Annual Report 2023
2
Contents
Alisa Bank in brief ........................................................................... 3
A digital bank .......................................................................................... 3
CEO’s review ........................................................................................... 6
Highlights of 2023 ................................................................................. 8
Key figures .............................................................................................. 9
Board of Directors´ Report ............................................................ 10
Business environment ...................................................................... 12
Financial performance ...................................................................... 12
Capital adequacy and risk management ....................................... 13
General meeting, Board of Directors, CEO and auditor .............. 17
Shares and shareholders .................................................................. 18
Group structure .................................................................................. 19
Personnel and locations ................................................................... 19
Material events after the review period ........................................ 19
Financial targets and outlook for 2024 .......................................... 20
Calculation of key figures ............................................................ 21
Financial Statements .................................................................... 22
Group’s Financial Statements .......................................................... 22
Parent companys Financial Statements ........................................ 63
Signatures of the Financial Statements ......................................... 82
Auditor’s Report .................................................................................. 83
Governance .................................................................................... 87
2
ALISA BANK IN BRIEF GOVERNANCEFINANCIAL STATEMENTSALISA BANK | ANNUAL REPORT 2023 BOARD OF DIRECTORS’ REPORT
3
3
Alisa Bank is a Finnish
digital bank for smoother
everyday life
We help both personal and business customers manage their
day-to-day finances, and we oer a competitive interest return
on deposits. We take pride in providing our customers with an
uncomplicated, clear and responsible service.
ALISA BANK IN BRIEF
ALISA BANK IN BRIEF GOVERNANCEFINANCIAL STATEMENTSALISA BANK | ANNUAL REPORT 2023 BOARD OF DIRECTORS’ REPORT
4
Our mission is to oer the smoothest everyday digital banking services on the market for
individuals and SMEs. This means catering for the entire path, from becoming a customer to
paying bills, applying for a loan and managing a loan. For the customer, banking at Alisa Bank
is so fast and smooth that it is almost eortless.
Superior customer experience:
We combine easy-to-use digital services with personal customer
service that is knowledgeable and easy to understand.
Profitable products for selected customer segments:
Our service selection is tailored especially for individuals who
appreciate easy-to-use everyday basic banking services and flexible
financing; for SMEs that need flexible banking and financial services;
and for savers looking for safe and competitive interest income.
Operational eciency:
With a digital operating model, modern IT systems and a targeted
range of services, combined with ecient organization and
competent personnel, we aim for high operational eciency.
A financially solid, trustworthy Finnish bank:
We are a trustworthy Finnish bank with committed and strong
anchor owners. At the core of our operations is responsibility in
lending and clarity in our customer communication.
Our vision is to be the bank that enables the smoothest everyday life for selected customer
segments. In banking services, our focus is initially on the Finnish market, but in the next few
years, our proven infrastructure and our know-how gained from lending in other markets
will enable us to grow internationally.
Our strategy is based on four cornerstones, which give us a solid foundation to create a
competitive advantage and grow our business:
ALISA BANK IN BRIEF GOVERNANCEFINANCIAL STATEMENTSALISA BANK | ANNUAL REPORT 2023 BOARD OF DIRECTORS’ REPORT
5
When implementing the strategy, we are guided by the values we
have created together. We focus on solving real problems – so that
our customers’ everyday lives become smoother. We innovate with
an open-minded approach. We take responsibility for serving our
customers in the best possible way, and we expect each employee
to do their part towards achieving our common goals. We value all
customers equally, and we appreciate the contribution and expertise
of everyone in the workplace. In this way, we create a strong company
culture and a good team spirit, which enable us to take firm steps
towards our vision.
Vision
The bank for the smoothest
everyday life
Values
We solve real problems
We innovate
We take responsibility
We value everyone
Strategic cornerstones
Superior customer experience
High operational eciency
Profitable products for selected customer segments
Financially solid, trustworthy Finnish bank
Mission
We oer the smoothest everyday digital banking
services on the market for individuals and SMEs
ALISA BANK IN BRIEF GOVERNANCEFINANCIAL STATEMENTSALISA BANK | ANNUAL REPORT 2023 BOARD OF DIRECTORS’ REPORT
6
Achieving a positive result in the completed
fiscal year was a significant step in Alisa
Bank’s growth story. We grew stronger than
the market in both personal and business
financing as well as deposits.
The profit before non-recurring items and taxes for the
2023 financial year was EUR 0.8 million, and the profit
before taxes was EUR 0.3 million. Due to the dicult
economic situation, we did not manage to strengthen the
company’s equity according to our plans. This held back
the growth of our loan portfolio in the second half of the
year, as well as the tightening of our lending in certain
industries. At the same time, we also wanted to maintain
our strong capital adequacy level. Because of this, the
second half’s earnings, EUR 8.3 million, were slightly below
the level of the first half and the profit before taxes in the
second half was EUR -0.1 million.
Development of business
Our loan portfolio grew to EUR 173 million by the end of
2023 before reducing provisions for credit losses.
The growth of corporate customer business was limited by the
challenging operating environment of SMEs and our caution in
credit risk management in industries with increased credit risk.
However, our loan portfolio for corporate financing increased
by 31 percent to EUR 41 million in the fiscal year. The quality of
the corporate loan portfolio remained good and stable in the
second half of the year. Due to successful risk management, we
avoided significant credit losses in the second half of the year
in corporate lending. As the economic operating environment
improves, we believe that our strong competitiveness will create
a basis for our growth in the future as well.
In personal customers, our credit base remained unchanged
at EUR 132 million. In the market, the demand for consumer
financing continued to grow moderately, but our growth
was limited by capital restrictions and our tightened credit
policy. In the second half of the year, we invested especially
in strengthening our profitability in consumer financing and
succeeded in improving the net interest income despite the
slight increase in financing costs.
At the end of December, our deposit base was EUR 269 million.
The structure and sources of our deposit base diversified: the
share of time deposits increased and we managed to increase
the collection of deposit funds through our digital channels.
CEO’S REVIEW
ALISA BANK IN BRIEF GOVERNANCEFINANCIAL STATEMENTSALISA BANK | ANNUAL REPORT 2023 BOARD OF DIRECTORS’ REPORT
7
In November, we opened a savings account product on
Europe’s leading deposit comparison portal Raisin in
Germany, and further in December we also opened this
channel in the Netherlands. After the end of the financial
year, our deposit base has strengthened strongly, reaching
EUR 388 million at the end of January. As the interest rate
rose, our financing costs increased somewhat, and at the
end of the financial year, the average interest rate on the
deposit portfolio was 2.7 percent. At the same time, the
bank’s interest margin on liquid assets clearly increased with
the increase in liquid assets.
The number of active customers continued to grow and was
57,500 at the end of the year. Customer satisfaction also
remained at a high level in the second half of the year (Net
Promoter Score 45). We achieved the industry’s top reviews
(4.3/5) in app store reviews.
We continued to implement the cost-saving program,
with which we aimed for significant savings in the bank’s
fixed costs. We have succeeded in cost savings and our
operational eciency developed positively during the review
period, with the cost-to-income ratio in the review period
being 68 percent. We will enter 2024 at a lower level of fixed
costs compared to 2023.
In June, we started oering banking services (BaaS)
integrated into financial management systems in
cooperation with Talenom Plc. The services enable
Talenom’s business customers to have easy-to-use banking
services integrated directly into the financial management
software. At the beginning of the year, we also announced
an online shopping payment solution for SMEs with Paytrail,
Finland’s largest payment intermediary. Both projects
support our strategy in utilizing digital channels for new
customer acquisition.
Market environment and risk position
During 2023, the general economic situation deteriorated
significantly. Inflation and rising interest rates increased
consumers’ living costs considerably. At the same time,
especially the strong contraction of the construction sector
led to unprecedented levels of bankruptcies of SMEs.
We expect inflation and the weakening of consumers’
purchasing power to subside and the operating conditions
of SMEs to gradually strengthen during 2024. The interest
rate is also expected to decline during 2024, which supports
the recovery of the economic situation.
The bank’s liquidity position is very strong, with liquid assets
of EUR 135 million. The predicted drop in the interest rate
creates challenges for increasing deposit assets and interest
margin on deposits, but thanks to our diversified deposit
base, we will also be able to generate a significant return on
liquid deposit assets in the future.
The bank’s solvency remained at a good level of 15.2
percent, however, falling short of the target of 16 percent.
Despite the challenging market environment, we were
extremely successful in the bank’s credit risk management.
Credit losses fell to 2.9 percent of the loan portfolio.
Outlook for the future
Achieving a positive result in 2023 was a significant step
in Alisa Bank’s growth story. In the future, growth and
improving profitability will require strengthening the bank’s
own capital and thereby increasing the credit base. We
have actively promoted measures to strengthen the capital
structure and we believe that we will be able to inform
about these during the first half of 2024.
During 2024, our business will focus more on banking
and financial services for SMEs. In proportion to the
committed capital, invoice and working capital financing
of SMEs is the most profitable business for the bank. We
continue to invest in the development of BaaS services
together with financial administration operators, which will
significantly increase our customer potential in SMEs. In our
development projects, we also focus on the development
of smooth banking and financial services for SMEs. Our
competitiveness in this customer segment is strong, and as
the economic situation gradually improves, we believe that
our growth will continue to be strong in corporate financing.
Despite the challenging operating environment, we look
optimistically at the coming year. I thank our customers,
sta and shareholders for the past year.
Teemu Nyholm
CEO
During 2024, our business
will focus more on banking and
financial services for SMEs.
ALISA BANK IN BRIEF GOVERNANCEFINANCIAL STATEMENTSALISA BANK | ANNUAL REPORT 2023 BOARD OF DIRECTORS’ REPORT
8
Highlights of 2023
January-February 2023
Alisa Bank’s everyday banking services
repertory improved when a credit card
and payment transaction accounts were
launched for customers.
March 2023
An e-commerce payment solution was
launched for SMEs with Paytrail, Finland’s
largest payment broker.
April 2023
Fellow Bank’s name changed to Alisa Bank.
At the same time, revised versions of
mobile and online banking were launched.
June 2023
The provision of banking services
integrated into financial administration
systems (BaaS) started in cooperation with
Talenom Plc.
November-December 2023
We opened a savings account product
on Europe’s leading deposit comparison
portal Raisin in Germany and the
Netherlands.
Autumn 2023
In the autumn, the company’s board of
directors started strategy work. Alisa Bank’s
strategy is planned to be more focused on
banking and financial services for SMEs.
ALISA BANK IN BRIEF GOVERNANCEFINANCIAL STATEMENTSALISA BANK | ANNUAL REPORT 2023 BOARD OF DIRECTORS’ REPORT
9
the end of 2023
Loan portfolio
million EUR million EUR
million EUR
Active customers
Deposits
Income
Capital adequacy ratio
Net Promoter Score (NPS)
173
57 500
269
16.7
15.2%
45
ALISA BANK IN BRIEF GOVERNANCEFINANCIAL STATEMENTSALISA BANK | ANNUAL REPORT 2023 BOARD OF DIRECTORS’ REPORT
10
Board of Directors’
Report
Alisa Bank Plc (“Alisa Bank” or “the company”) is a Finnish digital bank
that makes everyday life easier. Alisa Bank serves private individuals
and small and medium-sized enterprises, as well as savers seeking
competitive interest income for their deposits.
ALISA BANK IN BRIEF GOVERNANCEFINANCIAL STATEMENTSALISA BANK | ANNUAL REPORT 2023 BOARD OF DIRECTORS’ REPORT
11
• January-December profit before non-recurring items and taxes was EUR 0.8 million (-7.8). The
profit before taxes was EUR 0.3 million (-9.7).
• Net interest income increased from last year and was EUR 14.8 million (9.1). Net interest
income increased mainly due to the increase in market interest rates and the increase in the
loan portfolio.
• Total operating income EUR 16.7 million increased clearly compared to the previous year (10.2).
• Realized and expected credit losses were at a moderate level and amounted to EUR -5.0 million
(-8.3).
• Total capital ratio was 15.2 percent (16.8).
• The loan portfolio before reducing expected credit losses increased by 6 percentage to EUR
172.9 million (163.8) in the accounting period.
• Deposits increased by 9 percentage to EUR 268.9 million (246.8).
• The company changed its name from Fellow Bank Plc to Alisa Bank Plc on April 21, 2023.
CONSOLIDATED KEY FIGURES
EUR 1,000 2023 2022 2021
Net interest income 14,757 9,053 2,650
Net commission income and expenses 1,785 1,511 4,497
Total operating costs -11,398 -11,601 -6,663
Realised and expected credit losses -4,999 -8,321 -1,989
Profit before taxes 303 -9,684 -1,464
* Profit before non-recurring items and taxes
832 -7,750 -
* Cost to income ratio, %
68 113 93
Balance sheet total 312,841 291,661 22,418
* Return on equity (ROE), % 1.2 neg. neg.
Capital adequacy ratio (TC), % 15.2 16.8 -
* Common Equity Tier 1 (CET1) capital ratio, % 12.0 12.6 -
Number of employees at end of period 78 78 66
* Earnings per share (EPS), euros 0.00 -0.14 -0.22
* Credit losses / loan portfolio, % 2.9 5.1 11.0
* The formulae for calculating the key figures and alternative key figures are presented in chapter The
formulae of key figures.
Alisa Bank is a Finnish digital bank for a smoother everyday life serving personal and business
customers with their day-to-day finances, and oering a competitive interest return on deposits.
Services are uncomplicated, clear and responsible.
The strategy is based on four cornerstones: superior customer experience, operational
eciency, profitable products for selected customer segments, and financial solidity, domesticity
and responsibility. The focus of Alisa Bank’s strategy is the utilization of digital channels in
new customer acquisition. In the 2023 financial year, the company’s service selection included
personal and SME customers lending as well as payment services and savings account products.
The company’s service selection is constantly being developed.
Key events in the financial year
The selection of digital services distribution channels have been developed during the financial
period on a wide range of fronts:
• A credit card was launched for customers in January 2023, and payment transaction accounts
in February.
• At the beginning of the year, an e-commerce payment solution for SMEs was announced with
Finland’s largest payment intermediary, Paytrail.
• In April, the bank’s name changed to Alisa Bank. At the same time, renewed versions of the
mobile and online bank were announced.
• In June, the provision of banking services integrated into financial management systems (BaaS)
started in cooperation with Talenom Plc. The services enable Talenom’s business customers to
have easy-to-use banking services integrated directly into the financial management software.
• The selection of deposit products and digital channels diversified during the financial period.
The growth of the bank’s balance sheet requires the strengthening of equity capital. Due to the
unfavorable market situation, the measures aimed at strengthening the capital structure did
not proceed according to the planned schedule during the financial period, which is why lending
had to be limited, taking into account the bank’s capital adequacy goal. The growth of the loan
portfolio was also limited by caution in lending related to the weakened economic situation,
especially for business customers.
At the end of 2022, the company launched a cost-saving program. In connection with the program,
the company held change negotiations at the end of autumn, which included the entire personnel
of the group’s parent company in Finland. As a result of the change negotiations, 3 positions
ALISA BANK IN BRIEF GOVERNANCEFINANCIAL STATEMENTSALISA BANK | ANNUAL REPORT 2023 BOARD OF DIRECTORS’ REPORT
12
The development of the Finnish economy has been weak, and inflation and rising interest
rates have challenged economic growth.
Inflation and the rise in interest rates weakened towards the end of the year, but both
consumers’ and companies’ confidence in the economy remained low. The year-on-year
increase in consumer prices in Finland was 6.2 percent in 2023, with the ECB’s long-term target
being 2 percent. The number of bankruptcies in Finland increased in 2023 to a record for the
entire 2000s. During 2023, the ECB raised all three key interest rates by 2.0 percentage points.
Economic development will continue to be weak in 2024 as well, but the slight recession is
predicted to be short-lived. Due to economic uncertainty, the employment rate has remained
fairly stable in Finland. The employment rate in 2023 was 73.6% and the unemployment rate
was 7.2%. The impact of the recession is also mitigated by the strengthening of purchasing
power that takes place at the same time due to last year’s significant salary increases and the
beginning of the fall in inflation. The market’s inflation expectations are starting to approach
the ECB’s target. When inflation slows down, interest rates also fall.
In Finland, consumer loans were granted 2.5 percent more than the previous year and the
growth of household deposits decreased to 2.7 percent from a year ago. With the increase in
interest rates, deposit rates also saw an t increase after a gap of years.
Group’s profit before non-recurring items and taxes was EUR 0.8 million (-7.8). The profit
before taxes turned profitable and was EUR 0.3 million (-9.7), and the profit for the financial
year was EUR 0.3 million (-10.6).
The group’s income for the financial year - including net interest income, net fee income, net
investment income and other operating income – increased to EUR 16.7 million (10.2).
Net interest income strengthened by 63.0 percent to EUR 14.8 million (9.1). Interest income
accumulated for the financial year totaled EUR 20.1 million (11.1) and interest expenses EUR 5.3
million (2.0). The rise in interest rates and increase in loan portfolio has had a positive eect on
the development of the bank’s net interest income. Fee income and expenses increased from
EUR 1.5 million in the comparison period of the previous year to EUR 1.8 million.
The total costs of the financial year, including depreciation and amortisation, decreased
slightly to EUR 11.4 million (11.6).
Personnel expenses were EUR 5.5 million (5.4). Other administrative expenses - including
oce, IT, representation and marketing expenses as well as costs related to consulting
– were EUR 4.5 million (4.5). Depreciation and write-downs were EUR 0.8 million (0.7) and
other business expenses EUR 0.6 million (1.0).
A total of EUR 0.2 million of stability contribution was recorded in other operating expenses.
In addition, the deposit guarantee fee of EUR 0.1 million assigned to the company was fully
covered by refunds from the old deposit guarantee fund (VTS fund). The item other business
expenses include authority fees and rent-related expenses.
Realised and expected credit losses amounted to EUR 5.0 million (8.3). The change in
expected credit losses decreased compared to the comparison period and was EUR -1.7
million (4.4). Realised credit losses increased from EUR 3.9 million to EUR 6.7 million mainly
due to the sale of the Polish business.
The total amount of the group’s balance sheet increased to EUR 312.8 million (291.7) at the
end the year.
Assets, EUR 312.8 million, mainly consisted of cash EUR 129.4 million and loans granted to
customers (Claims on the public and public sector entities EUR 166.9 million). Intangible assets,
EUR 8.2 million, include EUR 6.0 million goodwill generated in business acquisitions and EUR 2.2
million of capitalised product development costs. No need for a write-down was found in the
goodwill impairment testing. During the period, EUR 0.7 million (0.8) of product development
expenses related to the development of digital banking services were capitalised.
The group’s liabilities, EUR 286.7 million, mainly consisted of liabilities to the public and
public-sector entities (268.9).
The group’s equity stood at EUR 26.2 million (26.0).
were terminated and 2 positions were reorganized. During the accounting period, operational
eciency developed positively, with the cost-income ratio at 68 percent.
In the fall, the company’s Board of Directors started strategy work. The company’s strategic
focus is planned to be changed to focus on banking and financial services for SMEs. The strategy
work will continue during spring 2024.
ALISA BANK IN BRIEF GOVERNANCEFINANCIAL STATEMENTSALISA BANK | ANNUAL REPORT 2023 BOARD OF DIRECTORS’ REPORT
13
Alisa Bank operates in a constantly changing market environment, which subjects the
company to risks caused by changes in the business environment and the company’s own
operations. Risk-taking is managed with principles and limits approved by the company’s
Board of Directors. Alisa Bank has defined a capital adequacy management process the
aim of which is to secure the adequacy of the company’s risk tolerance in relation to all the
material risks of its operations.
Risk management
Risk management refers to actions aimed at systematically surveying, identifying, analysing
and preventing risks. The objective of risk management is to:
• ensure the suciency of our own assets in relation to risk positions;
• maintain the financial result and the variation in valuations within the set objectives and
limits;
• price risks correctly to reach sustainable profitability.
The main areas of risk management are: credit risk, market risk including interest rate risk,
liquidity risk and financial risk, and strategic and operational risks.
Principles and organisation
The company’s Board of Directors has primary responsibility for the Group’s risk
management. The Board of Directors confirms the principles and responsibilities of risk
management, the Group’s risk limits and other general guidelines according to which the risk
management and internal control are organised. The aim is to manage risks through risk
assessments and measures carried out on the basis of the assessments, systematic follow-
up, and analysis of the operating environment and the market.
The aim of the risk control function is to promote systematic and proactive risk management
that allows the company’s business to be developed in a safe manner. In the company’s
organisation the Risk control function operates directly under the supervision of the CEO and
reports to the Board of Directors, CEO and other members of the management.
Alisa Bank’s risk management strategy is based on the objective, business strategy, risk
management policy and guidelines adopted by the Board of Directors for the company, and
risk reporting on key business areas. Alisa Bank focuses on retail banking operations and
oers selected banking and financial services to both personal and business customers
through its own balance sheet and through its partners. The company does not have
customer or investment risk concentrations that exceed its financial capacity.
The Board of Directors sets the level of risk appetite by approving risk strategies for each
risk area and the necessary risk limits and monitoring thresholds. The implementation of
the risk strategy is regularly monitored through the management and reporting of risk limits
and monitoring thresholds, which are carried out independently of the business area. The
company maintains its capital adequacy at a safe level. The company’s capital adequacy and
risk tolerance are strengthened by profitable business activities, and also by debt and equity
instruments that increase own funds. The Board of Directors is kept regularly informed
about the dierent risks of the company and their levels. The Board of Directors also
approves the authorisations and framework for risk-taking by defining permissible risk limits
for credit and market risks. Within the authorisations, the responsibility for day-to-day risk
monitoring and control rests with the senior management. The risk reporting practices meet
the requirements set for risk management, taking into account the nature and scope of the
company’s operations. Independent control functions have been established in the company
to ensure eective and comprehensive internal control.
Independent functions:
• Risk control function
• Compliance function responsible for ensuring compliance with the regulations
• Internal Audit function.
Risk management, ensuring regulatory
compliance and internal audit
The Risk Control function oversees daily business operations and compliance with the risk
limits granted to the business units, as well as compliance with risk-taking policies and
guidelines. The Risk Management function reports its observations to the Management
Team and the company’s Board of Directors. The independent Risk Management function is
responsible for ensuring and monitoring that the company’s risk management is adequate
in relation to the nature, scope, diversity and risks of the company’s business, and that all
new and material risks not previously identified are brought within the scope of the risk
management of the company’s business areas.
The purpose of the Compliance function is to ensure compliance with regulations in
the company by supporting the senior management and the business units in applying
the provisions of the law, ocial regulations and internal guidelines. The Compliance
function also participates in identifying, managing and reporting on any risks of insucient
ALISA BANK IN BRIEF GOVERNANCEFINANCIAL STATEMENTSALISA BANK | ANNUAL REPORT 2023 BOARD OF DIRECTORS’ REPORT
14
compliance with regulations. The Risk Management and Compliance functions report directly
to the CEO.
The Internal Audit assesses the functioning of the Group’s internal control system, the
appropriateness and eciency of the functions and compliance with instructions. It does this
by means of inspections that are based on the internal audit action plan adopted annually by
the Board of the company.
Risk position
Alisa Bank’s business risks mainly consist of credit risk as well as operational risks and market
risk, which mainly consists of the interest rate risk of the bank’s financial balance.
The most significant risks in the near term are related to the uncertainties of the financial
operating environment, such as the development of interest rates and inflation, which
weaken the purchasing power of households and challenge the profitability and willingness
of SMEs to invest. Uncertainties can be reflected in Alisa Bank’s business as an unfavourable
development of volumes and credit losses. The company has no significant liabilities related
to Russia. The eects of the Russian war of aggression on Alisa Bank’s business are indirect.
During Alisa Bank’s second year of operations, the growth of the credit portfolio decreased
clearly compared to the previous year, and the relative credit risk position has remained
stable. Alisa Bank’s customers are both private and SME customers. After ending peer-to-
peer and crowdfunding activities, thanks to improved competitiveness, the company has
systematically targeted lending towards customers with a lower credit risk. Due to the
distributed customer base, there are no individual significant customer risks. At the end of
the financial year, the company had one exposure, where the loan amount exceeded 10
percent of Tier 1 own funds; the loan is secured by financed sales invoice receivables.. The
loan portfolio before the reduction of credit loss reservations was EUR 172.9 million at the
end of the financial year.
The amount of non-performing loans in the credit base has increased due to increased
bankruptcies in corporate financing during the review period. At the end of the review period,
the amount of non-performing loans was EUR 7.2 million (6.6). The NPL ratio, which describes
non-performing receivables in relation to all loans and receivables, was 4.2 (4.0) percent at
the end of the review period. At the end of the review period, there were EUR 0.4 million in
non-performing forbearance loans, and EUR 0.7 million of healthy forbearance loans. Loan
receivables with a payment delay of more than 30 days but less than 90 days were 3.5 (2.6)
percent of the entire loan portfolio. The proportion of overdue payments of more than 90
days was 3.0 (3.6) percent. In the comparison period, most of the insolvent loans consisted
of foreign loans.
Market risk mainly consists of the interest rate risk of the banking book and a minor currency
risk. The interest rate risk of the financial balance mainly consists of the dierences between
the interest rate linkages and maturities of assets and liabilities. The company currently
has less than a fifth of its loan base in longer fixed-rate loans, and the share is constantly
decreasing. The new lending is mainly at floating rates and tied to the 3 month Euribor. Strong
changes in market interest rates emphasize the importance of interest rate risk management.
The company constantly monitors the development of the interest rate risk through, for
example, the sensitivity analysis of changes in the current value of the balance sheet and net
interest income. If the interest rate level were to rise by two percentage points, the economic
value of the company’s own funds would increase by 1.9 per cent due to the positive profit
development If interest rates were to fall by two percentage points, the economic value of
own funds would fall by 2.3 per cent. If interest rates were to rise by two percentage points,
it would have an estimated annual positive impact on net interest income of approx. EUR 1.3
million. If interest rates were to fall by two percentage points, the estimated negative annual
impact on net interest income would be approx. EUR -1.3 million.
Capital adequacy management
Alisa Bank has defined a capital adequacy management process the aim of which is to
secure the adequacy of the company’s risk tolerance in relation to all the material risks of
its operations. In order to achieve this objective, Alisa Bank identifies and assesses all risks
relevant to its operations and, based on these, calibrates its risk tolerance to correspond
with Alisa Bank’s overall risk position. The capital adequacy management process plays a key
role in defining the company’s overall risk position.
The internal capital requirements determined through the capital adequacy management
process are based on the capital requirements of Pillar I of capital adequacy regulation and
risks not included in Pillar I, such as the interest rate risk in the banking book and business
risk. In its internal assessment process, the company estimates the amount of capital that is
sucient to cover also those unexpected losses that arise from risks not included in Pillar I.
The Board of Directors confirms the risk strategies and sets target levels for capital that
cover all material risks arising from business operations and from changes in the external
operating environment. The company’s capital adequacy management is the responsibility
ALISA BANK IN BRIEF GOVERNANCEFINANCIAL STATEMENTSALISA BANK | ANNUAL REPORT 2023 BOARD OF DIRECTORS’ REPORT
15
of the Board of Directors, which also sets the risk limits for the company’s operations. Every
year, the Board of Directors reviews the risks related to the company’s capital adequacy
management, the capital plan and the limits set for the risks.
Capital adequacy and own funds
In the capital adequacy calculation Alisa Bank uses the Standardised Approach for the credit
risk calculation and the basic indicator approach for operational risks.
Alisa Bank Group’s total capital ratio was 15.2% and common equity tier 1 ratio were
12.0%, exceeding the total capital requirement for banks (10.5%). The bank´s total capital
requirement consists of a minimum capital requirement (8.0%) in accordance with Pillar
I and an additional capital requirement (2.5%) in accordance with the Act on Credit
Institutions. The system risk buer requirement of 1 percentage point set by the Financial
Supervisory Authority will enter into force on April 1, 2024. The requirement was set for
Finnish credit institutions in order to strengthen the risk-bearing capacity of the banking
sector.
At the end of the review period, the group’s capital structure was strong and consisted of
core capital (CET 1) and secondary capital (Tier 2). The group’s own funds (TC) were EUR 22.3
million: primary capital (T1) EUR 17.7 million was entirely common equity Tier 1 ratio (CET1)
and secondary capital (T2) EUR 4.6 million consisted of debenture loan.
A binding requirement for a leverage ratio of 3% entered into force as part of the updated
Capital Requirement Regulation on 28 June 2021. Alisa Bank´s leverage ratio was 5.8% at the
end of the review period.
CAPITAL AND RISK POSITION
EUR 1,000 31 DEC 2023 31 DEC 2022
Common Tier 1 Capital before adjustments 25,856 28,281
Adjustments to Common Tier 1 Capital -8,172 -10,582
Common Tier 1 Capital in total (CET1) 17,684 17,700
Additional Tier 1 Capital before adjustments
0 0
Adjustments to Tier 1 Capital
0 0
Additional Tier 1 Capital in total (AT1) 0 0
Total Capital (T1 = CET1 + AT1)
17,684 17,700
Tier 2 Capital before adjustments 6,100 6,100
Adjustments to Tier 2 Capital -1,471 -250
Tier 2 Capital in total (T2) 4,629 5,849
Total risk weighted exposure amounts
Credit and Counterparty risk
120,969 120,512
Market 853 756
Operational risk 25,138 19,198
Risk weighted exposures in total 146,960 140,466
Common Equity Tier 1 ratio (CET 1), %
12.0% 12.6%
Tier 1 ratio (T1), % 12.0% 12.6%
Total Capital Ratio (TC), % 15.2% 16.8%
LEVERAGE RATIO
EUR 1,000 31 DEC 2023 31 DEC 2022
Total Equity 17,684 17,700
Total Exposure Amount 305,649 283,819
Leverage ratio (LR), % 5.8% 6.2%
ALISA BANK IN BRIEF GOVERNANCEFINANCIAL STATEMENTSALISA BANK | ANNUAL REPORT 2023 BOARD OF DIRECTORS’ REPORT
16
In the resolution plan, a minimum requirement for own funds and deductible liabilities (MREL
requirement) has been set for the company, which consists of a requirement based on total
risk, which is 8 percent, and a requirement based on the total amount of exposures used in
the calculation of the minimum leverage ratio, which is 3 percent.
Liquidity Coverage Ratio and stable funding
Liquidity risk can be defined as a disparity in the balance of incoming and outgoing cash flows.
The risk may materialise if the company is unable to meet its payment obligations as they fall
due. The company’s main liquidity risks arise from the maturity mismatch between borrowing
and lending.
Sucient liquidity is ensured by the limit set by the company’s Board of Directors to the
company’s cash assets. The company prepares for the repayment of future debts by limiting
new lending in the upcoming years as necessary, thereby ensuring its liquidity position. The
company’s liquidity remained stable and on a very good level during 2023.
The Group’s Liquidity Coverage Ratio was 689% at the end of the review period, with the
minimum requirement being 100%. Of its liquidity buer, 100% consisted of Level 1 assets
with a very high liquidity; the buer consists of a deposit in Bank Of Finland.
Net stable funding ratio was 199.9% at the end of the reporting period, with the minimum
requirement being 100%. The company has no issued bonds. The majority of fundraising
consists of retail deposits, i.e. deposits from individuals and SMEs.
LCR AND NSFR
EUR 1,000 31 DEC 2023 31 DEC 2022
Liquidity
LCR-ratio (3 months average) %
613% 370%
Total high quality liquid assets (3 months average) 132,397 129,607
Cash outflow (3 months average) 34,318 53,000
Cash inflow (3 months average) 12,475 17,729
Total net cash outflow (3 months) 21,843 35,271
Net Stable Funding
Total available stable funding
267,461 240,656
Total required stable funding 133,830 127,778
NSFR-ratio % 200% 188%
ALISA BANK IN BRIEF GOVERNANCEFINANCIAL STATEMENTSALISA BANK | ANNUAL REPORT 2023 BOARD OF DIRECTORS’ REPORT
17
The annual general meeting of Fellow Bank Plc (now Alisa Bank Plc) was held on April 20,
2023. General Meeting confirmed the financial statements and consolidated financial
statements and granted the members of the Board of Directors, the CEO and the Deputy CEO
a discharge from liability for the financial year 2022. The Annual General Meeting approved
the remuneration report of the company’s bodies for 2022 and decided to support the
remuneration policy.
It was stated that according to the financial statements on 31 December 2022, the distributable
assets of the parent company Fellow Bank Plc were EUR 3,176,807.99. The profit for the
financial period was EUR 17,699,019.35, which consists of Evli Bank Plc’s profit from January 1
to April 1, 2022 of EUR 25,010,929.33 and Fellow Bank Plc’s loss of EUR 7,311,910.01 from April
2 to December 31, 2022. It was noted that the company’s board had proposed to the general
meeting that no dividend be paid for the financial year ending on December 31, 2022. The
annual general meeting decided, in accordance with the board’s proposal, that no dividend will
be paid based on the financial statements to be confirmed for the financial year 2022.
Alisa Bank’s board members were Markku Pohjola (CEO), Teuvo Salminen, Lea Keinänen, Kai
Myllyneva, Jorma Pirinen and Tero Weckroth until 20 April 2023. At the annual general
meeting on April 20, 2023, Lea Keinänen, Jorma Pirinen, Markku Pohjola, Teuvo Salminen
and Tero Weckroth were re-elected as board members, and Sami Honkonen and Johanna
Lamminen were elected as new members. The term of oce of the board members ends at
the end of the annual general meeting following the election. A total of seven (7) members
were confirmed as the number of members of the board of directors.
Annual general meeting elected Markku Pohjola as chairman of the board and Teuvo
Salminen as vice chairman of the board. Teemu Nyholm will continue as CEO and Juha Saari
will act as deputy CEO.
The auditing firm KPMG Oy Ab was chosen as the auditor, with APA Tiia Kataja as the principal
auditor. The auditor is paid according to a reasonable invoice approved by the company.
The Annual General Meeting decided to change sections 1, 3 and 10 of the Articles of
Association to read as follows:
1 Company’s business name and domicile
The company’s business name is Alisa Bank Oyj, in Swedish Alisa Bank Abp and in English
Alisa Bank Plc. The company is domiciled in Helsinki.
3 Board of Directors and Chairman of the Board
The company’s Board of Directors shall consist of at least four (4) and at most eight (8)
regular members whose term shall expire at the close of the Annual General Meeting that
follows their election. The General Meeting that decides on the election of the Board of
Directors elects the Chairman and Deputy Chairman of the Board of Directors.
10 Annual General Meeting
The Annual General Meeting shall be held annually on a date determined by the Board of
Directors, and no later than six months after the end of the financial year. The Annual
General Meeting shall decide on:
1. the adoption of the financial statements and consolidated financial statements
2. the use of the profit shown in the balance sheet
3. discharging the Board members, the CEO, and the Deputy CEO from liability
4. the number of members of the Board, their remuneration and their election
5. the appointment and fees of the auditor
6. the approval of remuneration policy, if necessary
7. the approval of the remuneration report
8. other matters to be discussed at the meeting according to the notice to the meeting.
The Board of Directors can also decide that the General Meeting is organized without a
meeting place, so that the shareholders exercise their decision-making power during the
meeting in full and up to date with the help of a data communication connection and a
technical aid.
ALISA BANK IN BRIEF GOVERNANCEFINANCIAL STATEMENTSALISA BANK | ANNUAL REPORT 2023 BOARD OF DIRECTORS’ REPORT
18
Authorising the Board of Directors to decide on the purchase of
treasury shares
It was resolved, in accordance with the proposal of the Board of Directors, that the Board of
Directors is authorised to decide on the acquisition of a maximum of 4,416,609 own shares in one
or more installments with the company’s free equity capital. The number of shares corresponds
to approximately 5 percent of the Company’s shares. The shares are acquired in a public trading
organized by Nasdaq Helsinki Oy, other than in proportion to the shareholders’ holdings, at
the market price at the time of acquisition. The authorisation is valid until the end of the next
Annual General Meeting, but no later than 30 June 2024. The company’s previous authorisation
for the purchase of its own shares expired at the Annual General Meeting on 20 April 2023. The
authorisation can be used, for example, to implement possible business acquisitions and incentive
systems for key personnel or for other purposes decided by the Board. The shares acquired on the
basis of the authorisation can otherwise be further transferred, kept by the company or cancelled.
The Board can decide on all other conditions for acquiring own shares.
Authorisation of the Board to decide on issuing shares and option
rights and other special rights entitling to shares
It was resolved, in accordance with the proposal of the Board of Directors, that the Board of
Directors is authorised to decide on the issue of shares and the issue of special rights entitling to
shares referred to in Chapter 10, Section 1 of the Limited Liability Companies Act in one or more
installments, either against payment or without payment.
The number of shares to be issued, including shares obtained based on special rights, can
be a maximum of 4,416,609 shares in total. The Board can decide to issue either new shares
or transfer any of its own shares that may be in the company’s possession. The maximum
amount of authorization corresponds to about 5 % of all the company’s shares, based on the
situation on the day of the meeting notice. The authorisation entitles the Board to decide
on all conditions for issuing shares and granting special rights entitling to shares, including
the right to deviate from the shareholders’ preemptive right. The authorisation is to be used,
for example, to pay the purchase prices of business transactions, to pay the incentive fee
according to the incentive system for key personnel, or for other purposes decided by the
Board. The authorisation also includes the right to decide whether the subscription price of the
share will be fully or partially entered into the invested unrestricted equity fund or as a share
capital increase. The authorisation is valid until the end of the next Annual General Meeting,
but no later than 30 June 2024. The previous authorisation of the Board ended with the
Annual General Meeting on 20 April 2023.
Alisa Bank’s shares
Shares of Alisa Bank Plc are listed on the main list of Nasdaq Helsinki under the trading
symbol ALISA. The number of shares in the company was 88,332,182 at the end of December.
The company’s share capital stood at EUR 18.3 million at the end of December.
The number of shares held by Alisa Bank at the end of December was 14,081. Alisa Bank
transferred without consideration 206,289 own shares held by the company to participants of
the Restricted Share Plans 2018 and 2019 as reward in accordance with the plan terms during
the reporting period. Restricted Share Plans 2018 and 2019 are incentive systems aimed at
Evli Plc´s personnel from the time of Evli Bank Plc. With the merger of Fellow Finance Plc and
Evli Bank Plc, part of the remuneration will be paid in Alisa Bank Plc´s shares.
The closing price of Alisa Bank Plc share was EUR 0.17 on 29 December 2023, the last trading
day of the review period. During January-December 2023 its lowest price was EUR 0.17, with
the highest price being EUR 0.41. Alisa Bank’s market value was EUR 15.2 million at the end of
the reporting period.
Ten largest shareholders
The shareholders’ holding information is based on the list of shareholders maintained by
Euroclear Finland Ltd on 31 December 2023.
Total number of shares % of all shares
1.
Evli Oyj
15,288,303 17.31
2.
Taaleri Oyj
15,288,303 17.31
3.
TN Ventures Oy
5,497,354 6.22
4.
Oy Prandium Ab
4,754,100 5.38
4.
Oy Scripo Ab
4,754,100 5.38
6.
Oy T&T Nordcap Ab
3,938,616 4.46
7.
OP Fin Small Cap
3,368,986 3.81
8.
Rausanne Oy
1,242,848 1.41
9.
Skandinaviska Enskilda Banken AB (publ) Hgin sivukonttori
1,043,056 1.18
10.
Bure Capital Oy
969,770 1.10
ALISA BANK IN BRIEF GOVERNANCEFINANCIAL STATEMENTSALISA BANK | ANNUAL REPORT 2023 BOARD OF DIRECTORS’ REPORT
19
Alisa Bank Group consists of the parent company Alisa Bank Plc and its wholly owned
subsidiaries Mobify Invoices Oy, Lainaamo Oy, Fellow Finance Estonia OU, Fellow Finance
Česko s.r.o. and Fellow Finance Deutschland GmbH. There is no active business in Lainaamo
Oy, Estonia and the Czech Republic.
The company Fellow Finance Sp. z o.o., which operated on the Polish market, was part of
the group until May 30, after which the company was sold as a business transaction. In
December, the Boards of Alisa Bank and Lainaamo approved the merger plan, according to
which Lainaamo Oy plans to merge with the parent company by the end of April 2024. There
is no active business in Lainaamo Oy.
At the end of December 2023, the group employed 78 people (78). In Finland, 76 people (65)
worked at the oces in Helsinki and Turku, and a total of 2 (8) people in other operating
countries.
Alisa Bank publishes the Corporate Governance Statement and the Remuneration Policy and
Statement on its website at the same time as the Annual Report.
There are no known events after the end of the accounting period that would require the
presentation of additional information or that would significantly aect the company’s
financial position.
ALISA BANK IN BRIEF GOVERNANCEFINANCIAL STATEMENTSALISA BANK | ANNUAL REPORT 2023 BOARD OF DIRECTORS’ REPORT
20
In 2023, we achieved a positive result, but due to the unfavorable market situation, the
measures aimed at strengthening the capital structure did not proceed according to the
targeted schedule during 2023.
The uncertainty of the operating environment and the company’s capital structure continue
to challenge the earnings development in 2024. Likewise, the expected decrease in interest
rates will have a slightly weakening eect on the bank’s result. In preparation for these, we
have adjusted the company’s cost structure during the second half of 2023.
We believe that we will be able to implement the actions to strengthen equity during the first
half of 2024. If this happens, the total income will increase in 2024 compared to 2023, and
the result before non-recurring items and taxes for the financial year 2024 is estimated to
be profitable. However, the result for the first half of 2024 before one-o items and taxes is
estimated to be slightly loss-making.
The target for the group’s total capital ratio is 16 percent.
proceeds
Alisa Bank focuses on profitable growth and business development within the framework of
targeted capital adequacy. The company does not plan to distribute dividends in the short or
medium term.
The parent company´s distributable assets on December 31, 2023 totalled EUR 3,594,743.19.
The Board of Directors proposes to the Annual General Meeting of Shareholders that no
dividend will be distributed for the financial year 2023.
The company’s annual general meeting will be held in Helsinki on March 20, 2024. The
Financial Statements report will be available to the public in week 9.
Helsinki, 15 February 2024
Board of Directors
Alisa Bank Plc
ALISA BANK IN BRIEF GOVERNANCEFINANCIAL STATEMENTSALISA BANK | ANNUAL REPORT 2023 BOARD OF DIRECTORS’ REPORT
21
Earnings per share (EPS), undiluted,
EUR
=
Profit for the year
x 100
Share split-adjusted average number of
outstanding shares during period
Adjusted earnings per share
(adjusted EPS), undiluted, EUR
=
Adjusted profit for the year
x 100
Share split average number of outstanding
shares during period
IFRS key ratios
Loanportfolio
The gross book value of the loan portfolio,
which is calculated by subtracting the expected
credit losses from the claims on the public and
public sector entities on the balance sheet.
Cost-income ratio, % =
Operating expenses total
x 100
Income total
Return on equity (ROE), % =
Profit for the year
x 100
Equity (average)
Share of impairment of receivables
in the loan portfolio, %
=
Impairment of receivables (annualized)
x 100
Loan portfolio at the end of the period
Profit before non-recurring
items and taxes
= Profit before taxes +/- non-recurring items *
* Alisa Bank defines non-recurring income and expenses as non-recurring items. Nonrecurring items
include, among other things
• termination and business restructuring costs
• one-o impairment of goodwill and assets (excl. credit losses on the loan portfolio)
• non-recurring capital gains and losses
• items with a profit impact from business acquisitions (excl. purchases and sales of loan receivables)
Alternative key ratios
Total capital (TC), % =
Minimum liquidity buer
x 100
Net cash and collateral outflows
within 30 days
Total capital (TC), % =
Own funds total (TC)
x 100
Risk-weighted assets (RWA) total
Common Equity Tier 1 (CET1) capital
ratio, %
=
Common Equity Tier 1 (CET1) capital
x 100
Risk-weighted assets (RWA) total
Leverage ratio, % =
Tier 1 (T1) capital
x 100
Exposures total
Net stable funding ratio (NSFR), % =
Available amount of stable funding
x 100
Required amount of stable funding
EU solvency regulation (CRR) key ratios
ALISA BANK IN BRIEF GOVERNANCEFINANCIAL STATEMENTSALISA BANK | ANNUAL REPORT 2023 BOARD OF DIRECTORS’ REPORT
Consolidated income statement .......................................................................................23
Consolidated statement of comprehensive income ... ..................................................23
Consolidated balance sheet ............................................................................................... 24
Consolidated statement of changes in equity ................................................................25
Consolidated cash flow statement ................................................................................... 26
Notes to the consolidated financial statements
G1. Accounting principles for the consolidated financial statements .......................27
G2. Group´s risk management ............................................................................................36
G3. Net interest income ...................................................................................................... 44
G4. Fee and commission income and expenses ............................................................44
G5. Net investment income ................................................................................................ 45
G6. Other operating income .............................................................................................. 46
G7. Personnel expenses ...................................................................................................... 46
G8. Other administrative expenses ..................................................................................50
G9. Depreciation and impairment losses ........................................................................50
G10. Other operating expenses ......................................................................................... 51
G11. Realized and expected credit losses .......................................................................51
G12. Income taxes ................................................................................................................ 55
G13. Earnings per share .....................................................................................................56
G14. Classes of financial assets and liabilities and fair value s ....................................57
G15. Cash and cash equivalents .......................................................................................57
G16. Receivables from credit institutions ........................................................................57
G17. Claims on public and public sector entities ..........................................................57
G18. Intangible assets .......................................................................................................... 58
G19. Tangible assets ............................................................................................................. 59
G20. Other assets ................................................................................................................. 60
G21. Accrued income and prepayments ......................................................................... 60
G22. Tax assets and liabilities ............................................................................................60
G23. Liabilities to the public and public sector entities ................................................60
G24. Subordinated liabilities .............................................................................................. 60
G25. Other liabilities ............................................................................................................. 60
G26. Accrued expenses deferred income ....................................................................... 60
G27. Equity .............................................................................................................................61
G28. O-balance sheet items .............................................................................................61
G29. Collaterals received ..................................................................................................... 61
G30. Corporate structure .................................................................................................... 61
G31. Related party transactions ........................................................................................62
G32. Significant events after the period ..........................................................................62
22
ALISA BANK IN BRIEF GOVERNANCEFINANCIAL STATEMENTSALISA BANK | ANNUAL REPORT 2023 BOARD OF DIRECTORS’ REPORT
Consolidated income statement
Consolidated statement of comprehensive income
EUR 1,000 | Note | 2023 | 2022 |
Interest income | |||
| Interest expenses | - | - | |
Net interest income | G3 | ||
Fee income | G4 | ||
Fee expenses | G4 | - | - |
Net fee and commission income | |||
Net income from investing activities | G5 | - | |
| Other operating income | G6 | ||
Total income | |||
| Personnel and operating expenses | |||
Personnel expenses | G7 | - | - |
Other administrative expenses | G8 | - | - |
Depreciation and amortization | G9 | - | - |
Other operating expenses | G10 | - | - |
Total operating expenses | - | - | |
Realized and expected credit losses | G11 | - | - |
Profit before taxes | - | ||
Income taxes | G12 | - | |
Result for the year | - | ||
Result for the year attributable to Equity holders of parent company | - |
EUR 1,000 | Note | 2023 | 2022 |
Result for the year | - | ||
| Other comprehensive income/loss | |||
| Items that are or may be reclassified | |||
| subsequently to profit or loss | |||
Foreign currency translation dierences | - | ||
Other comprehensive income after taxes | - | ||
Comprehensive income, total | - | ||
Total comprehensive income attributable to Equity holders of parent company | - | ||
Earnings per share | G13 | ||
Earnings per share (EPS), basic, EUR | - | ||
Earnings per share (EPS), diluted, EUR | - |
23
ALISA BANK IN BRIEF GOVERNANCEFINANCIAL STATEMENTSALISA BANK | ANNUAL REPORT 2023 BOARD OF DIRECTORS’ REPORT
Consolidated balance sheet
EUR 1,000 | NOTE | 2023 | 2022 |
| Assets | |||
| Cash and equivalents | G15 | ||
Claims on credit institutions | G16 | ||
Claims on the public and public sector entities | G17 | ||
Intangible assets and goodwill | G18 | ||
Property, plant and equipment | G19 | ||
| Other assets | G20 | ||
Accrued income and prepayments | G21 | ||
Income tax assets | G22 | ||
Deferred tax assets | G22 | ||
Assets total |
EUR 1,000 | NOTE | 2023 | 2022 |
| Liabilities | |||
| Liabilities to the public and public sector entities | G23 | ||
| Subordinated liabilities | G24 | ||
Other liabilities | G25 | ||
Accrued expenses and deferred income | G26 | ||
Liabilities total | |||
Equity | G27 | ||
Equity attributable to equity holders of the parent | |||
| Share capital | |||
Fund of invested non-restricted equity | |||
Retained earnings | - | - | |
Equity attributable to equity holders of the parent | |||
Liabilities and equity total |
24
ALISA BANK IN BRIEF GOVERNANCEFINANCIAL STATEMENTSALISA BANK | ANNUAL REPORT 2023 BOARD OF DIRECTORS’ REPORT
Consolidated statement of changes in equity
| Attributable to the equity holders of the parent | ||||||
| Reserve for | ||||||
| invested | ||||||
| unrestricted | Translation | Retained | ||||
EUR 1,000 | Share capital | equity | dierences | earnings | Total | Total equity |
Equity on 1.1.2023 | - | |||||
Result for the year | ||||||
Other comprehensive income | - | - | - | |||
Total comprehensive income | - | |||||
Other changes* | - | - | - | |||
Share based payments | ||||||
Equity on 31.12.2023 | - | |||||
* In the 2023 financial statements, corrections have been made for the following items against the accumulated profits of 2023. The 2022 results of Fellow Finance Deutschland GmbH and Lainaamo Oy changed by a total
of -18 thousand euros after the publication of the 2022 results due to the final closing of the accounts. The balance sheet was found to contain a deferred tax receivable 127 thousand euros from the time before Alisa
Bank was formed, which cannot be utilized. There was 116 thousand euros left in the balance sheet from the old share-based incentive system, which should have been written o in 2022 at the latest. If the corrections
had been made to the 2022 income statement, the 2022 result would have improved by a total of 16 thousand euros. The rest of the corrections would have been recorded against the accumulated profits of 2022. In
other changes, there is also 101 thousand euros from the share reward systems that were dissolved in 2023. There is also an adjustment to the share capital of previous financial periods (3 thousand euros).
| Attributable to the equity holders of the parent | ||||||
| Reserve for | ||||||
| invested | ||||||
| unrestricted | Translation | Retained | ||||
EUR 1,000 | Share capital | equity | dierences | earnings | Total | Total equity |
Equity on 1.1.2022 | - | |||||
Result for the year | - | - | - | |||
Other comprehensive income | ||||||
Total comprehensive income | - | - | - | |||
Reverse acquisition* | ||||||
Share issue | ||||||
Other changes** | ||||||
Share based payments | ||||||
Equity on 31.12.2022 | - | |||||
* The eect of the reverse acquisition consists of the amount of the fair value of the consideration for the acquisition, which takes into account the capital structure of the legal parent company, Fellow Bank Plc.
**Other changes from 2022 include the part of the purchase price paid in shares related to the acquisition of Mobify Invoices Oy, which is presented in the section Reserve for invested unrestricted equity.
25
ALISA BANK IN BRIEF GOVERNANCEFINANCIAL STATEMENTSALISA BANK | ANNUAL REPORT 2023 BOARD OF DIRECTORS’ REPORT
EUR 1,000 | 2023 | 2022 |
| Cash flow from operating activities | ||
Profit (loss) for the period | - | |
| Adjustments for items not included in cash flow | ||
Depreciation and impairment | ||
Credit losses | ||
Income taxes | ||
Other adjustments | - | |
Adjustments total | ||
Cash flows from operating activities before changes in operating assets and liabilities | - | |
| Increase (-) or decrease (+) in operating assets | ||
Claims on the public and public sector entities | - | - |
Other assets | - | - |
| Increase (-) or decrease (+) in operating liabilities | ||
Liabilities to the public and public sector entities | ||
Other liabilities | - | |
Cash flow from operating activities |
Consolidated cash flow statement
EUR 1,000 | 2023 | 2022 |
| Investing activities | ||
| Investments in tangible assets | - | - |
Investments in intangible assets | - | - |
Sales of subsidiaries | ||
Acquisitions of subsidiaries | - | |
Cash flow from investing activities | - | - |
| Cash flow from financing activities | ||
| Repayment of bond | - | |
Issue of debenture loan | ||
Paid directed share issue | ||
Repayments of lease liabilities | - | - |
Cash flow from financing activities | - | |
Change in cash and cash equivalents | ||
Cash and cash equivalents at the beginning of period | ||
Cash and cash equivalents at the end of period | ||
| Cash and equivalents are formed by the following items: | ||
| Cash and cash equivalents | ||
Claims on credit institutions | ||
Cash and cash equivalents at the end of period | ||
| Notes for cash flow | ||
| Interest received | ||
Interest paid |
26
ALISA BANK IN BRIEF GOVERNANCEFINANCIAL STATEMENTSALISA BANK | ANNUAL REPORT 2023 BOARD OF DIRECTORS’ REPORT
27
ALISA BANK IN BRIEF GOVERNANCEFINANCIAL STATEMENTSALISA BANK | ANNUAL REPORT 2023 BOARD OF DIRECTORS’ REPORT
43
ALISA BANK IN BRIEF GOVERNANCEFINANCIAL STATEMENTSALISA BANK | ANNUAL REPORT 2023 BOARD OF DIRECTORS’ REPORT
44
ALISA BANK IN BRIEF GOVERNANCEFINANCIAL STATEMENTSALISA BANK | ANNUAL REPORT 2023 BOARD OF DIRECTORS’ REPORT
56
ALISA BANK IN BRIEF GOVERNANCEFINANCIAL STATEMENTSALISA BANK | ANNUAL REPORT 2023 BOARD OF DIRECTORS’ REPORT
57
ALISA BANK IN BRIEF GOVERNANCEFINANCIAL STATEMENTSALISA BANK | ANNUAL REPORT 2023 BOARD OF DIRECTORS’ REPORT
62
ALISA BANK IN BRIEF GOVERNANCEFINANCIAL STATEMENTSALISA BANK | ANNUAL REPORT 2023 BOARD OF DIRECTORS’ REPORT
Parent company´s Financial Statements
Parent company’s income statement ..............................................................................64
Parent company’s balance sheet ...................................................................................... 65
Parent company’s statement of cash flow ......................................................................66
Parent company’s notes
P1. Parent Company’s accounting policies .....................................................................67
P2. Net interest income ....................................................................................................... 68
P3. Fee and commission income and expenses ............................................................68
P4. Net investment income ................................................................................................ 69
P5. Other operating income ............................................................................................... 69
P6. Personnel expenses ...................................................................................................... 70
P7. Other administrative expenses ..................................................................................70
P8. Depreciation and impairment losses ........................................................................70
P9. Other operating expenses ...........................................................................................70
P10. Realized and expected credit losses .......................................................................71
P11. Income taxes ................................................................................................................ 71
P12. Classes of financial assets and liabilities and fair values ....................................72
P13. Maturities of financial assets and liabilities ...........................................................74
P14. Assets and liabilities in domestic and foreign currencies ....................................75
P15. Cash and cash equivalents ........................................................................................75
P16. Claims on credit institutions ..................................................................................... 76
P17. Claims on public and public sector entities ........................................................... 76
P18. Shares and participations in associates and joint ventures ...............................76
P19. Intangible assets ........................................................................................................... 77
P20. Tangible assets ............................................................................................................. 78
P21. Other assets ..................................................................................................................79
P22. Accrued income and prepayments .........................................................................79
P23. Tax assets and liabilities ............................................................................................79
P24. Liabilities to the public and public sector entities ................................................79
P25. Other liabilities ............................................................................................................ 79
P26. Accrued expenses deferred income.........................................................................79
P27. Subordinated liabilities .............................................................................................. 79
P28. Equity ..............................................................................................................................80
P29. Assets pledged as collateral ......................................................................................81
P30. O-balance sheet commitments .............................................................................81
63
ALISA BANK IN BRIEF GOVERNANCEFINANCIAL STATEMENTSALISA BANK | ANNUAL REPORT 2023 BOARD OF DIRECTORS’ REPORT
Parent company income statement
EUR 1,000 NOTE 2023 2022
Interest income 20,077 11,154
Interest expenses
-5,302 -2,640
Net interest income P2 14,775 8,514
Fee and commission income P3 3,172 14,442
Fee and commission expenses P3 -1,393 -2,471
Net investment income P4 34 21,597
Other operating income P5 168 740
Total operating income
16,756 42,822
Operating expenses
Personnel expenses P6 -5,246 -7,382
Other administrative expenses P7 -4,700 -6,838
Depreciation and amortization on tangible and
intangible assets
P8 -591 -1,077
Other operating expenses P9 -569 -1,802
Realized and expected credit losses P10 -5,124 -8,011
Operating profit 525 17,710
Profit before taxes
525 17,710
Income taxes P11 0 -11
Profit (loss) for the financial year 525 17,699
64
ALISA BANK IN BRIEF GOVERNANCEFINANCIAL STATEMENTSALISA BANK | ANNUAL REPORT 2023 BOARD OF DIRECTORS’ REPORT
Parent company balance sheet
EUR 1,000 NOTE 2023 2022
Assets
Cash and equivalents
P15 129,364 118,028
Claims on credit institutions P16 4,022 7,347
Claims on the public and public sector entities P17 167,182 155,080
Shares and participation in associates and joint
ventures
P18 5,028 5,028
Intangible assets P19 2,068 1,964
Property, plant and equipment P20 22 29
Other assets P21 1,857 1,092
Accrued income and prepayments P22 315 193
Income tax assets P23 243 224
Assets total
310,101 288,985
EUR 1,000 NOTE 2023 2022
Liabilities
Liabilities to the public and public sector entities
P24 268,864 246,810
Other liabilities P25 5,041 8,751
Accrued expenses and deferred income P26 6,031 3,791
Subordinated liabilities P27 6,210 6,203
Liabilities total 286,146 265,555
Equity P28
Share capital 18,289 18,289
Fund of invested non-restricted equity 12,452 12,577
Retained earnings -7,312 -25,011
Profit (loss) for financial year 525 17,699
Equity total 23,955 23,430
Liabilities and equity total 310,101 288,985
65
ALISA BANK IN BRIEF GOVERNANCEFINANCIAL STATEMENTSALISA BANK | ANNUAL REPORT 2023 BOARD OF DIRECTORS’ REPORT
Parent company cash flow statement
EUR 1,000 2023 2022
Cash flow from operating activities
Profit (loss) for the period
525 17,699
Adjustments for items not included in cash flow
Depreciation and impairment 591 1,077
Credit losses 5,484 8,011
Income taxes 0 11
Other adjustments -109 0
Adjustments total 5,967 9,100
Cash flows from operating before changes in operating
assets and liabilities
6,492 26,799
Increase (-) or decrease (+) in operating assets
Claims on the public and public sector entities -17,586 34,186
Other assets -906 -179
Increase (-) or decrease (+) in operating liabilities
Liabilities to the public and public sector entities 22,055 -72,126
Other liabilities -1,408 -105
Cash flow from operating activities 8,647 -11,424
EUR 1,000 2023 2022
Investing activities
Investments in tangible assets
-2 -22
Investments in intangible assets -744 -526
Sales of subsidiaries 109 0
Acquisitions of subsidiaries 0 -772
Cash flow from investing activities -637 -1,319
Cash flow from financing activities
Repayment of bond 0 -7,380
Issue of debenture loan
0 6,100
Dividends paid to company´s shareholders 0 -25,229
Paid directed share issue 0 11,715
Cash flow from financing activities 0 -14,794
Change in cash and cash equivalents 8,010 -27,537
Cash and cash equivalents at the beginning of period 125,375 385,161
Eects on business arragement 0 -232,249
Cash and cash equivalents at the end of period 133,386 125,375
Cash and equivalents are formed by the following items:
Cash and equivalents
129,364 118,028
Claims on credit institutions 4,022 7,347
Cash and cash equivalents at the end of period 133,386 125,375
66
ALISA BANK IN BRIEF GOVERNANCEFINANCIAL STATEMENTSALISA BANK | ANNUAL REPORT 2023 BOARD OF DIRECTORS’ REPORT
P1. Accounting principles for the Parent Company
Company’s basic information
Alisa Bank Plc (“company”) domicile is in Helsinki and registered address is
Pursimiehenkatu 4 A, 00150 Helsinki.
The parent company’s financial statements have been prepared and presented in accordance
with the provisions of Act on Credit Institutions, the Decree of the Ministry of Finance
on financial statements and Regulations and Guidelines 2/2016 of the Finnish Financial
Supervisory Authority on accounting, financial statements and management reports for the
financial sector. In addition, the Accounting Act and the Limited Liability Companies Act are
complied with regulations regarding financial statements.
Dierences in accounting principles compared to the group
Leases of property, plant and equipment in which substantially all the company’s risks and
rewards of ownership are classified as finance leases. In financial statement, leases payable
under these contracts are treated as rental expenses. Moreover, an asset acquired under a
finance lease is not included in the balance sheet.
In other respects, the principles for preparing the company’s separate financial statements
correspond to the principles of Alisa Group.
67
ALISA BANK IN BRIEF GOVERNANCEFINANCIAL STATEMENTSALISA BANK | ANNUAL REPORT 2023 BOARD OF DIRECTORS’ REPORT
Notes to the income statement
P2. NET INTEREST INCOME
EUR 1,000 2023 2022
Interest income
Interest income from other loans and claims
Claims on credit institutions 4,070 352
Claims on the public and public sector entities 16,001 10,520
From companies belonging to the same group 6 283
Interest income Total 20,077 11,154
Interest expenses
Interest expenses from other borrowing
Liabilities to the public and public sector entities and
credit institutions -4,803 -2,421
Debt securities issued to the public 0 -106
Subordinated liabilities -495 -103
Other interest expenses -4 -10
Interest expenses total -5,302 -2,640
Net interest income 14,775 8,514
P3. FEE AND COMMISSION INCOME AND EXPENSES
EUR 1,000 2023 2022
Fee and commission income
Credit related fees and commissions
2,011 831
Peer to peer lending
951 1,225
Insurance brokerage 72 47
Securities issue 0 12,264
Other fee and commission income 138 75
Fee and commission income total 3,172 14,442
Fee and commission expenses
Lending
-176 -865
Peer to peer lending 0 -158
Trading fees paid to stock exchanges 0 -480
Other fee and commission expenses -1,216 -968
Fee and commission expenses total -1,393 -2,471
68
ALISA BANK IN BRIEF GOVERNANCEFINANCIAL STATEMENTSALISA BANK | ANNUAL REPORT 2023 BOARD OF DIRECTORS’ REPORT
P4. NET INVESTMENT INCOME
EUR 1,000 2023 2022
Financial assets held for trading 0 25
Financial assets at fair value through profit or loss 0 21,915
Net income from foreign exchange operations 34 -343
Net investment income total 34 21,597
2023
Net investment income from securities
transactions by instrument
Gains and
losses on sales
Changes in fair
value Total
Net income from foreign exchange operations 34 0 34
Net investemt income total 34 0 34
2022
Net investment income from securities
transactions by instrument
Gains and
losses on sales
Changes in fair
value Total
Shares and derivative contracts 22,218 -255 21,963
Net income from foreign exchange operations -366 0 -366
Net investemt income total 21,852 -255 21,597
P5. OTHER OPERATING INCOME
EUR 1,000 2023 2022
From companies belonging to the same group 30 708
Other income 138 32
Other operating income total 168 740
69
ALISA BANK IN BRIEF GOVERNANCEFINANCIAL STATEMENTSALISA BANK | ANNUAL REPORT 2023 BOARD OF DIRECTORS’ REPORT
P6. PERSONNEL EXPENSES
EUR 1,000 2023 2022
Wages and salaries -5,073 -7,006
Other social security costs -91 -194
Pension expenses -692 -505
Activation of personnel costs 609 323
Personnel expenses total
-5,246 -7,382
Number of personnel, average 2023 2022
Number of personnel during the period, average 77 74
Number of personnel at the end of the period 76 66
P7. OTHER ADMINSTRATIVE EXPENSES
EUR 1,000 2023 2022
Oce expenses -282 -424
Oce expenseses, from companies belonging to the same
group
-444 -321
IT and infosystems -1,891 -2,736
Business expenses -7 -118
Travel expenses -36 -63
Car expenses -3 -1
Other HR related expenses -123 -258
Marketing expenses -129 -435
Banking and custodian expenses -84 -141
External services
-1,701 -2,341
Other expenses
-1 0
Other administrative expenses total -4,700 -6,838
FEES PAID TO THE AUDIT FIRM
EUR 1,000 2023 2022
Audit -163 -156
Assignments referred to in section 1 subsection 1 section 2 of
the Audit Act
-3 -11
Other services -22 -70
Fees paid to the audit firm total -189 -237
P8. DEPRECIATION AND IMPAIRMENT LOSSES
EUR 1,000 2023 2022
Intangible assets -583 -1,014
Tangible assets -9 -63
Depreciation, amortization and impairment losses total -591 -1,077
The group has not experienced any depreciation of fixed assets realized during the
accounting period.
P9. OTHER OPERATING EXPENSES
EUR 1,000 2023 2022
Authorities expenses -270 -390
Rent expenses -169 -580
Other operating expenses -130 -832
Other operating expenses total -569 -1,802
70
ALISA BANK IN BRIEF GOVERNANCEFINANCIAL STATEMENTSALISA BANK | ANNUAL REPORT 2023 BOARD OF DIRECTORS’ REPORT
P10. REALISED AND EXPECTED CREDIT LOSSES
EUR 1,000 2023 2022
Realized credit losses on receivables
Realized credit losses on loans granted during the
financial year -320 -377
Realized credit losses on loans granted before the
beginning of the financial year -6,527 -3,242
Realised and expected credit losses and impairment losses -6,847 -3,619
Expected credit losses (ECL) change 1,723 -4,392
Impairment of receivables total -5,124 -8,011
The change in expected credit losses decreased from the comparison period, due to the
stabilization of the growth of the loan portfolio, selling Poland’s loan portfolio and the
reduction of the relative share of the old peer-to-peer loan portfolio. The amount of Poland’s
credit portfolio at the end of 2022 was EUR 3.4 million, of which EUR 3.2 million had been
recorded as a loan loss provision.
The eects of the development of the ECL calculation model applied by the company and
discretionary parameter changes on the amount of the credit loss provision in the financial
period were about EUR 0.5 million, reducing the ECL provision: PD coecients were updated
based on more recent historical data, which reduced the ECL provision by EUR 0.2 million.
The price change in the sales contract for overdue receivables has the eect of reducing the
provision by EUR 0.3 million. During the accounting period, macroeconomic parameters were
also updated and their weight in the calculation was increased, which slightly increased the
ECL reserve. At the beginning of the 2024 financial year, the company has introduced the
spread eect of insolvency for stage 3 loans in the ECL calculation model. In the 2023 financial
statements, the eect of the model change has been taken into account as an estimate that
increases the ECL reserve by EUR 0.03 million.
In the accounting period, a discretionary provision of EUR 0.5 million for the corporate credit
base was recorded under expected credit losses.
The provision for expected credit losses in the financial statements on December 31, 2023
includes a total of EUR 0.9 million in increases in provisions at the management’s discretion.
Discretionary provisions are allocated to individual contracts and concern loans granted to
corporate customers.
Expected credit losses include both receivables from customers and o-balance sheet
commitments.
P11. INCOME TAXES
EUR 1,000 2023 2022
Other direct taxes 0 -11
Income taxes total 0 -11
71
ALISA BANK IN BRIEF GOVERNANCEFINANCIAL STATEMENTSALISA BANK | ANNUAL REPORT 2023 BOARD OF DIRECTORS’ REPORT
Notes to balance sheet
P12. CLASSES OF FINANCIAL ASSETS AND LIABILITIES AND FAIR VALUES
EUR 1,000 31.12.2023
Assets Amortised cost Total
Measured at
fair value
Value
hierarchies
Cash and cash equivalents
129,364 129,364 129,364 1
Claims on credit institutions 4,022 4,022 4,022 1
Claims on the public and public
sector entities
167,182 167,182 167,182 2
Other assets 1,857 1,857 1,857
Total 302,424 302,424 302,424
Liabilities Amortised cost Total
Measured at
fair value
Value
hierarchies
Liabilities to the public and public
sector entities 268,864 268,864 268,864 2
Subordinated liabilities 6,210 6,210 6,210 2
Non-financial liabilities 5,041 5,041 5,041
Total 280,115 280,115 280,115
EUR 1,000 31.12.2022
Assets Amortised cost Total
Measured at
fair value
Value
hierarchies
Cash and cash equivalents
118,028 118,028 118,028 1
Claims on credit institutions 7,347 7,347 7,347 1
Claims on the public and public
sector entities
155,080 155,080 155,080 2
Other assets 1,092 1,092 1,092
Total 281,548 281,548 281,548
Liabilities Amortised cost Total
Measured at
fair value
Value
hierarchies
Liabilities to the public and public
sector entities 246,810 246,810 246,810 2
Subordinated liabilities 6,203 6,203 6,203 2
Non-financial liabilities 8,751 8,751 8,751
Total 261,764 261,764 261,764
72
ALISA BANK IN BRIEF GOVERNANCEFINANCIAL STATEMENTSALISA BANK | ANNUAL REPORT 2023 BOARD OF DIRECTORS’ REPORT
The company has classified fair values on the basis of the fair value
hierarchy as follows:
Level 1: The fair values of financial instruments (such as publicly quoted derivatives and
shares) traded on the active market are based on market prices quoted at the end of the
reporting period. The quoted market price of financial assets is the current bid price, and
the quoted market price of financial liabilities is the ask price.
Level 2: For financial instruments not traded on the active market, the fair value is
determined using the measurement method. These methods use as much observable
market information as possible and rely as little as possible on company-specific
assessments. If all the significant input data required to determine the fair value of an
instrument are observable, the instrument is classified as level 2.
Level 3: If one or several pieces of significant input data are not based on observable market
data, the instrument is classified as level 3.
73
ALISA BANK IN BRIEF GOVERNANCEFINANCIAL STATEMENTSALISA BANK | ANNUAL REPORT 2023 BOARD OF DIRECTORS’ REPORT
P13. MATURITIES OF FINANCIAL ASSETS AND LIABILITIES
2023 2022
EUR 1,000
Less
than 3
months
3-12
months
1-5
years
5-10
years
Over 10
years Total
Less than
3 months
3-12
months 1-5 years 5-10 years
Over 10
years Total
Assets
Financial liabilities at amortized cost
Cash and cash equivalents 129,364 129,364 118,028 118,028
Claims on credit institutions 4,022 4,022 7,347 7,347
Claims on the public and public sector entities 29,730 5,576 73,282 47,535 17,042 173,166 34,233 7,044 61,683 46,831 14,002 163,793
Liabilities
Financial liabilities at amortized cost
Liabilities to public 204,192 47,406 17,267 268,864 197,863 19,335 31,059 248,257
Subordinated liabilities 110 6,100 6,210 103 6,100 6,203
O-balance sheet commitments 5,647 5,647 1,455 1,455
74
ALISA BANK IN BRIEF GOVERNANCEFINANCIAL STATEMENTSALISA BANK | ANNUAL REPORT 2023 BOARD OF DIRECTORS’ REPORT
P14. ASSETS AND LIABILITIES DENOMINATED IN DOMESTIC AND FOREIGN CURRENCY
2023 2022
EUR 1,000
Domestic
currency
Foreign
currency Total
Domestic
currency
Foreign
currency Total
Assets
Financial assets at amortized cost
Cash and cash equivalents 129,364 129,364 118,028 118,028
Claims on credit institutions 4,020 1 4,022 7,346 1 7,347
Claims on the public and public sector entities 167,182 167,182 155,080 155,080
Other asset items 4,505 4,505 3,501 3,501
Total 305,071 1 305,072 283,956 1 283,957
Liabilities
Financial liabilities at amortized cost
Liabilities to the public and public sector entities 219,045 49,819 268,864 246,810 246,810
Subordinated liabilities 6,210 6,210 6,203 6,203
Other liabilities items 11,056 16 11,072 12,520 23 12,543
Total 236,311 49,835 286,146 265,533 23 265,555
P15. CASH AND CASH EQUIVALENTS
EUR 1,000 31.12.2023 31.12.2022
Balances with central banks 129,364 118,028
Cash and cash equivalents total 129,364 118,028
75
ALISA BANK IN BRIEF GOVERNANCEFINANCIAL STATEMENTSALISA BANK | ANNUAL REPORT 2023 BOARD OF DIRECTORS’ REPORT
P16. RECEIVABLES FROM CREDIT INSTITUTIONS
EUR 1,000 31.12.2023 31.12.2022
Repayable on demand 1,422 4,847
Other than repayable on demand 2,600 2,500
Receivables from credit institutions total 4,022 7,347
P17. CLAIMS ON THE PUBLIC AND PUBLIC SECTOR ENTITIES
EUR 1,000 31.12.2023 31.12.2022
Other than repayable on demand
Enterprises and housing associations 20,960 23,693
Public sector entities 1,122 0
Households 139,356 129,433
Foreign countries 5,744 1,954
Other than repayable on demand total 167,182 155,080
Claims on the public and public sector entities total 167,182 155,080
P18. SHARES AND PARTICIPATION IN ASSOCIATES AND JOINT VENTURES
EUR 1,000 2023 2022
At the beginning of the period 0 5,354
Eects on business arrangement 0 -5,354
At the end of the period 0 0
Shares and participations in companies belonging
to the Group
At the beginning of the period 5,028 18,465
Eects on business arrangement 0 -14,679
Write-downs 0 -49
Additions 0 1,292
At the end of the period 5,028 5,028
76
ALISA BANK IN BRIEF GOVERNANCEFINANCIAL STATEMENTSALISA BANK | ANNUAL REPORT 2023 BOARD OF DIRECTORS’ REPORT
P19. INTANGIBLE ASSETS
2023
EUR 1,000 Goodwill
Leasehold
improvements FAS
Development of
IT software
Other intangible
assets Total
Acquisition cost at 1.1. 0 0 4,551 0 4,551
Increases 0 0 688 0 688
Acquisition cost before depreciations 0 0 5,239 0 5,239
Accumulated depreciation 1.1. 0 0 -2,587 0 -2,587
Depreciation 0 0 -583 0 -583
Accumulated depreciation 31.12. 0 0 -3,170 0 -3,170
Acquisition cost at 31.12. 0 0 5,239 0 5,239
Accumulated depreciation 31.12. 0 0 -3,170 0 -3,170
Book value 31.12. 0 0 2,068 0 2,068
EUR 1,000 2022
Acquisition cost at 1.1. 1,168 1,401 21,536 2,331 26,436
Increases 0 0 526 0 526
Eects on business arragement -1,168 -1,401 -17,510 -2,331 -22,411
Acquisition cost before depreciations 0 0 4,551 0 4,551
Accumulated depreciation 1.1. -760 -1,390 -17,734 -2,096 -21,980
Depreciation -60 -11 -388 -53 -511
Eects on business arragement 760 1,390 15,535 2,096 19,781
Accumulated depreciation 31.12. -60 -11 -2,587 -53 -2,711
Acquisition cost at 31.12. 0 0 4,551 0 4,551
Accumulated depreciation 31.12. -60 -11 -2,587 -53 -2,711
Book value 31.12. 0 0 1,964 0 1,964
77
ALISA BANK IN BRIEF GOVERNANCEFINANCIAL STATEMENTSALISA BANK | ANNUAL REPORT 2023 BOARD OF DIRECTORS’ REPORT
P20. TANGIBLE ASSETS
2023
EUR 1,000
Machinery and
equipment
Other tangible
assets Total
Acquisition cost at 1.1. 272 7 279
Increases 2 0 2
Acquisition cost before depreciations 273 7 280
Accumulated depreciation 1.1. -243 -7 -250
Depreciation -9 0 -9
Accumulated depreciation 31.12. -252 -7 -259
Acquisition cost at 31.12. 273 7 280
Accumulated depreciation 31.12. -252 -7 -259
Book value 31.12. 22 0 22
EUR 1,000 2022
Acquisition cost at 1.1. 1,668 601 2,269
Increases 22 0 22
Eects on business arragement -1,419 -594 -2,013
Acquisition cost before depreciations 272 7 279
Accumulated depreciation 1.1. -1,323 0 -1,323
Depreciation -19 0 -19
Eects on business arragement 1,099 -7 1,092
Accumulated depreciation 31.12. -243 -7 -250
Acquisition cost at 31.12. 272 7 279
Accumulated depreciation 31.12. -243 -7 -250
Book value 31.12. 29 0 29
78
ALISA BANK IN BRIEF GOVERNANCEFINANCIAL STATEMENTSALISA BANK | ANNUAL REPORT 2023 BOARD OF DIRECTORS’ REPORT
P21. OTHER ASSETS
EUR 1,000 31.12.2023 31.12.2022
Commission receivables
1,848 910
Other receivables
9 182
Other assets total
1,857 1,092
P22. ACCRUED INCOME AND PREPAYMENTS
EUR 1,000 31.12.2023 31.12.2022
Interest 5 6
Sta-related 47 39
Other items 264 148
Accrued income and prepayments total 315 193
P23. TAX ASSETS AND LIABILITIES
EUR 1,000
31.12.2023 31.12.2022
Income tax assets 243 224
Tax assets and liabilities total 243 224
P24. LIABILITIES TO THE PUBLIC AND PUBLIC SECTOR ENTITIES
EUR 1,000
31.12.2023 31.12.2022
Liabilities to public
Repayable on demand
268,864 246,810
Liabilities to the public and public sector entities total
268,864 246,810
P25. OTHER LIABILITIES
EUR 1,000 31.12.2023 31.12.2022
Other short-term liabilities 4,885 8,582
VAT payable 156 169
Other liabilities total 5,041 8,751
P26. ACCRUED EXPENSES AND DEFERRED INCOME
EUR 1,000 31.12.2023 31.12.2022
Personnel related 1,022 820
Interest expenses 3,126 1,447
Other accrued expenses 1,882 1,525
Accrued expenses and deferred income total 6,031 3,791
P27. SUBORDINATED LIABILITIES
EUR 1,000 31.12.2023 31.12.2022
Debentures 6,210 6,203
Subordinated liabilities total 6,210 6,203
79
ALISA BANK IN BRIEF GOVERNANCEFINANCIAL STATEMENTSALISA BANK | ANNUAL REPORT 2023 BOARD OF DIRECTORS’ REPORT
P28. EQUITY
EUR 1,000 31.12.2023 31.12.2022
Restricted equity
Share capital 1.1.
18,289 30,194
Merger of Fellow Finance Plc
0 125
Eects on business arragement
0 -23,745
Directed share issue
0 11,715
Share capital 31.12.
18,289 18,289
Share premium fund 1.1.
0 1,839
Eects on business arragement
0 -1,839
Share premium fund 31.12.
0 0
Total restricted equity
18,289 18,289
Unrestricted equity
Fund of invested non-restricted equity 1.1.
12,452 23,285
Eect of partial demerger
0 -23,285
Directed share issue
0 500
Merger of Fellow Finance Plc
0 11,952
Fund of invested non-restricted equity 31.12.
12,452 12,452
Retained earnings 1.1.
-7,312 28,025
Eect of partial demerger
0 -27,807
Dividends
0 -25,229
Result for the year
525 17,699
Retained earnings 31.12.
-6,787 -7,312
Total unrestricted equity
5,666 5,141
Total equity 23,955 23,430
P28. EQUITY
EUR 1,000 31.12.2023 31.12.2022
Calculation of distributable equity
Retained earnings 1.1.
-7,312 28,025
Eect of partial demerger 0 -27,807
Dividends 0 -25,229
Result for the year 525 17,699
Reserve for invested unrestricted equity 12,452 12,452
Capitalized development expenditure -2,071 -1,964
Total 3,595 3,301
Share capital of the company 31.12.2023 31.12.2022
The company’s shares are quoted on the Nasdag Helsinki
under the trading code ALISA.
No. of shares (ALISA) 88.332.182 88.332.182
Total 88.332.182 88.332.182
Each share carries one vote at a General Meeting of Shareholders
Own shares held by the credit institution
On December 31, 2023 the company hold a total of 14.081 own shares.
80
ALISA BANK IN BRIEF GOVERNANCEFINANCIAL STATEMENTSALISA BANK | ANNUAL REPORT 2023 BOARD OF DIRECTORS’ REPORT
P29. ASSETS PLEDGED AS COLLATERAL
EUR 1,000 2023 2022
ASSETS
Fair value of
encumbered
assets
Fair value of
unencumbered
assets
of which usable
as collateral
Fair value of
encumbered
assets
Fair value of
unencumbered
assets
of which usable
as collateral
Cash and cash equivalents 129,364 126,864 118,028 115,566
Claims on credit institutions 4,022 4,022 7,347 7,347
Claims on the public and public sector entities 167,182 155,080
Total 0 300,567 130,886 0 280,456 122,913
P30. OFF-BALANCE SHEET COMMITMENTS 2023 2022
Unused credit facilities, given to clients 5,647 1,455
Total 5,647 1,455
O-balance sheet commitments are overdraft facilities granted to customers that the customer has not withdrawn.
81
ALISA BANK IN BRIEF GOVERNANCEFINANCIAL STATEMENTSALISA BANK | ANNUAL REPORT 2023 BOARD OF DIRECTORS’ REPORT
Helsinki, February 15, 2024
Signatures on the Financial Statements and the Annual Report
Auditor’s Note
Based on the auditing an audit report has been issued today.
Helsinki, February 15, 2024
KPMG Oy
Authorised Public Accountants
Tiia Kataja
Authorised Public Accountant (KHT)
Markku Pohjola
Chairman of the Board
Jorma Pirinen
Teuvo Salminen
Deputy Chairman of the Board
Lea Keinänen
Tero Weckroth Johanna LamminenSami Honkonen
82
ALISA BANK IN BRIEF GOVERNANCEFINANCIAL STATEMENTSALISA BANK | ANNUAL REPORT 2023 BOARD OF DIRECTORS’ REPORT
83
Auditor’s Report
(This document is an English translation of the Finnish auditor’s report. Only the Finnish version of the report is legally binding)
To the Annual General Meeting of Alisa Bank Plc
Report on the Audit of the Financial Statements
Opinion
We have audited the financial statements of Alisa Bank Plc (business identity code 0533755-0) for
the year ended 31 December 2023. The financial statements comprise the consolidated balance
sheet, income statement, statement of comprehensive income, statement of changes in equity,
cash flow statement and notes, including material accounting policy information, as well as the
parent company’s balance sheet, income statement, statement of cash flows and notes.
In our opinion
• the consolidated financial statements give a true and fair view of the group’s financial
position, financial performance and cash flows in accordance with IFRS Accounting
Standards as adopted by the EU
• the financial statements give a true and fair view of the parent company’s financial
performance and financial position in accordance with the laws and regulations governing
the preparation of financial statements in Finland and comply with statutory requirements.
Our opinion is consistent with the additional report submitted to the Board of Directors.
Basis for Opinion
We conducted our audit in accordance with good auditing practice in Finland. Our
responsibilities under good auditing practice are further described in the Auditor’s
Responsibilities for the Audit of the Financial Statements section of our report.
We are independent of the parent company and of the group companies in accordance with
the ethical requirements that are applicable in Finland and are relevant to our audit, and we
have fulfilled our other ethical responsibilities in accordance with these requirements.
In our best knowledge and understanding, the non-audit services that we have provided to the
parent company and group companies are in compliance with laws and regulations applicable
in Finland regarding these services, and we have not provided any prohibited non-audit
services referred to in Article 5(1) of regulation (EU) 537/2014. The non-audit services that we
have provided have been disclosed in note G8 to the consolidated financial statements.
We believe that the audit evidence we have obtained is sucient and appropriate to provide
a basis for our opinion.
Materiality
The scope of our audit was influenced by our application of materiality. The materiality
is determined based on our professional judgement and is used to determine the
nature, timing and extent of our audit procedures and to evaluate the eect of identified
misstatements on the financial statements as a whole. The level of materiality we set
is based on our assessment of the magnitude of misstatements that, individually or in
aggregate, could reasonably be expected to have influence on the economic decisions of the
users of the financial statements. We have also taken into account misstatements and/or
possible misstatements that in our opinion are material for qualitative reasons for the users
of the financial statements.
Key Audit Matters
Key audit matters are those matters that, in our professional judgment, were of most
significance in our audit of the financial statements of the current period. These matters
were addressed in the context of our audit of the financial statements as a whole, and in
forming our opinion thereon, and we do not provide a separate opinion on these matters.
The significant risks of material misstatement referred to in the EU Regulation No 537/2014
point (c) of Article 10(2) are included in the description of key audit matters below.
We have also addressed the risk of management override of internal controls. This includes
consideration of whether there was evidence of management bias that represented a risk of
material misstatement due to fraud.
ALISA BANK IN BRIEF GOVERNANCEFINANCIAL STATEMENTSALISA BANK | ANNUAL REPORT 2023 BOARD OF DIRECTORS’ REPORT
84
THE KEY AUDIT MATTER
HOW THE MATTER WAS ADDRESSED
IN THE AUDIT
Claims on the public and public sector entities – measurement
(notes G11 and G17 to the consolidated financial statements)
Claims on the public and public sector entities,
totalling EUR 167 million, is a significant item on the
Alisa Bank’s balance sheet representing 53% of the
total assets.
Calculation of expected credit losses (ECL) in
accordance with IFRS 9 Financial Instruments is based
on the impairment models applied by Alisa Bank and
expert estimates. This involves estimates, assumptions,
and management judgements, especially in respect of
determining the probability of expected credit losses as
well as significant increases in credit risk.
Developments in the economic environment and
related uncertainties may increase credit risk, which
can realise in higher impairment loss on claims.
The elements of accounting for expected credit losses
are updated and defined, based on materialised credit
risk developments, improvements of the accounting
process as well as on regulations and changes therein.
Due to the significance of the carrying amount
involved, complexity of the purposes and
management judgement involved, measurement of
claims is addressed as a key audit matter.
We obtained an understanding of Alisa Bank’s lending
process, credit risk management and calculation of
expected credit losses.
We evaluated compliance with the lending
instructions and assessed credit risk management as
well as the principles and controls over recognition
of claims.
We assessed the methods and the key assumptions
used for calculating expected credit losses as well as
tested the controls related to the calculation process
and credit risk models for expected credit losses.
The focus areas in our audit included the replication
of the ECL provisioning under the impairment model
and the basis for recording overlays relying on
management judgements and estimates.
Our IFRS and financial instruments specialists were
involved in the audit.
Furthermore, we considered the appropriateness of
the notes provided in respect of claims and expected
credit losses.
Responsibilities of the Board of Directors and the Managing Director
for the Financial Statements
The Board of Directors and the Managing Director are responsible for the preparation of
consolidated financial statements that give a true and fair view in accordance with IFRS
Accounting Standards as adopted by the EU, and of financial statements that give a true and
fair view in accordance with the laws and regulations governing the preparation of financial
statements in Finland and comply with statutory requirements. The Board of Directors and
the Managing Director are also responsible for such internal control as they determine is
necessary to enable the preparation of financial statements that are free from material
misstatement, whether due to fraud or error.
In preparing the financial statements, the Board of Directors and the Managing Director are
responsible for assessing the parent company’s and the group’s ability to continue as a going
concern, disclosing, as applicable, matters relating to going concern and using the going
concern basis of accounting. The financial statements are prepared using the going concern
basis of accounting unless there is an intention to liquidate the parent company or the
group or cease operations, or there is no realistic alternative but to do so.
Auditor’s Responsibilities for the Audit of the Financial Statements
Our objectives are to obtain reasonable assurance about whether the financial statements
as a whole are free from material misstatement, whether due to fraud or error, and to
issue an auditor’s report that includes our opinion. Reasonable assurance is a high level of
assurance, but is not a guarantee that an audit conducted in accordance with good auditing
practice will always detect a material misstatement when it exists. Misstatements can arise
from fraud or error and are considered material if, individually or in the aggregate, they
could reasonably be expected to influence the economic decisions of users taken on the
basis of the financial statements.
As part of an audit in accordance with good auditing practice, we exercise professional
judgment and maintain professional skepticism throughout the audit. We also:
• Identify and assess the risks of material misstatement of the financial statements, whether
due to fraud or error, design and perform audit procedures responsive to those risks, and
obtain audit evidence that is sucient and appropriate to provide a basis for our opinion.
The risk of not detecting a material misstatement resulting from fraud is higher than for
one resulting from error, as fraud may involve collusion, forgery, intentional omissions,
misrepresentations, or the override of internal control.
ALISA BANK IN BRIEF GOVERNANCEFINANCIAL STATEMENTSALISA BANK | ANNUAL REPORT 2023 BOARD OF DIRECTORS’ REPORT
85
• Obtain an understanding of internal control relevant to the audit in order to design
audit procedures that are appropriate in the circumstances, but not for the purpose
of expressing an opinion on the eectiveness of the parent company’s or the group’s
internal control.
• Evaluate the appropriateness of accounting policies used and the reasonableness of
accounting estimates and related disclosures made by management.
• Conclude on the appropriateness of the Board of Directors’ and the Managing Director’s
use of the going concern basis of accounting and based on the audit evidence obtained,
whether a material uncertainty exists related to events or conditions that may cast
significant doubt on the parent company’s or the group’s ability to continue as a going
concern. If we conclude that a material uncertainty exists, we are required to draw
attention in our auditor’s report to the related disclosures in the financial statements
or, if such disclosures are inadequate, to modify our opinion. Our conclusions are based
on the audit evidence obtained up to the date of our auditor’s report. However, future
events or conditions may cause the parent company or the group to cease to continue as
a going concern.
• Evaluate the overall presentation, structure and content of the financial statements,
including the disclosures, and whether the financial statements represent the underlying
transactions and events so that the financial statements give a true and fair view.
• Obtain sucient appropriate audit evidence regarding the financial information of the
entities or business activities within the group to express an opinion on the consolidated
financial statements. We are responsible for the direction, supervision and performance of
the group audit. We remain solely responsible for our audit opinion.
We communicate with those charged with governance regarding, among other matters, the
planned scope and timing of the audit and significant audit findings, including any significant
deficiencies in internal control that we identify during our audit.
We also provide those charged with governance with a statement that we have complied
with relevant ethical requirements regarding independence, and communicate with
them all relationships and other matters that may reasonably be thought to bear on our
independence, and where applicable, related safeguards.
From the matters communicated with those charged with governance, we determine those
matters that were of most significance in the audit of the financial statements of the current
period and are therefore the key audit matters. We describe these matters in our auditor’s
report unless law or regulation precludes public disclosure about the matter or when, in
extremely rare circumstances, we determine that a matter should not be communicated in
our report because the adverse consequences of doing so would reasonably be expected to
outweigh the public interest benefits of such communication.
ALISA BANK IN BRIEF GOVERNANCEFINANCIAL STATEMENTSALISA BANK | ANNUAL REPORT 2023 BOARD OF DIRECTORS’ REPORT
86
Other Reporting Requirements
Information on our audit engagement
We were first appointed as auditors by the Annual General Meeting on 20 April 2023, and
our appointment represents a total period of uninterrupted engagement of 1 year.
Other Information
The Board of Directors and the Managing Director are responsible for the other information.
The other information comprises the report of the Board of Directors and the information
included in the Annual Report, but does not include the financial statements or our auditor’s
report thereon. We have obtained the report of the Board of Directors prior to the date of
this auditor’s report, and the Annual Report is expected to be made available to us after that
date. Our opinion on the financial statements does not cover the other information.
In connection with our audit of the financial statements, our responsibility is to read the other
information identified above and, in doing so, consider whether the other information is
materially inconsistent with the financial statements or our knowledge obtained in the audit,
or otherwise appears to be materially misstated. With respect to the report of the Board of
Directors, our responsibility also includes considering whether the report of the Board of
Directors has been prepared in accordance with the applicable laws and regulations.
In our opinion, the information in the report of the Board of Directors is consistent with the
information in the financial statements and the report of the Board of Directors has been
prepared in accordance with the applicable laws and regulations.
If, based on the work we have performed on the other information that we obtained prior
to the date of this auditor’s report, we conclude that there is a material misstatement of
this other information, we are required to report that fact. We have nothing to report in
this regard.
Helsinki, 15 February 2024
KPMG Oy Ab
Tiia Kataja
Authorised Public Accountant, KHT
ALISA BANK IN BRIEF GOVERNANCEFINANCIAL STATEMENTSALISA BANK | ANNUAL REPORT 2023 BOARD OF DIRECTORS’ REPORT
87
Governance
In addition to legislation and other regulations, Alisa Bank’s
operations and administration are guided by the Articles of
Association and the company’s values and internal operating
principles. Alisa Bank also complies with the Corporate
Governance Code 2020. The code can be viewed on the
internet at www.cgfinland.fi/en.
87
ALISA BANK IN BRIEF GOVERNANCEFINANCIAL STATEMENTSALISA BANK | ANNUAL REPORT 2023 BOARD OF DIRECTORS’ REPORT
General Meeting
Alisa Bank’s highest decision-making power is exercised by the shareholders at the General
Meeting. General Meetings are held at least once a year. In addition to the General Meeting,
Alisa Bank’s corporate governance model consists of the Board of Directors and the CEO. The
Group’s Management Team assists the CEO in the operative management of the company.
Board of Directors
The Board of Directors is responsible for Alisa Bank’s administration and appropriate
organisation of operations. The Board of Directors has overall authority to decide on all
matters related to the company’s administration and other matters which, under the law or
the Articles of Association, do not belong to the General Meeting or the CEO.
The Board of Directors meets regularly at least six times per year. If necessary, the Board of
Directors can meet more often. The Board of Directors is quorate when more than half of the
members are present. The Board of Directors is elected by the General Meeting.
In accordance with the Articles of Association, the company’s Board of Directors shall consist
of at least four (4) and at most eight (8) regular members whose term shall expire at the close
of the Annual General Meeting that follows their election.
Alisa Bank Plc’s Corporate Governance Statement can be found on the company’s website,
www.alisabank.com
88
ALISA BANK IN BRIEF GOVERNANCEFINANCIAL STATEMENTSALISA BANK | ANNUAL REPORT 2023 BOARD OF DIRECTORS’ REPORT
The company’s Board of Directors includes the following persons:
Markku Pohjola
Chairman of the Board
b. 1948
B.Sc. (Econ.)
Teuvo Salminen
Deputy Chairman of the Board
b. 1954
M.Sc. (Econ.)
Jorma Pirinen
b. 1959
graduate in business and
marketing and MBA
Tero Weckroth
b. 1971
Licensed pharmacist and MBA
Sami Honkonen
from 20.4.2023
b. 1983
Bachelor of Science (B.Sc.)
Lea Keinänen
b. 1966
graduate in business and
marketing and MBA
Johanna Lamminen
from 20.4.2023
b. 1966
Doctor of Science (Tech.)
and MBA
8989
ALISA BANK IN BRIEF GOVERNANCEFINANCIAL STATEMENTSALISA BANK | ANNUAL REPORT 2023 BOARD OF DIRECTORS’ REPORTALISA BANK IN BRIEF GOVERNANCEFINANCIAL STATEMENTSALISA BANK | ANNUAL REPORT 2023 BOARD OF DIRECTORS’ REPORT
The Board’s committees
Audit Committee
The Audit Committee is responsible for assisting the Board of Directors in ensuring that
the company has an adequate internal control system covering all operations and that the
company’s risk management has been arranged appropriately, and it also monitors the
financial statements reporting process.
The Audit Committee comprises chairman Teuvo Salminen, members Sami Honkonen,
Johanna Lamminen and Tero Weckroth.
Personnel Committee
The Personnel Committee, which also acts as the Compensation Committee, is responsible
for assisting the company’s Board in the preparation of matters related to the terms of
employment and remuneration of management and employees. The Personnel Committee
monitors and assesses the company’s wellbeing at work, personnel satisfaction and
development.
The Personnel Committee comprises chairman Markku Pohjola, Lea Keinänen and Jorma
Pirinen.
Shareholders’ Nomination Board
Alisa Bank Plc’s Shareholders’ Nomination Board prepares proposals regarding the election
and remuneration of the members of the Board for the Annual General Meeting. In
accordance with the charter of the Shareholders’ Nomination Board, each of the four largest
shareholders of the company shall appoint a member to the Shareholders’ Nomination
Board. The shareholders who are entitled to appoint a member are determined annually on
the basis of the company’s shareholder register maintained by Euroclear Finland Oy on the
last working day of August each year.
Composition of the Nomination Committee:
• Maunu Lehtimäki (Chairman), who was appointed by Evli Plc with 15,288,303 shares
• Karri Haaparinne, who was appointed by Taaleri Plc with 15,288,303 shares
• Henrik Andersin, who was appointed by Oy Scripo Ab with 4,754,100 shares
• Harri Tilev, who was appointed by Oy T&T Nordcap Ab with 3,938,616 shares
• In addition, Markku Pohjola, the Chairman of the Board of Alisa Bank, serves as an expert
in the Nomination Committee without being a member.
CEO and Management Team
The CEO is responsible for the day-to-day management of the company in accordance
with the Limited Liability Companies Act and the instructions, orders and authorisations
issued by the Board. The CEO also ensures that the company’s accounting practices are in
compliance with the law and that the company’s financial management has been arranged
in a reliable manner.
The Board of Directors shall appoint the CEO and shall decide on the remuneration of the
CEO and the other terms and conditions of the CEO’s service contract.
The Management Team assists the CEO in the operational management. Teemu Nyholm was
the CEO in 2023 (b. 1975, M.Sc. (Tech.) and B.Sc. (Econ. & Bus. Adm.).
90
ALISA BANK IN BRIEF GOVERNANCEFINANCIAL STATEMENTSALISA BANK | ANNUAL REPORT 2023 BOARD OF DIRECTORS’ REPORT
The members of the Management Team:
Teemu Nyholm
b. 1975
CEO
M.Sc. (Tech.) and
B.Sc. (Econ. & Bus. Adm.)
Antoni Airikkala
b. 1985
Director, Funding and liquidity
M.Soc.Sc.
Miikka Silvonen
b. 1989
Director, Business Customers
M.Sc. (Econ. & Bus. Adm.)
Piia Vuoti
b. 1977
General Counsel
LL.M., Trained on the bench
Essi Salmela
b. 1989
Chief Risk Ocer
M.Sc. (Econ. & Bus. Adm.).
15.2.2023 -
Parental leave 18.8.2023 -
Kristian Nybergh interim Chief Risk Ocer
19.8.2023 -
Kukka Lehtimäki
b. 1988
CFO
M.Sc. (Econ. & Bus. Adm.)
Parental leave 3.3.2023 - 30.9.2023
Christina Wallenius, interim CFO 3.3.2023 -
30.9.2023
Juha Saari
b. 1979
Director, Personal Customers;
Deputy CEO
Secondary-school graduate
9191
ALISA BANK IN BRIEF GOVERNANCEFINANCIAL STATEMENTSALISA BANK | ANNUAL REPORT 2023 BOARD OF DIRECTORS’ REPORTALISA BANK IN BRIEF GOVERNANCEFINANCIAL STATEMENTSALISA BANK | ANNUAL REPORT 2023 BOARD OF DIRECTORS’ REPORT
Alisa Bank Plc
Pursimiehenkatu 4 A
00150 Helsinki
P. +358 20 380 101
alisabank.com
linkedin.com/company/alisa-pankki
twitter.com/AlisaPankkiFi