Original-Research: UmweltBank AG - from GBC AG
Classification of GBC AG to UmweltBank AG
Forecast confirmed after convincing half-year; checking account introduced, special audit completed In particular, investments in IT as the basis for continuing the transformation and digitalisation process caused operating costs to rise to €35.33 million (previous year: €29.37 million). In addition, risk provisions for customer loans rose to €4.01 million (previous year: €0.09 million), resulting in pre-tax earnings for the first half of 2025 of €6.69 million (previous year: €8.53 million), which is below the previous year's figure. With the publication of its half-year figures, the management of UmweltBank has confirmed its earnings forecast for the 2025 financial year. Accordingly, pre-tax profit is expected to be between €5 million and €10 million. For the second half of the year, a further increase in net interest income to between €60 million and €65 million, in net financial income to between €18 million and €20 million and in net commission and trading income to between €7 million and €11 million is expected. However, this will be offset by further risk provisions in a range of €10 million to €15 million. Particular focus is being placed on the expected increase in net interest income, which is based on a planned expansion of the deposit business. This is expected to grow significantly to €4.3 billion by the end of 2025 (30.06.2025: €3.5 billion). The 'UmweltGiro' checking account introduced in June 2025, which is expected to attract a large number of new customers, is expected to make a significant contribution to this. Also worth mentioning is the end of the Bafin special representative's activities. Although the capital requirements will remain in place for the time being, they could be reduced in the future, which should have a positive impact on lending. In line with the company's guidance, we have only made adjustments to the 2025 estimates. We are maintaining our medium-term estimates. The impact on the determined fair value of the company is negligible and we confirm our price target of €10.40 and BUY rating. You can download the research here: 20250812_UmweltBank_Anno_engl Contact for questions: GBC AG Halderstraße 27 86150 Augsburg 0821 / 241133 0 research@gbc-ag.de ++++++++++++++++ Offenlegung möglicher Interessenskonflikte nach § 85 WpHG und Art. 20 MAR Beim oben analysierten Unternehmen ist folgender möglicher Interessenkonflikt gegeben: (1,4,5a,6a,7,11); Einen Katalog möglicher Interessenkonflikte finden Sie unter: https://www.gbc-ag.de/de/Offenlegung +++++++++++++++ Date (time) Completion: 12.08.2025 (8:17 am) Date (time) first transmission: 12.08.2025 (11:30 am) The EQS Distribution Services include Regulatory Announcements, Financial/Corporate News and Press Releases. | ||||||||||||||||||
2182760 12.08.2025 CET/CEST
