The loan portfolio of OP Corporate Bank reaches EUR 2.8 billion in the Baltics, up 11% year-on-year


In the first quarter of 2023, OP Corporate Bank's income in the Baltics grew by 29.3% to EUR 19 million, while in the same period of 2022, OP Corporate Bank's income in the Baltics was EUR 14 million. Profit before tax reached 8 million euro, almost four times more than a year ago.

At the end of the first quarter, OP Corporate Bank's loan portfolio in the Baltic states reached EUR 2.8 billion, an increase of 10.6% compared to the end of the first quarter of last year. Impairment losses on debtors have fallen significantly from EUR 3 million a year ago to only EUR 1 million at the end of the first quarter of this year.

The deposit portfolio has grown significantly: while at the end of the first quarter of 2022 OP Corporate Bank depositors in the Baltics had entrusted EUR 0.6 billion, this year the total portfolio reached EUR 1 billion, representing an increase of more than 80%.

Elmārs Prikšāns, head of the Latvian branch of OP Corporate Bank, points out that being a member of a strong financial group gives a solid basis to continue supporting the growth of Latvian companies while ensuring high quality service. This year, we are also actively continuing to work on improving our banking services and on sustainability issues.

OP Corporate Bank PLC is part of OP Financial Group, the largest financial institution in Finland. OP Financial Group generated revenue of EUR 1.11 billion and a pre-tax profit of EUR 480 million in the first quarter. The Group's loan portfolio at the end of Q1 was 1% higher than a year earlier at EUR 98.8 billion, while the deposit portfolio fell 1% to EUR 74.1 billion.