OP Pohjola
Interim Report 1 January–30 September 2026
Stock Exchange Release 27 October 2026 at 9.00 EET
OP Pohjola's Interim Report for 1 January–30 September 2026: OP Pohjola's operating profit was EUR 1,396 million – corporate loan portfolio grew by 10% year on year
- Operating profit was EUR 1,396 million (1,715). Operating profit fell by 19%, or EUR 318 million year on year. The decrease was due to a decline in net interest income and income from investment activities, and an increase on OP bonuses and expenses.
- Income from customer business, that is, net interest income, insurance service result and net commissions and fees in total increased to EUR 2,582 million (2,559). Insurance service result increased by 4% to EUR 188 million (181) and net commissions and fees rose by 16% to EUR 700 million (602). Net interest income decreased by 5% to EUR 1,695 million (1,776). Net interest income without OP bonuses earned by owner-customers decreased by 2% to EUR 1,925 million (1,961).
- Impairment loss on receivables totalled EUR 36 million. A year ago, impairment loss on receivables reversed came to EUR 46 million. The ratio of impairment loss on receivables to loan and guarantee portfolio was 0.05% (-0.06). Non-performing exposures decreased, accounting for 1.9% (2.1) of total exposures.
- Investment income fell to EUR 234 million (426).
- Total expenses grew by 6% to EUR 1,829 million (1,725). The cost/income ratio weakened to 56% (51).
- The loan portfolio grew year on year by 3% to EUR 103.2 billion (100.2). Deposits grew by 3% to EUR 82.0 billion (79.8). Year on year, the corporate loan portfolio grew by 10% to EUR 31.1 billion.
- The CET1 ratio was 21.4% (21.2), which exceeds the minimum regulatory requirement by 7.2 percentage points.
- The Retail Banking segment's operating profit decreased by 16% to EUR 625 million (740). Net interest income decreased by 9% to EUR 1,212 million (1,334). Impairment loss on receivables totalled EUR 17 million. A year ago, impairment loss on receivables reversed came to EUR 7 million. Net commissions and fees increased by 15% to EUR 623 million (540). The cost/income ratio weakened to 65% (62). The loan portfolio grew to EUR 71.9 billion (71.5), while deposits increased by 3% year on year, to EUR 67.4 billion (65.6). Assets under management grew by 14% year on year to EUR 116.1 billion (101.8).
- The Corporate Banking segment's operating profit decreased by 25% to EUR 341 million (454). Net interest income decreased by 8% to EUR 409 million (445). Impairment loss on receivables came to EUR 20 million. A year ago, impairment loss on receivables reversed came to EUR 39 million. Net commissions and fees increased to EUR 80 million (64). The cost/income ratio weakened to 38% (34). The loan portfolio grew year on year by 10 % to EUR 31.5 billion (28.7). Deposits grew by 3% to EUR 15.2 billion (14.8).
- Insurance segment's operating profit grew by 14% to EUR 489 million (429). Insurance service result grew to EUR 188 million (181). Investment income increased to EUR 290 million (242). The combined ratio reported by non-life insurance improved to 87.5% (88.1).
- The Group Functions segment's operating loss was EUR -81 million (102). Income from investment activities, EUR -150 million (68), was decreased by changes in the fair value of equities.
- OP Pohjola revamped its owner-customer benefits, effective as of 1 January 2026. New OP bonuses accrued to owner-customers increased by 29% to EUR 314 million (244). As of the beginning of 2026, OP bonuses were increased. They are also earned more widely from banking, wealth management and insurance services, and owner-customers can decide how to use them.
- Outlook: Operating profit for 2026 is expected to be at a good level but lower than that for 2025. For additional information, see 'Outlook'.
OP Pohjola's key figures and ratios
| € million | Q1–3/2026 | Q1–3/2025 | Change, % | Q1–4/2025 |
| Operating profit, € million | 1,396 | 1,715 | -18.6 | 2,269 |
| Retail Banking | 625 | 740 | -15.6 | 912 |
| Corporate Banking | 341 | 454 | -25.0 | 571 |
| Insurance | 489 | 429 | 14.1 | 590 |
| Group Functions | -81 | 102 | — | 199 |
| New OP bonuses accrued to owner-customers, € million** | -314 | -244 | 28.7 | -327 |
| Total income | 3,262 | 3,393 | -3.9 | 4,639 |
| Total expenses | -1,829 | -1,725 | 6.1 | -2,424 |
| Cost/income ratio, %* | 56.1 | 50.8 | 5.3 | 52.2 |
| Cost/income ratio, excluding OP bonuses, %* | 51.2 | 47.5 | 3.6 | 49.0 |
| Non-life Insurance combined ratio, %* | 87.5 | 88.1 | -0.6 | 87.7 |
| Return on equity (ROE), %* | 6.9 | 9.8 | -2.9 | 9.5 |
| Return on equity, excluding OP bonuses, %* | 8.5 | 11.2 | -2.6 | 10.9 |
| Return on assets (ROA), %* | 0.8 | 1.1 | -0.3 | 1.1 |
| Return on assets, excluding OP bonuses, %* | 1.0 | 1.3 | -0.2 | 1.3 |
| 30 Sep 2026 | 30 Sep 2025 | Change, % | 31 Dec 2025 | |
| CET1 ratio, %* | 21.4 | 21.0 | 0.5 | 21.2 |
| Loan portfolio, € billion | 103.2 | 100.2 | 3.0 | 100.4 |
| Deposits, € billion | 82.0 | 79.8 | 2.8 | 80.9 |
| Assets under management, € billion | 116.1 | 101.8 | 14.0 | 105.5 |
| Ratio of non-performing exposures to exposures, %* | 1.88 | 2.14 | -0.26 | 2.06 |
| Ratio of impairment loss on receivables to loan and guarantee portfolio, %* | 0.05 | -0.06 | 0.10 | -0.05 |
| Owner-customers (1,000) | 2,144 | 2,132 | 0.5 | 2,136 |
Comparatives for the income statement items are based on the corresponding figures in 2025. Unless otherwise specified, figures from the end of 2025 are used as comparatives for balance-sheet and other cross-sectional items.
* Change in ratio, percentage point(s).
** Before withholding tax.
Comments by the President and Group CEO of OP Pohjola
OP Pohjola's customer business continued to grow strongly in the third quarter
OP Pohjola's customer business continued to grow strongly in the third quarter, and its credit risks were well managed. OP Pohjola's operating profit for January–September was EUR 1,396 million. Customer business performed well in both the banking and insurance business. Income from customer business was EUR 2,582 million. The insurance service result increased by 4% year on year and net commissions and fees grew strongly, by 16%. Net interest income decreased by 5% compared to the same period in 2025. This was due to an increase in OP bonuses accrued to owner-customers. Excluding OP bonuses, net interest income decreased by only 1.8% year on year. Net interest income in the third quarter was 0.3% higher than in the previous year.
Expenses increased by 6% from the previous year, totalling EUR 1,829 million, mainly due to investments in ICT development and increased personnel costs. The cost/income ratio excluding OP bonuses was 51%.
The loan portfolio quality remained high, with non-performing exposures decreasing to 1.9% of total exposures. Impairment loss on receivables remained moderate: EUR 36 million was recognised in January–September. A year ago, impairment loss on receivables reversed came to EUR 46 million.
All three business segments performed well in January–September. The strongest performer was the Insurance segment with its earnings increasing to EUR 489 million thanks to a solid insurance service result and favourable development of income from investment activities. Retail Banking's operating profit was EUR 625 million, and Corporate Banking's operating profit was EUR 341 million.
OP Pohjola's capital adequacy is very strong. At the end of September, OP Pohjola's CET1 ratio was 21.4%, which exceeds the minimum regulatory requirement by 7.2 percentage points, that is, by EUR 5.9 billion. OP Pohjola is one of the most financially solid large banks in Europe. Our strong capital base and excellent liquidity form a solid foundation for serving our customers.
There has been a clear turnaround in the business environment this year
So far, the global economy has withstood the impacts of the Middle East War: in fact, macroeconomic indicators predict that growth will continue to accelerate slightly. However, the outlook remains uncertain, mainly due to developments in energy markets and inflationary pressures caused by rising energy prices. Growth in the euro area is expected to remain steady as manufacturing's recovery and export demand offset hikes in interest rates and energy prices.
Finland's economic growth accelerated to over 2% in Q3 of 2026. Exports have continued to grow well, investments have picked up and private consumption has begun to recover. Corporate confidence has grown stronger and the first positive signs have appeared on the labour market after a long downturn. In addition, consumers have more confidence in their finances and there has been an uptick in home-buying intentions.
However, interest rate hikes have impacted on the business environment. Both short and long-term interest rates have risen due to inflationary pressures. The most commonly used reference interest rate for home loans, the 12-month Euribor, was 3.33% at the end of September, compared to 2.24% at the end of 2025. On the other hand, Finland's inflationary outlook remains more moderate than elsewhere in Europe. Price rises have mainly been fuelled by surging energy prices, whereas prices of other commodities have risen moderately. This is maintaining households' purchasing power as real earnings grow, providing a strong basis for continued economic growth. We expect Finland's economy to grow at 2% in 2026 and 2027. In addition to exports and investments, higher private consumption is expected to drive growth in 2027.
Households' financial situation is good and confidence is growing
The economy's gradual recovery is also reflected in household finances, whose stability is reflected in our customers' good repayment capacity. Loan repayment capacity has remained extremely high among OP Pohjola's customers. There was a further fall in the number of loan modification requests: these were 11% lower in January–September than in the same period in 2025. Furthermore, credit risks remained extremely low.
Strong household finances are also evident in deposits and lending. The deposit portfolio grew by 3% year on year, amounting to EUR 82 billion at the end of September. Household deposits have grown by 2% since 30 September 2025, to EUR 52 billion. OP Pohjola's loan portfolio grew by 3% to EUR 103 billion compared to the same period last year. OP Pohjola is the clear market leader in deposits and credit in Finland. It has a market share of more than 40% in deposits and of over 39% in home loans.
Owner-customer membership is providing our customers with growing benefits
OP Pohjola's mission is to promote the sustainable prosperity, security and wellbeing of its owner-customers and operating region. To support this goal, we renewed our owner-customer benefits in 2026 by increasing OP bonuses, expanding their accrual and giving customers more opportunities to decide how they are used. Our customers have warmly welcomed this reform.
Owner-customer membership eases the daily lives and finances of our customers at various times of life. New OP bonuses accrued to owner-customers increased by 29% year on year in January–September, totalling EUR 314 million. Although most of our owner-customers still use OP bonuses for banking and insurance services, an increasing number also use their OP bonuses for saving and investing. Besides OP bonuses, our owner-customers receive financial benefits on a daily basis, as well as a wide range of partner benefits that are easily accessible and usable on OP-mobile.
Our owner-customers also earn OP bonuses from home loans. The popularity of long-term home loans increased this year – a 30-year loan term is already being selected for 25% of new home loans. Longer loan terms bring smaller monthly instalments, which can add flexibility to household finances and enable saving and investment alongside loan repayments.
Saving and investing more active in Finland
Our customers' choices are clear indications of growing interest in saving and investing. The number of mutual fund investors grew further, with 194,000 new mutual fund investment agreements being made in January–September. Our customers made new investments of EUR 3.3 billion in net terms, whereas assets under management grew to a record level of EUR 116 billion.
As well as helping people to start investing, we want to ease their first steps towards personal wealth creation. We therefore continue to offer OP First Investment – a EUR 100 investment in OP World Index fund – for babies born in Finland in 2027. More than 20,000 babies in Finland have received the investment since 2025 – a total of more than EUR 2 million had been invested for children by the end of August 2026. In other words, in the last couple of years almost a third of babies born in Finland have taken their first step in long-term saving and wealth building.
Companies' appetite for growth is shaping demand for financing – the corporate loan portfolio grew by 10%
The economic recovery is raising companies' appetite to invest and renew their businesses. Demand for corporate loans grew substantially in January–September: OP Pohjola's corporate loan portfolio grew by 10% year on year, to EUR 31 billion. The amount of corporate loans drawn down at OP Pohjola grew by more than 31% compared to the same period in 2025.
Companies are actively seeking financing for investments, growth, internationalisation and upgrading of their operations. Based on its strong market position, broad regional network and diverse financing solutions, OP Pohjola will continue to support companies' growth, investments and transformations throughout Finland. Accordingly, it is helping Finnish companies to grow and internationalise.
AI improves the customer experience
Generative AI is one of our key ways of developing our services and improving our customer experience. We already use AI in areas like customer service, processing of insurance compensation, anti-financial crime and supporting our personnel in their daily work.
Our AI-based app, OP Aina, has evolved into a personal digital assistant for customers, helping them to handle banking and insurance matters regardless of time and place. As well as answering customers' questions, OP Aina helps them to anticipate and manage their daily finances by providing them with e.g. reminders, personal notifications and guidance.
In January–September, OP Aina had almost 8 million customer encounters, up by 36% year on year. OP Aina handled 3.9 million of all customer contacts and answered 22% of queries made by customers through various service channels. Our customers were extremely satisfied with OP Aina: a record 86% of all feedback received was positive.
They use AI to expedite the help they need, leaving our personnel to focus on situations where personal advice generates most value for customers. We aim to build a more personal, proactive and smooth service experience for all our customers.
My warm thanks to all our customers for your trust in OP Pohjola in 2026. We aim to continue earning the confidence you place in us. I would also like to thank our employees and governing bodies for their excellent work.
Timo Ritakallio
President and Group CEO
January–September
Operating profit was EUR 1,396 million (1,715), down by 18.6% year on year. Income from customer business, that is, net interest income, net commissions and fees and insurance service result increased to EUR 2,582 million (2,559). The cost/income ratio weakened to 56.1% (50.8). Cost/income ratio excluding OP bonuses was 51.2% (47.5).
New OP bonuses accrued to owner-customers increased by 28.7% to EUR 314 million. At the beginning of 2026, OP bonuses were increased and the range of services that provide them was widened.
Net interest income decreased by 4.6% to EUR 1,695 million. Net interest income was decreased by OP bonuses accrued to owner-customers totalling EUR 230 million (185). Net interest income without OP bonuses earned by owner-customers decreased by 1.8% to EUR 1,925 million. Net interest income reported by the Retail Banking segment decreased by 9.1% to EUR 1,212 million and that by the Corporate Banking segment decreased by 8.0% to EUR 409 million. The loan portfolio grew by 3.0% to EUR 103.2 billion, year on year. Year on year, the corporate loan portfolio grew by 9.8% to EUR 31.1 billion. The deposit portfolio grew by 2.8% year on year, to EUR 82.0 billion. Household deposits increased by 2.3% year on year, to EUR 51.6 billion. New loans drawn down by customers during the reporting period totalled EUR 21.9 billion (19.3).
Impairment loss on receivables totalled EUR 36 million. A year ago, impairment loss on receivables reversed came to EUR 46 million. Final credit losses totalled EUR 55 million (69). At the end of the reporting period, loss allowance was EUR 658 million (677), of which management overlay accounted for EUR 32 million (58). Non-performing exposures decreased, accounting for 1.9% (2.1) of total exposures. Impairment loss on loans and receivables accounted for 0.05% (-0.06) of the loan and guarantee portfolio.
Net commissions and fees grew by 16.2% to EUR 700 million. During the comparison period, owner-customers got daily banking services without monthly charges. Net commissions and fees for payment services increased by EUR 70 million to EUR 249 million and those for mutual funds by EUR 32 million to EUR 169 million. The commission income of mutual funds is reduced by OP bonuses earned by owner-customers, totalling EUR 52 million (39).
The insurance service result grew to EUR 188 million (181). The insurance service result includes EUR 421 million (400) of operating expenses and EUR 32 million (12) of OP bonuses earned by owner-customers. Non-life insurance net insurance revenue, including the reinsurer's share, decreased to EUR 1,342 million (1,345). Net claims incurred after reinsurers' share decreased by 3.1% to EUR 761 million. The combined ratio reported by non-life insurance improved to 87.5% (88.1).
Investment income (net investment income, net insurance finance expenses and income from financial assets held for trading) decreased to EUR 234 million (426). Insurance's net investment income together with net finance expenses describe investment profitability in the insurance business. The combined return on investments at fair value of OP Pohjola's insurance companies was 3.1% (3.0). Income from investment activities was reduced by changes in the fair value of Group Functions' equity investments and Insurance's notes and bonds.
Net income from financial assets recognised at fair value through profit or loss, or notes and bonds, shares and derivatives, totalled EUR 1,674 million (904). Net income from investment contract liabilities totalled EUR -1,079 million (-435). Net insurance finance expenses totalled EUR 413 million (185).
In banking, net income from financial assets held for trading decreased to EUR 57 million (136) as a result of changes in the value of derivatives.
Other operating income totalled EUR 24 million (8). A year ago, a EUR 23 million valuation adjustment in patient insurance policies with full risk for own account decreased other operating income.
Total expenses grew by 6.1% to EUR 1,829 million. Personnel costs rose by 4.9% to EUR 854 million. The increase was affected by headcount growth and pay increases as well as the cancellation of the transfer of the EUR 20 million earnings-related supplementary pension liability a year ago. The number of personnel increased by almost 190 year on year, especially in positions of customer care and sales, risk management and compliance, and service development.
Depreciation/amortisation and impairment loss on PPE and intangible assets grew by 1.7% to EUR 94 million. Impairment loss totalled EUR 19 million (7). Other operating expenses increased by 8.2% to EUR 881 million. ICT costs totalled EUR 477 million (427). Development costs were EUR 335 million (302) and capitalised development expenditure EUR 28 million (40). Charges of financial authorities were EUR 4 million (1).
Income tax amounted to EUR 360 million (345). The effective tax rate for the reporting period was 25.8% (20.1). The deferred tax rate increased because deferred tax assets were not recognised for part of the decrease in the fair value of equities. It is not probable that the decrease in the fair value of all equities is used for tax purposes. Comprehensive income after tax totalled EUR 1,045 million (1,462).
Equity amounted to EUR 20.6 billion (19.7). Equity included EUR 3.0 billion (3.1) in Profit Shares, terminated Profit Shares accounting for EUR 0.2 billion (0.3).
OP Pohjola's funding position and liquidity are strong. LCR was 167% (186) and NSFR was 127% (131).
Outlook
The Finnish economy is expected to grow faster in 2026 than in the previous year. Geopolitical uncertainty or the escalation of geopolitical crises may affect the capital markets and the economic environment of OP Pohjola and its customers.
OP Pohjola's operating profit for 2026 is expected to be at a good level but lower than that for 2025.
The main uncertainties affecting OP Pohjola's earnings performance are associated with developments in the business environment, the capital market and developments in impairment loss on receivables. Forward-looking statements expressing the management's expectations, beliefs, estimates, forecasts, projections and assumptions are based on the current view on developments in the economy, and actual results may differ materially from those expressed in the forward-looking statements.
Press conference
OP Pohjola's financial performance will be presented to the media by President and Group Chief Executive Officer Timo Ritakallio in a press conference on 27 October 2026 at 11 am at Gebhardinaukio 1, Vallila, Helsinki.
Media enquiries: OP Corporate Communications, tel. +358 10 252 8719, viestinta@op.fi
OP Corporate Bank plc and OP Mortgage Bank plc will publish their own Interim Reports.
Financial reporting
Schedule for financial reports for 2026:
| OP Amalgamation Pillar 3 Disclosures 30 September 2026 | Week 46 |
| Financial Statements Bulletin for 1 January‒31 December 2026 | 10 February 2027 |
| Report by the Board of Directors (incl. Sustainability Report) and Financial Statements 2026 | Week 11, 2027 |
| OP Pohjola's Annual Report 2026 | Week 11, 2027 |
| OP Pohjola's Corporate Governance Statement 2026 | Week 11, 2027 |
| OP Pohjola's Remuneration Report for Governing Bodies 2026 | Week 11, 2027 |
| Remuneration Policy for Governing Bodies at OP Pohjola | Week 11, 2027 |
| OP Amalgamation Pillar 3 Disclosures 2026 | Week 11, 2027 |
Schedule for financial reports for 2027:
| Interim Report 1 January–31 March 2027 | 29 April 2027 |
| Half-year Financial Report 1 January–30 June 2027 | 28 July 2027 |
| Interim Report 1 January–30 September 2027 | 28 October 2027 |
| OP Amalgamation Pillar 3 Disclosures 31 March 2027 | Week 18 |
| OP Amalgamation Pillar 3 Disclosures 30 June 2027 | Week 32 |
| OP Amalgamation Pillar 3 Disclosures 30 September 2027 | Week 44 |
Helsinki, 27 October 2026
OP Cooperative
Board of Directors
For additional information, please contact:
Timo Ritakallio, President and Group CEO, tel. +358 10 252 4500
Mikko Timonen, Chief Financial Officer, tel. +358 10 252 1325
Piia Kumpulainen, Chief Communications Officer, tel. +358 10 252 7317
DISTRIBUTION:
Nasdaq Helsinki Ltd
Euronext Dublin (Irish Stock Exchange)
London Stock Exchange
Major media
op.fi
OP Pohjola is Finland’s largest financial services group, with more than two million owner-customers and approximately 15,000 employees. We provide a comprehensive range of banking and insurance services for personal and corporate customers. OP Pohjola consists of OP cooperative banks, its central cooperative OP Cooperative, and the latter's subsidiaries and affiliates. Our mission is to promote the sustainable prosperity, security and wellbeing of our owner-customers and operating region. Together with our owner-customers, we have been building Finnish society and a better future for more than 120 years.
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