comparison period and was EUR 143.6 million. The balance sheet total was EUR 7.6 billion and grew by over EUR 1.7 billion during the financial year.
OmaSp's constantly strengthening ability to generate profit enables a growing dividend for the owners for the seventh year in a row. A dividend of EUR 1.00 per share is proposed for the spring Annual General Meeting, of which the actual dividend is EUR 0.67 and an additional dividend of EUR 0.33 per share due to the record result and exceptionally strong net interest income.
Profitable growth is expected to continue in the financial year 2024. In addition to organic growth, we will continue to strengthen our market position with the acquisition of Handelsbanken's SME business in Finland in the autumn. At the same time, our operations are expanding in the Helsinki metropolitan area to Vantaa and the economic areas of Kuopio and Vaasa. OmaSp is once again starting the financial year from an excellent starting point.
Warm thanks to all customers, personnel, owners and partners for 2023!
Pasi Sydänlammi
CEO