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Annual Report 2013

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Annual Report 2013 AKTIA BANK PLC ANNUAL REPORT 2013 Bank | Asset Management | Insurance | Real Estate Agency Aktia provides individual Operating income and Net Interest Income (NII) solutions in banking, asset 300 227.0 224.2 217.9 218.5 management, insurance 201.9 200 and real estate services. 149.2 152.2 112.6 117.3 128.6 Aktia operates in the Hel- EUR million 100 sinki region, in the coastal 0 area and in growth centres 2013 2012 2011 2010 2009 of Finland. Operating income NII Operating profi t from continuing operations 100 80 76.2 65.4 60 56.0 54.7 44.6 The year 40 EUR million 20 2013 in brief 0 2013 2012 2011 2010 2009 . Operating pro t from continuing Earnings and dividend per share operations was EUR 65.4 (56.0) million 1,0 and the pro t for the year from continuing 0.83 0.78 operations was EUR 52.4 (40.3) million. 0,8 0.74 Earning per share stood at EUR 0.78 (0.74). 0,6 0.53 0.52 EUR . Write-downs on credits and other 0,4 commitments decreased to EUR 2.7 (6.4) million. 0,2 . The Board of Directors propose a 0,0 higher dividend of EUR 0.42 (0.36). 2013 2012 2011 2010 2009 Earnings per share (EPS) Dividend per share . Aktia Bank plc is the new parent company for the Group. As part of the Action Plan Capital adequacy ratio 2015, Aktia plc was merged into Aktia Bank plc 1 July 2013 with the aim to reduce costs. 25 20.2 19.3 20 . Aktia Bank intends to renew its core 16.2 15.9 15.9 15 banking system and the new system will be 12.3 11.8 % 10.6 10.1 9.5 taken into use during 2015. The project is a 10 major part of Action Plan 2015 which aims to make Aktia the Finnish champion in customer 5 service, and to enhance its competitiveness. 0 2013 2012 2011 2010 2009 Capital adequacy ratio, % Tier 1 capital ratio, % . Aktia Bank issued its rst covered bonds to the sum of EUR 500 million in June 2013. Aktia Bank was granted mortgage Return on equity, ROE bank concession in March 2013. 20 . Tier 1 capital ratio improved to 12.3 (11.8)% 15 and capital adequacy was 19.3 (20.2)% 12.0 which exceeds stricter regulatory demands. % 10 8.1 8.5 8.7 7.1 5 Aktia Bank plc Annual Report 2013 is a translation of the 0 Swedish version ”Aktia Bank Abp Årsredovisning 2013”. 2013 2012 2011 2010 2009 Contents Aiming to become Finnish champion of customer services 3 Share capital and ownership 4 Report by the Board of Directors 6 Business environment . 6 Rating . 6 Action Plan 2015 . 7 Aktia Bank plc the new parent company for the Group . 7 Pro t January–December 2013 . 8 Balance sheet and o -balance sheet commitments . 8 Capital adequacy and solvency . 9 Segment overview . .10 The Group’s risk exposure . .11 Valuation of nancial assets . .11 The Group's risk positions . .12 Events concerning close relations . .13 Other events during the year . .13 Events after the end of the period . .14 Personnel . .14 Personnel fund . .14 Incentive scheme for 2013 . .14 Board of Directors and Executive Committee . .15 Proposals for the 2014 AGM . .15 Share capital and ownership . .15 Outlook and risks for 2014 . .16 Board of Directors Proposal for the 2014 AGM . .16 Five-year overview . .17 Key gures . .18 Basis of calculation . .19 Aktia Bank plc – Consolidated nancial statements 20 The Board of Director's and the CEO's signing of the Report by the Board of Directors and the Financial Statements 2013 134 Auditor’s report 135 Statement by the Board of Supervisors 136 Corporate Governance Statement for Aktia Bank plc 137 The Board of Directors 141 Executive Committee 142 Aktia Bank plc Annual Report 2013 1 2 Aktia Bank plc Annual Report 2013 CEO’S OVERVIEW Aiming to become Finnish champion of customer services Aktia achieved a good result in 2013. We succeeded to increase commis- 2015 in focus sion income and improve our result despite the di cult market situation and low interest rates. During the year, some di cult decisions were called Implementation of the Action Plan 2015 continued. Aktia aims to become for in respect to cost savings and restructuring of business operations. the Finnish champion of customer services in 2015, and we all work hard to achieve this goal. Surveys on customer satisfaction show that we are Our hope for the future is strong and we make e orts to develop and ad- well on the way. just our customer services according to changed customer behaviour. The mainstay of Aktia's operations is that they are local, and we are proud to be Our objective is to constantly improve our services by developing new able to expand the geographical area in which we operate both in the Tu- tools for our customers, and to become more e cient by renewing and runmaa and Pohjanmaa regions through acquisitions of the savings banks simplifying our processes. The service My Economy was launched in the Saaristosäästöpankki Oy and Vöyrin Säästöpankki. online bank. My Economy gives the customers more control over their nances. In the year to come, we take our rst steps to introduce the use of video in order to provide our customers with yet another opportunity Strong result to receive rst-rate advice on banking outside regular o ce hours. This is to make banking easier for our customers in a rapidly changing world. We Aktia's operating pro t amounted to approximately EUR 65 million. Com- want to reduce the distance between our customers and the bank using mission income increased throughout the year, compensating the nega- new technology. tive e ects of low interest rates. Aktia's revised lending policy generated results, and write-downs on credits decreased more than expected. The The biggest project within our Action Plan 2015 is the modernisation of level of Aktia's re- nancing, liquidity and capital management is good, and our core banking system. The project investment amounts to approximate- they will comply with the swiftly tightening regulations. The new regula- ly EUR 30 million, but will enable more e cient processes and signi cantly tions put high demands on the banks and have long-term e ects on the lower IT costs in the long term. whole nancial sector. Aktia continued its targeted e orts to adjust its cost structure to enable pro table growth in the Group. It's Aktia's aim to take In 2014, both Saaristosäästöpankki and Vöyrin Säästöpankki will be inte- good care of all stakeholders and service their needs and interests in the grated in Aktia. They are well-run banks with sound economy and long tra- times of structural change. ditions. We hope that also their customers will feel very welcome at Aktia. Aktia aims at a dividend pay-out of 40–60% of pro t for the year. The pro- To conclude, I would like to extend my sincere thanks to each and every posed dividend for 2013 is EUR 0.42 per share. A major part of the pro t member of Aktia's sta for all the good work you have done for our cus- generated by Aktia is channelled back to the local communities through tomers, and to our owners for the support you have rendered in the build- Aktia's owner foundations. Of the dividends paid to Aktia and savings ing of a more modern and exible Aktia. We have our common goal to banks foundations approximately 80% is channelled back to the local com- become Finnish champion of customer services in view! munity in the form of various assistance and contributions. We are very grateful for the social commitment of our owner foundations. I would also like to thank our customers for placing their con dence in us – we do our very best to earn your continued con dence in the future. Helsinki , March 2014 Jussi Laitinen Aktia Bank plc Annual Report 2013 3 Share capital and ownership Aktia's A and R shares are listed on the Nasdaq Aktia A series shares was 51 % and 17 % on R se- Shares OMX Helsinki exchange. ries shares. The OMX Helsinki-25 index increased by 23% during the year. Aktia’s trading codes are AKTAV for A shares and AKTRV for R shares. Each A share confers one Dividend vote, and each R share confers 20 votes. Other- Owner structure wise, the shares confer the same rights. Aktia aims to provide a stable dividend to the owners, amounting to 40–60% of pro t for the At year-end, the number of registered share- In 2013, the average daily turnover of A shares year. holders was 45,988. Of the owners 21.6 (22.1)% was EUR 173,703 (115,862), or 24,808 (21,950) were companies, 5.7 (6.8)% nancial institutions shares. The average daily turnover of R shares For 2013, the Board of Directors proposes a divi- and insurance companies, 13.5 (13.5)% public- during the same period was EUR 9,810 (39,496), dend of EUR 0.42 (0.36) which corresponds to a sector entities, 47.0 (46.8)% non-pro t organisa- or 1,262 (4,679) shares. dividend ratio of 54 (49)%. For 2012, a return of tions, and 9.9 (8.7)% households. Foreign owners capital EUR 0.14 per share was paid out.
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