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Alisa Bank - Quite well in line with expectations

Alisa Bank’s H2 profitability was slightly below our expectations, with PTP at EUR -0.1m (Evli EUR 0.1m). H2 overall was quite well in line with our expectations on income and OPEX.
  • Total income during H2/23 amounted to EUR 8.3m (Evli EUR 8.2m). Net interest income amounted to EUR 7.3m (Evli EUR 7.2m) and net fee and commission income to EUR 0.9m (Evli EUR 1.0m). 
  • During 2023 the credit base for corporate financing in corporate financing increased by 31% y/y, while the credit base in consumer customers remained at previous year levels. 
  • The loan portfolio (before expected credit losses) at the end of H2 amounted to EUR 172.9m (163.8m) and the deposit base amounted to EUR 268.9m (246.8m). After the reporting period Alisa Bank’s deposit base grew to EUR 388m.
  • The pre-tax profit during H2 amounted to EUR -0.1m (Evli EUR 0.1m). Total OPEX amounted to EUR 5.7m (Evli EUR 5.7m). The main deviation came from the impairment of receivables (EUR -2.8m/-2.4m act./Evli). 
  • Earnings per share amounted to EUR 0.00 compared with our estimate of EUR 0.00.
  • CET1 and the CET1 ratio amounted to EUR 17.7m and 12.0% and total capital ratio to 15.2% 
  • The cost / income ratio amounted to 68%.
  • Outlook for 2024: The bank’s total income, should the actions to strengthen the company’s equity capital during H1 be achieved, is expected to increase in 2024 compared with 2023. The result for H1/2024 before one-offs and taxes is expected to be slightly loss-making.
  • Dividend proposal: Alisa Bank’s BoD proposes that no dividend be paid for FY 2023 (Evli EUR 0.00)
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