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OP Corporate Bank plc’s Interim Report 1 January–30 September 2023


OP Corporate Bank plc
Interim Report 1 January–30 September 2023
Stock Exchange Release 25 October 2023 at 9.00 am EEST

OP Corporate Bank plc’s Interim Report 1 January–30 September 2023

  • OP Corporate Bank plc’s operating profit was EUR 259 million (141).
  • Net interest income grew by 33% to EUR 421 million (316). Investment income increased by EUR 41 million to EUR 53 million (13) and net commissions and fees by EUR 39 million to EUR 52 million (13).
  • Impairment loss on receivables increased by EUR 46 million to EUR 63 million (16). Expected credit losses concerning the real estate sector and the construction industry increased.
  • Operating expenses increased by 9% to EUR 229 million (209). The cost/income ratio improved to 42% (57).
  • In the year to September, the loan portfolio decreased by 1.6% to EUR 28.0 billion (28.5) and the deposit portfolio by 14.2% to EUR 12.3 billion (14.3).
  • The Corporate Banking and Capital Markets segment’s operating profit increased to EUR 150 million (57). Net interest income grew by 35% to EUR 233 million (172). Investment income increased by EUR 31 million to EUR 42 million (12) and net commissions and fees by EUR 38 million to EUR 1 million (–37). Operating expenses totalled EUR 97 million (94). Impairment loss on receivables increased to EUR 32 million (1).
  • The Asset and Sales Finance Services and Payment Transfers segment’s operating profit increased to EUR 100 million (90). Net interest income grew by 25% to EUR 157 million (126). Net commissions and fees totalled EUR 47 million (46). Operating expenses increased to EUR 88 million (80). Impairment loss on receivables, EUR 27 million, increased by EUR 17 million.
  • The Baltics segment’s operating profit rose to EUR 27 million (18). Net interest income grew by 35% to EUR 50 million (37). Net commissions and fees totalled EUR 7 million (8). Operating expenses of EUR 26 million rose by EUR 5 million year on year. Impairment loss on receivables totalled EUR 4 million (5).
  • The Group Functions segment’s operating loss was EUR 18 million (–24). The financial position and liquidity remained strong.
  • OP Corporate Bank plc’s CET1 ratio was 13.0% (11.9), which exceeds the minimum regulatory requirement by 4.3 percentage points. OP Corporate Bank adopted the Standardised Approach to credit risk in its capital adequacy measurement during the first quarter.

OP Corporate Bank plc’s key indicators

Operating profit (loss), € millionQ1–3/2023Q1–3/2022Change, %Q1–4/2022
Corporate Banking and Capital Markets 150 57 165.0 186
Asset and Sales Finance Services and Payment Transfers 100 90 10.8 138
Baltics 27 18 51.7 24
Group Functions -18 -24 - -83
Total income55136750.2564
Total expenses-229-2099.4-281
Cost/income ratio, % 41.5 57.0 -15.5* -49.8
Return on equity (ROE), % 6.2 3.5 2.7* 4.9
Return on assets (ROA), % 0.31 0.16 0.16* 0.22
30 Sep 2023

30 Sep 2022Change, %31 Dec 2022
CET1 ratio, % 13.0 12.3 0.6* 11.9
Loan portfolio, € million** 28,040 28,493 -1.6 28,309
Guarantee portfolio, € million 2,865 3,398 -15.7 3,412
Other exposures, € million 6,103 5,715 6.4 6,354
Deposits, € million 12,301 14,336 -14.2 14,683
Ratio of non-performing exposures to exposures, %** 2.0 1.6 0.4* 1.5
Ratio of impairment loss on receivables to loan and guarantee portfolio, %** 0.27 0.07 0.20* 0.06

Comparatives for the income statement are based on the corresponding figures a year ago. Unless otherwise specified, figures from 31 December 2022 are used as comparatives for balance-sheet and other cross-sectional items.
* Change in ratio.
** The formula for calculating key figures and ratios has been changed as of the beginning of 2023. The item excludes changes in the fair value of loans in hedge accounting as of 1 January 2023. Comparatives have been adjusted to correspond to the current definition.

Outlook towards the year end

The economy is expected to enter a mild recession and inflation to fall slowly. An exceptional degree of uncertainty is still associated with the business environment. Rising interest rates are weakening the real estate market and the construction sector in particular. Developments in the global capital markets and the geopolitical situation may abruptly affect the business environment.

Full-year earnings estimates for 2023 will only be provided at the OP Financial Group level, in its financial statements bulletin and interim and half-year financial reports.

The most significant uncertainties affecting OP Corporate Bank’s earnings performance due to geopolitical risks and inflation relate to developments in the business environment, changes in the interest rate and investment environment and to the developments in impairment loss on receivables. In addition, future earnings performance will be affected by the market growth rate and the change in the competitive situation.

Forward-looking statements in this Interim Report expressing the management’s expectations, beliefs, estimates, forecasts, projections and assumptions are based on the current view of the future development in the business environment and the future financial performance of OP Corporate Bank plc’s and its various functions, and actual results may differ materially from those expressed in the forward-looking statements.

Schedule for Financial Statements Bulletin 2023 and Interim Reports and Half-year Financial Report in 2024:

Financial Statements Bulletin 2023 7 February 2024
Interim Report Q1/2024 8 May 2024
Half-year Financial Report H1/2024 24 July 2024
Interim Report Q1−3/2024 31 October 2024

Helsinki, 25 October 2023

OP Corporate Bank plc
Board of Directors

For additional information, please contact

Katja Keitaanniemi, Chief Executive Officer, tel. +358 (0)10 252 1387
Anni Hiekkanen, Chief Communications Officer, tel. +358 (0)10 252 1989


Nasdaq Helsinki Oy
Euronext Dublin (Irish Stock Exchange)
LSE London Stock Exchange
Major media

OP Corporate Bank plc is part of OP Financial Group. OP Corporate Bank and OP Mortgage Bank are responsible for OP's funding in money and capital markets. As laid down in the applicable law, OP Corporate Bank, OP Mortgage Bank and their parent company OP Cooperative and other OP Financial Group member credit institutions are ultimately jointly and severally liable for each other's debts and commitments. OP Corporate Bank acts as OP Financial Group's central bank.


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