Municipality Finance Group operates to serve as a trusted, honest and ethical institution in the course of all of its activities and relationships, including customer and employment relationships, partnerships and other relations.
The purpose of this policy is to communicate MuniFin’s ethical operating principles to the company’s personnel. These principles apply to all personnel and must be followed in all operations.
In addition to complying with legislation, administrative regulations and internal policies and instructions, MuniFin’s management and employees are expected to perform their duties with due skill, care and honesty.
The Municipality Finance Group’s net operating profit excluding unrealised fair value changes in January–December 2023 increased by 3.2% and amounted to EUR 176 million (EUR 170 million).
The net interest income grew by 7.5% propelled by rising short-term market rates and totalled EUR 259 million (EUR 241 million). The growth in result was slowed down by an increase in costs.
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Entitled Enabler of sustainable welfare in society, this sustainability agenda focuses on our business operations and the impact achieved through them.
The agenda s built around two main themes: foundation of the Finnish welfare society and driver of the green transition. In line with these themes, our goal is to support the development of a sustainable welfare society and promote investments that are friendly for the climate and environment.
In this sustainability agenda, we are now establishing clear and measurable long-term sustainability goals and indicators for the first time in our company’s history. By doing so, we are committing to integrating the themes of sustainable development even more tightly into our operations. We are committed to doing our best to achieve these goals. We will describe this work in our reports.
The financial sector plays a pivotal role in advancing both national and international sustainable development goals. By redirecting financial resources to more sustainable projects, financial sector organisations can drive significant positive change. MuniFin is committed to contributing to this mission within the context of its own sustainability work and operating environment.
MuniFin's sustainability agenda
Sustainability agenda themes
Foundation of the Finnish welfare society Enabling the foundation for a sustainable welfare state
Driver of the green transition Promoting investments that benefit the climate and environment
Sustainability agenda goals
By 2030, green and social finance account for at least one-third of our long-term customer finance portfolio
By 2035, financed emissions from buildings have an emission intensity of 8 kgCO2e/m2
Sustainability policy covers the ethics of MuniFin’s operations as well as the ESG aspects related to social responsibility and stakeholder needs. This context includes risks pertaining to the environment, climate, social responsibility and governance.
The purpose of this policy is to not only strengthen the positive impact, but also reduce and avoid the negative impact MuniFin has on society and the environment through its business operations, and to reduce the risks to which the company, its reputation and its employees are exposed.
The Municipality Finance Group’s net operating profit excluding unrealised fair value changes amounted to EUR 170 million in 2022 (EUR 213 million).
As expected, it decreased from the comparison year’s exceptionally good result and was 20.0% lower than in the year before (8.0% growth in 2021). This drop was influenced by the change in credit terms applied in late 2021 for the benefit of the Group’s customers. The Group’s net interest income totalled EUR 241 million (EUR 280 million) in January–December.
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The Municipality Finance Group’s net operating profit excluding unrealised fair value changes amounted EUR 213 million (EUR 197 million) in 2021 and it increased by 8.0% (6.2%). The Group’s net interest income totalled EUR 280 million (EUR 254 million) and grew by 10.3% (5.8%).
Costs in the financial year amounted to EUR 72 million (EUR 58 million). Costs excluding the non-recurring item grew as expected and were EUR 2.6 million higher, making the figure 4.4% greater than in the previous year.
The net operating profit amounted to EUR 240 million (EUR 194 million). Unrealised fair value changes amounted to EUR 27 million (EUR -3 million) in the financial year.
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The year 2020 was characterised by the COVID-19 pandemic. The pandemic significantly increased the demand for MuniFin Group’s customer financing, especially the growth of municipal sector’s financing. Otherwise, the pandemic only had a minor effect on the Group’s operating profit and financial standing.
The Group’s net operating profit excluding unrealised fair value changes was EUR 197 million (EUR 186 million) and it increased by 6.2% (-2.1%). The net interest income totalled EUR 254 million (EUR 240 million) and it grew by 5.8% (1.7%). The costs in the financial year amounted to EUR 58 million (EUR 60 million), making it 3.0% (+22.8%) smaller than in the previous year.
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The Municipality Finance Group’s net operating profit excluding unrealised fair value changes amounted to EUR 186 million in 2019 (EUR 190 million), down 2.1% on the previous year. The Group’s net interest income improved slightly to EUR 240 million (EUR 236 million). Expenses grew as expected and amounted to EUR 60 million (EUR 49 million, +22.8%).
Unrealised fair value changes weakened the net operating profit for the financial year by EUR 54 million, whereas they had no impact on the result in the previous year (EUR 0 million). Taking into account these valuations, Group’s net operating profit amounted to EUR 131 million (EUR 190 million).
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The Group’s net operating profit without unrealised fair value changes grew by 1.2% in 2018 and amounted to EUR 189.6 million at the end of the financial year (2017: EUR 187.4 million). Taking fair value changes into account, net operating profit was EUR 190.0 million (2017: EUR 198.4 million).
The Group’s net interest income grew by 3.4% from the previous year and amounted to EUR 236.3 million (2017: EUR 228.5 million).
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