Press release on Interim Report H1/2014

Pörssitiedote - Akaa, Alajärvi, Alavus keskusta, Hämeenlinna, Hamina, Seinäjoki Hyllykallio, Lempäälä Ideapark, Ilmajoki, Imatra, Kurikka Jalasjärvi, Joensuu, Joroinen, Kankaanpää, Kauhajoki, Kotka, Kouvola, Kuortane, Lappeenranta, Mikkeli, Asiakaspalvelu, Parkano, Riihimäki, Savonlinna, Seinäjoki keskusta, Tampere keskusta & Alavus Tuuri
3.7.2014 09:30

Operations were stable during the review period of January 1st - June 30th, 2014

On March 31st, 2014, Oma Säästöpankki Oy and Kantasäästöpankki Oy merged into one savings bank so that Kantasäästöpankki was integrated into Oma Säästöpankki Oy. Suodenniemen Säästöpankki assigned its operations to Oma Säästöpankki Oy on May 31st, 2014. Oma Säästöpankki Oy is owned by the Töysä, Kuortane, Parkano, Renko, Hauho and Suodenniemi savings bank foundations. The objective of the structural development is to strengthen the prerequisites for savings bank operations in the industry of merging savings banks by creating a strong bank that serves and represents diverse population groups and the various elements of the industry in an equal manner.

Operations have been stable during the review period. The growth of deposits and lending have occurred in accordance with the bank's objectives. At the end of June, deposits amounted to 791.7 million euros. All lending, including intermediated lending, amounted to 942.9 million euros at the end of June. The amount of deposits grew during the last 12 months by 1.7 % and credit growth during the last 12 months was 4.0 % over the previous year's combined results of Oma Säästöpankki Oy, Kantasäästöpankki Oy and Suodenniemen Säästöpankki.

Performance has been positive in the beginning of 2014. During the review period, the bank's operating profit was 5.5 million euros (1.7), which was 3.8 million euros more over the comparison period. On the annual level, the operating profit was 1.3 % (0.6 %) of the balance.

During the end of the year, the bank's solvency and performance are expected to remain on a good level. The amount of deposits and lending are expected to grow steadily. Despite the weak general economic trends, net depreciation should remain at a reasonably low level in the current year. However, as economic factors potentially decline further and as housing market problems become protracted, the risk related to depreciations also increases.

Pasi Sydänlammi

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