Last year, OP Corporate Bank plc increased deposit and loan portfolio

At the end of last year, Latvian, Lithuanian, and Estonian branches of OP Corporate Bank plc held customer deposits of EUR 1.71 billion, up from EUR 1.37 billion at the end of 2023. The bank's loan and leasing portfolio grew to EUR 2.92 billion last year. Green financing also increased significantly, as businesses are more actively focusing on sustainability issues, including in the financial sector.

"Although Latvia's GDP did not grow as rapidly as expected last year, investment activity has increased. This is also seen in the financial results of OP Corporate Bank plc - the loan portfolio in the Baltic branches has grown last year which means that entrepreneurs have started to actively invest in development. We have also observed a strong increase in the volume of deposits, driven both by the growing activity of the existing customers and the attraction of new customers," says Elmārs Prikšāns, General Manager of OP Corporate Bank plc Latvian branch. 

He adds that the increase in investments gives hope for faster economic growth in the future. However, this growth may be slowed by the high uncertainty caused by the US trade tariff policy and its potential impact on the European Union and Latvia.

The Baltic branches of OP Corporate Bank plc earned a total of EUR 39 million in profit before taxes in 2024 and had revenues worth EUR 70 million, of which EUR 11 million was net commission income. The bank's operating costs have remained unchanged over the last two years at EUR 35 million.

"The bank’s branches in the Baltic countries demonstrate the ability to support businesses through all stages of the economic cycle, adapting to the diverse economic environments across these markets. Over the past year, we have continued to finance our customers’ long-term investments and short-term capital needs, while also providing advanced cash management solutions that enhance cash flow efficiency and improve corporate liquidity,” says Matias Huhtala, Head of Baltic Banking at OP Corporate Bank. 

He adds: “We are committed to creating long-term value for our customers, which is why all our teams across the Baltics have undergone comprehensive sustainability training – to better understand our customers’ needs and the sustainability-related challenges they face." 

Speaking about the bank's plans for 2025, among the priorities E. Prikšāns mentions increase of the loan portfolio, including green financing, as well as improvement of the bank's products, development of artificial intelligence tools, and investments in the professional growth of employees.

OP Corporate Bank plc is a part of OP Financial Group, the largest Finnish financial services group operating in Finland and the Baltic states. OP Financial Group maintains strong capital adequacy and liquidity, with a Common Equity Tier 1 (CET1) ratio of 21.5%, 8.1 percentage points above the minimum requirement and 2.3 percentage points above the ratio of 19.2% a year ago. At the end of December 2024, the Group's profit before tax amounted to EUR 2.49 billion, while the Group’s revenue reached EUR 4.84 billion.

Full financial report of OP Corporate Bank plc for 2024 available here‍.

Full financial report of OP Financial Group for 2024 available here‍.