Satisfactory Q3 result in special circumstances – capital adequacy continued to strengthen
OMA SAVINGS BANK PLC, STOCK EXCHANGE RELEASE, 5 NOVEMBER 2026 AT 8:45 AM, INTERIM REPORT
Satisfactory Q3 result in special circumstances – capital adequacy continued to strengthen
This release is a summary of the January–September 2026 interim report of Oma Savings Bank Plc (“OmaSp” or “the Company”). The report is available in full as a PDF attachment to this stock exchange release and on the Company’s website at http://www.omasp.fi.
CEO Karri Alameri:
On 9 July 2026, S-Bank Plc announced a voluntary recommended public cash tender offer for all shares in Oma Savings Bank Plc. S-Bank’s tender offer was completed on 7 October 2026, since when Oma Savings Bank has been operating as a subsidiary of S-Bank. During the third quarter, we continued to build an even stronger and more sustainable bank in line with our strategy, while our activities were focused on advancing measures related to the tender offer. Our result for July–September reflects this exceptional situation, with subdued sales performance and the quality of the legacy loan portfolio. However, the Company’s financial position is strong, and its capital adequacy strengthened further.
Result impacted by subdued new lending, higher costs and impairment losses
The comparable profit before tax for the third quarter was EUR 9.5 million (EUR 16.1 million). The comparable return on equity was 4.8% (8.5%).
Comparable operating income decreased by 4.5% year on year to EUR 50.8 million (EUR 53.2 million).
The decline in net interest income resulting from the contraction of the loan portfolio has levelled off. In Q3, net interest income decreased by 6.4% to EUR 37.7 million (EUR 40.2 million). Interest income amounted to EUR 62.0 million (EUR 61.5 million). During the reporting period, the average margin on the loan portfolio remained virtually unchanged.
Comparable operating expenses increased by 1.3% in the third quarter to stand at EUR 26.7 million (EUR 26.3 million). The comparable cost-to-income ratio was 52.9% (50.1%).
On 29 September 2026, we updated our business outlook, issuing a negative profit warning. We expect the Group’s comparable profit before tax to decrease significantly year on year, reflecting uncertainty regarding new lending, cost developments and impairment losses.
Impairment losses remain elevated
The slow recovery of the Finnish economy, particularly in the property market, was reflected in increases in non-performing exposures and expected credit losses. The increase in non-performing exposures was concentrated mainly in the SME customer segment, particularly the real estate sector. Debt recovery processes continued to take a long time, primarily due to prolonged realisation periods for real estate collateral.
At the end of September, non-performing exposures amounted to EUR 551 million (EUR 525 million), representing 9.5% (8.9%) of the loan portfolio.
Impairment losses on financial assets increased by 40.8% in the third quarter to EUR -14.2 million (EUR -10.1 million).
Continued growth in fee and commission income
In line with our strategy, we increased our net fee and commission income by 2.0% in the third quarter to EUR 12.7 million (EUR 12.5 million). Fee and commission income from fund savings, card and payment services, and loan protection products increased compared with the corresponding period.
By contrast, the volume of loans granted during the third quarter decreased by 6.7% compared with the previous quarter due to weakness in new lending resulting from the tender offer process. The mortgage loan portfolio decreased by 2.2% over the preceding 12 months, and the SME loan portfolio fell by 8.5% in the same period.
The deposit portfolio decreased by 4.1% over the preceding 12 months.
S-Bank’s public tender offer for OmaSp shares was completed on 7 October
On 9 July 2026, S-Bank Plc announced a voluntary recommended public cash tender offer for all issued and outstanding shares in Oma Savings Bank Plc.
S-Bank’s takeover was completed on 7 October, and Oma Savings Bank has been operating as a subsidiary of S-Bank since that date. The Board of Directors of OmaSp has convened an Extraordinary General Meeting to be held on 5 November 2026.
The completion of the takeover will have no significant immediate impact on OmaSp’s business operations or operating locations.
Through determined work, we have built a strong OmaSp
In recent years, we at OmaSp have worked hard to systematically implement significant changes, and we have considerably improved our operational efficiency. Our strategy, updated in January, guides our work towards building an even stronger and more sustainable bank.
Our improved capital adequacy is evidence of this progress. At the end of September, the total capital ratio stood at 19.6% (19.3%).
In early October, S&P Global Ratings also upgraded our long-term issuer credit rating to BBB+ and revised our long-term outlook to stable. S&P considers OmaSp a strongly strategic subsidiary of S-Bank and expects us to benefit significantly from being part of a larger concern.
I believe that, as part of S-Bank, OmaSp is on a path towards even stronger and more sustainable performance.
I am extremely proud of how our skilled employees have contributed to the Company’s success through seamless collaboration, building a sustainable foundation for the future. I leave behind a strong company ready for the next phase in its development. We have achieved this transformation together, and I would like to extend my warmest thanks to our employees for their commitment and valuable work for OmaSp. It has been an honour to lead this team.
I would also like to offer our customers my sincere thanks for placing their trust in us. Our mission is to serve our customers with expertise and responsibility.
January–September 2026
- For January–September, profit before taxes was EUR 28.8 (37.2) million. Comparable profit before taxes for January–September was EUR 33.2 (39.7) million.
- For the third quarter of the year, profit before taxes was EUR 6.6 (15.5) million and comparable profit before taxes was EUR 9.5 (16.1) million.
- The Company updated outlook for the financial year and issued a negative profit warning in September. According to the updated guidance, the Group's comparable profit before taxes will decrease significantly compared to the comparison period.
- On 9 July 2026, S-Bank Plc announced a voluntary recommended public cash tender offer for all issued and outstanding shares in Oma Savings Bank Plc. On 28 September 2026, S-Bank announced that the tender offer has been validly withdrawn with approximately 96.78% of all outstanding shares and votes. On 30 September 2026, S-Bank announced that it will complete the tender offer and commence the subsequent offer period. For more information on the tender offer, see page 20 in the Q3 interim report.
- The Company’s total capital (TC) ratio strengthened further and was 19.6 (19.3)% at the end of September.
- During January–September, net interest income decreased by 16.3% compared to the comparison period. As a result of the decline in the loan portfolio, net interest income decreased compared to the comparison period by 6.4% in the third quarter.
- Mortgage portfolio decreased by 2.2% during the previous 12 months. Business customers’ loan portfolio decreased by 8.5% during the previous 12 months.
- The amount of loans granted in January-September increased by 39.3% compared to the comparison period and was EUR 679.5 (487.7) million. The amount of loans granted during the third quarter decreased by 6.7% compared to the previous quarter.
- The deposit portfolio decreased during the previous 12 months by 4.1%.
- In January–September, fee and commission income and expenses (net) increased by 5.3% compared to the comparison period and was EUR 39.3 (37.3) million. In the third quarter, fee and commission income and expenses (net) increased by 2.0% and were in total EUR 12.7 (12.5) million. Commission income from fund savings, card and payment transactions as well as from loan protection insurances increased from the comparison period.
- In January–September, total operating income decreased by 11.0% compared to the comparison period. Total operating income decreased by 3.8% in the third quarter. During the third quarter, comparable total operating income decreased by 4.5 % and were EUR 50.8 (53.2) million.
- In January-September, total operating expenses increased by 3.1% compared to the comparison period. Personnel expenses increased by 9.6% compared to the previous year. In the third quarter, total operating expenses increased by 11.2% compared to the comparison period. Personnel expenses increased by 5.8% in the third quarter. The number of personnel at the end of the period was 625 (651). Comparable total operating expenses increased by 1.3% in the third quarter and were EUR 26.7 (26.3) million.
- Impairment losses on financial assets decreased by 29.7% during January–September. In the third quarter, impairment losses on financial assets increased by 40.8% and were in total EUR -14.2 (-10.1) million.
- In January–September, comparable cost/income ratio was 59.0 (52.3)%. In the third quarter, comparable cost/income ratio was 52.9 (50.1)%.
- In January–September, comparable return on equity (ROE) was 5.6 (7.1)%, and in the third quarter 4.8 (8.5)%.
| Group key figures (EUR 1,000) | 1–9/2026 | 1–9/2025 | Δ % | 1–12/2025 | Q3 2026 | Q3 2025 | Δ % |
| Net interest income | 109,749 | 131,119 | -16% | 168,637 | 37,652 | 40,223 | -6% |
| Net fee and commission income | 39,299 | 37,337 | 5% | 50,651 | 12,736 | 12,483 | 2% |
| Total operating income | 153,483 | 172,493 | -11% | 224,408 | 51,064 | 53,079 | -4% |
| Total operating expenses | -94,816 | -91,939 | 3% | -123,066 | -29,842 | -26,838 | 11% |
| Net impairment losses on financial assets | -29,186 | -41,525 | -30% | -47,111 | -14,247 | -10,116 | 41% |
| Profit before tax | 28,764 | 37,246 | -23% | 49,248 | 6,645 | 15,524 | -57% |
| Cost/income ratio, % | 62.1% | 53.9% | 15% | 56.1% | 58.8% | 51.1% | 15% |
| Balance sheet total1 | 7,067,639 | 7,524,344 | -6% | 7,462,363 | 7,067,639 | 7,524,344 | -6% |
| Equity | 626,916 | 605,224 | 4% | 618,829 | 626,916 | 605,224 | 4% |
| Return on assets (ROA), %1 | 0.4% | 0.5% | -19% | 0.5% | 0.3% | 0.7% | -56% |
| Return on equity (ROE), % | 4.9% | 6.6% | -26% | 6.6% | 3.3% | 8.2% | -59% |
| Earnings per share (EPS), EUR | 0.69 | 0.89 | -23% | 1.19 | 0.16 | 0.37 | -58% |
| Total capital (TC) ratio, % | 19.6% | 19.2% | 2% | 19.3% | 19.6% | 19.2% | 2% |
| Common Equity Tier 1 (CET1) capital ratio, % | 19.0% | 18.2% | 4% | 18.3% | 19.0% | 18.2% | 4% |
| Comparable profit before tax | 33,153 | 39,726 | -17% | 56,896 | 9,530 | 16,123 | -41% |
| Comparable cost/income ratio, % | 59.0% | 52.3% | 13% | 53.5% | 52.9% | 50.1% | 6% |
| Comparable return on equity (ROE), % | 5.6% | 7.1% | -20% | 7.6% | 4.8% | 8.5% | -44% |
¹⁾ The Company amended its official balance sheet format during the first quarter of 2026. Further details of the changes are provided in Note 2. Comparable periods have been restated retrospectively.
Outlook and earnings guidance for financial year 2026 (updated on 29 September 2026)
The business outlook for the Company for the financial year 2026 is influenced by overall uncertainty, low demand for housing loans, and the continued low investment appetite among SMEs. These factors negatively affect the loan portfolio, and net interest income is expected to decrease compared with the previous financial year. In line with its strategy, the Company is focusing on diversified earnings generation and growth in fee income. Due to changes in the operating environment, fee and commission income is, however, estimated to grow more slowly than anticipated. While the growth in the Company's cost base has slowed down compared with the previous financial year, the tender offer process is resulting in unforeseen expenses. The Company estimates that impairment losses on financial assets will remain below the level of the previous financial year, but non-performing loans are declining more slowly than anticipated and are having a more negative impact on the development of impairment losses than previously estimated.
Oma Savings Bank Plc provides earnings guidance for comparable profit before taxes for 2026. The earnings guidance is based on the forecast for the entire year, which takes into account the current market and business situation. The forecast is based on the management’s assessment of the Group’s business development.
We estimate that the Group’s comparable profit before taxes for the financial year 2026 will decrease significantly compared with the previous financial year (comparable profit before taxes was EUR 56.9 million in the financial year 2025).
Oma Savings Bank Plc
More information:
Karri Alameri, CEO, tel. +358 20 758 3040, karri.alameri@omasp.fi
Sarianna Liiri, CFO, tel. +358 40 835 6712, sarianna.liiri@omasp.fi
Pirjetta Soikkeli, CCO, tel. +358 40 750 0093, pirjetta.soikkeli@omasp.fi
DISTRIBUTION:
Nasdaq Helsinki Ltd
Major media outlets
www.omasp.fi
Oma Savings Bank is a well-capitalised and profitable Finnish bank. About 600 professionals provide services through OmaSp’s 48 branch offices around Finland and digital service channels to over 200,000 private and SME customers. OmaSp’s core objective is to provide a premium-level customer experience by offering its customers personal service and easy accessibility through both digital and traditional channels.
OmaSp focuses primarily on retail banking and provides its clients with a broad range of banking services through its own balance sheet and by acting as an intermediary for its partners’ products, including credit, investment and loan insurance products. OmaSp also engages in mortgage banking operations. Oma Savings Bank shares are listed on the regulated market maintained by Nasdaq Helsinki. Oma Savings Bank is part of S-Bank Group.
Attachments
Oma Savings Bank Plc Interim Report, 30 September 2026
Attachment
