OP Corporate Bank plc publishes its financial results in Latvia: the loan portfolio continues to grow
Despite the uncertainty in the global economy, investment activity in Latvia remains stable, as evidenced by OP Corporate Bank plc's financial results for the first quarter of 2025 in Latvia, including the bank's growing loan portfolio, which reached EUR 635 million at the end of March. For the first time, the Bank's financial data for Latvia have been published separately from the results of the other Baltic countries.
OP Corporate Bank plc's loan portfolio in Latvia in the first three months of this year, compared to the same period last year, has increased by 1.6%, reaching 635 million euros. The volume of green financing has also increased over the year, as entrepreneurs are increasingly focusing on sustainability issues also in the financial sector as well. Meanwhile, deposits in Latvia stood at EUR 316 million at the end of the first quarter.
OP Corporate Bank plc's profit in Latvia for the first three months of the year was EUR 2 million before tax, while total income was EUR 5 million. The bank's first-quarter operating costs in Latvia were EUR 3 million.
“The US trade tariff policy and the uncertainty it created shook the global economy at the beginning of the year, affecting both supply chains and investor sentiment. In Latvia, however, we continue to see steady investment activity in both the public and private sectors, albeit somewhat cautious. This indicates the ability of businesses to adapt and a clear commitment to continue development and take advantage of market opportunities in more challenging times,” says Elmārs Prikšāns, General Manager of OP Corporate Bank plc Latvian branch.
He indicates that in the coming months the bank will work on increasing its loan portfolio, focusing also on green financing, as well as on improving the bank's products and investing in the professional development of its employees. Special attention will also be paid to artificial intelligence solutions to make them an effective support in daily work.
“Artificial intelligence is becoming an integral part of our everyday work, which is why we are investing heavily in employee education and process development. We not only train colleagues on the capabilities of AI tools, but also encourage them to actively use these tools to make their daily work more efficient and smoother,” said Prikšāns.
By updating OP Financial Group's performance reporting, this year, for the first time, the results of OP Corporate Bank plc in Latvia are published separately. Previously, the figures for all the Baltic states were published together.
Financial data of OP Corporate Bank plc in the Baltics and OP Financial Group
In the first quarter, OP Corporate Bank plc's loan and leasing portfolio in the Baltics reached EUR 3 billion, while deposits totalled EUR 2.1 billion. Total income of the Baltic segment grew to EUR 18 million, of which EUR 2 million were fee income, while profit remained at EUR 9 million.
OP Corporate Bank plc is part of OP Financial Group, the largest Finnish financial services’ provider operating in Finland and the Baltic states. OP Financial Group maintains strong liquidity and funding capacity and has a Common Equity Tier 1 (CET1) ratio of 20%, which is 6.9 percentage points above the minimum requirement. In the first quarter of 2025, the Group's profit before taxes was EUR 423 million, while the Group's consolidated revenue was EUR 989 million.
The full OP Corporate Bank plc Q1 2025 financial report on operational results in Latvia is available here.
The full Q1 2025 financial report of OP Financial Group is available here.