Q1 results: loan portfolio in Lithuania grew by 22%

At the end of the first quarter, the loan and leasing portfolio was 22% higher than at the same time last year, when it stood at EUR 1.23 billion. The deposit portfolio remained at a similar level to March of the previous year, amounting to EUR 0.4 billion.

 “As Lithuania's economy continues to grow, the residential construction and infrastructure sectors are recovering, while manufacturing, retail, energy, IT, and transport companies are becoming increasingly active. These businesses continue to invest in expansion, digitalisation, and sustainability – the green transition remains a priority despite some postponed regulations. Companies are mindful of emerging risks such as new tariffs or potential tax changes and maintain a positive yet cautious outlook. We actively finance their investments and respond to the growing demand for other services, which supports our long-term growth strategy in Lithuania,” says Leda Irzikeviciene, Country Manager at OP Corporate Bank’s Lithuanian branch.

In the first quarter of this year, the bank’s net interest income totalled EUR 7 million, remaining at the same level as the previous year (EUR 7 million). Net commissions and fees amounted to EUR 1.2 million (down from EUR 1.4 million in the same period last year), generated from day-to-day banking operations, cash management services, guarantees, letters of credit and overdrafts.

Total expenses in Lithuania rose by 30% to EUR 4 million (EUR 3 million in Q1 2024). The increase was mainly driven by higher personnel costs – the bank expanded its local team by 10%, with 60 specialists now employed at the branch. Changes to the internal cost allocation model within the group also had a significant impact on rising expenses.

“This quarter, we maintained our net interest income at last year’s level – the impact of the declining EURIBOR was offset by portfolio growth. We have actively expanded and strengthened our team in Lithuania. As we work with large and leading mid-sized companies, only professionalism, expertise and the value we create for businesses can ensure our sustainable growth,” added Irzikeviciene.

Following an update to OP Financial Group’s reporting structure, OP Corporate Bank is this year publishing its Lithuanian performance results separately for the first time. Previously, results for all Baltic countries were published in aggregate. The reported results are based on the group’s management accounting data and may differ from the figures of the legal entity due to varying accounting practices within the group.

OP Corporate Bank Plc's Q1 2025 report can be found here‍.  

OP Financial Group Results

 OP Corporate Bank is part of OP Financial Group, Finland’s largest financial services group. In the first quarter of this year, the group generated total income of EUR 989 million (compared to EUR 1.194 billion in the same period last year).

 Operating profit reached EUR 423 million, representing a 31% decline from EUR 618 million in Q1 2024.

 The group’s portfolio of green and sustainability-linked loans and facilities in Finland and across the Baltics grew by 30% to EUR 8.7 billion, up from EUR 6.7 billion a year ago.

 OP Financial Group continues to maintain strong liquidity and funding capacity. The group's Common Equity Tier 1 (CET1) capital adequacy ratio stands at 20.0%, which is 6.9 percentage points above the minimum regulatory requirement.

 You can find OP Financial Group’s Q1 2025 report here. ‍