Q1-Q3 results: increased banking operations and customer deposits
In the Baltic countries, OP Corporate Bank generated EUR 57 million in total income during the first three quarters of this year, marking a 29% increase compared to the same period in 2022 when it was EUR 44 million. The bank's operating profit amounted to EUR 27 million, which was 51% higher than the previous year during the same timeframe when it was 18 million euros.
As of the end of September this year, the Baltic countries' deposit portfolio reached EUR 1.2 billion, showing a 35% increase from the previous year when it was EUR 0.9 billion.
"In this quarter, we have expanded our loan portfolio in Lithuania. I want to extend my gratitude to our clients and our team, which responds to current business needs. We aim to stay at the forefront of solutions, supporting growing investments. Additionally, we encourage companies to actively utilize short-term deposits in the current high-interest environment, resulting in the deposit portfolio in the third quarter being three times larger compared to the same period last year," noted Leda Irzikeviciene, Country Manager of the OP Corporate Bank Lithuanian branch.
The bank's loan portfolio across all three Baltic countries at the end of the third quarter amounted to EUR 2.8 billion, compared to EUR 2.9 billion a year ago.
During this quarter, the bank paid EUR 0.64 million in temporary solidarity tax to the state budget, which was calculated for the second quarter of the year.
Operational expenses for the bank in all Baltic countries increased by EUR 5 million, reaching EUR 26 million.
The largest development investments in the business segment in the Baltic countries this year were directed towards improving the payment transfer system and expanding related instant payments.
Interim report for OP Corporate Bank plc for the period from January 1 to September 30, 2023 can be found here.
The OP Financial Group, the largest financial services group in Finland, to which OP Corporate Bank plc belongs, achieved an operating profit of EUR 1.570 billion in the first three quarters of this year, which was slightly over double the figure for the same period last year when it was EUR 766 million. The group earned EUR 3.49 billion in total income, marking a 45% increase compared to the same period last year when it was EUR 2.4 billion.
The group's CET1ratio was 19.1%, surpassing regulatory requirements by 6.8%. In the same period last year, the group's ratio was 17.7%.
Operating results and interim report for OP Financial Group for the period from January 1 to September 30, 2023 cab be found here.