2024 results: growth in loan and leasing Portfolio, deposits, and profit across the Baltics
OP Corporate Bank increased its operating profit by 43.5% across the Baltic States last year, reaching EUR 39 million (EUR 27 million the previous year). The bank, which is part of OP Financial Group, Finland’s largest financial services group, recorded EUR 70 million in total income, down from EUR 77 million the previous year.
As of the end of December, the bank’s loan portfolio in the Baltics grew to EUR 2.92 billion, compared to EUR 2.89 billion a year earlier. The deposit portfolio in Lithuania, Latvia, and Estonia expanded by 25%, reaching EUR 1.71 billion (EUR 1.37 billion the previous year).
"It was a successful year for many businesses, with economic growth continuing. We actively financed green energy projects and strategic infrastructure companies. The transport sector saw renewed demand for fleet upgrades, while both retail and wholesale trade demonstrated strong growth, driving expansion. This trend is supported by a high consumer confidence index. Large Lithuanian businesses are becoming increasingly international, influenced not only by the domestic market but also by European and global economic trends as they expand their exports of goods and services. A faster economic recovery in Germany and across Europe, combined with further interest rate reductions, is expected to stimulate investment—provided there are no significant changes in the international trade environment," said Leda Irzikeviciene, Country Manager at OP Corporate Bank's Lithuanian branch.
In the Baltics, OP Corporate Bank generated EUR 11 million in net commissions and fees income last year, a 10% increase from EUR 10 million in the previous year. The bank earned EUR 59 million in net interest income (EUR 67 million in the same period last year).
The business bank’s total expenses across the Baltics remained unchanged from the previous year, at EUR 35 million.
"Our Baltic branches demonstrate the ability to support businesses throughout different phases of the economic cycle, adapting to varying market conditions in each country. Last year, we continued financing our clients’ long-term investments and short-term capital needs while offering advanced cash management solutions to help companies optimise cash flow and enhance liquidity. We are committed to creating long-term value for our clients, and as part of this commitment, all our Baltic teams completed comprehensive sustainability training to better understand customer needs and sustainability-related challenges," said Matias Huhtala, Head of Baltic Banking at OP Corporate Bank.
A year ahead of schedule, the bank, along with OP Financial Group, reduced its operational emissions to net zero by improving energy efficiency and increasing the use of renewable energy to 99%.
Find OP Corporate Bank plc’s 2024 report here.
Group revenue reaches EUR 4.844 billion
OP Financial Group, Finland’s largest financial services group and the parent company of OP Corporate Bank, which operates in Lithuania, Latvia, Estonia, and Finland, continues to deliver excellent business performance. Last year, the group generated EUR 4.844 billion in total income, a 7% increase from EUR 4.520 billion in 2023.
The banking group recorded a operating profit of EUR 2.486 billion—21% higher than the previous year’s EUR 2.050 billion.
The Finnish group maintains high liquidity levels and strong financing capabilities. OP Financial Group's Common Equity Tier 1 (CET1) ratio stands at 21.5%, 8.1 percentage points above the minimum regulatory requirement. In the previous year, the group’s CET1 ratio was 19.2%.
Find OP Financial Group's 2024 report here.