Oma Savings Bank Plc's Financial Statements Release 1 January - 31 December 2020

Rapid growth of the business continued and the profit rose to a new record level

OMA SAVINGS BANK PLC, STOCK EXCHANGE RELEASE 8 FEBRUARY 2021 AT 8.30 A.M. EET, FINANCIAL STATEMENTS RELEASE

Oma Savings Bank Plc’s Financial Statements Release 1 January – 31 December 2020: Rapid growth of the business continued and the profit rose to a new record level

This release is a summary of Oma Savings Bank’s (OmaSp) January-December 2020 Financial Statements Release, which can be read from the pdf file attached to this stock exchange release and on the company’s web pages www.omasp.fi

CEO Pasi Sydänlammi: Rapid growth of the business continued and the profit rose to a new record level
“The positive development of OmaSp's business continued to be excellent throughout the year, and new customer relationships were created at their best in well over a thousand a month. Despite exceptional times, we have been able to guarantee customers safe banking in their chosen service channel. Both main sources of income, net interest income and fee and commission income, continued strong growth. 

During 2020, operating income increased by as much as 20% and at the same time expenses remained under control. In terms of the cost/income ratio, which describes the efficiency of banking operations, we achieved an excellent level of 46.6%. For the first time, the balance sheet total exceeded the EUR 4 billion threshold, ending at EUR 4.4 billion. The balance sheet grew by a record EUR 965 million during the financial year. The profit before taxes for January-December increased by 15% to EUR 37.7 million.

Profit before taxes for the fourth quarter increased by 87% over the comparative period and was EUR 10.5 million. The comparable profit before taxes was EUR 2 million better than in the comparative period.

The quality of the loan portfolio has remained at a good level. We have also been prepared for the possible effects of the corona pandemic and increased the loss allowance based on management's judgement in the fourth quarter to EUR 4.4 million. The allowance is fully available.

Personnel and customer satisfaction at record high
Our bank's competitiveness is based on excellent customer experience and the skills of our personnel. According to the results of the annual personnel survey, the overall satisfaction of our personnel has reached a record high level. The customer survey results highlighted first-class service experience and high levels of satisfaction with their own contact person, among other things.