Results for 2023: revenue in the Baltics increased by 31% to EUR 77 million
Last year, OP Corporate Bank generated EUR 77 million of total income across all Baltic countries, a 31% increase from 2022 when it amounted to EUR 59 million. The bank's operating profit amounted to EUR 27 million, which is 13% higher than the previous year (EUR 24 million).
The bank's loan and leasing portfolio in the Baltic countries at the end of last year was EUR 2.9 billion, remaining at the same level as the previous year. The deposit portfolio reached EUR 1.4 billion, compared to EUR 1.5 billion the previous year.
"Last year in Lithuania, we financed the expansion of business clients, allowing us to grow our loan and leasing portfolio. We placed significant emphasis on green financing, encouraging businesses to transition to a more sustainable economy, which is a strategic direction for the entire OP Group. Companies in Lithuania performed more daily operations last year, and we provided them with more cash management services and guarantees. We continue to successfully implement the bank's long-term strategy of working with the largest and leading medium-sized companies in their respective fields," says Leda Irzikeviciene, Country Manager of the OP Corporate Bank Lithuanian branch.
Following sustainability standards, we renovated our office in Vilnius, created new meeting spaces, adapted it for more convenient customer service, and hybrid team work. We continued to invest in the development of IT systems across all Baltic countries.
"We respond to business needs and collaborate with companies to find the best solutions based on current market conditions. We focus on quick decision-making, service quality, and creating added value for businesses. Our goal is to meet the financing needs of companies in each country, although the business needs and economic situations in the Baltic states may vary slightly," says Matias Huhtala, Head of Banking for OP Corporate Bank in the Baltic countries.
In all Baltic countries, the bank's interest income grew to EUR 67 million last year. This is 36% more than in 2022 when these revenues amounted to EUR 49 million.
You can find the OP Corporate Bank plc report for the period January 1 to December 31, 2023, here.
Results for OP Financial Group
OP Corporate Bank belongs to the largest financial services group in Finland, OP Financial Group, which earned EUR 4.775 billion in revenue last year, a 41% increase compared to 2022 (EUR 3.394 billion). The group's profit before taxes amounted to EUR 2.05 billion, an 83% increase from 2022 (EUR 1.12 billion).
OP Financial Group maintains strong liquidity and financing capabilities. The group's CET1 capital adequacy ratio is 19.2% – a 6.9 percentage point higher indicator than the minimum regulatory requirements. The group's CET1 ratio in 2022 was 17.4%.
You can find the OP Financial Group's report for the period January 1 to December 31, 2023, here.