Report by the Executive Board and Financial Statements

2016 in brief

This page shows OP Financial Group’s key figures for 2016 in summary. Download OP Financial Group's Report by the Executive Board and Financial Statements 2016 here.

Earnings before tax

€ million



Loan portfolio growth

 4.5 %

over the previous year


New OP bonuses

208 € million



OP Financial Group improved its earnings further, above-the-market average growth continued on a wide front

  • Earnings before tax totalled EUR 1,138 million (1,101).
  • Earnings before tax in October-December were EUR 218 million (175).
  • Net interest income increased by 3% and net insurance income by 6% and total income grew by 3% on a year earlier. Expenses rose by 3%. The rise was entirely explained by higher development costs.
  • The CET1 ratio increased by 0.6 percentage points year on year to 20.1%. Based on the results of the stress test conducted by the European Banking Authority, the Group's capital adequacy clearly exceeded regulatory requirements also in an operating environment of an extremely adverse scenario.
  • The home loan portfolio increased by 4%, the corporate loan portfolio by 3% and deposits by 6%. New home loans drawn down were 8% and corporate loans 10% higher than a year ago.
  • Insurance premium revenue increased by 2%.
  • Assets managed by Wealth Management increased by 9% over the previous year.
  • Full-year earnings for 2017 are expected to be about the same as or lower than those for 2016 due to increasing development costs and other expenses arising from strategy implementation.

Almost 160,000 new OP Financial Group banking customers and 260,000 new owner-customers

  • OP Financial Group received almost 160,000 new banking customers, or 21% more than a year ago. The number of owner-customers increased by almost 260,000 to over 1.7 million. The number of joint banking and non-life insurance customers increased by almost 100,000 to over 1.7 million.
  • New OP bonuses totalled over EUR 200 million, up by almost 5% year on year. The estimated interest payable on Profit Shares totals EUR 83 million.
  • The Group launched several #Suominousuun (Putting Finland on a new growth path) initiatives in its social role. During the financial year, the Group announced, for example, donations worth over EUR 6 million to Finnish universities.
  • OP Financial Group’s gift to the 100-year-old Finland is 100 years of volunteering., a new volunteer work exchange site, brings together those in need of help and volunteers.
  • In June, OP Financial Group confirmed an updated strategy aimed at broad-based renewal which is being implemented on a wide front.

 OP Financial Group's key indicators

Q1–4/2016 Q1–4/2015 Change, %
Earnings before tax, € million 1,138 1,101 3.3

Banking 596 642 -7.3

Non-life Insurance 230 259 -11.1

Wealth Management 232 213 8.8
New OP bonuses accrued to owner-customers 208 197 5.3

31 Dec. 2016 31 Dec. 2015 Change, %
CET1 ratio, % 20.1 19.5 0.6*
Return on economic capital, % ** 22.7 21.5 1.2*
Ratio of capital base to minimum amount of capital base
(under the Act on the Supervision of Financial and Insurance Conglomerates), % ***
170 191 -21*
Ratio of impairment loss on receivables to loan and guarantee portfolio, % 0.09 0.10 0.0*
Owner-customers (1,000) 1,747 1,491 17.2

Comparatives deriving from the income statement are based on figures reported for the corresponding period in 2015. Unless otherwise specified, balance sheet and other cross-sectional figures on 31 December 2015 are used as comparatives.
* Change in ratio
** 12-month rolling, change in percentage
*** The FiCo ratio has been calculated under Solvency II transitional provisions and the comparatives have been adjusted.