Bonum Bank Plc: Bonum Bank Plc Board of Directors' Report and Financial Statements 1 Jan - 31 Dec 2017
Bonum Bank Plc, Board of Directors’ Report and Financial Statements 15 February 2018 at 13:00
Bonum Bank Plc Board of Directors’ Report and Financial Statements 1 January - 31 December 2017
During the financial year 2017 Bonum Bank Plc has concentrated strongly on supporting amalgamations’ banks’ business and developing Group’s internal bank. Since autumn 2017, Bonum Bank has been in charge of the amalgamation’s liquidity coverage requirement (LCR) and its management, which has grown the balance sheet of Bonum Bank by approximately EUR 100 million due to the new LCR deposits of POP Banks.
Bonum Bank has S&P Global’s rating of BBB for long-term investment grade and A-2 for short-term investment grade, which were affirmed during the financial year 2017. Bonum Bank is responsible for the wholesale funding of the POP Bank Group by issuing senior bonds and certificates of deposits.
- The profit for the financial year was EUR 118 thousand (EUR 978 thousand), which was lower compared to the profit of the reference year. A sales gain on the Visa transaction had a positive effect on the gains on financial year 2016.
- Balance sheet grew to EUR 556 million (EUR 457 million) due to the centralized management of liquidity coverage.
- Capital adequacy ratio grew to 53.2 per cent (28.7 per cent) due to an equity investment.
| Key ratios (1000 euroa) | 31.12.2017 | 31.12.2016 |
| Net interest income | 2 196 | 2 476 |
| Profit | 118 | 978 |
| Balance sheet total | 556 310 | 456 960 |
| Common equity Tier 1 capital ratio, (CET1) % | 53.2 | 28.7 |
| Cost-to-income ratio, % | 88.48 | 76.71 |
| ROA, % | 0.05 | 0.22 |
| ROE, % | 0.88 | 4.66 |
| Equity ratio, % | 5.75 | 4.75 |
Bonum Bank Plc is part of the amalgamation of POP Banks and responsible for providing the central credit institution services to the 26 POP Banks. The role of the central credit institution is to secure POP Banks’ liquidity and wholesale funding and also ensure POP Bank Group’s payment transfers. In addition, Bonum Bank is responsible for granting and maintaining POP Bank customers’ payment and credit cards.
Board of Directors' and Financial Statements Report 1.1.-31.12.2017
Further information:
Kirsi Salo, interim CEO
+358 40 650 0411, kirsi.salo@poppankki.fi
Pekka Lemettinen, Chairman of the Board
+358 40 503 5411, pekka.lemettinen@poppankki.fi
Distribution:
Nasdaq Helsinki Ltd
www.bonumpankki.fi
