Oma Savings Bank Plc updates its medium-term financial goals regarding comparable return on equity and capital adequacy
OMA SAVINGS BANK PLC, STOCK EXCHANGE RELEASE 29 JUNE 2023 AT 13.30 P.M. EET, OTHER INFORMATION DISCLOSED ACCORDING TO THE RULES OF THE EXCHANGE
Oma Savings Bank Plc updates its medium-term financial goals regarding comparable return on equity and capital adequacy
At its meeting on 29 June 2023, the Board of Directors of Oma Savings Bank Plc (OmaSp or the Company) has updated its medium-term (3-5 years) financial goals as part of its strategy process and updates its medium-term return on equity and capital adequacy. The Company's updated target level for comparable return on equity (ROE) is at least 16 percent instead of the previous 10 percent. The updated target level for the Common Equity Tier 1 (CET1) capital ratio is at least 2 percentage points above the regulatory requirement instead of the previous target of at least 14 percent. The updated target levels will be effective from 1 July 2023.
The Company's Board of Directors has confirmed the following financial goals as of 1 July 2023:
- Growth: 10-15 percent annual growth in total operating income under the current market conditions.
- Profitability: Cost/income ratio less than 45 percent.
- Return on equity (ROE): Long-term return on equity (ROE) over 16 percent.
- Capital adequacy: Common Equity Tier 1 (CET1) capital ratio at least 2 percentage points above the regulatory requirement.
The Board of Directors of Oma Savings Bank Plc
Additional information:
Pasi Sydänlammi, CEO, tel 6,
Sarianna Liiri, CFO, tel +358 40 835 6712,
Minna Sillanpää, CCO, tel ,
Distribution:
Nasdaq Helsinki Ltd
Major media
OmaSp is a growing Finnish bank and the largest savings bank in Finland based on total assets. About 450 professionals provide nationwide services through OmaSp’s 45 branch offices and digital service channels to over 200,000 private and corporate customers. OmaSp focuses primarily on retail banking operations and provides its clients with a broad range of banking services both through its own balance sheet as well as by acting as an intermediary for its partners’ products. The intermediated products include credit, investment and loan insurance products. OmaSp is also engaged in mortgage banking operations.
OmaSp core idea is to provide personal service and to be local and close to its customers, both in digital and traditional channels. OmaSp strives to offer premium level customer experience through personal service and easy accessibility. In addition, the development of the operations and services is customer-oriented. The personnel is committed and OmaSp seeks to support their career development with versatile tasks and continuous development. A substantial part of the personnel also own shares in OmaSp.
