UmweltBank: New lending is rising sharply; focus on customer deposits is shifting away from growth towards the quality of earnings

UmweltBank: New lending is rising sharply; focus on customer deposits is shifting away from growth towards the quality of earnings - GBC

Customer deposits fell to €4,209 million (previous year: €4,544 million) following the expiry of the special interest rate. Customer loyalty is suffering due to so-called ‘interest rate hoppers’. By contrast, the number of customers and the number of current accounts have improved.

Turnaround achieved in the lending business: new lending volume has risen to €183 million, exceeding the figure for the whole of 2025. For 2026, UmweltBank is planning gross new lending of €450 million, following just €120 million in the previous year.

Attractive growth markets: its specialisation in renewable energy and sustainable property, as well as in new segments (battery energy storage), positions UmweltBank in markets with high long-term financing requirements.

Potential for efficiency and earnings improvements: once the transformation phase is complete, consultancy and other administrative expenses in particular are expected to fall. By 2028, we anticipate a significant improvement in the cost-to-income ratio and pre-tax profit.

Valuation with strong upside potential: based on a residual income model, we have set a target price of €8.00 (previously: €9.00). The target price has been lowered due to a higher risk-free interest rate and a slight downward revision to the 2026 forecast.

We assign a BUY rating.

UmweltBank: New lending is rising sharply; focus on customer deposits is shifting away from growth towards the quality of earnings - GBC

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UmweltBank: New lending is rising sharply; focus on customer deposits is shifting away from growth towards the quality of earnings - GBC

Aspelin: Stark orderingång – men marknaden har blivit betydligt mer selektiv

OpenIR lanserar ny plattform för att förenkla börsinformation

Publicera din analys på Börsvärlden

Aspelin: Stark orderingång – men marknaden har blivit betydligt mer selektiv

OpenIR lanserar ny plattform för att förenkla börsinformation

Publicera din analys på Börsvärlden

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