Inside information, negative profit warning

Oma Savings Bank Plc publishes preliminary information on the result for the first quarter - Seite 2

CEO Pasi Sydänlammi:
"We take what has happened very seriously. However, the event demonstrates the effectiveness of the bank's internal processes and risk control. Non-compliance was detected as part of the Company's own processes and work to limit possible credit losses is ongoing. In addition, we have taken concrete steps to minimise the risk that anything similar could happen in the future.

Due to strong capital buffers and good profit-making ability, OmaSp will continue to operate as planned. We are currently preparing for the onboarding of Handelsbanken's SME businesses, the impact of which we will tell more about in our Q1 release. A small cause for rejoicing is that the comparable profit before taxes is estimated to have increased again despite a significant additional allowance. This would be the 16th time that OmaSp's result is increasing relative to the comparison period."

New outlook and guidance (updated 16 April 2024)
The Company's profitable growth will continue driven by investments in customer experience and service network. The SME customer business to be acquired from Handelsbanken will improve the Company’s profitability from the second half of 2024 onwards.

Oma Savings Bank Plc provides earnings guidance on comparable profit before taxes for 2024. 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.

We estimate the Group's comparable profit before taxes to be EUR 120–140 million for the financial year 2024 (the comparable profit before taxes was EUR 143.6 million in the financial year 2023).

Previous outlook and guidance (published in the Financial Statements Release on 5 February 2024):
The Company's profitable growth will continue driven by investments in customer experience and service network. The SME customer business to be acquired from Handelsbanken will improve the Company’s profitability from the second half of 2024 onwards.

Oma Savings Bank Plc provides earnings guidance on comparable profit before taxes for 2024. A verbal description is used to make a comparison with the comparative 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.