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OMA SAVINGS BANK PLC, STOCK EXCHANGE RELEASE 23 SEPTEMBER 2021 AT 15.31 P.M. EET, INSIDE INFORMATION
Oma Savings Bank Plc raises its medium-term profitability target
At its meeting on 23 September 2021, the Board of Directors of Oma Savings Bank Plc (OmaSp or Company) has updated its financial goals as part of its strategy process and raises its medium-term strategical (3-5 years) profitability target. The updated target level for the cost/income ratio is less than 45 percent as of 1 October 2021, instead of the previous 55 percent.
CEO Pasi Sydänlammi
“We have managed to significantly improve the company's operating efficiency in both the current and previous financial years, but it is seen that operations can be further improved. We raise the target level for the cost/income ratio by 10 percentage points since the beginning of October. The new 45 percent target level is very exceptional in the banking sector and we see excellent efficiency as a significant strength and competitive advantage. Profitability and performance are at the centre of everything we do. OmaSp's strategy relies heavily on profitable growth, a straightforward business model and effective risk management.”
The company's Board of Directors has confirmed the following financial goals as of 1 October 2021:
Growth: 10-15% annual growth in total operating income under the current market conditions.
Profitability: Cost/income ratio less than 45%.
Return on equity (ROE): Long-term return on equity (ROE) over 10%.
Capital adequacy: Common Equity Tier 1 (CET1) capital ratio at least 14%.
The Board of Directors of Oma Savings Bank Plc
Pasi Sydänlammi, CEO, tel +358 45 657 5506, firstname.lastname@example.org
Sarianna Liiri, CFO, tel +358 40 835 6712, email@example.com
Minna Sillanpää, CCO, tel +358 50 66592, firstname.lastname@example.org
Nasdaq Helsinki Ltd
OmaSp is a growing Finnish bank and the largest savings bank in Finland based on total assets. About 300 professionals provide nationwide services through OmaSp’s 32 branch offices and digital service channels to 140,000 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.