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OP Uusimaa financial performance in 2022: Good results amid the challenging business environment – above-the-market-average growth in the home loan portfolio

Considering the challenging business environment, OP Uusimaa’s financial performance was good in 2022. The results improved year on year, especially due to favourable developments in net interest income. Although activity in the housing market slowed down, our home loan portfolio grew at a rate faster than the market average.

“In the new bank, the first five months have gone as planned. Our operations have progressed in a positive direction and we will further continue to develop our operations with determination for the benefit of our customers and operating region”, says Olli Lehtilä, OP Uusimaa Managing Director.  

OP Uusimaa January–December 2022 key indicators’: 

• Earnings before tax for January–December were EUR 95.5 million (78.5) 
• Financing operations (loans from own balance sheet and mediated loans) increased by 4.1% to EUR 16.8 billion. 
• Customer assets (deposits, insurance assets, mutual fund units, Profit Shares and index-linked bonds) decreased by 1.6% to EUR 18 billion.
• At the end of 2022, the number of owner-customers totalled 350,322, which is 2.5% more than a year earlier. Last year, 14,790 new owner-customers joined the bank.
• Owner-customers earned EUR 45 million in OP bonuses, up by 4,9% year on year.  
• The NPS that measures customer experience was very good, 76. 
• Common Equity Tier 1 (CET1) ratio stood at 17.1% at the end of the year. 
• Non-performing exposures were still low, accounting for 1.54% of total exposures.

*The data in this release is based on unaudited pro forma figures. Official financial statements figures and ratios will be published after the meeting of OP Uusimaa’s Representative Assembly in April. 

OP Uusimaa’s home loan portfolio grew at a rate faster than the market average 

Demand for home loans fell by a third in late 2022 but remained greater than in 2020. OP Uusimaa’s home loan portfolio grew by 5.1% from the beginning of 2022, totalling EUR 11.2 billion at the end of the year. OP Uusimaa accounted for 31.5% (30.7) of new home loans granted by OP Financial Group and for 9.9% (9.6) of total home loans in Finland.

“In the challenging housing market situation, OP Uusimaa’s market share in all new home loans in Finland increased by 0.8 percentage points last year to 12.8%”, says Olli Lehtilä. 

New corporate and institutional loans drawn down were 0.6% lower than a year ago. During 2022, the corporate and institutional loan portfolio grew by EUR 119 million, in other words 2,8%. OP Uusimaa’s financing portfolio (the loan portfolio in the bank’s balance sheet + mediated loans) increased by 4.1% in 2022 to EUR 16.8 billion. 

The loan servicing capacity of OP Uusimaa’s customers has remained good. Non-performing exposures were still low, accounting for 1.54% of total exposures. Personal customers’ requests for a change in their repayment plan have remained at a moderate level. 

Customers in Uusimaa increased their investments – especially responsible investment products are of interest

Despite the challenging economic and market environment, OP Uusimaa’s household customers increased their investments by almost two hundred million euros in 2022. In other words, there were more mutual fund and stock purchases than sales in relative terms.  

A total of 21,829 new systematic fund investment plan agreements were made. The average monthly investment amount in Uusimaa was 89 euros per agreement, which is 17% more than on a nation-wide basis. Investing in stocks too remained brisk. A total of 9,700 new book-entry accounts and equity savings accounts were opened during the year. 

OP Uusimaa’s owner-customers subscribed for Profit Shares for EUR 143 million. The Profit Share return target for this year is 4.5%. Last year, over 400 new Private clients joined OP Uusimaa.

“Despite the uncertain economic situation, investors in Uusimaa have continued investing and saving with a long horizon. In unstable times, demand for expert services tends to grow”, states Olli Lehtilä. 

A keen interest in responsible investing is also shown in Uusimaa: last year, seven mutual funds investing in responsible products were among the top ten OP Uusimaa funds.

OP Uusimaa already has over 350,000 owner-customers

Around 60% of OP Uusimaa’s customers are owner-customers. At the end of the year, the bank’s owner-customers numbered over 350,000. 

Last year, OP Uusimaa’s owner-customers earned OP bonuses worth EUR 45 million. In October 2022, OP Financial Group decided to pay a 30% increase on OP bonuses in 2023. For OP Uusimaa’s owner-customers, this means a total of around EUR 60 million in OP bonuses paid in 2023. 

“In line with our mission, we want to allocate part of our profitability improvement to support the daily lives of our owner-customers in these financially challenging times”, says Olli Lehtilä. 

OP bonuses earned by OP Financial Group cooperative banks’ owner-customers are used for customers’ banking service charges, insurance premiums and the payment of real estate commissions. The amount of bonus depends on the customer’s transactions, including loans, savings accounts, mutual fund holdings and insurance policies.

OP Uusimaa’s donation of 50,000 euros to the children of Ukraine

In February, OP Uusimaa will donate EUR 50,000 through UNICEF Finland to the children of Ukraine. 


“This time, we want to target our donation to the children of Ukraine. If the war drags on, more support will be needed and children in Ukraine need support to secure basic health care, clean water and schooling”, explains Olli Lehtilä.