Business
Original-Research: UmweltBank AG (von GBC AG): Buy
Original-Research: UmweltBank AG (von GBC AG): Buy
About this update from Umweltbank Ag
Original-Research: UmweltBank AG - from GBC AG 19.01.2026 / 11:30 CET/CEST Dissemination of a Research, transmitted by - a service of . 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:Research CommentRecommendation:BuyTarget price:€9.40Target price on sight of:31.12.2026Last rating change: Analyst:Cosmin Filker, Marcel GoldmannPrivate customer business grows strongly in the fourth quarter According to the latest press release, UmweltBank AG achieved strong growth in its private customer business in the fourth quarter of 2025. The total number of private customers rose to 184,000 in the 2025 financial year. Compared to the previous year, this represents growth of around 29,000 customers. With around 23,000 new customers, the fourth quarter was primarily responsible for this increase. Although the number of new customers fell short of the original expectations, which had forecast an increase to 210,000 customers by the end of the 2025 financial year, the bank was able to meet its ambitious forecast for retail customer deposits exactly. These increased significantly by around €0.8 billion to the forecast value of €4.3 billion (previous year: €3.5 billion). Here, too, the fourth quarter of 2025 was responsible for the majority of the deposit inflows recorded for the year as a whole, with customer deposits increasing by more than €0.4 billion. The most important driver behind the successful development in the fourth quarter is likely to be the overnight money campaign that has been running since October 2025, which guarantees 3.0% for the first three months. In addition, the current account introduced in the second half of 2025 is also likely to have contributed. For the current 2026 financial year, UmweltBank's management expects the positive development in private customer business to continue and anticipates an increase in private customer deposits to €5.4 billion. The number of customers is expected to rise by around 75,000 to 260,000. In particular, customer deposits are expected to grow more strongly than in the previous scenario, which had assumed an increase in customer deposits to €5.0 billion. The company ...