Bonum Bank Plc has published the Half-Year Report for 1 January - 30 June 2016

Bonum Bank Plc has published the Half-Year Report for 1 January - 30 June 2016

Bonum Bank’s business has developed remarkably during the first half year compared to the same period last year. Bonum Bank became a public limited company in the spring. Bonum Bank published a EUR 750 million bond program in May and issued its first three-year unsecured senior bond of EUR 100 million in June according to the program. The bond is listed on the Helsinki Stock Exchange. The wholesale funding enables a diversification of the fund raising of the POP Bank Group and supports the Group’s growth.

The credit rating agency S&P Global (S&P) granted Bonum Bank Plc a credit rating of ‘BBB‘ for long-term investment grade and a rating of ‘A-2’ for short-term investment grade on 23 May 2016. The outlook is stable. The granted rating reflects an assessment made based on the criteria used by S&P. The assessment reviewed, for example, the business status of the POP Bank Group, its financial performance, capital and liquidity buffers, risk profiling and fundraising. The stable outlook reflects the strong capital adequacy of the POP Bank Group, the business stability and predictability and the increasing efficiency of the amalgamation.

Bonum Bank has been a shareholder in Visa Europe and provided Visa Europe’s card services to POP Bank customers. Visa Europe’s board of directors agreed to sell the company to Visa Inc. registered in USA during spring 2016. The acquisition was finalized in June and Bonum Bank’s sales profit from the share was EUR 1.5 million. In connection to the trade finalization Bonum Bank received Visa Inc. C-Series shares.

Bonum Bank’s profit before taxes for the first half year amounted to EUR 1,336 thousand (loss for the equal period in 2015 was EUR 61 thousand). The first half year is Bonum Bank's first period during which the bank has been operating to the full extent according to the strategy. Most of the result comes from interest and commission income on central credit institution services provided for POP Banks and investment income mainly from the sale of Visa Europe’s equity. The Bank’s cost-to-income ratio was 73.23% (90.98).

The bank’s balance sheet was EUR 515,722 thousand at the end of the reporting period (427,333). The total balance has increased due to the bond issuance in June and loans to POP Banks.

Anders Dahlqvist, CEO

Bonum Bank Plc Half-Year Report 1.1.-30.6.2016

Further information:

Anders Dahlqvist, CEO

Bonum Pankki Plc

+358 (0)500 440 031

anders.dahlqvist@poppankki.fi

Bonum Bank briefly

Bonum Bank provides clearing, settlement and treasury services for POP Banks. Bonum Bank is an internal bank in the POP Bank group. As a central credit institution it provides banking services for other POP Banks hence reducing need for outside service providers. The objective is to provide necessary central bank services for POP Banks and later extend the services when needed.

Bonum Bank is supervised by the Financial Supervisory Authority, Snellmaninkatu 6, PO Box 103, FI-00101 Helsinki, (Tel) +358 9 183 51, www.finanssivalvonta.fi.

The bank is a member of the Federation of Finance Finland, address Itämerenkatu 11-13, FI-00180 Helsinki, www.finanssiala.fi/en

Owners

POP Bank Centre based in Espoo is the central organization of the POP Bank group being the group's advocacy and support unit. The group consists of independent POP Banks operating in different parts of Finland.

POP Bank Group was established in 1997 to pursue truly independent local cooperative banking and activities in favor of its members and their clients. POP Bank services cover individual customers, small and medium-sized enterprises as well as farmers and forest owners providing them payment solutions, cards, savings and investment products as well as financial services.

Contact

Cards

Please note that we can not comment on customer related information by email. For Visa Credit related inquiries please contact Visa customer service. For Visa Debit related inquiries please contact your own POP Bank. You can find contact details for your own POP Bank at www.poppankki.fi.

Visa customer service

Tel. +358 (0)9 6964 6012

Card Block service (24H)

Tel. +358 20 333

 

 

 

 

Contact

Switchboard

Tel. +358 (0)10 667 3000

Back office

Tel. +358 (0)10 667 3030

backoffice.bonumpankki (at) poppankki.fi

Treasury

Tel. +358 (0)10 667 3010

treasury.bonumpankki (at) poppankki.fi

News

Bonum Bank Plc has published the Half-Year Report for 1 January - 30 June 2016

Bonum Bank Plc has published the Half-Year Report for 1 January - 30 June 2016

Bonum Bank’s business has developed remarkably during the first half year compared to the same period last year. Bonum Bank became a public limited company in the spring. Bonum Bank published a EUR 750 million bond program in May and issued its first three-year unsecured senior bond of EUR 100 million in June according to the program. The bond is listed on the Helsinki Stock Exchange. The wholesale funding enables a diversification of the fund raising of the POP Bank Group and supports the Group’s growth.

The credit rating agency S&P Global (S&P) granted Bonum Bank Plc a credit rating of ‘BBB‘ for long-term investment grade and a rating of ‘A-2’ for short-term investment grade on 23 May 2016. The outlook is stable. The granted rating reflects an assessment made based on the criteria used by S&P. The assessment reviewed, for example, the business status of the POP Bank Group, its financial performance, capital and liquidity buffers, risk profiling and fundraising. The stable outlook reflects the strong capital adequacy of the POP Bank Group, the business stability and predictability and the increasing efficiency of the amalgamation.

Bonum Bank has been a shareholder in Visa Europe and provided Visa Europe’s card services to POP Bank customers. Visa Europe’s board of directors agreed to sell the company to Visa Inc. registered in USA during spring 2016. The acquisition was finalized in June and Bonum Bank’s sales profit from the share was EUR 1.5 million. In connection to the trade finalization Bonum Bank received Visa Inc. C-Series shares.

Bonum Bank’s profit before taxes for the first half year amounted to EUR 1,336 thousand (loss for the equal period in 2015 was EUR 61 thousand). The first half year is Bonum Bank's first period during which the bank has been operating to the full extent according to the strategy. Most of the result comes from interest and commission income on central credit institution services provided for POP Banks and investment income mainly from the sale of Visa Europe’s equity. The Bank’s cost-to-income ratio was 73.23% (90.98).

The bank’s balance sheet was EUR 515,722 thousand at the end of the reporting period (427,333). The total balance has increased due to the bond issuance in June and loans to POP Banks.

Anders Dahlqvist, CEO

Bonum Bank Plc Half-Year Report 1.1.-30.6.2016

Further information:

Anders Dahlqvist, CEO

Bonum Pankki Plc

+358 (0)500 440 031

anders.dahlqvist@poppankki.fi

Bonum Bank Plc

Hevosenkenkä 3

FI-02600 Espoo

Tel. +358 (0)10 4233 710

firstname.lastname@poppankki.fi

Business identity code 2192977-5

BIC/SWIFT Address: POPFFI22