UmweltBank AG

Latest Results (03.02.2026):

This summary covers UmweltBank AG's FY 2023 results and the company’s Q1 2024 update (quarter: Q1 2024). In FY2023 UmweltBank reported sharply lower profitability versus 2022: net interest income fell to €41.11m, the financial result normalised to €7.17m (after a large one‑off sale in 2022), and EBT declined to €1.09m. Costs rose materially due to the core‑banking system migration (one‑off charges of €10.14m) and higher personnel expenses. Management views 2024 as a transformation year and guides to an expected FY2024 EBT loss (≈€‑15m to €‑20m) while reporting early Q1 2024 progress in deposit growth and customer acquisition.

Key FY2023 totals

For FY2023 UmweltBank AG reported: net interest income €41.11m (interest income €101.0m; interest expenses €59.89m), financial result €7.17m, net commission & trading income €9.05m, and EBT €1.09m (EAT €0.76m).

One‑off costs and personnel

FY2023 costs rose materially. The core‑banking migration generated extraordinary expenses of €10.14m; personnel expenses increased to €25.62m. These cost items were the main drivers of the earnings decline versus 2022.

Balance sheet and regulatory capital

As at 31.12.2023 UmweltBank AG reported total capital of ~€532.1m and a total capital ratio of 15.9%, above the regulatory minimum at that date. BaFin had applied a capital surcharge of 3.7% as of 31.12.2023; the regulatory required ratio was subsequently raised to 15.5% and, per the report, the bank showed a total capital ratio of 16.4% as at 31.03.2024.

Deposit and customer trends (Q1 2024)

Management reports strong early Q1 2024 traction: ~8,000 new customers and about €250m of new customer deposits in the first three months of 2024, taking customers to ~140,000 (from ~132,000 at end‑2023). The strategic focus is to expand private deposits to support lending and generate ECB/bond income.

Lending mix and new business

FY2023 new lending fell to €459m (from €623m) constrained by the higher capital surcharge. Renewable‑energy lending (PV and wind) was the growth area (€359m new loans), while property financing (incl. private construction) weakened to ~€105m.

Outlook and guidance

Management frames 2024 as a transformation year with continued investment in technology, organisation and customer acquisition; it expects FY2024 EBT around €‑15m to €‑20m. The report anticipates a return to profitability thereafter as deposits and lending rebuild and investment positions are reduced.

Analyst view and valuation (from the report)

The research report retains a BUY rating and a target price of €9.60 per share based on the analyst valuation and forecasted recovery in 2025–2026 (GBC forecasts: EBT ~€5.75m in 2025 and ~€20.49m in 2026).