Profit warning: Oma Savings Bank Plc cancel its earnings guidance for 2020 due to uncertainty caused by coronavirus

Due to the uncertainty caused by the coronavirus, the economic outlook has changed and deteriorated rapidly. Since it is still difficult to assess the financial impact of the situation, Oma Savings Bank Plc (OmaSp or Company) cancel its earnings guidance for 2020 issued on 17 February 2020.

OmaSp provides earnings guidance when the economic outlook becomes clearer and the financial impact can be assessed.

Previous outlook and earnings guidance for the financial year 2020 (published 17 February 2020 in the Financial Statements Release):
The company’s business volumes are predicted to maintain their strong growth during the 2020 accounting period. The company’s profitable growth is supported by efforts in recent years to improve the customer experience and the availability of customer service through new digital service channels and the opening of new units. In addition, the company has adapted its branch network to correspond even better to a changing
operating environment.

Oma Savings Bank Plc provides earnings guidance on the comparative profit before taxes and the profit before taxes. A verbal description is used to make a comparison with the comparative period. Earnings guidance is based on the forecast for the entire year, which takes into account the current market and business situation. Forecasts are based on the management’s insight into the Group’s business development.

Provided that profitable growth continues, the company estimates that the Group’s comparative profit before taxes and profit before taxes for 2020 will remain unchanged or grow compared to the previous accounting period.

Oma Savings Bank Plc

Additional information:
Pasi Sydänlammi, CEO, tel. +358 45 657 5506,
Sarianna Liiri, CFO, tel. +358 40 835 6712,

Additional information and interview requests for media:
Minna Sillanpää, CCO, tel. +358 50 66592,

Nasdaq Helsinki Ltd
Major media

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.