OP Financial Group’s key indicators
|
H1/2023 |
H1/2022 |
Change, % |
Q1–4/2022 |
|
|
Operating profit, € million |
986 |
402 |
145.2 |
1,120 |
|
Retail Banking |
524 |
136 |
286.1 |
502 |
|
Corporate Banking |
219 |
91 |
140.1 |
416 |
|
Insurance |
217 |
148 |
46.6 |
293 |
|
Group Functions |
-1 |
-24 |
- |
-91 |
|
New OP bonuses accrued to owner-customers, € million |
-134 |
-107 |
24.8 |
-215 |
|
Total income |
2,286 |
1,587 |
44.1 |
3,394 |
|
Total expenses |
-1,079 |
-988 |
9.2 |
-1,961 |
|
Return on equity (ROE), % |
10.7 |
4.7 |
6.0* |
6.3 |
|
Return on equity, excluding OP bonuses, % |
12.0 |
5.9 |
6.2* |
7.5 |
|
Return on assets (ROA), % |
0.96 |
0.39 |
0.57* |
0.51 |
|
Return on assets, excluding OP bonuses, % |
1.08 |
0.48 |
0.60* |
0.61 |
|
30 Jun 2023 |
30 Jun 2022 |
Change, % |
31 Dec 2022 |
|
|
CET1 ratio, % |
18.8 |
17.6 |
1.2* |
17.4 |
|
Loan portfolio, € billion** |
98.5 |
99.2 |
-0.7 |
100.2 |
|
Deposits, € billion** |
73.3 |
76.0 |
-3.6 |
78.0 |
|
Ratio of non-performing exposures to exposures, % ** |
2.53 |
2.44 |
0.9* |
2.31 |
|
Ratio of impairment loss on receivables to loan and guarantee portfolio, % |
0.19 |
0.20 |
-0.01* |
0.11 |
|
Owner-customers (1,000) |
2,075 |
2,057 |
0.9 |
2,066 |
OP Financial Group has applied IFRS 17 Insurance Contracts as of 1 January 2023. The figures in the income statement and balance sheet for 2022 have been adjusted retrospectively. The preceding years’ figures (2019, 2020 and 2021) have not been adjusted. Note 1 Accounting policies of this report provides more details on the adoption of IFRS 17 and the changes in the format of the income statement and balance sheet.
Comparatives for the income statement are based on the corresponding figures a year ago. Unless otherwise specified, figures from 31 December 2022 are used as comparatives for balance-sheet and other cross-sectional items.
*Change in ratio
**The loan portfolio and deposits exclude changes in the fair value of loans and deposits in hedge accounting as of 1 January 2023. Comparatives have been adjusted to correspond to the current definition.
Strategic targets
|
|
30 Jun 2023 |
31 Dec 2022 |
Target 2025 |
|
Return on equity (ROE excluding OP bonuses), % |
12.0 |
7.5 |
8.0 |
|
CET1 ratio, % |
18.8 |
17.4 |
at least CET1 requirement |
|
Brand recommendations, NPS (Net Promoter Score, personal and corporate customers)** |
Banking: 25 |
Banking: 27 |
Banking: 30 |
|
Insurance: 17 |
Insurance: 17 |
Insurance: 20 |
|
|
Credit rating |
AA-/Aa3 |
AA-/Aa3 |
At least at the level of AA-/Aa3 |
* OP Financial Group’s target CET1 ratio is at least the CET1 capital adequacy requirement plus four percentage points. The CET1 target calculated by applying the June-end capital adequacy requirement was 16.3%.
**Average of quarters (per financial year).