Bli medlem
Bli medlem

Du är här

2021-07-28

OP Corporate Bank plc’s Half-year Financial Report for 1 January–30 June 2021

OP Corporate Bank plc
Half-year Financial Report 1 January–30 June 2021
Stock Exchange Release 28 July 2020 at 9.00 EEST

OP Corporate Bank plc’s Half-year Financial Report for 1 January–30 June 2021

  • Consolidated earnings before tax improved to EUR 308 million (138). Total income increased by 44% to EUR 702 million (488). Investment income of EUR 157 million rose by EUR 83 million year on year. Net insurance income increased by 11% to EUR 320 million (288). A total of EUR 12 million of impairment losses on receivables were reversed whereas they weakened earnings by EUR 67 million a year ago. Total expenses increased by 10% to EUR 363 million (330). Net interest income decreased by 7% to EUR 153 million (165).
  • Corporate Banking earnings before tax improved to EUR 219 million (89). Total income increased by EUR 65 million to EUR 348 million (282). Net investment income increased to EUR 94 million (59). Earnings were also strengthened by lower impairment loss on receivables. Net interest income was EUR 203 million (202). The loan portfolio decreased in the year to June by 1% to EUR 24.4 billion (24.7).
  • Insurance earnings before tax improved to EUR 158 million (86). Net insurance income increased by 11% to EUR 320 million (288). Investment income rose to EUR 60 million (13). The operating combined ratio improved to 86.2% (89.3).
  • Other Operations earnings before tax were EUR –69 million (–36). Liquidity remained strong.
  • The Group’s CET1 ratio was 14.3% (15.1).
  • On 2 July 2021, OP Corporate Bank plc’s Board of Directors approved a demerger plan whereby the shares of Pohjola Insurance Ltd, OP Corporate Bank plc’s subsidiary, will be transferred to the direct ownership of OP Cooperative. Based on the plan, the demerger would be executed by the end of 2021.
  • Pohjola Insurance Ltd, OP Corporate Bank’s subsidiary, will sell Pohjola Hospital Ltd to Pihlajalinna Terveys Oy for EUR 31.8 million. As part of the transaction, Pohjola Insurance and Pihlajalinna will sign a long-term cooperation agreement on the provision of health services for customers of Pohjola Insurance. The transaction is subject to approval by the Finnish Competition and Consumer Authority.

Earnings before tax, € million H1/2021 H1/2020 Change, % Q1–4/2020
Corporate Banking 219 89 147.2 301
Insurance 158 86 83.2 288
Other Operations -69 -36 - -58
Group total 308 138 122.6 529
         
Return on equity (ROE), % 10.1 5.2 4.9* 9.2
Return on assets (ROA), % 0.55 0.30 0.25* 0.55
  30 Jun 2021 30 Jun 2020 Change, % 31 Dec 2020
CET1 ratio, % 14.3 13.7
Författare GlobeNewswire