Oma Säästöpankki (OMASP) Q4 2024 earnings summary

Executive summary

• Net interest income grew 8.1% year-over-year to EUR 213.1 million, but Q4 net interest income fell 10.5% compared to Q4 2023.

• Profit before taxes for 2024 was EUR 74.6 million, down 46% year-over-year; Q4 profit before taxes was EUR 22.6 million, down 36%.

• Significant investments in risk management and the acquisition of Handelsbanken's SME business in Finland strengthened market position.

• Impairment losses on financial assets surged to EUR -83.4 million in 2024, mainly due to non-compliance with lending guidelines.

• Board proposes a dividend of EUR 0.36 per share for 2024, with a record date of 10 April 2025.

Financial highlights

• Total operating income increased 9.3% year-over-year to EUR 270.1 million; Q4 operating income decreased 4% to EUR 64.4 million.

• Fee and commission income (net) rose 7% year-over-year and 8% in Q4.

• Operating expenses grew 22.6% year-over-year, mainly due to business arrangements and risk management projects.

• Cost/income ratio rose to 41.3% for 2024 (36.9% in 2023); Q4 cost/income ratio was 52.9%.

• Earnings per share (EPS) for 2024 was EUR 1.80, down 48% year-over-year.

Outlook and guidance

• 2025 outlook affected by lower market interest rates and high costs from IT and risk management investments.

• Comparable profit before taxes for 2025 estimated at EUR 65–80 million, down from EUR 86.7 million in 2024.

• Continued investment in customer experience and system improvements planned.