Business
Original-Research: UmweltBank AG (von GBC AG)
Original-Research: UmweltBank AG (von GBC AG)
About this update from Umweltbank Ag
Original-Research: UmweltBank AG - from GBC AG12.08.2025 / 11:30 CET/CESTDissemination of a Research, transmitted by EQS News - a service of EQS Group.The issuer is solely responsible for the content of this research. The result of this research does not constitute investment advice or an invitation to conclude certain stock exchange transactions. Classification of GBC AG to UmweltBank AG Company Name:UmweltBank AGISIN: Reason for the research:GBC Research Report (Anno)Recommendation:BuyTarget price:10,40 EURTarget price on sight of:31.12.2026Last rating change:Analyst:Cosmin Filker, Marcel GoldmannForecast confirmed after convincing half-year; checking account introduced, special audit completedIn the first half of 2025, UmweltBank AG significantly increased its net interest income by 61.2% to €28.82 million (previous year: €17.88 million). This development, which had already become apparent in the first quarter of 2025, is a result of the focus on expanding the deposit business. This can be invested risk-free at the ECB with a risk-free interest margin of 100 to 120 basis points. In the first six months of 2025, intensified marketing measures, the digitalisation that has now been implemented and the introduction of attractive products led to an increase in private customer deposits of €140 million. In the lending business, the second pillar of the financial result, UmweltBank AG has recently taken a selective approach due to the prevailing capital restrictions, which led to a decline in the outstanding loan volume to €3.21 billion (31.12.2024: €3.46 billion).In line with net interest income, net financial income remained at a high level at €13.87 million (previous year: €17.95 million). While the previous year's figure was influenced by the sale of six investments, UmweltBank AG benefited in the first half of 2025 from profit distributions from the sale of real estate by a subsidiary. The investment business, which had a balance sheet value of €65.24 million as at 31 December 2024, is to be sold by 2026. Net commission and trading income, UmweltBank AG's third revenue figure, benefited from the sales success of existing and new products and increased to €3.66 million (previous year: €2.33 million).In particular, investments in IT as the basis for continuing the transformation and digitalisation process caused operating costs to rise to €35.33 million (p...