2015 in summary

  • The Group's earnings before tax increased by 20% to EUR 1,101 million (915). This figure is OP Financial Group's all-time high.
  • Total income increased by 5% and expenses decreased by 2% year on year.
  • The CET1 ratio improved by 4 percentage points to 19.5% (15.1), supported by strong earnings, which, for its part, enabled strong growth in lending:
      • The home loan portfolio grew by 3.9% in the year to December.
      • The corporate loan portfolio increased by 9.3%.
      • The total loan portfolio increased by 6.4% and the number of loans drawn down by 8.7%.
  • New customer bonuses totalled EUR 197 million, up 4.5% year on year.
  • Contributions made by owner-customers to cooperative capital increased to EUR 2.8 billion (1.9). OP Financial Group anticipates paying interest of 3.25% on Profit Shares for 2015. Interest payable totals about EUR 66 million.
  • Each of the three business segments improved its performance markedly:
      • Banking earnings before tax increased by 12% to EUR 642 million (571). The cost/income ratio improved by 2 percentage points to 54%. The deposit portfolio grew by 6.5%. Impairment loss on receivables remained low at 0.10% of the loan and guarantee portfolio.
      • Non-life Insurance earnings before tax increased by 16% to EUR 259 million (223). The operating combined ratio of 87.3% was the best ever recorded. Insurance premium revenue rose by 7%.
      • Wealth Management earnings before tax increased by 28% to EUR 213 million (167). Assets under management grew by 12% to EUR 68 billion.
  • Full-year earnings for 2016 are expected to be about the same as in 2015. For more detailed information on the outlook, see "Outlook for 2016".

OP Financial Group's key indicators

 

OP Financial Group's key indicators



2015 2014 Change, %
Earnings before tax, € million 1,101 915 20.4

Banking 642 571 12.5

Non-life Insurance 259 223 16.0

Wealth Management 213 167 27.6




New accrued customer bonuses 197 189 4.5

31 Dec 2015 31 Dec 2014 Change, %
Common Equity Tier 1 (CET1) ratio, % 19.5 15.1 4,4*
Ratio of capital base to minimum amount of capital base (under the Act on the Supervision of Financial and Insurance Conglomerates), % 207 189 18*
Ratio of receivables more than 90 days past due to loan and guarantee portfolio, % 0.42 0.37 0,05*
Joint banking and insurance customers (1,000) 1,656 1,590 4.2

Comparatives deriving from the income statement are based on figures reported for the corresponding period in 2014. Unless otherwise specified, balance-sheet and other cross-sectional figures on 31 December 2014 are used as comparatives.

* Change in ratio