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2021-10-27

OP Corporate Bank plc’s Interim Report for 1 January–30 September 2021

OP Corporate Bank plc
Interim Report 1 January–30 September 2021
Stock Exchange Release 27 October 2021 at 9.00am EEST

OP Corporate Bank plc’s Interim Report 1 for January–30 September 2021

  • Consolidated earnings before tax improved to EUR 469 million (319). Total income increased by 24% to EUR 1,037 million (838). Investment income of EUR 214 million rose by EUR 76 million year on year. Net insurance income increased by 14% to EUR 528 million (463). Net interest income decreased by 4% to EUR 235 million (244). Total expenses increased by 10% to EUR 519 million (473). Impairment loss on receivables totalled EUR 25 million (65).
  • Corporate Banking earnings before tax improved to EUR 279 million (194). Total income increased by EUR 63 million to EUR 498 million (434). Net investment income increased to EUR 128 million (104) million and net interest income to EUR 306 million (298). Earnings were also strengthened by lower impairment loss on receivables. The loan portfolio decreased in the year to September by 0.5% to EUR 24.4 billion (24.6).
  • Insurance earnings before tax improved to EUR 282 million (169). Net insurance income increased by 14% to EUR 529 million (463). Investment income rose to EUR 83 million (21). The operating combined ratio improved to 81.8% (86.0).
  • Other Operations earnings before tax were EUR –92 million (–43). Liquidity remained strong.
  • The Group’s CET1 ratio was 14.8% (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. The planned date for registration of the implementation of the demerger is 29 November 2021. After the partial demerger, OP Corporate Bank plc will be engaged in corporate banking and central bank business.
  • Pohjola Insurance Ltd, OP Corporate Bank’s subsidiary, will sell Pohjola Hospital Ltd to Pihlajalinna Terveys Oy for EUR 31.8 million. The transaction is subject to approval by the Finnish Competition and Consumer Authority.
  • OP Corporate Bank plc’s Board of Directors made a decision on 27 October 2021, whereby OP Corporate Bank plc will sell all OP Custody Ltd shares to OP Cooperative. After the planned structural arrangements have been carried out, OP Corporate Bank plc no longer constitutes a reporting group.
Earnings before tax, € million Q1–3/2021 Q1–3/2020 Change, % Q1–4/2020
Corporate Banking 279 194 43,8 301
Insurance 282 169 66,7 288
Other Operations -92 -43 - -58
Group total 469 319 47.2 529
         
Return on equity (ROE), % 10.1 7.6 2.4 9.2
Return on assets (ROA), % 0.55 0.45 0.10
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