UmweltBank AG

Latest Results (02.05.2026):

This summary covers UmweltBank AG's financial results reported in the company’s FY 2023 Annual Report and the Q1 2024 update (i.e., Q1 2024 with reference to FY 2023). In FY 2023 UmweltBank saw a sharp decline in revenues versus 2022 (net interest income €41.11m, financial result €7.17m, net commission/trading €9.05m), modest pre-tax profit for the year (EBT €1.09m, EAT €0.76m), and higher costs driven by a core-banking migration. In Q1 2024 the bank reported heavy short-term losses (EBT ≈ -€10.7m) while showing early success in deposit growth (≈€250m new deposits and ~8,000 new customers in Q1 2024).

Earnings (FY 2023)

FY 2023 headline results: net interest income €41.11m (down from €58.79m), financial result €7.17m (normalised after a €≈20m sale gain in 2022), net commission & trading €9.05m. Full-year EBT was €1.09m and net income €0.76m.

Gross new lending fell to €459m (2022: €623m). Renewable-energy lending (PV and wind) grew to €359m, while property financing/new private construction lending fell sharply to €105m.

Cost drivers and one-offs

Administrative expenses rose materially: extraordinary migration costs ≈€10.14m in 2023 and higher personnel costs (€25.62m). The company expects further migration-related follow-on costs (~€4m in 2024), and higher marketing/tech spending as it pivots to deposit growth.

Capital, funding and balance sheet

At 31.12.2023: loan volume €3.354bn, customer deposits €2.854bn, securities held ≈€2.03bn. BaFin imposed a higher capital surcharge (3.7% as of 31.12.2023), constraining new lending capacity; regulatory total capital ratio remained above minimum (total capital €532.1m; ratio ~15.9%).

Q1 2024 operational developments

Q1 2024: ~8,000 new customers and ≈€250m of new customer deposits (customers rose from ~132k end‑2023 to ~140k). Q1 EBT was negative (~-€10.7m), reflecting sell-downs and migration effects.

Outlook (2024–2026) and guidance

Management views 2024 as a transformation year and guides FY 2024 EBT around -€15m to -€20m. GBC forecasts recovery: EBT €5.75m in 2025 and €20.49m in 2026, driven by deposit-led funding, better interest margin and opportunistic disposals of investments.

Valuation and analyst view

Analysts (GBC) value UmweltBank AG at a €9.60 per-share fair value and maintain a BUY rating versus a quoted price of €6.44 (as of 25.06.2024). The recovery case rests on successful deposit expansion, margin restoration and remediation of regulatory capital shortfalls.