OP Uusimaa OP Uusimaa's Financial Review 1 January–30 September 2025
OP Uusimaa's operating profit for January–September was EUR 123 million.
Key figures and ratios:
- Operating profit was EUR 123 million (184).
- Total income decreased by 13% to EUR 359 million (411). Net interest income decreased by 18% to EUR 258 million (316), and net commissions and fees totalled EUR 81 million (81)*.
- Impairment loss on receivables in the income statement totalled EUR –4 million (15).
- Total expenses increased by 15% to EUR 197 million (172). The cost/income ratio was 55% (41).
- The loan portfolio increased by 6% to EUR 18.0 billion (17.0) and deposits increased by 7% to EUR 12.5 billion (11.7), year on year.
- The CET1 ratio was 18.3%** (18.3).
- OP bonuses granted to owner-customers grew by 7% to EUR 55 million.
* Comparable growth in Q1–3/2025 was 4%, including fees for loans granted by OP Mortgage Bank.
** The CET1 ratio for September was calculated under the CRR3 regulation, which entered into force on 1 January 2025. Capital adequacy calculation has changed from the comparative year.
OP Uusimaa key figures and ratios
| Q1–3/2025 | Q1–3/2024 | Change, % | Q1–4/2024 |
Operating profit, € million | 123 | 184 | –33 | 222 |
New OP bonuses accrued to | –55 | –51 | 7 | –71 |
Total income, € million | 359 | 411 | –13 | 536 |
Total expenses, € million | –197 | –172 | 15 | –240 |
Cost/income ratio 12 months, % | 54.9 | 41.2 | 13.7 pp | 44.8 |
| 30 Sep 2025 | 30 Sep 2024 | Change, % | 31 Dec 2024 |
CET1 ratio, % | 18.3* | 19.0 | –0.7 pp | 18.3 |
Loan portfolio, € billion | 18.0 | 17.0 | 6 | 17.1 |
Deposits, € billion | 12.5 | 11.7 | 7 | 11.8 |
Ratio of non-performing exposures to exposures, % | 1.7 | 2.5 | –0.7 pp | 2.1 |
Owner-customers (1,000) | 386 | 372 | 4 | 376 |
Comparatives for the income statement items are based on the corresponding figures in 2024. Unless otherwise specified, figures from 31 December 2024 are used as comparatives for balance-sheet and other cross-sectional items.
*The CET1 ratio for September was calculated under the CRR3 regulation, which entered into force on 1 January 2025. Capital adequacy calculation has changed from the comparative year.
OP Uusimaa continued its strong growth
"Our business continued to grow impressively in personal customer financing, corporate business and wealth management. Customer experience was also at a good level. Overall, we can be satisfied with the Q1–3 results," says Olli Lehtilä, Managing Director of OP Uusimaa.
OP Uusimaa's operating profit for January–September 2025 decreased by 33% year on year to EUR 123 million (184).
Total income decreased by 13% to EUR 359 million (411) in January–September. Net interest income decreased by 18% to EUR 258 million. Net commissions and fees totalled EUR 81 million (81). Comparable growth in net commissions and fees was 4%.
Expenses rose by 15% year on year due to a higher headcount and growth in OP Pohjola's investments in ICT development. In January–September, OP Uusimaa's NPS, a measure of customer experience, was good at 79.
OP Uusimaa's 12-month rolling cost/income ratio was 54.9% (41.2).
Housing finance brisk at the start of the year, slowing down towards autumn
In January–September, OP Uusimaa received 4% more home loan applications than in the same period in the previous year.
"For housing finance, the year has been slightly mixed. Demand for home loans picked up clearly at the start of the year but, after the summer, the number of home loan applications has declined to the level of previous years," says Olli Lehtilä.
OP Uusimaa’s home loan portfolio grew by 3.1% from the beginning of 2024, totalling EUR 11.7 billion at the end of September.
Interest rate protection was in place for over 30% of OP Uusimaa’s personal customer home loans. Additionally, loan protection insurance covered 22% of home loans drawn down in January–September 2025.
"Uncertainty about the economic situation and future prospects raises concerns, and an increasing number of people want to prepare for possible changes in their own lives," says Olli Lehtilä.
OP Uusimaa's corporate loan portfolio grew strongly
Demand for corporate loans from OP Uusimaa increased during the first three quarters of the year. The volume of new corporate loans drawn down in January–September 2025 grew by 25% year on year. OP Uusimaa's corporate and institutional loan portfolio increased by 10% from its year-end level.
Basic renovation loans for housing companies granted by OP Uusimaa in January–September rose by 22% from the corresponding period in 2024. For OP Uusimaa's housing company loans, the interest rate protection rate rose to 8.8% from 6.4% a year ago.
"Requests for offers for housing-company construction financing under the RS system have turned upwards from the low point reached in 2024. Their volume this year is already more than 1.5 times the total for all of 2024," says Olli Lehtilä.
The loan repayment capacity of OP Uusimaa's customers has remained good. Non-performing exposures are low, at 1.7% (2.5) of total exposures.
Expected credit losses based on management overlay are recognised at OP Pohjola and are allocated to OP cooperative banks. Expected credit losses decreased in January–September, with more credit loss provisions reversed than new ones recorded. For OP Uusimaa, these provisions totalled EUR 4 million in January–September.
The CET1 ratio was 18.3% (18.3). The CET 1 ratio for September was calculated under the CRR3 regulation, which entered into force on 1 January 2025. Capital adequacy calculation has changed from the previously used method.
Strong interest in saving and investing continues
Net sales of investment products provided by OP Uusimaa during January–September 2025 totalled EUR 389 million, up 14% year on year. Their gross sales grew by 24% to around EUR 1 billion.
Interest in systematic investment continued to grow: 20% more new systematic investment agreements were made in January–September 2025 than in the same period a year earlier.
In January–September, OP Uusimaa’s owner-customers subscribed for Profit Shares worth EUR 49 million. The return target for 2025 is 4.5%.
Deposits at OP Uusimaa grew to EUR 12,5 billion year to date. The year-to-date increase in deposits at OP Uusimaa totalled EUR 699 million.
"OP Uusimaa customers continue to show strong interest in saving and investing. Economic uncertainty is reflected in the fact that more people are preparing by saving in deposits and investments, rather than spending," says Olli Lehtilä.
OP Uusimaa's new strategy aims for strong growth
At the end of September, OP Uusimaa begun change negotiations aimed at revising the bank's organisation and practices. The goal of the change is to eliminate overlapping work, improve productivity and enhance the customer experience.
OP Uusimaa has been seeking strong growth. The bank's business has grown and developed in line with its targets. The new strategy, confirmed in the summer, also aims for broad-based and profitable growth.
"To continue succeeding in the future, we must redesign and further develop our operations. That is how we can ensure the best possible customer experience, profitable growth, improved productivity and the bank's success in the coming years," emphasises Olli Lehtilä.
OP Uusimaa's owner-customer benefits will be renewed
From the beginning of 2026, owner-customers will benefit even more from using a wide range of OP Uusimaa's banking, wealth management and insurance services.
"A wider range of our services will contribute towards OP bonuses and we will also increase the amount of the bonuses received. Another significant change is that we will give our owner-customers freedom of choice: in future, they can choose what they use their OP bonuses for," states Olli Lehtilä.
Freedom of choice gives the customers flexibility to use their bonuses as they prefer. Like before, the customers can continue to pay for their service charges and insurance premiums with OP bonuses. What is new, however, is that owner-customers can now invest OP bonuses in funds.
One of the factors behind the renewal is the change in the taxation of OP bonuses that will take effect on 1 January 2026.
"OP bonuses will become subject to capital income tax from the start of 2026. Previously, the owner-customer bonus was 0.25%, next year it will be 0.40%. This compensates for the effect of the capital income tax – the increase is actually a little higher than the effect of the withholding tax. After the withholding of capital income tax, the bonus rate earned by customers will be 0.28% instead of the previous 0.25%," notes Olli Lehtilä.
At the end of September, OP Uusimaa had 386,000 owner-customers. During January–September, OP Uusimaa's owner-customers earned EUR 55 million (51) in OP bonuses.