Earnings before tax


million euros (-5.4%)





Loan portfolio growth


over the previous year





New OP bonuses accrued to owner-customers


million euros (+5.7%)

2017 in brief

This page shows OP Financial Group’s key figures and ratios for 2017 in summary.

Download OP Financial Group's Report by the Executive Board and Financial Statements 2017 here.

Information about non-financial indicators can be found under Corporate Social Responsibility and GRI.


Earnings before tax million euros (-5.4%)



Loan portfolio growth over the previous yea



New OP bonuses accrued to owner-customers million euros (+5.7%)


Earnings before tax over one billion euros for the third year in a row, strong growth in business

  • Earnings before tax amounted to 1,077 million euros (1,138), being 5% lower than the record earnings a year ago.
  • Income increased by a total of 4%. Net interest income increased by 3%, net commissions and fees by 8% and net investment income by 27%. Net insurance income decreased by 14%.
  • Expenses rose by 13%. The rise in expenses stemmed mainly from higher development investments related to the modernisation of the present-day business and from an increase in other expenses related to strategy implementation.
  • Impairment loss on receivables, 48 million euros (77), were low, accounting only for 0.06% of loans and receivables.
  • CET1 ratio was 20.1%, or at the previous year-end level.
  • Banking: The loan portfolio increased by 5% and deposits by 6%. Both net interest income and net commissions and fees increased by 4%. Supported by strong growth in income, earnings before tax increased by 16%.
  • Non-life insurance: Insurance premiums from private customers increased by 2%, while those from corporate customers decreased slightly. Earnings before tax decreased by 14%. The earnings were eroded by a reduction of the discount rate to 1.5% in September and more unfavourable claims development than a year ago.
  • Wealth Management: Assets under management increased by 5%. Earnings before tax increased by 9%, aided by strong improvement in net commissions and fees.
  • Other Operations: Earnings were weakened by higher investments in the development of services and other strategy implementation.
  • Earnings before tax for 2018 are expected to be at about the same level as or lower than in 2017.

Business development and sense of community for the benefit of owner-customers

  • In 2017, development investments worth around 450 million euros focused on ensuring compliance with requirements set by the authorities and legislative requirements, improving operational efficiency and smoothness as well as developing business.
  • In 2017, OP Financial Group opened Pohjola Hospitals in Oulu and Kuopio. The construction of a hospital in Turku is progressing as planned.
  • In the financial year, the number of OP cooperative banks’ owner-customers increased by 86,000 to over 1.8 million and that of OP Financial Group’s joint banking and insurance customers by 40,000 to almost 1.8 million.
  • In November, OP held the biggest electronic voting in Finland. Almost 2,400 owner-customers were elected to Representative Assemblies in 81 OP cooperative banks for the next four years.
  • OP Financial Group had the objective of donating 100 person-years of volunteering in honour of the centenary of Finland’s independence. Volunteer work performed with partners totalled 274 years.
  • OP bonuses increased by 6% to 220 million euros (208).



OP Financial Group’s key figures and ratios

  Q1–4/2017 Q1–4/2016 Change, %
EBT, € million 1,077 1,138 -5.4
Banking 666 574 16.0
Non-life Insurance 210 244 -13.9
Wealth Management 247 226 9.2
Other Operations -45 95  
New OP bonuses accrued to owner-customers 220 208 5.7
  31 Dec. 2017 31 Dec. 2016 Change, %
CET1 ratio, % 20.1 20.1 0.0*
Return on economic capital, % ** 21.3 22.7 -1.4*
Ratio of capital base to minimum amount of capital base (under the Act on the Supervision of Financial and Insurance Conglomerates), % *** 148 170 -22*
Ratio of impairment loss on receivables to loan and guarantee portfolio, % 0.06 0.09 0.0*
Owner-customers (1,000) 1,833 1,747 4.9

Comparatives deriving from the income statement are based on figures reported for the corresponding period in 2016. Unless otherwise specified, balance sheet and other cross-sectional figures on 31 December 2016 are used as comparatives
* Change in ratio
** 12-month rolling
*** The FiCo ratio has been calculated for insurance companies using transition provisions included in solvency regulation.