OP Corporate Bank plc's
Report by the Board of Directors
and Financial Statements 2025
OP Corporate Bank plc's Report by the Board of Directors 2025  |  1
Report by the Board of Directors 2025 
Operating profit
Q1–4/2025
Net interest income
Q1–4/2025
Total income
Q1–4/2025
Total expenses
Q1–4/2025
CET1 ratio
31 Dec 2025
€559 million
+9%
+8%
+3%
14.1
• OP Corporate Bank's operating profit amounted to EUR
559 million (473).
• Total income grew by 8% to EUR 833 million (773). Net
interest income grew by 9% to EUR 576 million (529).
Investment income totalled EUR 131 million (136). Net
commissions and fees, EUR 75 million (75), were at the
previous year's level. Other operating income increased
by 54% to EUR 51 million (33).
• Impairment loss on receivables reversed came to
EUR 32 million. A year ago, impairment loss on
receivables totalled EUR 1 million.
• Operating expenses increased to EUR 306 million (298).
The cost/income ratio improved to 37% (39).
• The loan portfolio grew by 2.8% to EUR 29.1 billion
(28.3). The deposit portfolio decreased by 1.0% to EUR
17.0 billion (17.2).
• OP Corporate Bank is in charge of OP Pohjola's
wholesale funding together with OP Mortgage Bank.
• The Corporate Banking and Capital Markets
segment's operating profit increased by 12% to EUR
343 million (307). Net interest income grew by 13% to
EUR 317 million (279). Net commissions and fees
increased to EUR 9 million (6). Investment income
totalled EUR 119 million (131). Operating expenses
increased by 7% to EUR 128 million (120). Impairment
loss on receivables reversed came to EUR 20 million (6).
The cost/income ratio was 28% (28).
• The Asset and Sales Finance Services and Payment
Transfers segment's operating profit increased by 10%
to EUR 184 million (167). Net interest income was EUR
218 million (216). Net commissions and fees decreased
to EUR 60 million (61). Operating expenses decreased
by 1% to EUR 119 million (119). Impairment loss on
receivables reversed came to EUR 9 million. A year ago,
impairment loss on receivables totalled EUR 9 million.
The cost/income ratio was 41% (40).
• The Baltics segment's operating profit decreased to
EUR 38 million (39). Net interest income grew by 6% to
EUR 62 million (59). Net commissions and fees totalled
EUR 11 million (11). Operating expenses increased by
12% to EUR 39 million (35). The cost/income ratio
weakened to 52% (49).
• The Group Functions segment's operating loss was
EUR 7 million ( 40). OP Pohjola's funding position and
liquidity remained strong.
• OP Corporate Bank's CET1 ratio remained at 14.1%
(14.1), which exceeds the minimum regulatory
requirement by 5.1 percentage points. The changes in
the EU Capital Requirements Regulation (CRR3), which
took effect on 1 January 2025, caused a slight
reduction in capital adequacy.
OP Corporate Bank plc's Report by the Board of Directors 2025  |  2
OP Corporate Bank's key indicators
€ million
Q1–4/2025
Q1–4/2024
Change, %
Operating profit (loss), € million
559
473
18.0
Corporate Banking and Capital
Markets
343
307
11.7
Asset and Sales Finance
Services and Payment Transfers
184
167
9.9
Baltics
38
39
-3.0
Group Functions
-7
-40
—
Total income
833
773
7.8
Total expenses
-306
-298
2.8
Cost/income ratio, %*
36.8
38.6
-1.8
Return on equity (ROE), %*
8.6
7.9
0.8
Return on assets (ROA), %*
0.58
0.48
0.09
31 Dec 2025
31 Dec 2024
Change, %
CET1 ratio, %*
14.1
14.1
-0.1
Loan portfolio, € million
29,079
28,295
2.8
Guarantee portfolio, € million
2,662
2,660
0.1
Other exposures, € million
5,579
5,238
6.5
Deposits, € million
16,987
17,155
-1.0
Ratio of non-performing
exposures to exposures, %*
1.4
1.8
-0.4
Ratio of impairment loss on
receivables to loan and guarantee
portfolio, %*
-0.10
0.00
-0.10
Comparatives for the income statement items are based on the corresponding figures in 2024. Unless otherwise
specified, figures from the end of 2024 are used as comparatives for balance-sheet and other cross-sectional
items.
* Change in ratio, percentage point(s).
OP Corporate Bank plc's Report by the Board of Directors 2025  |  3
Contents
January–December highlights
Other information about OP Corporate Bank
Financial indicators
Financial statements
Notes
OP Corporate Bank plc's Report by the Board of Directors 2025  |  4
Business environment
The global economy returned to the growth path in the
latter half of 2025. According to preliminary estimates, the
economy grew in 2025 at the average rate of the previous
ten years, and economic confidence increased in the fourth
quarter according to economic surveys. The euro area
economy grew by 1.5% in January–September, compared
to a year earlier. Euro area inflation slowed down from
2.3% at year-end to 2.0% in December. 
In the second half of 2025, stock markets recovered from
the slump caused by the trade war threats in the spring.
The indexes describing the global equity market were, in
the main, clearly higher at the end of December than a
year earlier. In Finland, the OMX Helsinki equity index was
30% higher than at the end of 2024.
The ECB lowered its key interest rates four times in the
first half. The deposit facility rate decreased to 2.00%, after
which the main refinancing rates have remained
unchanged. The 12-month Euribor, which is the key
reference rate for home loans, was at 2.24% at the end of
December, compared with 2.46% at the end of 2024.
According to preliminary information, Finland's GDP grew
by 0.2% in January–September, compared to the same
period the year before. The confidence indexes that
describe the economic cycle rose in the latter half. In
November, the unemployment rate rose to 10.6%
compared to 9.0% at the end of 2024. The inflation rate
slowed from 0.7% in December 2024 to 0.2% in December
2025. Compared to the year before, home sales increased,
while the decrease in home prices slowed down.
The global economic outlook is stable. Finland's economy is
slowly recovering to a moderate pace. However,
geopolitical tensions are undermining the global economic
outlook and may weaken confidence in the economy in
Finland.
The loan portfolio in Finland was 1.8% larger in December
than a year earlier. This growth was boosted by loans to
companies, public-sector entities, financial and insurance
institutions, and student loans, among other things.
Corporate loans increased by 2.7% year on year, and total
household loans increased by 0.2% compared to the same
period a year ago. The volume of consumer credit
decreased by 0.2% on a year earlier.
Deposits in Finland increased by a total of 7.7% over the
previous year. Corporate deposits grew by 3.0% and
household deposits by 4.4% year on year.
In 2025, the value of the assets of mutual funds registered
in Finland increased from EUR 184 billion to EUR 202
billion, and new assets invested in mutual funds totalled
EUR 5.6 billion.
GDP
Annual volume change, %
Sources: Eurostat, Statistics Finland Seasonally
adjusted series
Euribor rates and ECB refi rate
%
Source: Bank of Finland
Fixed investments in Finland
Annual volume change, %
Source: Statistics Finland
Change in financial sector volumes
in the past 12 months, %
Sources: Bank of Finland, Investment Research
Finland
OP Corporate Bank plc's Report by the Board of Directors 2025  |  5
OP Corporate Bank earnings
Income statement, € million
Q1–4/2025
Q1–4/2024
Change, %
Net interest income*
576
529
8.8
Impairment loss on receivables
32
-1
—
Net commissions and fees
75
75
0.8
Investment income*
131
136
-3.5
Other operating income
51
33
53.8
Personnel costs
-91
-90
1.0
Depreciation/amortisation and impairment loss
-1
-1
-22.8
Other operating expenses
-215
-207
3.7
Operating profit
559
473
18.0
* In 2025, OP Corporate Bank plc moved the presentation of interest-bearing items on structured notes and derivatives economically hedging them under net interest income expenses. Comparative information of 2024 has been
adjusted accordingly. Previously, these items were presented in full under net trading income in the income statement.  For more detailed information on the change, see Note 2, Changes in accounting policies and presentation.
January–December
OP Corporate Bank's operating profit increased by 18.0% to EUR 559 million (473). The
rise in operating profit was particularly due to higher net interest income, reversals of
impairment losses on receivables, and the increase in other operating income.
Net interest income grew by 8.8% to EUR 576 million (529). Interest income decreased by
EUR 787 million to EUR 2,301 million and interest expenses decreased by EUR 834
million to EUR 1,725 million. OP Corporate Bank's loan portfolio increased by 2.8% to EUR
29.1 billion (28.3). The deposit portfolio decreased by 1.0% to EUR 17.0 billion (17.2). The
amount of debt securities issued to the public decreased to EUR 17.2 billion (19.3). At the
end of the financial year, the amount of senior non-preferred bonds totalled EUR 3.6
billion (3.6). Subordinated liabilities decreased to EUR 0.8 billion (1.4). OP Corporate Bank
issued long-term bonds at a total of EUR 3.4 billion (1.6), of which a total of EUR 0.8
billion (0) were Tier 2 bonds.
Impairment loss on receivables reversed came to EUR 32 million, particularly due to a
better financial situation among customers and due to loan repayments. A year ago,
impairment loss on receivables totalled EUR 1 million. Loss allowance was EUR 253
million (300). The item includes a management overlay of EUR 20 million. Final net loan
losses recognised for the reporting period totalled EUR 14 million (28). Non-performing
exposures accounted for 1.4% (1.8) of total exposures. The ratio of impairment loss on
receivables to the loan and guarantee portfolio decreased to -0.10% (—).
Net commissions and fees totalled EUR 75 million (75). Commission income amounted to
EUR 133 million (131) and commission expenses to EUR 58 million (57).
Total investment income came to EUR 131 million (136). Income from derivatives
operations totalled EUR 104 million (113). Income from notes and bonds held for trading
rose to EUR 22 million (15) due to the increase in interest income. Income from shares
and participations decreased to EUR 4 million (8).
Other operating income increased by 53.8% to EUR 51 million (33). Other operating
income mainly includes OP Pohjola's internal items.
Total operating expenses increased by 2.8% to EUR 306 million. Personnel costs totalled
EUR 91 million (90). Other operating expenses were EUR 215 million (207). ICT costs
totalled EUR 101 million (101).
Comprehensive income increased to EUR 501 million (345). A change in the fair value
reserve, EUR 63 million, increased comprehensive income for the financial year. The fair
value reserve was EUR -25 million (-88) at the end of the financial year.
OP Corporate Bank plc's Report by the Board of Directors 2025  |  6
January–December highlights
Issuances by OP Corporate Bank
OP Corporate Bank issued long-term bonds at a total of EUR 3.4 billion (1.6), of which a
total of EUR 0.8 billion (0) were Tier 2 bonds.
Bond redemptions based on the bond terms and conditions
On 9 June 2025, OP Corporate Bank fully redeemed its EUR 1 billion Resettable Callable
Tier 2 Instruments due in June 2030. In addition, on 3 June 2025, OP Corporate Bank
fully redeemed its SEK 3.3 billion Callable Floating Rate Tier 2 Instruments due in June
2030.
OP Corporate Bank plc's Report by the Board of Directors 2025  |  7
Sustainability and corporate responsibility
OP Pohjola reports on its sustainability and corporate responsibility in accordance with the
European Sustainability Reporting Standards (ESRS) under the EU's Corporate
Sustainability Reporting Directive (CSRD).
OP Pohjola's sustainability report is prepared on a consolidated basis for the entire OP
Pohjola, on the same grounds and restrictions as OP Pohjola's Financial Statements. OP
Pohjola consists of OP cooperative banks and the central cooperative (OP Cooperative), as
well as a number of subsidiaries and affiliates. OP Corporate Bank is a member credit
institution, under the Act on the Amalgamation of Deposit Banks, which is permanently
affiliated to a central cooperative as provided for in the Act. According to the Accounting
Act's rules on the scope of application of sustainability reporting, a member credit
institution can determine that the rules in section 7 of the Act do not apply in its case. OP
Corporate Bank has decided that sustainability information regarding the company will be
included in OP Pohjola's sustainability report, and will not be reported separately. 
Sustainability and corporate responsibility is embedded in OP Pohjola's business and
strategy. OP Pohjola's sustainability and corporate responsibility work is guided by the
sustainability programme, which was updated at the end of 2025 and took effect at the
beginning of 2026. It is based on three main themes: Climate and nature, People and
communities and Corporate governance. The update to the programme included new,
more precise metrics under each key theme. More information about the sustainability
programme and its calculation principles is available on OP Pohjola's website at https://
www.op.fi/en/op-financial-group/corporate-social-responsibility/corporate-social-
responsibility-programme. 
OP Corporate Bank has two green bonds outstanding, each valued at EUR 500 million.
Proceeds raised from bonds support the green transition and are allocated to sustainable
corporate finance. Sectors eligible for such financing include renewable energy, green
buildings and the environmentally sustainable management of living natural resources.
The Green Bond Framework, which was last updated in 2024, takes account of the EU
Taxonomy criteria for sustainable business operations. The Green Bond Framework is
available in English on OP Pohjola's web page for debt investors.
OP Corporate Bank provides its customer with several products based on the international
framework for sustainable finance, such as green loans, sustainability-linked loans and
sustainable supply chain finance. By the end of December, total exposures from green
loans and sustainability-linked loans and facilities stood at EUR 8.3 billion (8.3).
As part of OP Pohjola, OP Corporate Bank is committed to making its corporate loan
portfolios climate neutral by 2050. OP Corporate Bank does not provide finance for new
coal power plants or coal mines, or companies that plan to build them. Neither does OP
Corporate Bank finance new corporate customers with financial dependence of over 5% on
coal as an energy source, measured in net sales. This policy can be deviated from if the
corporate customer is committed to shifting towards a low-carbon economy and
demonstrating a concrete plan to withdraw from coal.
OP Corporate Bank plc's Report by the Board of Directors 2025  |  8
Capital adequacy
Capital adequacy for credit institutions
At the end of the financial year, OP Corporate Bank's CET1 ratio was 14.1% ( 14.1), which
exceeds the minimum regulatory requirement by 5.1 percentage points. The earnings
covered the increase in risk-weighted assets, so the ratio was unchanged. The figures in
the comparison period are compliant with the previous regulation.
As a credit institution, OP Corporate Bank's capital adequacy ratio is good compared to the
statutory requirements and those set by the authorities. The statutory minimum for the
capital adequacy ratio is 8% and for the CET1 ratio 4.5%. The minimum AT1 requirement,
1.5%, increases the minimum CET1 to 6%. The requirement for the capital conservation
buffer of 2.5% under the Act on Credit Institutions, the systemic risk buffer of 0.10% and
the requirement for the countercyclical capital buffer of 0.3% for foreign exposures
increase the minimum capital adequacy ratio to 10.9% and the minimum CET1 ratio to
8.9%, including the shortfall of Additional Tier 1 (AT1) capital.
CET1 ratio
%
CET1 capital totalled EUR 5.0 billion (4.7) at the end of the financial year. The profit for
the financial year had a positive effect on CET1 capital.
At the end of the financial year, the risk exposure amount (REA) totalled EUR 35.8 billion
(32.9), or 8.6% higher than at the end of 2024. The risk-weighted assets within credit risk
were increased by the growth in the loan portfolio, process changes in collateral
management and changes to EU's Capital Requirements Regulation (CRR3). The risk-
weighted assets of operational risk increased as a result of CRR3 changes.
Risk exposure amount (REA) 31 Dec 2025, total EUR 35.8 billion
Risk exposure
amount (REA)
31 Dec
2025
Share of
REA, %
31 Dec
2024
Share of
REA, %
Change, %
Credit and
counterparty risk
32.1
89.8
29.5
89.4
9.1
Market risk
1.1
3.1
1.2
3.5
-4.7
Operational risk
1.3
3.7
1.2
3.7
8.9
Other risks
1.2
3.4
1.1
3.3
9.8
Total
35.8
100.0
32.9
100.0
8.6
OP Corporate Bank is part of OP Pohjola, whose capital adequacy is supervised in
accordance with the Act on the Supervision of Financial and Insurance Conglomerates. As
part of OP Pohjola, OP Corporate Bank is supervised by the European Central Bank (ECB).
OP Pohjola publishes Pillar 3 disclosures.
The Finnish Financial Supervisory Authority (FIN-FSA) makes a macroprudential policy
decision on a quarterly basis. In December 2025, the FIN-FSA reiterated its decision not to
impose a countercyclical buffer on banks.
OP Corporate Bank plc's Report by the Board of Directors 2025  |  9
Liabilities under the Resolution Act
Under regulation applied to the resolution of credit institutions and investment firms, the
resolution authority is authorised to intervene in the terms and conditions of investment
products issued by a bank in a way that affects an investor's position. The EU's Single
Resolution Board (SRB) based in Brussels is OP Pohjola's resolution authority. The SRB
has confirmed a resolution strategy for OP Pohjola whereby the resolution measures
would focus on the OP amalgamation and on the new OP Corporate Bank that would be
formed in case of resolution. According to the resolution strategy, OP Mortgage Bank
would continue its operations as OP Corporate Bank's subsidiary.
The SRB updated the Minimum Requirement for Own Funds and Eligible Liabilities (MREL)
for OP Pohjola in March 2025. As part of the MREL, the resolution authority has updated
OP Pohjola's subordination requirement in accordance with the Single Resolution
Mechanisms Regulation. The subordination requirement determines how much of the
MREL must be fulfilled with own funds or subordinated liabilities. The MREL is 23.42% of
the total risk exposure amount and 28.62% of the total risk exposure amount including a
combined buffer requirement, and 7.36% of leverage ratio exposures. The subordination
requirement supplementing the MREL is 13.50% of the total risk exposure amount and
18.70% of the total risk exposure amount including a combined buffer requirement, and
7.36% of leverage ratio exposures. The Combined Buffer Requirement (CBR) is 5.20%.
OP Pohjola's buffer for the MREL was EUR 3.8 billion (5.2), and for the subordination
requirement it was EUR 5.6 billion (7.2). The amount of senior non-preferred (SNP),
MREL-eligible bonds issued by OP Pohjola totalled EUR 2.8 billion (3.8). These bonds
provide funds for the MREL subordination requirement.
OP Pohjola clearly exceeds the MREL requirement. OP Pohjola's MREL ratio was 33.5%
(35.6) of the total risk exposure amount and, based on the subordination requirement, the
MREL ratio for subordinated liabilities was 25.8% (28.7) of leverage ratio exposures.
MREL requirements
€ billion
Credit ratings
OP Corporate Bank's credit ratings 31 December 2025
Rating agency
Short-term
debt
Outlook
Long-term
debt
Outlook
Standard & Poor's
A-1+
—
AA-
Stable
Moody's
P-1
Stable
Aa3
Stable
OP Corporate Bank has credit ratings affirmed by Standard & Poor's and Moody's. When
assessing OP Corporate Bank's credit rating, credit rating agencies evaluate the financial
position of OP Pohjola as a whole. The credit ratings did not change in 2025.
OP Corporate Bank plc's Report by the Board of Directors 2025  |  10
Bases for risk profile management and the business environment
In risk-taking related to its operations, OP Corporate Bank emphasises careful preparation
and a sound risk-return ratio. The principles and limits prepared by senior management
and adopted by OP Cooperative's Board of Directors steer and limit OP Corporate Bank's
risk taking and risk management.
OP Corporate Bank's success lies in a foundation of accumulated trust capital, sufficient
capital and liquidity, diverse information on customers and efficient reliable processes.
From a risk-carrying capacity perspective, it is essential for OP Corporate Bank to
understand its customers' activities and needs, as well as change factors affecting their
future success, not only in the prevailing business environment but also in situations
where the business environment is affected by an unexpected shock or change in trend. 
OP Corporate Bank analyses the business environment as part of the ongoing risk
assessment activities and strategy process. Megatrends and worldviews behind the
strategy reflect driving forces that affect the daily activities, conditions and future of OP
Corporate Bank, its customers and other stakeholders. At present, global factors identified
as particularly shaping the business environment include geopolitics and trade policy,
threats to corporate security, climate, biodiversity loss, and scientific and technological
innovations. In addition to these, significant change drivers in Finland include the
demographic and regional development and growing public debt. OP Corporate Bank
provides customers with advice and tailored services priced on risk basis that promote
their sustainable financial success and security, while managing its own risk profile on a
longer-term basis.
In OP Corporate Bank's operations, data is a key production factor. OP Corporate Bank
makes comprehensive use of data in customer guidance, service sizing and risk-based
pricing. Contract life cycle management and advice for customers are based on correct
and comprehensive information about the customer. Reporting for management purposes
is also based on accurate and comprehensive data.
Changes over time and unexpected external shocks from the economic and physical
environments may have various direct and indirect effects on the prosperity of OP
Corporate Bank's customers and on OP Corporate Bank's premises, ICT infrastructure and
personnel. If materialised, they may affect the risk profile, capitalisation, liquidity and the
continuity of daily business of OP Corporate Bank in various ways. OP Corporate Bank
assesses the effects of transformative developments and of any potential shocks by means
of scenario work and continuously prepares for such effects by creating and testing action
plans.
The materialisation of OP Corporate Bank's operational risks resulted in EUR 0.4 million
(0.1) in gross losses. The risk profile of other risks is discussed in more detail by segment.
OP Corporate Bank's segments include Corporate Banking and Capital Markets, Asset and
Sales Finance Services and Payment Transfers, Baltics and Group Functions.
Segments
Within Corporate Banking, key risks are associated with credit risk arising from customer
business, and market risks.
Corporate Banking's credit risk exposure remained low in terms of risk level, and the
overall quality of the loan portfolio was good. However, the potential economic impact of
geopolitical tension and Finland's rising unemployment rate increase uncertainty in the
business environment outlook.
The VaR, a measure of market risks associated with Corporate Banking's investments, was
EUR 34 million (30) at the end of the financial year. The VaR risk metric includes banking's
bond investments, derivatives that hedge their interest rate risk and investments in money
market papers. No major changes were made to asset class allocation during the financial
year.
In Markets, the stressed Expected Shortfall (ES), a measure of market risk, amounted to
EUR 1.4 million (0.9) at the end of the financial year. At the end of December, the risk
scenarios focused on interest rate risk.
Interest rate risk in the banking book measured as the effect of a one-percentage-point
increase on a 12-month net interest income was EUR 17 million (22) and as the effect of
a one-percentage-point decrease EUR –17 million (–22) on average year on year. Interest
income risk is calculated for a one-year period by dividing the sum of the interest income
risk for the next three years by three.
OP Corporate Bank plc's Report by the Board of Directors 2025  |  11
Corporate Banking's market risk VaR at a confidence level of 95% and a
retention period of 10 days
€ million
Market risk ES of the Markets function at a confidence level of 97.5% and a
retention period of 1 day
€ million
OP Corporate Bank plc's Report by the Board of Directors 2025  |  12
Forborne exposures and non-performing
exposures
Performing forborne
exposures (gross)
Non-performing exposures
(gross)
Doubtful receivables
(gross)
Loss allowance
Doubtful receivables (net)
€ million
31 Dec
2025
31 Dec
2024
31 Dec
2025
31 Dec
2024
31 Dec
2025
31 Dec
2024
31 Dec
2025
31 Dec
2024
31 Dec
2025
31 Dec
2024
More than 90 days past due
60
59
60
59
29
34
31
25
Unlikely to be paid
213
278
213
278
49
61
164
218
Forborne exposures
749
806
233
302
982
1,109
77
95
906
1,014
Total
749
806
506
640
1,255
1,446
154
190
1,101
1,256
OP Corporate Bank
Key ratios
31 Dec 2025
31 Dec 2024
Ratio of doubtful receivables to exposures, %
3.35
4.00
Ratio of non-performing exposures to exposures, %
1.35
1.76
Ratio of performing forborne exposures to exposures, %
2.00
2.22
Ratio of performing forborne exposures to doubtful receivables, %
59.67
55.77
Ratio of loss allowance (receivables from customers) to doubtful receivables, %
20.04
20.45
Non-performing exposures decreased, accounting for 1.4% ( 1.8) of total exposures. At the
end of the financial year, OP Corporate Bank had 7 (7) large customer exposures, totalling
EUR 4.1 billion (3.8). Large customer exposure refers to the amount of exposures of an
individual group of connected clients which, after allowances, exceeds 10% of Tier 1 capital
covering customer risk. 
The Baltics segment exposures totalled EUR 4.7 billion (4.1), which accounted for 11.4%
(10.4) of OP Corporate Bank's total exposures. 
The distribution of loss allowance by sector is presented at the level of OP Pohjola in
OP Pohjola's financial statements bulletin.
OP Corporate Bank plc's Report by the Board of Directors 2025  |  13
Group Functions segment
Major risks related to the Group Functions segment include market risks, credit risk and
liquidity risk. The most significant market risk factor is the effect of credit spread changes
on the value of notes and bonds included in the liquidity buffer.
OP Pohjola's and OP Corporate Bank's funding position and liquidity are strong. 
OP Pohjola monitors its long-term funding sufficiency, for example, by means of the Net
Stable Funding Ratio (NSFR), which measures structural funding risk. According to
regulation, the NSFR must be at least 100%. OP Pohjola's NSFR was 131% (129) at the
end of the financial year.
The VaR risk metric that measures market risk associated with the liquidity buffer was
EUR 33 million (29) on at the end of the financial year. The VaR risk metric includes bond
investments in the liquidity buffer, derivatives that hedge their interest rate risk and
investment in money market papers. No major changes occurred in the asset class
allocation.
OP Pohjola secures its liquidity through a liquidity buffer maintained by OP Corporate Bank
and consisting mainly of deposits with central banks and receivables eligible as collateral
for central bank refinancing. The liquidity buffer is sufficient to cover the need for short-
term funding for known and predictable payment flows and in a liquidity stress scenario.
OP Pohjola monitors its liquidity and the adequacy of its liquidity buffer using, for example,
the LCR (Liquidity Coverage Ratio). According to regulation, the LCR must be at least
100%. OP Pohjola's LCR was 186% (193) at the end of the financial year.
Liquidity buffer's market risk VaR at a confidence level of 95% and a
retention period of 10 days
€ million
OP Corporate Bank plc's Report by the Board of Directors 2025  |  14
Liquidity buffer
€ billion
31 Dec 2025
31 Dec 2024
Change, %
Deposits with central banks
15.5
17.9
-13.5%
Notes and bonds eligible as collateral
15.5
12.3
26.3%
Loan receivables eligible as collateral
1.0
1.0
-2.0%
Total
32.0
31.2
2.6%
Receivables ineligible as collateral
0.9
0.8
19.8%
Liquidity buffer at market value
32.9
32.0
3.0%
Collateral haircut
-0.8
-0.7
12.1%
Liquidity buffer at collateral value
32.1
31.2
2.8%
The liquidity buffer comprises notes and bonds issued by governments, municipalities,
financial institutions and companies all showing good credit ratings, securitised assets and
loan receivables eligible as collateral. At the end of the financial year, the liquidity buffer
included bonds with a carrying amount of EUR 2,034 million (1 520) classified at
amortised cost, issued by issuers other than OP Pohjola. The fair value of these bonds
amounted to EUR 2,047 million (1,547). In the Liquidity buffer table, the bonds are
measured at fair value.
OP cooperative banks and OP Cooperative with its subsidiaries form a significant customer
group for OP Corporate Bank acting as OP Pohjola's central financial institution. Exposures
of OP Pohjola entities represented 13.1% of OP Corporate Bank's exposures. These
exposures increased by EUR 0.8 billion during the financial year. All exposures of OP
cooperative banks and OP Cooperative are investment-grade exposures.
Financial assets included in the liquidity buffer by credit rating
31 December 2025, € million
*incl. deposits with the central bank
Financial assets included in the liquidity buffer by maturity
31 December 2025, € million
OP Corporate Bank plc's Report by the Board of Directors 2025  |  15
Financial performance by segment
OP Corporate Bank's segments include Corporate Banking and Capital Markets, Asset and Sales Finance Services and Payment Transfers, Baltics and Group Functions. OP Corporate
Bank plc prepares its segment reporting in compliance with its accounting policies. 
Corporate Banking and Capital Markets
• Operating profit increased to EUR 343 million (307).
• Total income increased by 7.1% to EUR 451 million (422). Net interest income grew by
13.4% to EUR 317 million (279). Net commissions and fees totalled EUR 9 million (6).
Investment income fell by 9.1% to EUR 119 million (131). 
• Total expenses increased by 7.0% to EUR 128 million (120). Personnel costs totalled
EUR 39 million (39). Other operating expenses increased by 9.9% to EUR 89 million
(81).
• The cost/income ratio was 28.4% (28.5). 
• The loan portfolio grew by 2.9% to EUR 17.2 billion (16.7).
• Impairment loss on receivables reversed came to EUR 20 million. A year ago,
impairment loss on receivables reversed came to EUR 6 million.
• The most significant development investments focused on upgrading the core banking
system.
Operating profit
€ million
Cost/income ratio
%
OP Corporate Bank plc's Report by the Board of Directors 2025  |  16
Corporate Banking and Capital Markets segment's key figures and ratios
€ million
Q1–4/2025
Q1–4/2024
Change, %
Net interest income**
317
279
13.4
Impairment loss on receivables
20
6
261.7
Net commissions and fees
9
6
55.3
Investment income**
119
131
-9.1
Other operating income
7
6
16.8
Personnel costs
-39
-39
1.0
Depreciation/amortisation and impairment loss
0
0
8.8
Other operating expenses
-89
-81
9.9
Operating profit
343
307
11.7
Total income
451
422
7.1
Total expenses
-128
-120
7.0
Cost/income ratio, %
28.4
28.5
0.0*
Return on assets (ROA), %
1.33
1.16**
0.16*
€ billion
31 Dec
2025
31 Dec
2024
Change, %
Loan portfolio
17.2
16.7
2.9
* Change in ratio, percentage point(s).
** In 2025, OP Corporate Bank plc moved the presentation of interest-bearing items on structured notes and
derivatives economically hedging them under net interest income expenses. Comparative information of 2024
has been adjusted accordingly. Previously, these items were presented in full under net trading income in the
income statement.  For more detailed information on the change, see Note 2, Changes in accounting policies and
presentation.
The Corporate Banking and Capital Markets segment provides corporate and institutional
customers with financing and liquidity management services. The services also range from
the arrangement of debt issues, equity, foreign exchange, bond, money market and
derivative products and structured investment products to investment research. In
addition to its own clients, the segment provides capital market products and services to
corporate and personal clients through OP cooperative banks.
The loan portfolio grew by 2.9% to EUR 17.2 billion (16.7) with the fourth quarter being
the strongest of the year. Demand for corporate investment financing and working capital
financing showed signs of picking up. The amount of credit drawn down and the loan
portfolio increased. With the fall and stabilisation in interest rates in early 2025, signs of a
turnaround appeared on the real estate market.
Corporate Banking was the lead arranger or arranger of 15 bond issues on the capital
markets, which raised EUR 3.1 billion for companies.
The segment's most significant development investments focused on upgrading the core
banking system.
Profit for the financial year
The segment's operating profit rose to EUR 343 million (307). Total income increased by
7.1%. Total expenses increased by 7.0%. The cost/income ratio was 28.4% (28.5).
Net interest income grew by 13.4% to EUR 317 million (279), due to an increase in
treasury-related items in particular. The decrease in financing costs on derivatives used as
collateral increased net interest income by EUR 14 million year on year. Correspondingly,
their counterpart items (financial and investment items) decreased net interest income by
EUR 14 million year on year.
Impairment loss on receivables reversed came to EUR 20 million, particularly due to the
better financial situation among customers and loan repayments. A year ago, impairment
loss on receivables reversed came to EUR 6 million.
Net commissions and fees totalled EUR 9 million (6). Investment income decreased to EUR
119 million (131).  Higher customer activity in currency and interest rate protection
contributed to higher income from investment activities year on year. Value changes in
Credit Valuation Adjustment (CVA) in derivatives owing to market changes improved
earnings by EUR 1 million (–5).
Total expenses increased by 7.0% to EUR 128 million (120). Personnel costs totalled EUR
39 million (39). Other operating expenses increased by 9.9% to EUR 89 million (81). The
increase in other operating expenses was due to higher internal charges at OP Pohjola. 
OP Corporate Bank plc's Report by the Board of Directors 2025  |  17
Asset and Sales Finance Services and Payment Transfers
• Operating profit increased to EUR 184 million (167).
• Total income decreased by 0.5% to EUR 294 million (296). Net interest income grew by
0.7% to EUR 218 million (216). Net commissions and fees decreased by 2.0% to EUR 60
million (61).
• Total expenses were EUR 119 million (119). The cost/income ratio was 40.6% (40.2).
• The loan portfolio decreased by 1.1% to EUR 8.6 billion (8.7). The deposit portfolio grew
by 1.8% to EUR 14.0 billion (13.8).
• Impairment loss on receivables reversed came to EUR 9 million. A year ago, impairment
loss on receivables totalled EUR 9 million.
• The most significant development investments involved the upgrades of customer
relationship management, payment, and asset-based financing systems.
Key indicators
€ million
Q1–4/2025
Q1–4/2024
Change, %
Net interest income
218
216
0.7
Impairment loss on receivables
9
-9
—
Net commissions and fees
60
61
-2.0
Investment income
0
0
-18.3
Other operating income
17
19
-9.7
Personnel costs
-34
-33
2.4
Depreciation/amortisation and impairment loss
0
-1
-55.3
Other operating expenses
-85
-85
0.2
Operating profit
184
167
9.9
Total income
294
296
-0.5
Total expenses
-119
-119
0.5
Cost/income ratio, %
40.6
40.2
0.4*
Return on assets (ROA), %
1.63
1.49
0.14*
€ billion
31 Dec
2025
31 Dec
2024
Change, %
Loan portfolio
8.6
8.7
-1.1
Deposits
14.0
13.8
1.8
* Change in ratio, percentage point(s).
Operating profit
€ million
Cost/income ratio
%
OP Corporate Bank plc's Report by the Board of Directors 2025  |  18
The Asset and Sales Finance Services and Payment Transfers segment provides
consumers and companies with customer financing services, payment and liquidity
management services, working capital and financing services for foreign trade and leasing
and factoring services.
The loan portfolio decreased by 1.1% to EUR 8.6 billion (8.7). Signs of recovery emerged in
demand for corporate investment financing and working capital, and the amount of credit
drawn down increased. Despite the growth in the amount of credit drawn down, the loan
portfolio of corporate customers decreased year on year. The consumer finance loan
portfolio grew, driven by car finance.
The deposit portfolio grew by 1.8% to EUR 14.0 billion (13.8). Corporate Banking
established several new payment service customer relationships and expanded a number
of existing ones.
The segment's most significant development investments involved the upgrades of
customer relationship management, payment, and asset-based financing systems.
Profit for the financial year
The segment's operating profit rose to EUR 184 million (167). Total income decreased by
0.5%. Total expenses increased by 0.5%. The cost/income ratio was 40.6% (40.2). 
Net interest income was EUR 218 million (216). Net commissions and fees decreased to
EUR 60 million ( 61). Other operating income totalled EUR 17 million (19). Impairment loss
on receivables reversed came to EUR 9 million, due to a better financial situation among
customers. Impairment loss on receivables was reversed, particularly in the construction
sector. A year ago, impairment loss on receivables totalled EUR 9 million.
Total expenses were EUR 119 million (119). Personnel costs rose by 2.4% to EUR
34 million (33). Other operating expenses were EUR 85 million (85).
OP Corporate Bank plc's Report by the Board of Directors 2025  |  19
Baltics
• Operating profit decreased to EUR 38 million (39). 
• Total income increased by 5.1% to EUR 74 million (70). Net interest income grew by
6.2% to EUR 62 million (59). Net commissions and fees totalled EUR 11 million (11).
• Impairment loss on receivables reversed came to EUR 3 million (3).
• Total expenses increased by 12.2% to EUR 39 million (35). The cost/income ratio
weakened to 52.3% (49.1).
• The loan portfolio grew by 13.8% to EUR 3.3 billion (2.9). The deposit portfolio grew by
10.8% to EUR 1.9 billion (1.7).
Key indicators
€ million
Q1–4/2025
Q1–4/2025
Change, %
Net interest income
62
59
6.2
Impairment loss on receivables
3
3
-17.5
Net commissions and fees
11
11
-1.3
Other operating income
1
1
10.1
Personnel costs
-12
-12
-0.7
Depreciation/amortisation and impairment loss
-1
-1
12.8
Other operating expenses
-26
-22
19.4
Operating profit
38
39
-3.0
Total income
74
70
5.1
Total expenses
-39
-35
12.2
Cost/income ratio, %
52.3
49.1
3.3*
Return on assets (ROA), %
0.98
1.09
-0.10*
€ billion
31 Dec
2025
31 Dec
2024
Change, %
Loan portfolio
3.3
2.9
13.8
Deposits
1.9
1.7
10.8
* Change in ratio, percentage point(s).
Operating profit
€ million
Cost/income ratio
%
OP Corporate Bank plc's Report by the Board of Directors 2025  |  20
With its local expertise, the Baltics segment provides corporate and institutional customers
with financing and liquidity management services and financing services for foreign trade.
OP Corporate Bank has branches in Estonia, Latvia and Lithuania. 
The segment's loan portfolio grew by 13.8% to EUR 3.3 billion (2.9). The overall growth in
the Baltic corporate loan market was stronger than in Finland. Lithuania had the largest
corporate loan market and loan portfolio growth. The deposit portfolio increased by 10.8%
to EUR 1.9 billion (1.7). 
Profit for the financial year
The segment's operating profit amounted to EUR 38 million ( 39). Total income increased
by 5.1 % to EUR 74 million (70). Total expenses increased by 12.2% to EUR 39 million (35).
The cost/income ratio declined to 52.3% (49.1) year on year.
Net interest income rose by 6.2% year on year, to EUR 62 million (59). Net commissions
and fees, EUR 11 million (11), were at the previous year's level.
Impairment loss on receivables reversed came to EUR 3 million (3). Impairment loss on
receivables was reversed, especially in the construction and manufacturing sectors.
Total expenses increased by 12.2% to EUR 39 million (35). Personnel costs totalled EUR
12 million (12). Other operating expenses increased by 19.4% to EUR 26 million (22). The
increase in other operating expenses was due to higher internal charges at OP Pohjola and
higher charges of financial authorities.
Key figures by country
Estonia
€ million
Q1–4/2025
Q1–4/2024
Change, %
Net interest income
17
17
0.5
Impairment loss on receivables
1
0
—
Net commissions and fees
3
2
9.9
Other operating income
0
0
23.6
Personnel costs
-4
-4
-2.6
Depreciation/amortisation and
impairment loss
0
0
7.7
Other operating expenses
-8
-7
10.6
Operating profit
10
9
5.1
Total income
20
20
1.9
Total expenses
-12
-11
6.0
Cost/income ratio, %
57.5
55.3
2.2*
€ billion
31 Dec
2025
31 Dec
2024
Change, %
Loan portfolio
0.9
0.8
8.4
Deposits
0.6
0.5
21.6
* Change in ratio, percentage point(s).
OP Corporate Bank plc's Report by the Board of Directors 2025  |  21
Latvia
€ million
Q1–4/2025
Q1–4/2024
Change, %
Net interest income
18
16
13.4
Impairment loss on receivables
2
6
—
Net commissions and fees
3
3
-1.6
Other operating income
0
0
5.5
Personnel costs
-3
-4
-7.4
Depreciation/amortisation and
impairment loss
0
0
28.1
Other operating expenses
-9
-8
19.8
Operating profit
10
13
-21.7
Total income
21
19
10.8
Total expenses
-13
-11
10.9
Cost/income ratio, %
60.4
60.3
0.1*
€ billion
31 Dec
2025
31 Dec
2024
Change, %
Loan portfolio
0.7
0.7
8.2
Deposits
0.7
0.6
18.7
* Change in ratio, percentage point(s).
Lithuania
€ million
Q1–4/2025
Q1–4/2024
Change, %
Net interest income
27
26
5.8
Impairment loss on receivables
0
-2
—
Net commissions and fees
5
5
-6.1
Other operating income
0
0
4.8
Personnel costs
-5
-5
5.8
Depreciation/amortisation and
impairment loss
0
0
10.9
Other operating expenses
-10
-7
35.1
Operating profit
18
17
4.0
Total income
33
32
3.8
Total expenses
-15
-12
23.1
Cost/income ratio, %
43.9
38.2
5.8*
€ billion
31 Dec
2025
31 Dec
2024
Change, %
Loan portfolio
1.7
1.4
20.5
Deposits
0.6
0.6
-6.0
* Change in ratio, percentage point(s).
OP Corporate Bank plc's Report by the Board of Directors 2025  |  22
Group Functions
• The segment's operating loss was EUR 7 million ( 40).
• OP Pohjola's funding position and liquidity remained strong.
 
Key indicators
€ million
Q1–4/2025
Q1–4/2024
Change, %
Net interest income
-21
-25
-16.6
Impairment loss on receivables
0
-1
—
Net commissions and fees
-4
-3
43.4
Investment income
12
5
129.1
Other operating income
44
22
95.2
Personnel costs
-6
-6
-2.6
Depreciation/amortisation and impairment loss
0
0
-7.8
Other operating expenses
-32
-34
-5.5
Operating profit (loss)
-7
-40
—
Receivables and liabilities from/to the
amalgamation's central cooperative and
affiliated credit institutions, net position,
€ billion*
-18.8
-16.4
15.0
* Comparative information has been adjusted accordingly
Functions supporting OP Pohjola, such as Group Treasury responsible for the
management of funding and liquidity of affiliated credit institutions and the central
cooperative consolidated, have been centralised in Group Functions. The Group
Treasury is also in charge of OP Pohjola's wholesale funding together with OP
Mortgage Bank. The segment's income derives mainly from net interest income and
net investment income. In addition, income, expenses, investments and capital which
have not been allocated to other segments are reported under Group Functions. 
Profit for the financial year
The Group Functions segment's operating loss was EUR 7 million (40). 
Net interest income was EUR 21 million (25) in the negative. OP Pohjola's Group Treasury
items increased net interest income. 
Income from investment activities totalled EUR 12 million (5). 
At the end of December, the average margin of senior and senior non-preferred wholesale
funding was 47 basis points (51).
OP Corporate Bank issued long-term bonds at a total of EUR 3.4 billion (1.6), of which a
total of EUR 0.8 billion (0) were Tier 2 bonds. 
On 9 June 2025, OP Corporate Bank fully redeemed its EUR 1 billion Resettable Callable
Tier 2 Instruments due in June 2030. In addition, on 3 June 2025, OP Corporate Bank
fully redeemed its SEK 3.3 billion Callable Floating Rate Tier 2 Instruments due in June
2030.
At the end of the financial year, OP Corporate Bank's balance sheet assets included bonds
at a total of EUR 2,034 million (1,520) classified at amortised cost, issued by issuers other
than OP Pohjola. The fair value of these bonds amounted to EUR 2,047 million (1,547).
At the end of the financial year, investments by the amalgamation's central cooperative
and the member credit institutions in OP Corporate Bank were EUR 18.8 billion (16.4)
higher than funding borrowed by them from Group Treasury. 
OP Pohjola's funding position and liquidity are strong.
OP Corporate Bank plc's Report by the Board of Directors 2025  |  23
Other information about OP Corporate Bank
ICT investments 
OP Corporate Bank invests in developing its operations and improving the customer
experience on an ongoing basis. ICT investments make up a significant portion of the costs
of developing these services.
OP Corporate Bank's development costs and production maintenance ICT costs totalled
EUR 101 million (101). The development costs include licence fees, purchased services,
other external costs related to projects and inhouse work. Development costs totalled EUR
22 million (22). Capitalised development expenditure totalled EUR 2 million (3).
Key development investments by OP Corporate Bank included development work on the
core banking system and customer relationship management and payment systems. With
the implementation of the new OP Pohjola customer relationship management system, OP
Corporate Bank aims at a better customer experience, and higher operational quality and
efficiency. The upgrade of core payment systems and improvement of digital transaction
services will continue.
Personnel
At the end of the financial year, OP Corporate Bank had 909 employees (879). The
number of employees averaged 919 (905). 
Personnel at year end
31 Dec 2025
31 Dec 2024
Corporate Banking and Capital Markets
304
298
Asset and Sales Finance Services and Payment Transfers
388
371
Baltics
165
158
Group Functions
52
52
Total
909
879
Variable remuneration applied by OP Pohjola and OP Corporate Bank in 2025 consists of
the performance-based bonus scheme and the personnel fund covering all personnel.
Company-specific targets based on the annual plan and the strategic targets of OP Pohjola
are taken into account in the metrics used for the performance-based bonus scheme and
the personnel fund. In drawing up the remuneration schemes, OP has taken account of
the regulations applying to such schemes in the financial sector. 
Corporate governance and management 
OP Corporate Bank's management system is based on segments. Management of
OP Corporate Bank is part of OP Pohjola's management system.
On 13 March 2025, the Annual General Meeting (AGM) of OP Corporate Bank re-elected
OP Pohjola's President and Group Chief Executive Officer Timo Ritakallio as Chair of OP
Corporate Bank's Board of Directors. As other Board members, the AGM elected OP
Uusimaa Managing Director Olli Lehtilä, OP Turun Seutu Managing Director Petri Rinne,
OP Pohjola's Chief Financial Officer Mikko Timonen and OP Pohjola's Chief People and
Culture Officer Hannakaisa Länsisalmi. OP Häme Managing Director Mika Kivimäki was
elected to the Board of Directors as a new member. Mikko Vepsäläinen's term of office on
the Board of Directors ended on 13 March 2025.
The AGM elected PricewaterhouseCoopers Oy, an audit firm, to act as OP Corporate
Bank's auditor for the financial year 2025. Lauri Kallaskari, Authorised Public Accountant,
acts as the chief auditor appointed by PricewaterhouseCoopers Oy. 
Katja Keitaanniemi, Lic.Sc. (Tech.), Executive Vice President of OP Pohjola's Corporate
Banking business, has acted as OP Corporate Bank's CEO since 6 August 2018. Jari
Jaulimo, LL.M., Trained on the bench, MBA, Head of Transaction Banking, has acted as
deputy to the EVP and CEO since 1 August 2020. 
OP Corporate Bank plc's Report by the Board of Directors 2025  |  24
Joint and several liability
OP Corporate Bank plc is a member of the central cooperative (OP Cooperative) of an
amalgamation, as referred to in the Act on the Amalgamation of Deposit Banks, and
belongs to said amalgamation.
The amalgamation is formed by OP Corporate Bank plc, OP Cooperative as the central
cooperative of the amalgamation, other companies belonging to the central cooperative's
consolidation group, the central cooperative's member credit institutions and companies
belonging to their consolidation groups, and credit institutions, financial institutions and
service companies in which the abovementioned institutions jointly hold more than half of
the voting rights.
The member credit institutions within the amalgamation (54 OP cooperative banks, OP
Corporate Bank plc, OP Mortgage Bank and OP Retail Customers plc) and the central
cooperative are jointly and severally liable for each other's debts. A creditor who has not
received payment of an overdue amount (principal debt) from a member credit institution
may demand payment from the central cooperative when the principal debt falls due. In
such a case, the central cooperative must produce a statement referred to in said Act,
showing the amount of liability apportioned to each member credit institution. This liability
between the credit institutions is determined in proportion to the total assets shown in
their most recently adopted balance sheets.
The member credit institutions, including OP Corporate Bank plc, are obliged to participate
in any necessary support measures aimed at preventing another member credit institution
from going into liquidation, and to pay a debt for another member credit institution as
referred to in section 5 of the Act on the Amalgamation of Deposit Banks.
Furthermore, if the central cooperative defaults, a member bank has unlimited refinancing
liability for the central cooperative's debts as referred to in the Co-operatives Act.
The central cooperative supervises its member credit institutions as specified in the Act on
the Amalgamation of Deposit Banks, confirms the operating principles referred to in
section 5 of said Act, with which it must comply, and issues instructions to the member
credit institutions on capital adequacy and risk management, good corporate governance
and internal control to secure liquidity and capital adequacy, as well as instructions on
compliance with uniform accounting policies in the preparation of the amalgamation's
consolidated financial statements.
Protection by the Deposit Guarantee Fund and the Investors'
Compensation Fund
OP Corporate Bank plc belongs to the Deposit Guarantee Fund and to the Investors'
Compensation Fund.
Under the law governing the Deposit Guarantee Fund, deposit banks as members of the
amalgamation of cooperative banks (including OP Corporate Bank plc) are regarded as a
single bank with respect to the deposit guarantee scheme. The Deposit Guarantee Fund
reimburses a maximum total of EUR 100,000 to an individual account holder who has
receivables from deposit banks belonging to the amalgamation of cooperative banks.
Under the law governing the Investors' Compensation Fund, the amalgamation of
cooperative banks is considered to constitute a single credit institution in respect of
investors' compensation. An investor's receivables are compensated up to a total
maximum of EUR 20,000. The Fund does not cover losses incurred due to changes in the
prices of securities or to wrong investment decisions. The Fund safeguards only retail
investors' claims.
The deposit guarantee scheme is the responsibility of the Financial Stability Authority
operating under the Ministry of Finance.
Proposal by the Board of Directors for profit distribution
As shown in the financial statements of 31 December 2025, the company's distributable
funds, which include EUR 437,341,897 in profit for the financial year, totalled EUR
3,809,738,917. The company's distributable funds totalled EUR 4,141,119,753.
The Board of Directors proposes that dividends to be distributed total EUR 131,000,000,
or EUR 0.41 per share, and that following dividend distribution, the remaining amount of
EUR 306,341,897 be recognised in the retained earnings account. Following dividend
distribution, the company's distributable earnings total EUR 3,678,738,917 and its
distributable funds total EUR 4,010,119,753.
The company's financial position has not undergone any material changes since the end of
the financial year. The company's liquidity is good and, in the Board of Directors' view, will
not be jeopardised by the proposed distribution of funds.
OP Corporate Bank plc's Report by the Board of Directors 2025  |  25
Events after the financial year
In January 2026, OP Corporate Bank issued a senior bond of EUR 750 million for three
years and a senior non-preferred bond of EUR 500 million for six years.
Outlook
Exceptional risks are still present in the business environment. Despite geopolitical
tensions, the basic forecast for the global economy for the next few years is stable, and
the Finnish economy is expected to recover gradually. However, escalation of geopolitical
crises or an increase in trade barriers may weaken confidence in the economy in Finland
and affect capital markets and the business environment of OP Pohjola and its customers.
A full-year earnings estimate for 2026 will only be provided for OP Pohjola, in OP
Pohjola's financial statements bulletin and in its interim and half-year financial reports.
The most significant uncertainties affecting OP Corporate Bank's earnings performance
relate to developments in the business environment, changes in the investment
environment, 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.
OP Corporate Bank plc's Report by the Board of Directors 2025  |  26
Key income statement and balance sheet items
Adjusted
Key income statement items, € million
2025
2024
2023
Net interest income
576
529
582
Impairment loss on receivables
32
-1
-96
Net commissions and fees
75
75
73
Investment income
131
136
52
Other income
51
33
31
Personnel costs
-91
-90
-84
Other expenses
-215
-208
-229
Operating profit
559
473
329
In 2025, OP Corporate Bank plc moved the presentation of interest-bearing items on structured notes and derivatives economically hedging them under net interest income expenses. Comparative information of 2024 has been
adjusted accordingly. Previously, these items were presented in full under net trading income in the income statement.  For more detailed information on the change, see Note 2, Changes in accounting policies and presentation.
Key balance sheet items – assets, € million
2025
2024
2023
Cash and deposits with central banks
15,769
18,071
19,710
Receivables from credit institutions
10,486
10,753
12,280
Receivables from customers
29,181
28,385
28,187
Derivative contracts
2,544
3,383
4,445
Investment assets
17,627
14,234
12,823
Property, plant and equipment, and intangible assets
9
6
4
Other items
643
850
695
Total assets
76,259
75,683
78,145
OP Corporate Bank plc's Report by the Board of Directors 2025  |  27
Key balance sheet items – liabilities and equity, € million
2025
2024
2023
Liabilities to credit institutions
27,745
25,049
23,982
Liabilities to customers
19,722
19,387
17,254
Derivative contracts
2,647
3,150
4,179
Debt securities issued
to the public
17,199
19,326
24,062
Other liabilities
3,691
3,905
4,071
Equity capital
5,255
4,866
4,597
Total liabilities and equity
76,259
75,683
78,145
OP Corporate Bank plc's Report by the Board of Directors 2025  |  28
Earnings by quarter
Adjusted
€ million
Q1/2025
Q2/2025
Q3/2025
Q4/2025
Q1–4/2025
Q1–4/2024
Net interest income
157
147
141
149
576
529
Impairment loss on receivables
-1
27
13
-7
32
-1
Net commissions and fees
17
17
18
24
75
75
Investment income
24
30
31
28
131
136
Other operating income
17
13
10
10
51
33
Personnel costs
-21
-23
-22
-24
-91
-90
Depreciation/amortisation and impairment loss
0
0
0
0
-1
-1
Other operating expenses
-52
-50
-49
-64
-215
-207
Operating profit
140
160
141
117
559
473
Earnings before tax
140
160
141
117
559
473
Income tax
-28
-32
-29
-33
-121
-101
Profit for the period
112
129
113
84
437
372
In 2025, OP Corporate Bank plc moved the presentation of interest-bearing items on structured notes and derivatives economically hedging them under net interest income expenses. Comparative information of 2024 has been
adjusted accordingly. Previously, these items were presented in full under net trading income in the income statement.  For more detailed information on the change, see Note 2, Changes in accounting policies and presentation.
OP Corporate Bank plc's Report by the Board of Directors 2025  |  29
Financial indicators
2025
2024
2023
Return on equity (ROE), %
8.6
7.9
5.9
Return on equity at fair value (ROE), %
9.9
7.3
5.2
Return on assets (ROA), %
0.58
0.48
0.30
Equity ratio, %
6.9
6.4
5.9
Cost/income ratio, %
36.8
38.6
42.4
Average personnel
905
905
862
Share-related figures and ratios
Equity per share, €
16.44
15.23
14.38
Dividend per share, €*
0.41
0.35
0.24
Dividend payout ratio, %*
29.95
30.08
28.68
Number of shares, financial year end
319,551,415
319,551,415
319,551,415
* Board proposal 2025
OP Cooperative holds all shares of OP Corporate Bank plc. The number of shares did not change during the financial year.
OP Corporate Bank plc's Report by the Board of Directors 2025  |  30
Formulas for key figures and ratios
The Alternative Performance Measures are presented to illustrate the financial performance of business operations and to improve comparability between reporting periods.
The formulas for the used Alternative Performance Measures are presented below. 
Alternative Performance Measures 
Return on equity (ROE), %
Financial performance for the reporting period x (days of
financial year/days of reporting period)
x 100
The ratio describes how much return is generated on equity capital
as a percentage of equity during the reporting period.
Equity capital (average at beginning and end of period)
Return on equity at fair value (ROE),
%
Total comprehensive income for the financial year
x 100
The ratio describes how much return is generated on equity capital
on the basis of comprehensive income during the financial year.
Equity capital (average at beginning and end of period)
Return on assets (ROA), %
Financial performance for the reporting period x (days of
financial year/days of reporting period)
x 100
The ratio describes how much return is generated on capital tied up
on business during the reporting period.
Average balance sheet total (average at beginning and end
of period)
 
 
 
Equity ratio, %
Equity capital
x 100
The ratio describes what proportion of the company's assets is
equity capital.
Balance sheet total
Equity per share
Equity capital
The ratio describes shareholders' equity per share.
Share-issue adjusted number of shares on the balance
sheet date
Dividend per share, €
Dividends paid for the financial year
Dividend per share describes the ratio of dividend to each share.
Share-issue adjusted number of shares on the balance
sheet date
Dividend payout ratio, %
Dividend per share
x 100
The dividend payout ratio describes the proportion of dividend to
earnings for the financial year.
Earnings per share
OP Corporate Bank plc's Report by the Board of Directors 2025  |  31
Total income
Net interest income + Net commissions and fees + Investment
income + Other operating income
The figure describes the development of all income.
Total expenses
Personnel costs + Depreciation/amortisation and impairment loss
+ Other operating expenses
The figure describes the development of all expenses.
Cost/income ratio, %
Total expenses
x 100
The ratio describes the ratio of expenses to income. The lower
that ratio, the better.
Total income
Investment income
Net interest income from financial assets held for trading + Net
investment income
The figure describes the development of all income related to
investment.
Loan portfolio
Loans and loss allowance included in the balance sheet item
Receivables from customers. The loan portfolio does not include
interest not received or valuation items related to derivatives.
Total amount of loans granted to customers.
Ratio of impairment loss on
receivables to loan and guarantee
portfolio, %
 
Impairment loss on receivables x (days of financial year/days of
reporting period)
x 100
The ratio describes the ratio of impairment loss on receivables
entered in the income statement to the loan and guarantee
portfolio. The lower that ratio, the better.
Loan and guarantee portfolio at period end
Deposits
Deposits included in balance sheet item Liabilities to customers.
Deposits do not include unpaid interest or valuation items
related to derivatives.
Total amount of deposits by customers.
Coverage ratio, %
 
Loss allowance
x 100
The ratio describes how much the amount of expected losses
covers the amount of the liability.
Balance sheet items involving credit risk + Credit equivalent of
off-balance-sheet items
Default capture rate, %
 
New defaulted contracts in stage 2 a year ago
x 100
The ratio describes the effectiveness of the SICR model
(significant increase in credit risk), in other words how many
contracts were in stage 2 before moving to stage 3.
New defaulted contracts during the reporting period
OP Corporate Bank plc's Report by the Board of Directors 2025  |  32
Key indicators based on a separate calculation
Capital adequacy ratio, %
Total own funds
x 100
The ratio describes a credit institution's capital adequacy and
shows the ratio of own funds to the total risk exposure amount.
Total risk exposure amount
 
 
 
Tier 1 ratio, %
 
Tier 1 capital
x 100
The ratio describes a credit institution's capital adequacy and
shows the ratio of Tier 1 capital to the total risk exposure
amount.
Total risk exposure amount
 
 
 
Common Equity Tier 1 (CET1) capital
ratio, %
CET1 capital
x 100
The ratio describes a credit institution's capital adequacy and
shows the ratio of CET1 capital to the total risk exposure
amount.
Total risk exposure amount
Leverage ratio, %
Tier 1 capital (T1)
x 100
The ratio describes a credit institution's indebtedness and shows
the ratio of Tier 1 capital to the total risk exposure amount.
Exposure amount
Liquidity coverage requirement (LCR),
%
Liquid assets
x 100
The ratio describes short-term funding liquidity risk that requires
the bank to have sufficient, high-quality liquid assets to get
through an acute 30-day stress scenario.
Liquidity outflows – Liquidity inflows under stressed conditions
Net stable funding ratio (NSFR), %
Available stable funding
x 100
The ratio describes a long-term liquidity risk that requires the
bank to have a sufficient amount of stable funding sources in
relation to items requiring stable funding sources. The objective
is to secure the sustainable maturity structure of assets and
liabilities applying a 12-month time horizon and to restrict
excessive resort to short-term wholesale funding.
Required stable funding
OP Corporate Bank plc's Report by the Board of Directors 2025  |  33
Non-performing exposures
% of exposures
Non-performing exposures (gross)
x 100
The ratio describes the ratio of customers with severe payment
difficulties to the entire exposure portfolio. Non-performing
exposures refer to receivables that are more than 90 days past due
and other receivables classified as risky as well as forborne exposures
related to such receivables due to the customer's financial difficulties.
Forbearance measures consist of concessions, agreed on the
customer's initiative, regarding the original repayment plan to enable
the customer to surmount temporary payment difficulties. Non-
performing exposures are presented in gross terms; expected credit
losses have not been deducted from them.
Exposures at period end
Ratio of doubtful receivables to
exposures, %
Doubtful receivables (gross)
x 100
The ratio describes the ratio of customers with payment difficulties to
the entire exposure portfolio. Doubtful receivables refer to
receivables that are more than 90 days past due and other
receivables classified as risky, as well as forbearance related to such
receivables or to performing receivables due to the customer's
financial difficulties. Forbearance measures consist of concessions,
agreed on the customer's initiative, regarding the original repayment
plan to enable the customer to surmount temporary payment
difficulties. In addition to non-performing forborne exposures,
doubtful receivables include non-performing exposures reclassified
as performing ones during their probation period or forbearance
measures made into a performing agreement. Loan modifications
due to reasons other than the customer's financial difficulties are not
classified as doubtful receivables. Doubtful receivables are presented
in gross terms; expected credit losses have not been deducted from
them.
Exposures at period end
Ratio of performing forborne
exposures to exposures, %
Performing forborne exposures (gross)
x 100
The ratio describes the ratio of forborne exposures to the entire
exposure portfolio. Performing forborne exposures include forborne
exposures reclassified as performing ones during their probation
period or forbearance measures made into a performing agreement.
Loan modifications due to reasons other than the customer's
financial difficulties are not classified as forborne exposures.
Exposures at period end
OP Corporate Bank plc's Report by the Board of Directors 2025  |  34
Ratio of performing forborne
exposures to doubtful receivables, %
Performing forborne exposures (gross)
x 100
The ratio describes the ratio of performing forborne exposures to
doubtful receivables that include non-performing exposures as well
as performing forborne exposures.
Performing forborne exposures include forborne exposures
reclassified as performing ones during their probation period or
forbearance measures made into a performing agreement. Loan
modifications due to reasons other than the customer's financial
difficulties are not classified as forborne exposures.
Doubtful receivables at period end
Ratio of loss allowance (receivables
from customers) to doubtful
receivables, %
 
Loss allowance for receivables from customers in the balance
sheet
x 100
The ratio describes the ratio of expected losses to all doubtful
receivables. Doubtful receivables include non-performing exposures
and performing forborne exposures.
Doubtful receivables at period end
Loan and guarantee portfolio
Loan portfolio + guarantee portfolio
The indicator describes the total amount of loans and guarantees
given.
Exposures
Loan and guarantee portfolio + interest receivables + unused
standby credit facilities
The sum of the loan and guarantee portfolio, interest receivables and
unused standby credit facilities (undrawn loans and limits) is used as
the basis for proportioning doubtful receivables and non-performing
exposures.
Other exposures
Interest receivables + unused standby credit facilities
In addition to the loan and guarantee portfolio, exposures come from
interest receivables and unused standby credit facilities (undrawn
loans and limits).
OP Corporate Bank plc's Report by the Board of Directors 2025  |  35
Capital adequacy tables
Capital adequacy for credit institutions
Own funds
€ million
31 Dec 2025
31 Dec 2024
OP Corporate Bank plc's equity
5,255
4,866
Fair value reserve, cash flow hedge
1
0
Common Equity Tier 1 (CET1) before deductions
5,256
4,866
Intangible assets
-5
-3
Excess funding of pension liability and valuation
adjustments
-57
-51
Planned profit distribution
-131
-112
Insufficient coverage for non-performing exposures
-32
-43
CET1 capital
5,030
4,658
Tier 1 capital (T1)
5,030
4,658
Debenture loans
796
1,288
Debentures to which transition rules apply
0
22
General credit risk adjustments
23
24
Tier 2 capital (T2)
819
1,334
Total own funds
5,849
5,992
Total risk exposure amount
€ million
31 Dec 2025
31 Dec 2024
Credit and counterparty risk
32,143
29,458
Standardised Approach (SA)
32,143
29,458
Central government and central bank exposure
34
106
Credit institution exposure
650
524
Corporate exposure
19,738
22,519
Retail exposure
2,958
3,192
Mortgage-backed and real estate development exposure
7,235
1,475
Defaulted exposure
382
456
Items of especially high risk
0
118
Covered bonds
772
697
Collective investment undertakings (CIU)
27
36
Equity investments
0
3
Other
346
330
Risks of the CCP's default fund
1
1
Securitisations
29
27
Market and settlement risk (Standardised Approach)
861
944
Operational risk (Standardised Approach)
1,339
1,229
Valuation adjustment (CVA)
238
210
Other risks*
1,181
1,075
Total risk exposure amount
35,792
32,944
* Risks not otherwise covered.
OP Corporate Bank plc's Report by the Board of Directors 2025  |  36
Ratios
Ratios, %
31 Dec 2025
31 Dec 2024
CET1 capital ratio
14.1
14.1
Tier 1 capital ratio
14.1
14.1
Capital adequacy ratio
16.3
18.2
Capital requirement
Capital requirement, € million
31 Dec 2025
31 Dec 2024
Own funds
5,849
5,992
Capital requirement
3,907
3,547
Buffer for capital requirements
1,942
2,445
The capital requirement comprises the minimum requirement of 8%, the capital
conservation buffer of 2.5% and the countercyclical capital buffers by country for foreign
exposures.
OP Corporate Bank plc's Financial Statements 2025  |  37
FINANCIAL STATEMENTS
Income statement
Adjusted
€ million
Note
2025
2024
Interest income calculated using the effective interest method
2,301
3,088
Interest expenses
-1,725
-2,559
Net interest income
4
576
529
Impairment loss on receivables
5
32
-1
Commission income
133
131
Commission expenses
-58
-57
Net commissions and fees
6
75
75
Net income from financial assets held for trading
7
130
136
Net investment income
8
1
0
Other operating income
9
51
33
Personnel costs
10
-91
-90
Depreciation/amortisation and impairment loss
11
-1
-1
Other operating expenses
12
-215
-207
Operating expenses
-306
-298
Operating profit
559
473
Earnings before tax
13
559
473
Income tax
-121
-101
Profit for the financial year
437
372
In 2025, OP Corporate Bank plc moved the presentation of interest-bearing items on structured notes and derivatives economically hedging them under net interest income expenses. Comparative information of 2024 has been
adjusted accordingly. Previously, these items were presented in full under net trading income in the income statement.  For more detailed information on the change, see Note 2, Changes in accounting policies and presentation.
OP Corporate Bank plc's Financial Statements 2025  |  38
Statement of comprehensive income
€ million
Note
2025
2024
Profit for the financial year
437
372
Items that will not be reclassified to profit or loss
Gains/(losses) arising from remeasurement of defined benefit plans
28
3
4
Changes in own credit risk on liabilities measured at fair value
-1
-7
Items that may be subsequently reclassified to profit or loss
Change in fair value reserve
On fair value measurement
30
79
-39
On cash flow hedging
30
-1
8
Income tax
On items not reclassified to profit or loss
On gains/(losses) arising from remeasurement of defined benefit plans
24
-1
-1
Changes in own credit risk on liabilities measured at fair value
0
1
On items that may be subsequently reclassified to profit or loss
On fair value measurement
30
-16
8
On cash flow hedging
30
0
-2
Other comprehensive income items
64
-27
Total comprehensive income for the financial year
501
345
OP Corporate Bank plc's Financial Statements 2025  |  39
Balance sheet
€ million
Note
31 Dec 2025
31 Dec
2024
Cash and deposits with central banks
15
15,769
18,071
Receivables from credit institutions
16
10,486
10,753
Receivables from customers
17
29,181
28,385
Derivative contracts
18
2,544
3,383
Investment assets
19
17,627
14,234
Intangible assets
20
5
3
Property, plant and equipment
21
5
4
Other assets
23
643
850
Total assets
76,259
75,683
Liabilities to credit institutions
25
27,745
25,049
Liabilities to customers
26
19,722
19,387
Derivative contracts
18
2,647
3,150
Debt securities issued to the public
27
17,199
19,326
Provisions and other liabilities
28
2,548
2,142
Income tax liabilities
24
13
23
Deferred tax liabilities
24
319
295
Subordinated liabilities
29
811
1,444
Total liabilities
71,005
70,817
Equity capital
30
Share capital
428
428
Fair value reserve
-25
-88
Other reserves
1,019
1,019
Retained earnings
3,833
3,507
Total equity
5,255
4,866
Total liabilities and equity
76,259
75,683
OP Corporate Bank plc's Financial Statements 2025  |  40
Statement of changes in equity
€ million
Share capital
Fair value
reserve
Other
reserves
Retained
earnings
Total equity
Equity capital 1 January 2024
428
-63
1,019
3,213
4,597
Total comprehensive income for the financial year
-25
370
345
Profit for the financial year
372
372
Other comprehensive income items
-25
-2
-27
Profit distribution
-76
-76
Other
0
0
Equity capital 31 December 2024
428
-88
1,019
3,507
4,866
€ million
Share capital
Fair value
reserve
Other
reserves
Retained
earnings
Total equity
Equity capital 1 January 2025
428
-88
1,019
3,507
4,866
Total comprehensive income for the financial year
63
438
501
Profit for the financial year
437
437
Other comprehensive income items
63
1
64
Profit distribution
-112
-112
Other
0
0
Equity capital 31 December 2025
428
-25
1,019
3,833
5,255
OP Corporate Bank plc's Financial Statements 2025  |  41
Cash flow statement
€ million
Note
2025
2024
Cash flow from operating activities
Profit for the financial year
437
372
Adjustments to profit for the financial year
669
512
Increase (-) or decrease (+) in operating assets
-3,042
605
Receivables from credit institutions
16
397
1,494
Receivables from customers
17
-756
-151
Derivative contracts, assets
18
404
639
Investment assets
19
-3,294
-1,191
Other assets
23
207
-186
Increase (+) or decrease (–) in operating liabilities
2,882
2,186
Liabilities to credit institutions
25
2,624
900
Liabilities to customers
26
335
2,133
Derivative contracts, liabilities
18
-502
-809
Provisions and other liabilities
28
426
-38
Income tax paid
-123
-81
Dividends received
1
2
A. Net cash from operating activities
825
3,596
Cash flow from investing activities
Purchase of PPE and intangible assets
20, 21
-13
-10
Proceeds from sale of PPE and intangible assets
20, 21
10
7
B. Net cash used in investing activities
-3
-3
Cash flow from financing activities
Increases in subordinated liabilities
29
807
1
Decreases in subordinated liabilities
29
-1,456
Increases in debt securities issued to the public
27
8,733
7,865
Decreases in debt securities issued to the public
27
-11,066
-13,043
Dividends paid
-112
-76
Lease liabilities
22
-1
-1
C. Net cash used in financing activities
-3,095
-5,254
Net change in cash and cash equivalents (A+B+C)
-2,273
-1,661
OP Corporate Bank plc's Financial Statements 2025  |  42
€ million
Note
2025
2024
Cash and cash equivalents at financial year start
18,222
19,894
Effect of foreign exchange rate changes
101
-11
Cash and cash equivalents at financial year end
16,050
18,222
Interest received
4,739
6,085
Interest paid
-4,039
-5,296
Adjustments to profit for the period
Non-cash items and other adjustments
Impairment loss on receivables
-32
2
Changes in value of financial instruments
470
191
Defined benefit pension plans
0
0
Depreciation/amortisation and impairment loss
1
1
Income tax paid
121
101
Other
109
216
Total adjustments
669
512
Cash and cash equivalents
Cash and deposits with central banks
15,769
18,071
Receivables from credit institutions payable on demand
281
151
Total
16,050
18,222
OP Corporate Bank plc's Financial Statements 2025  |  43
Notes
Notes to the balance sheet
Note 15. Cash and deposits with central banks
OP Corporate Bank plc's Financial Statements 2025  |  44
Note 31. Loss allowance regarding receivables and
notes and bonds
117
OP Corporate Bank plc's Financial Statements 2025  |  45
Note 1. OP Corporate Bank plc's accounting policies under IFRS
General
OP Corporate Bank is one of the leading corporate banks in Finland. OP Corporate Bank
has a well-established and broad customer base consisting of companies and institutions
to which it provides an extensive range of banking services. In addition, OP Corporate Bank
acts as the central bank for OP Pohjola cooperative banks.
OP Corporate Bank plc belongs to OP Pohjola, which consists of OP cooperative banks and
their central cooperative, OP Cooperative, with its subsidiaries. OP Pohjola's member credit
institutions comprise OP Corporate Bank plc, OP Mortgage Bank, OP Retail Customers plc
and OP Cooperative's member cooperative banks.
OP Financial Group changed its name to OP Pohjola on 28 October 2025.
In accordance with the Act on the Amalgamation of Deposit Banks, the member credit
institutions, OP Corporate Bank included, and OP Cooperative are ultimately jointly and
severally liable for each other's debts and commitments. If a member credit institution's
own capital is depleted to such a low level owing to losses that the criteria, specified in the
Act, for being placed in liquidation are fulfilled, OP Cooperative has the right to collect from
its member credit institutions extra contributions on the basis of the combined balance
sheets previously adopted.
OP Corporate Bank is domiciled in Helsinki and the address of its registered office is
Gebhardinaukio 1, FI-00510 Helsinki. The postal address of its registered office is
P.O. Box 308, FI-00013 OP POHJOLA. A copy of OP Corporate Bank plc's financial
statements is available at www.op.fi or the company's registered office.
OP Corporate Bank's parent company is OP Cooperative and OP Corporate Bank's
accounts are included in its consolidated financial statements. Copies of the financial
statements of OP Cooperative are available at the following address: Gebhardinaukio 1,
FI-00510 Helsinki.
OP Pohjola's financial statements are available at www.op.fi or OP Pohjola's registered
office at Gebhardinaukio 1, FI-00510 Helsinki.
The Board of Directors of OP Corporate Bank adopted these financial statements on
11 February 2026.
Basis of preparation
The financial statements were prepared in accordance with the International Financial
Reporting Standards (IFRS), applying IASs, IFRSs and SIC and IFRIC interpretations
effective on 31 December 2025. The International Financial Reporting Standards refer to
standards and their interpretations adopted in accordance with Regulation (EU) No.
1606/2002 of the European Parliament and of the Council. OP Corporate Bank's notes
also conform to the requirements of Finnish accounting and company legislation that
complement IFRS regulations.
In 2025, OP Corporate Bank adopted the following standards and interpretations:
• Amendments to IAS 21 The Effects of Changes in Foreign Exchange Rates entered into
force on 1 January 2025. The amendments did not have any significant effect on the
financial statements.
The financial statements are presented in millions of euros. Number zero in the tables in
Notes means that the item contains some balance but it is rounded off to zero. If nothing
(blank) is presented in the item, the balance of the item is zero.
Pillar 3 capital adequacy disclosures in compliance with EU Regulation No. 575/2013 of
the European Parliament and of the Council are presented in the OP Amalgamation Pillar
3 tables. A summary of capital adequacy is presented in OP Corporate Bank's Report by
the Board of Directors.
Critical accounting judgements
The preparation of the financial statements in conformity with IFRS requires the
management to make judgements, estimates and assumptions in the application of the
accounting policies. The preparation of the financial statements requires making estimates
and assumptions about the future, and the actual results may differ from these estimates
and assumptions. It also requires the management to exercise its judgement in the
process of applying the accounting policies.
OP Corporate Bank plc's Financial Statements 2025  |  46
Expected credit losses
The determination of the measurement models for expected credit losses (ECL) involves
management judgement.
The actual measurement of ECL figures is performed using the ECL models based on the
use of observable input data, except if it is mainly the question of a large corporate
exposure in stage 2 or 3 and on the watch list, in which case the ECL is calculated using
the cash flow based ECL method based on expert judgement. Management judgement is
involved in expert judgements concerning, for example, the amount and timing of future
cash flows and the value of collateral.
Management overlay includes either additional provisions made directly to the amount of
ECL or estimates included in PD or LGD risk parameters (so-called post-model
adjustments). These are intended only for temporary use until an unpredictable event
caused by the overlay provision or circumstance could have been taken into account in the
ECL models.
Note 31, Loss allowance regarding receivables and notes and bonds, presents calculations
of loss allowance and the related key uncertainties.
Foreign currency translation
Financial statements are presented in euros, which is the functional and presentation
currency of the parent. Non-euro transactions are recognised in euros at the exchange
rate quoted on the transaction date or at the average exchange rate of the month of
recognition. On the balance sheet date, non-euro monetary balance sheet items are
translated into euros at the exchange rate quoted on the balance sheet date. Non-
monetary balance sheet items measured at cost are presented at the exchange rate
quoted on the transaction date.
The exchange rate differences arising from the translation of non-euro transactions and
monetary balance sheet items into euros are recognised as foreign exchange gains or
losses under Net investment income in the income statement.
New standards and interpretations
The IASB (International Accounting Standards Board) has issued the following significant
future IFRS amendments.
IFRS 18 standard on presentation and disclosure in financial statements
On 9 April 2024, the IASB published the new IFRS 18 (not yet approved in the EU) on
presentation and disclosure in financial statements. The new financial reporting standard
will bring changes to the presentation of the income statement in particular. In addition,
entities must present other items and subtotals, if such presentations are necessary for a
primary financial statement to provide a useful structured summary.
IFRS 18 must be applied to reporting periods beginning on or after 1 January 2027 (to be
applied retrospectively to comparative information). IFRS 18 will replace IAS 1. The new
standard will have no effect on the recording or valuation of items in financial statements.
OP Corporate Bank has launched an analysis on the impacts of the new standard. Based
on current estimates, IFRS 18 will not have any significant effect on the financial
statements of OP Corporate Bank. IFRS 18 applies to the following areas of financial
statements:
• the structure of income statement that is determined by the company's main
operational business, and other items not included must be presented separately in
investment and/or financing items,
• presentation of a separate reconciliation statement of the management-defined
performance measures fulfilling the IFRS 18 criteria,
• disclosure of notes on extended criteria for aggregation and disaggregation, which will
apply to both primary financial statements and notes to the financial statements.
Other upcoming amendments
Amendments to the classification and measurement of financial instruments (applies to
IFRS 9 and IFRS 7; published on 30 May 2024, adopted by the EU on 28 May 2025). This
amendment will further specify the derecognition time of some financial liabilities when
using an electronic payment system. The amendment also specifies the assessment of the
SPPI criteria (such as the ESG target) for financial assets, and requires new notes for
products whose contractual terms and conditions may change the cash flows (such as the
ESG target), and further specifies the notes related to shares classified at FVOCI.
The amendment must be applied to reporting periods beginning on or after 1 January
2026 (no retrospective application to the year of comparison). OP Corporate Bank has
OP Corporate Bank plc's Financial Statements 2025  |  47
launched an analysis on the impacts of the amendment. Based on current estimates,
these amendments will not have any significant effect on the financial statements.
IFRS 19 Subsidiaries without Public Accountability: Disclosures (published on 9 May 2024,
amendments on 21 August 2025, not yet approved in the EU). Application of this standard
is voluntary. This standard enables certain subsidiaries to apply IFRS financial reporting
standards with reduced requirements for the disclosure of notes. The standard can be
applied to reporting periods beginning on or after 1 January 2027. OP Corporate Bank
does not expect this to have any significant effect.
Annual improvements, volume 11 (published on 18 July 2024, adopted in the EU on
10 July 2025). The amendments apply to the following standards: IFRS 1, IFRS 7, IFRS 9,
IFRS 10 and IAS 7. The amendments must be applied to reporting periods beginning on or
after 1 January 2026. OP Corporate Bank does not expect these amendments to have any
significant effect.
Contracts Referencing Nature-dependent Electricity will cause amendments to IFRS 9 and
IFRS 7 (published on 18 December 2024, adopted in the EU on 1 July 2025). This will
bring changes to the own use exception in IFRS 9 regarding delivery contracts, and to
hedge accounting requirements. The amendments are effective for reporting periods
beginning on or after 1 January 2026. OP Corporate Bank does not expect this to have
any significant effect.
OP Corporate Bank plc's Financial Statements 2025  |  48
Note 2. Changes in accounting policies and presentation
In 2025, OP Corporate Bank plc moved the presentation of interest-bearing items on structured notes and derivatives economically hedging them under net interest income expenses.
Comparative information of 2024 has been adjusted accordingly. Previously, these items were presented in full under net trading income in the income statement. This was a voluntary
change in accounting policies. Interest expenses for 2024 transferred from net trading income to net interest income expenses totalled EUR 102 million.
OP Corporate Bank plc's Financial Statements 2025  |  49
Note 3. Segment reporting
OP Corporate Bank's business segments include Corporate Banking and Capital Markets,
Asset and Sales Finance Services and Payment Transfers, as well as the Baltics. Non-
segment operations are presented in the Group Functions segment. OP Corporate Bank
plc prepares its segment reporting in compliance with its accounting policies. OP Corporate
Bank plc's segment reporting is based on accounting policies applied in its financial
statements. Defining segments and presentation are based on management reporting.
The segments' earnings and profitability are assessed in terms of EBT.
Corporate Banking and Capital Markets
The Corporate Banking and Capital Markets segment provides corporate and institutional
customers with financing and liquidity management services. The services also range from
the arrangement of debt issues, equity, foreign exchange, bond, money market and
derivative products and structured investment products to investment research. In
addition to its own clients, the segment provides capital market products and services to
corporate and personal clients through OP cooperative banks.
The segment's net income derives mainly from net interest income, investment income
and net commissions and fees. Expenses mainly come from personnel and ICT costs. The
most significant risk categories of the segment are credit risk and market risk.
Asset and Sales Finance Services and Payment Transfers
The Asset and Sales Finance Services and Payment Transfers segment provides
consumers and companies with customer financing services, payment and liquidity
management services, working capital and financing services for foreign trade and leasing
and factoring services. Net income generated by the segment derives mainly from net
interest income and commissions and fees. Expenses mainly come from personnel and ICT
costs. Credit risk is the most significant risk type for the segment.
Baltics
With its local expertise, the Baltics segment provides corporate and institutional customers
with financing and liquidity management services and financing services for foreign trade.
OP Corporate Bank has branches in Estonia, Latvia and Lithuania.
Net income generated by the segment derives mainly from net interest income and
commissions and fees. Expenses mainly come from personnel and ICT costs. Credit risk is
the most significant risk type for the segment.
Group Functions
Functions supporting OP Pohjola, such as Group Treasury responsible for the
management of funding and liquidity of affiliated credit institutions and the central
cooperative consolidated, have been centralised in Group Functions. The Group
Treasury is also in charge of OP Pohjola's wholesale funding together with OP
Mortgage Bank. The segment's income derives mainly from net interest income and
net investment income. In addition, income, expenses, investments and capital which
have not been allocated to other segments are reported under Group Functions. Net
operating income derives mainly from net interest income and investment income. The
most significant risk categories are market risks and credit risk. In addition, income,
expenses, investments and capital which have not been allocated to the business
segments are reported under Group Functions.
Segment accounting policies
Segment reporting conforms to the accounting policies. Income, expenses, assets and
liabilities which have been considered to relate directly to and be reasonably attributable to
the segments are allocated to the segments. Items between segments are reported in
column 'Inter-segment items'.
OP Corporate Bank plc's Financial Statements 2025  |  50
Segment information
Earnings January–December 2025, € million
Corporate
Banking and
Capital Markets
Asset and Sales
Finance Services and
Payment Transfers
Baltics
Group
Functions
Inter-
segment
items
Total
Interest income calculated using the effective interest method
862
767
180
1,985
-1,493
2,301
Interest expenses
-545
-550
-118
-2,005
1,493
-1,725
Net interest income
317
218
62
-21
0
576
of which inter-segment items
-302
119
-35
219
0
0
Impairment loss on receivables
20
9
3
0
0
32
Commission income
57
65
11
0
0
133
Commission expenses
-48
-5
0
-5
0
-58
Net commissions and fees
9
60
11
-4
0
75
Net income from financial assets held for trading
119
0
0
11
0
130
Net investment income
0
0
0
1
0
1
Other operating income
7
17
1
44
-18
51
Personnel costs
-39
-34
-12
-6
0
-91
Depreciation/amortisation and impairment loss
0
0
-1
0
0
-1
Other operating expenses
-89
-85
-26
-32
18
-215
Operating expenses
-128
-119
-39
-38
18
-306
Operating profit (loss)
343
184
38
-7
0
559
Earnings before tax
343
184
38
-7
0
559
OP Corporate Bank plc's Financial Statements 2025  |  51
Earnings January–December 2024, € million
Corporate
Banking and
Capital Markets
Asset and Sales
Finance Services and
Payment Transfers
Baltics
Group
Functions
Intersegment
items
Total
Interest income calculated using the effective interest method
1,123
905
217
2,780
-1,938
3,088
Interest expenses
-844
-689
-158
-2,805
1,938
-2,559
Net interest income
279
216
59
-25
0
529
of which inter-segment items
-510
185
-45
370
0
Impairment loss on receivables
6
-9
3
-1
0
-1
Commission income
54
67
11
0
0
131
Commission expenses
-48
-6
0
-3
0
-57
Net commissions and fees
6
61
11
-3
0
75
Net income from financial assets held for trading
130
0
0
6
0
136
Net investment income
0
0
0
0
0
0
Other operating income
6
19
1
22
-15
33
Personnel costs
-39
-33
-12
-6
0
-90
Depreciation/amortisation and impairment loss
0
-1
-1
0
0
-1
Other operating expenses
-81
-85
-22
-34
15
-207
Operating expenses
-120
-119
-35
-40
15
-298
Operating profit (loss)
307
167
39
-40
0
473
Earnings before tax
307
167
39
-40
0
473
OP Corporate Bank plc's Financial Statements 2025  |  52
Balance sheet 31 December 2025, € million
Corporate
Banking and
Capital Markets
Asset and Sales
Finance Services
and Payment
Transfers
Baltics
Group
Functions
Total
Cash and deposits with central banks
0
134
16
15,619
15,769
Receivables from credit institutions
0
186
0
10,300
10,486
Receivables from customers
17,287
8,609
3,294
-9
29,181
Derivative contracts
2,530
0
0
14
2,544
Investment assets
690
0
0
16,938
17,627
Intangible assets
2
0
0
2
5
Property, plant and equipment
0
2
2
1
5
Other assets
254
47
4
337
643
Total assets
20,763
8,976
3,317
43,203
76,259
Liabilities to credit institutions
0
13
0
27,732
27,745
Liabilities to customers
67
13,732
1,910
4,013
19,722
Derivative contracts
2,518
0
0
129
2,647
Debt securities issued to the public
1,789
0
0
15,410
17,199
Provisions and other liabilities
102
1,476
155
814
2,548
Income tax liabilities
0
0
3
10
13
Deferred tax liabilities
0
0
0
319
319
Subordinated liabilities
0
0
0
811
811
Total liabilities
4,476
15,221
2,068
49,240
71,005
Equity capital
5,255
OP Corporate Bank plc's Financial Statements 2025  |  53
Balance sheet 31 December 2024, € million
Corporate
Banking and
Capital Markets
Asset and Sales
Finance Services
and Payment
Transfers
Baltics
Group
Functions
Total
Cash and deposits with central banks
0
168
19
17,883
18,071
Receivables from credit institutions
0
148
1
10,604
10,753
Receivables from customers
16,821
8,712
2,866
-13
28,385
Derivative contracts
3,276
0
0
108
3,383
Investment assets
515
0
0
13,719
14,234
Intangible assets
1
0
0
2
3
Property, plant and equipment
0
1
2
1
4
Other assets
28
47
12
762
850
Total assets
20,641
9,077
2,900
43,065
75,683
Liabilities to credit institutions
0
32
0
25,017
25,049
Liabilities to customers
74
13,497
1,696
4,120
19,387
Derivative contracts
3,009
0
0
140
3,150
Debt securities issued to the public
2,160
0
0
17,167
19,326
Provisions and other liabilities
23
850
28
1,241
2,142
Income tax liabilities
0
0
2
21
23
Deferred tax liabilities
0
0
0
295
295
Subordinated liabilities
0
0
0
1,444
1,444
Total liabilities
5,266
14,379
1,727
49,446
70,817
Equity capital
4,866
OP Corporate Bank plc's Financial Statements 2025  |  54
Notes to the income statement
Note 4. Net interest income
Accounting policies
Interest income and expenses arising from interest-bearing financial instruments in
banking operations and valued at amortised cost or fair value through other
comprehensive income are recognised using the effective interest method. Interest on
receivables with outstanding payments due is also recognised as revenue. In addition, net
interest income presents received and paid negative interest.
The effective interest method uses the rate that discounts estimated future cash payments
or receipts through the expected life of the financial asset or financial liability to the gross
carrying amount of a financial asset or to the amortised cost of a financial liability. When
calculating the effective interest rate, the expected cash flows are estimated by considering
all the contractual terms of the financial instrument, excluding the expected credit losses
(ECL). The calculation includes all fees and points paid or received between parties to the
contract that are an integral part of the effective interest rate, transaction costs, and all
other premiums or discounts. Fees that are an integral part of the rate of a financial
instrument include service and origination fees related to loan drawdown and they are
amortised over the expected life of the financial instrument or a shorter period if
appropriate. Fees that are not an integral part of the effective interest rate of a financial
instrument are accounted for in accordance with IFRS 15. These include fees charged for
servicing a loan, for example.
The additional margin on loans with an interest rate cap is included in the calculation of
the effective interest rate, and it is recognised as revenue in net interest income during
the term of the agreement.
Interest income has been calculated by applying the effective interest rate to the gross
carrying amount of a financial asset, except for financial assets that are not purchased or
originated credit-impaired financial assets but subsequently have become credit-impaired
financial assets because they are over 90 days past due.
Gains and losses arising from hedging relationships to which hedge accounting under the
IFRS is applied are also presented under net interest income. All net interest income and
net interest expenses from the derivatives hedging the interest rate risk of the receivables,
whose interest income is presented under 'Interest income calculated using the effective
interest method' and to which hedge accounting is applied, are also presented under
'Interest income calculated using the effective interest method'.
Interest expenses present all net interest income and net interest expenses from financial
liabilities recognised at amortised cost, and gains and losses arising from the application of
hedge accounting under IFRS. Correspondingly, interest expenses also present net interest
income and net interest expenses from derivatives hedging financial liabilities. Interest
expenses also include interest-bearing items on structured notes and derivatives
economically hedging them. The valuation differences on these products, and non-
interest-bearing items related to them, are presented under net income from items held
for trading.
OP Corporate Bank plc's Financial Statements 2025  |  55
Adjusted
€ million
2025
2024
Interest income
Interest income calculated using the effective interest method
Interest income on receivables from credit institutions
693
1,031
Interest income on loans to customers
1,049
1,299
Interest income on finance lease receivables
96
112
Interest income on notes and bonds measured at amortised cost
67
56
Interest income on liabilities to customers
0
0
Interest income on notes and bonds measured at fair value through profit or loss
0
0
Interest income on notes and bonds measured at fair value through other comprehensive income
225
165
Interest income on derivative contracts, fair value hedges
137
30
Interest income on derivative contracts, cash flow hedges
0
61
Other interest income on derivative contracts
0
0
Interest income on loans to customers, fair value adjustments in hedge accounting
18
30
Interest income on notes and bonds, fair value adjustments in hedge accounting
-8
247
Other interest income
23
56
Total
2,301
3,088
OP Corporate Bank plc's Financial Statements 2025  |  56
Adjusted
€ million
2025
2024
Interest expenses
Liabilities to credit institutions
Interest expenses for deposits to credit institutions
-581
-752
Interest expenses for liabilities to credit institutions
0
0
Interest expenses for liabilities to credit institutions, fair value adjustments in hedge accounting
-72
-167
Liabilities to customers
Interest expenses for deposits to customers
-323
-461
Interest expenses for other liabilities to customers
-82
-81
Debt securities issued to the public
Interest expenses on debt securities issued to the public
-391
-489
Interest expenses on debt securities issued to the public, fair value adjustments in hedge accounting
-116
-222
Subordinated liabilities
Interest expenses for perpetual and debenture loans
-36
-38
Interest expenses for subordinated liabilities, fair value adjustments in hedge accounting
-7
-30
Derivative contracts
Interest expenses for derivative contracts, fair value hedges
-59
-163
Interest expenses for derivative contracts, cash flow hedges
11
24
Interest expenses for other derivative contracts
-33
-103
Receivables from credit institutions
Negative interest
0
0
Other interest expenses
-34
-76
Total
-1,725
-2,559
Total net interest income
576
529
In 2025, OP Corporate Bank plc moved the presentation of interest-bearing items on structured notes and derivatives economically hedging them under net interest income expenses. Comparative information of 2024 has been
adjusted accordingly. Previously, these items were presented in full under net trading income in the income statement. For more detailed information on the change, see Note 2, Changes in accounting policies and presentation.
OP Corporate Bank plc's Financial Statements 2025  |  57
Note 5. Impairment loss on receivables
Expected credit losses on receivables from customers, off-balance-sheet items and notes and bonds as well as final credit losses and their reversals are presented under Impairment loss
on receivables.
€ million
2025
2024
Receivables written down as loan and guarantee losses
-14
-29
Recoveries of receivables written down
1
1
Expected credit losses (ECL) on receivables from customers and off-balance-sheet items
44
29
Expected credit losses (ECL) on notes and bonds
2
-2
Total impairment loss on receivables
32
-1
Note 31, Loss allowance regarding receivables and notes and bonds, presents calculations of loss allowance and the related key uncertainties.
OP Corporate Bank plc's Financial Statements 2025  |  58
Note 6. Net commissions and fees
Accounting policies
OP Corporate Bank's commission income comprises that from lending, deposits, payment
transfers, securities brokerage, securities issuance, mutual funds, asset management, legal
services and guarantees. Loan administration fees are presented under commission
income from lending. Commission expenses include those for lending, payment transfers,
securities brokerage, securities issuance, asset management, guarantees and derivatives.
Fees that are not an integral part of the effective interest rate of a financial instrument are
accounted for in accordance with IFRS 15 Revenue from Contracts with Customers. Fees
and commissions under IFRS 15 are recognised as revenue when a service's agreed
performance obligations are transferred to the customer and the key criterion is transfer
of control. Commissions and fees are recognised to the amount to which an entity expects
to be entitled in exchange of transferring promised services to a customer. Commission
expenses are recognised in net commissions and fees on an accrual basis.
In the Corporate Banking and Capital Markets segment, commissions and fees are charged
from corporate, institutional and personal customers as well as OP Pohjola's internal
actors. Commission income consists of that from lending, securities brokerage and
issuance, investment research and guarantees. In the Asset and Sales Finance Services
and Payment Transfers segment, commissions are charged from personal customers and
corporate customers. Commission income consists of that from lending, payment transfers
and guarantees. In the Baltics segment, commissions are charged from personal and
corporate customers in Estonia, Latvia and Lithuania. Commission income consists of that
from lending, payment transfers and guarantees. The abovementioned commission items
consist of several fee types whose performance obligations are fulfilled over time or at a
point in time, according to the type of the fee. The performance obligations of lending,
investment research and guarantee fees are mainly fulfilled over time, while those of other
fees are fulfilled at a point in time. The amount of consideration for the services is mainly
the list price or a contractually stated price.
Corporate Banking and
Capital Markets
Asset and Sales
Finance Services and
Payment Transfers
Baltics
Group Functions
Total
€ million
2025
2024
2025
2024
2025
2024
2025
2024
2025
2024
Commission income
Lending
23
24
23
22
4
3
0
0
50
50
Deposits
0
0
0
0
2
3
0
0
2
3
Payment transfers
0
0
32
32
1
1
0
0
32
32
Securities brokerage
23
18
0
0
0
0
0
0
23
18
Securities issuance
6
7
0
0
0
0
0
0
6
7
Mutual funds
0
0
0
0
0
0
0
0
0
0
Wealth management
4
3
0
0
0
0
0
0
4
3
Legal services
0
0
0
0
0
0
0
0
0
0
Guarantees
1
1
7
7
4
4
0
0
12
12
Other
0
0
2
5
1
0
0
0
3
5
Total
57
54
65
67
11
11
0
0
133
131
OP Corporate Bank plc's Financial Statements 2025  |  59
Corporate Banking and
Capital Markets
Asset and Sales
Finance Services and
Payment Transfers
Baltics
Group Functions
Total
€ million
2025
2024
2025
2024
2025
2024
2025
2024
2025
2024
Commission expenses
Lending
0
0
0
-1
0
0
0
0
0
-1
Payment transfers
-1
-1
-4
-2
0
0
-1
0
-5
-3
Securities brokerage
-2
-2
0
0
0
0
0
0
-3
-2
Securities issuance
0
0
0
0
0
0
0
0
0
0
Wealth management
0
0
0
0
0
0
-1
-1
-1
-1
Derivatives
-41
-41
0
0
0
0
0
0
-41
-41
Other
-3
-3
-1
-3
0
0
-3
-2
-7
-8
Total
-48
-48
-5
-6
0
0
-5
-3
-58
-57
Total net commissions and fees
9
6
60
61
11
11
-4
-3
75
75
OP Corporate Bank plc's Financial Statements 2025  |  60
Note 7. Net income from financial assets held for trading
Net income from financial assets held for trading shows interest income and expenses and fair value gains and losses on notes and bonds and derivatives held for trading in Banking and
Group Functions. Valuation differences on structured notes and derivatives economically hedging them under the Risk Appetite Framework, and non-interest bearing items related to
them, are also presented under this item. Hedge accounting is not applied to these items. Banking's fair value gains and losses on equities, and dividends are also presented under this
item. Financial assets held for trading are measured at fair value through profit or loss.
Dividends are primarily recognised when they are approved by the General Meeting of the distributing company.
Adjusted
€ million
2025
2024
Notes and bonds
Interest income and expenses
21
13
Fair value gains and losses on notes and bonds
1
2
Shares and participations
Fair value gains and losses
2
6
Dividend income and share of profits
1
2
Derivatives
Interest income and expenses
157
283
Fair value gains and losses
-53
-170
Total
130
136
In 2025, OP Corporate Bank plc moved the presentation of interest-bearing items on structured notes and derivatives economically hedging them under net interest income expenses. Comparative information of 2024 has been
adjusted accordingly. Previously, these items were presented in full under net trading income in the income statement. For more detailed information on the change, see Note 2, Changes in accounting policies and presentation.
OP Corporate Bank plc's Financial Statements 2025  |  61
Note 8. Net investment income
Net investment income includes realised capital gains and losses on notes and bonds recognised at fair value through other comprehensive income, interest income as well as
impairment losses and their reversals.
€ million
2025
2024
Net income from assets at fair value through other comprehensive income
Notes and bonds
Capital gains and losses
1
0
Other income and expenses
0
0
Total
1
0
OP Corporate Bank plc's Financial Statements 2025  |  62
Note 9. Other operating income
At OP Corporate Bank, other operating income includes central banking service fees and other income from operations.
€ million
2025
2024
OP Pohjola's internal income
Central banking service fees
30
13
Other internal income received from OP Pohjola
11
11
Other income from operations
10
8
Other operating income
0
0
Total other operating income
51
33
OP Corporate Bank plc's Financial Statements 2025  |  63
Note 10. Personnel costs
Personnel costs include wages and salaries, remunerations, pension costs and indirect personnel costs.
€ million
2025
2024
Wages and salaries
-63
-60
Short-term employee benefits
Personnel fund
-1
-1
Performance-based bonuses
-13
-15
Pension costs
Defined contribution plans
-11
-10
Defined benefit plans
0
0
Other indirect personnel costs
-3
-3
Total personnel costs
-91
-90
Employee benefits
Pension benefits
Statutory pension cover for OP Corporate Bank employees is arranged by Ilmarinen
Mutual Pension Insurance Company. OP Corporate Bank provides its employees with
supplementary pension cover through OP-Eläkesäätiö (pension foundation) or an
insurance company.
Pension plans managed by Ilmarinen Mutual Pension Insurance Company are defined
contribution plans. Pension plans managed by insurance companies may be either defined
benefit or defined contribution plans. All of the plans managed by OP-Eläkesäätiö are
defined benefit plans.
Expenses arising from pension plans are recognised under 'Personnel costs' in the income
statement. Contributions under defined contribution plans are paid to the insurance
company and charged to expenses for the financial year to which they relate. No other
payment obligations are included in defined contribution plans. Curtailing the defined
benefit pension plan or fulfilling or changing the related obligation is recognised through
profit or loss at the time of occurrence.
Defined benefit plans managed by insurance companies and OP-Eläkesäätiö are funded
through payments based on actuarial calculations.
The liability recognised in the balance sheet in respect of the defined benefit plan is the
present value of the defined benefit obligation on the balance sheet date less the fair value
of the plan assets of OP-Eläkesäätiö and acceptable insurance.
Defined benefit obligations are calculated separately for each plan using the Projected Unit
Credit method. Pension costs are charged to expenses over the employees' expected
working lives on the basis of calculations performed by authorised actuaries. The discount
rate for the present value of the defined benefit obligation is determined on the basis of
the market return on high-grade corporate bonds on the closing date of the reporting
period.
Items resulting from remeasurements of the net defined benefit liability are recognised in
other comprehensive income in the period they occur. Remeasurements of the net defined
benefit liability recognised in other comprehensive income will not be reclassified to
income statement in later financial periods.
OP Corporate Bank plc's Financial Statements 2025  |  64
Short-term employee benefits
OP Corporate Bank has in place a performance-based bonus scheme and a personnel
fund. Bonuses will be paid for work performed during the performance year and the
amount charged to expenses is recognised in personnel costs and deferred expenses over
the vesting period.
The amount of compensation corresponding to the objectives reached is reviewed
quarterly. Any effects resulting from reviewing the original estimates are recognised in
personnel costs in the income statement, and the corresponding adjustment is made in
accrued expenses and deferred income.
Performance-based bonus scheme
The performance-based bonus scheme is used to control and promote the achievement of
OP Pohjola's long-term strategic targets and related annual target metrics, and to reward
employees for reaching and exceeding the targets. The performance period of the
performance-based bonus scheme is 6 or 12 months. The performance-based bonus is
determined by the job grade and the maximum bonuses correspond to a 1–12-month
annual salary.
Targets shown in the balanced scorecards may be set for each company, team and person
based on matters such as customer experience, the quality of operations, profitability,
commission income and sales as well as targets related to operational development
derived from the strategy. Shared metrics for all OP Pohjola managers/directors included
OP Pohjola's cost/income ratio with a weight of 20 per cent and a strategic metric related
to growth in the number of customers with a weight of 20 per cent. In the central
cooperative, a factor applies to the bonus created through the achievement of targets that
is based on the central cooperative consolidated's operating profit.
In addition to the achievement of the performance metrics related to the performance-
based bonus, qualitative assessment affects bonus payout, where the supervisor assesses
a person's performance in view of compliance with regulation and instructions. The
assessment also takes account of sustainability risks regarding the roles of persons for
whom consideration of sustainability risks is an integral part of their duties. The amount of
the performance-based bonus will be adjusted on a risk basis, based on the severity and
number of offences, using a factor of 0–1.
Personnel fund
All personnel of OP Corporate Bank, excluding directors and the Baltic personnel, belongs
to OP Pohjola's personnel fund, into which profit-based bonuses are paid on the basis of
pre-agreed principles, depending on the achievement of OP Pohjola's targets. Bonuses
transferred to the fund are recognised under 'Wages and salaries' in the profit and loss
account and the counterpart as 'Deferred expenses' in the balance sheet until they are
disbursed to their beneficiaries.
OP Corporate Bank plc's Financial Statements 2025  |  65
Note 11. Depreciation/amortisation and impairment
The income statement item 'Depreciation/amortisation and impairment loss' includes depreciation and impairment loss on machinery and equipment, information systems and right-of-
use assets.
Note 20. 'Intangible assets' and Note 21. 'Property, plant and equipment' provide a more detailed description of the accounting policies for depreciation/amortisation and impairment loss.
€ million
2025
2024
Depreciation and amortisation
Machinery and equipment
0
0
Information systems and other
0
-1
Right-of-use assets
-1
-1
Other
0
0
Impairment loss
Other
0
0
Total depreciation/amortisation and impairment loss
-1
-1
OP Corporate Bank plc's Financial Statements 2025  |  66
Note 12. Other operating expenses
Other operating expenses include ICT production and development costs, charges of financial authorities, charges of auditors, costs of purchased services, expert service costs,
telecommunications costs, marketing costs, insurance and security costs, expenses from short-term and low-value leases, service charges to OP Cooperative paid by OP Corporate Bank,
and other expenses.
€ million
2025
2024
ICT expenses
Production
-82
-82
Development
-19
-19
Charges of financial authorities
-6
-5
Audit fees
-1
-1
Service purchases
-37
-29
Expert services
-2
-2
Telecommunications
-2
-2
Marketing
-2
-2
Insurance and security costs
-14
-17
Expenses from short-term and low-value leases
-1
-1
Service charges to OP Cooperative
-30
-26
Other
-18
-20
Other operating expenses, total
-215
-207
Fees paid for 2025 to PricewaterhouseCoopers Oy for audit totalled EUR 305,800, fees for assignments as referred to in chapter 1, section 1, subsection 1, paragraph 2 of the Auditing
Act totalled EUR 35,514 and fees for other services were EUR 52,500. Auditing fees for 2024 totalled EUR 250,000 and fees for other services EUR 74,000. The figures do not include
value added tax.
OP Corporate Bank plc's Financial Statements 2025  |  67
Development costs
€ million
2025
2024
ICT development expenses
-19
-19
Share of own work
0
0
Total development expenses in the income statement
-19
-19
Capitalised ICT costs
-2
-3
Total capitalised development costs
-2
-3
Total development costs*
-22
-22
Depreciation/amortisation and impairment loss on development costs
0
-1
*Comparatives have been adjusted accordingly.
Charges of financial authorities
OP Corporate Bank pays charges to various authorities. The Finnish Financial Stability
Authority (FFSA) is in charge of deposit guarantee. Responsibility for banking supervision
rests with the European Central Bank. The Finnish Financial Supervisory Authority is
responsible for insurance supervision, macroprudential supervision and supervision of
conduct of business. The EU's Single Resolution Board (SRB) is responsible for resolution.
The charges of financial authorities are recognised in full under other operating expenses
at the beginning of the year.
Stability contribution
Stability contributions are paid to the euro-area Single Resolution Fund (SRF) in such a
way that the target of 1% of the amount of covered deposits is maintained. The return on
funds collected to the SRF also affects the amount to be collected. The SRF is managed by
the Single Resolution Board which also determines the amount of stability contributions.
The SRF ensures that the financial industry, as a whole, finances the stabilisation of the
financial system. The stability contribution is determined based on the bank's importance
and risk profile.
Deposit guarantee contribution
Amounts contributed to the former Deposit Guarantee Fund (VTS Fund) currently exceed
the EU requirements governing the deposit guarantee level. As member of the VTS Fund,
OP Corporate Bank has the right to cover deposit guarantee contributions to the Finnish
Financial Stability Authority (FFSA) from the VTS Fund. By virtue of its rules, the VTS Fund
takes charge of the deposit guarantee contributions payable by its member banks to the
new Deposit Guarantee Fund managed by the FFSA, in proportion to the contributions
made by each member bank to the former Deposit Guarantee Fund over the years. The
target level of the Deposit Guarantee Fund managed by the FFSA is 0.8% of the amount of
covered deposits. The Deposit Guarantee Fund has reached its target level in accordance
with transition rules.
OP Pohjola's deposit guarantee contribution for 2025 was EUR 5 million (50), which was
covered from the VTS Fund. The deposit guarantee contribution had no effect on the
income statement in 2024 and 2025 in terms of expenses.
Financial Stability Authority's administrative fee
The administrative fee charged by the Finnish Financial Stability Authority is based on the
same calculation method as the supervision fee charged by the Finnish Financial
Supervisory Authority.
Financial Supervisory Authority's supervision fee
The supervision fee charged by the Financial Supervisory Authority comprises a relative
supervision fee, which is based on an entity's balance sheet total, and a fixed basic fee.
European Central Bank's supervisory fee
The ECB supervisory fee is determined based on the bank's importance and risk profile.
OP Corporate Bank plc's Financial Statements 2025  |  68
Note 13. Income tax
Accounting policies
Income tax expense shown in the income statement includes current tax, based on the taxable income for the financial year, and income tax for prior financial years and deferred tax
expense or income. Taxes are recognised in the profit and loss except when they are directly linked to items entered in equity or other items in other comprehensive income. In such a
case, the tax is recognised in the items in question. The current income tax charge is calculated on the basis of the tax rate in force in each country, and deferred tax is calculated on the
basis of the tax rate in force or the tax rate approved by the balance sheet date concerning years to come.
Income tax
€ million
2025
2024
Current tax
-112
-94
Tax for previous financial years
0
-6
Deferred tax
-9
-1
Income tax expense on the income statement
-121
-101
Corporate income tax rate
20%
20%
Reconciliation between tax expense in the income statement and tax expense calculated by the applicable tax rate
€ million
2025
2024
Earnings before tax
559
473
Share of profit according to the tax rate
-112
-95
Tax for previous financial years
0
-6
Tax-exempt income
0
0
Non-deductible expenses
0
0
Tax adjustments
-9
0
Other items
0
0
Income tax expense on the income statement
-121
-101
OP Corporate Bank plc's Financial Statements 2025  |  69
Notes to the balance sheet
Note 14. Classification of financial assets and liabilities
Accounting policies
Classification and measurement of financial assets and liabilities
Financial assets are classified into the following categories:
• Fair value through profit or loss (FVTPL)
• Fair value through other comprehensive income (FVOCI)
• Recognised at amortised cost.
Financial liabilities are classified into the following categories:
• Recognised at amortised cost
• Fair value through profit or loss (FVTPL).
Initial recognition and measurement
Derivatives and quoted securities are recognised in the balance sheet on the transaction
date or, in other words, the date when OP Corporate Bank commits to buy or sell the
financial instrument. Other financial instruments are recognised on the settlement date. At
initial recognition, a financial asset or financial liability is measured at fair value. If it is not
a financial asset or liability measured at fair value through profit or loss, any directly
attributable transaction costs related to the acquisition or issuance of the financial asset or
liability are added or deducted. Immediately after initial recognition, an expected credit loss
allowance of a financial asset will be recognised if the financial asset is measured at
amortised cost or at fair value through other comprehensive income. This results in an
accounting loss in the income statement for recently originated or recently purchased
financial assets.
Business model
The classification of financial assets is based on the business model, which refers to how
OP Corporate Bank manages its financial assets to generate cash flows. At OP Corporate
Bank, the business model determines whether cash flows are generated solely from the
collection of contractual cash flows, from both the collection of contractual cash flows and
the cash flows obtained from selling the financial asset, or whether it involves trading.
Financial assets within the trading business model are measured through profit or loss.
When assessing the business model, OP Corporate Bank takes account of future measures
to achieve the objective of the business model. The assessment includes previous
experience in collecting cash flows, how the performance of the business model and the
financial assets held within that business model are evaluated and reported to the entity's
key management personnel, how risks are managed and how managers of the business
are compensated.
For example, OP Corporate Bank holds corporate loans it has granted to collect
contractual cash flows. Likewise, for example, the objective of the business model of OP
Corporate Bank's liquidity buffer is to collect contractual cash flows and to sell financial
assets.
Amortised cost
Amortised cost comprises the amount determined when the original entry of the financial
asset or liability is adjusted by amortisations calculated from repayments and the effective
interest method. With financial assets, a loss allowance is added to this.
OP Corporate Bank plc's Financial Statements 2025  |  70
Loans and notes and bonds
The classification and subsequent measurement of loans and notes and bonds depend on
the following factors:
• the business model for managing the financial assets
• the contractual cash flow characteristics of the financial asset.
Based on these factors, OP Corporate Bank classifies loans and notes and bonds into the
following measurement categories:
• At amortised cost. These financial assets are held according to a business model whose
objective is to hold financial assets to collect contractual cash flows that are solely
payments of principal and interest on the principal amount outstanding. The item's
carrying amount is adjusted by any allowance for expected credit losses. Interest
income is recognised in interest revenue using the effective interest method.
• Financial assets recognised at fair value through other comprehensive income (FVOCI).
These financial assets are held according to a business model whose objective is
achieved by both collecting contractual cash flows and selling financial assets. In
addition, the contractual terms of the financial asset specify cash flows occurring on
specific dates which are solely payments of principal and interest on the principal
amount outstanding. Changes in the fair value are recognised in the fair value reserve.
Impairment gains or losses and foreign exchange gains or losses are recognised in
profit or loss. When a financial asset is derecognised, the cumulative profit or loss in the
fair value reserve is reclassified from equity to profit or loss in net investment income
as a reclassification adjustment. Interest calculated using the effective interest method
is recognised in interest income.
• Financial assets measured at fair value through profit or loss. These are financial assets
held for trading or financial assets which do not meet the above criteria for either
amortised cost or FVOCI. Gains and losses are recognised in net investment income.
Interest income and expenses of held-for-trading notes and bonds and derivatives are
presented in net investment income.
Cash flow characteristics
When OP Corporate Bank's business model is other than 'fair value through profit or
loss' (FVTPL), OP Corporate Bank assesses whether contractual cash flows are consistent
with a basic lending arrangement. In the basic lending arrangement, contractual cash
flows are solely payments of principal and interest (SPPI) on the principal amount
outstanding. The most significant interest elements are compensation for the time value of
money, credit risk, lending risks and profit margin. The majority of OP Corporate Bank's
financial assets are basic lending arrangements.
All loans granted to personal customers and some loans to corporate customers include
the option for early repayment. However, the terms and conditions are consistent with the
basic lending arrangement, as the amount payable before the due date corresponds to the
contractual nominal amount and accrued (but unpaid) contractual interest, which may
include an additional compensation for early termination of the contract.
OP Corporate Bank grants its corporate customers sustainable finance loans where
achieving company-specific sustainability targets (such as on the reduction of greenhouse
gas emissions) affects the loan margin level. These targets reflect changes in credit risk or
are insignificant. OP Corporate Bank has assessed that the cash flows of such agreements
are solely payments of principal and interest on the principal amount outstanding.
OP Corporate Bank uses the SPPI Test solution to test the cash flow characteristics of
notes and bonds. If the test result is pass/fail, the SPPI test is either passed or failed with
no further reviews. If the test result is 'further review required', the cash flow
characteristics are reviewed using OP Corporate Bank's internal guidelines before the
decision on classification. The solution identifies various elements in contract terms that
affect whether the SPPI definition is met. Under Notes and bonds, OP Corporate Bank also
has green bonds whose purpose is to finance projects that benefit the environment or
promote social responsibility. The contractual cash flows of such bonds do not vary based
on sustainability-related targets, and therefore do not affect the SPPI test. 
When contractual cash flows are exposed to changes in, for example, stock prices or the
borrower's financial result, it is not a basic lending arrangement. Such financial assets are
measured at fair value through profit or loss. These are typically various fund investments
which do not fulfil the definition of equity in the issuer's financial statements under IAS 32.
Embedded derivatives included in financial assets are not separated from the host contract
but they are considered in the overall assessment of contractual cash flows.
Equity instruments
Equity instruments are instruments that evidence a residual interest in the assets of a
company after deducting all of its liabilities. These are typically stock investments.
OP Corporate Bank plc's Financial Statements 2025  |  71
Equity instruments are subsequently measured at fair value through profit or loss. An
exception to this is when OP Corporate Bank has made an irrevocable election at initial
recognition for particular investments in equity instruments not held for trading – which
would otherwise be measured at fair value through profit or loss – to present subsequent
changes in fair value in other comprehensive income. Such investments do not currently
exist. Capital gains or losses on these investments are not recognised through profit or
loss but their dividends are recognised in other operating income. Dividends of equity
instruments held for trading are recognised in net investment income in the income
statement.
Modification of contractual cash flows of financial assets
Loan modifications involving changes to payment terms are made as a normal measure
related to the management of customer relationship but also in situations where the
customer's repayment capacity has deteriorated. A loan modification due to the customer's
deteriorated repayment capacity is recognised as forbearance which typically means a
repayment holiday for a limited time. Generally, in these cases, the contractual cash flows
of a loan are renegotiated or otherwise modified and the renegotiation or modification
does not result in the derecognition of that loan. In such a case, the gross carrying amount
of the loan is recalculated and a profit or loss on the modification is recognised in net
interest income in the income statement. In addition, the loan's categorisation as
forbearance transfers the loan to at least impairment stage 2. It falls within expected
credit loss calculated for the entire period of validity for at least two years until the
customer's repayment capacity has recovered.
Another precondition for the recovery is that after a probation period of at least two years:
• The customer has made regular and timely payments during at least half of the
probation period, leading to the payment of a substantial aggregate amount of the
principal or interest.
• None of the customer's exposures has been more than 30 days past due during the
previous three months.
Loan modifications are subject to regular monitoring and reporting to the management as
an indicator describing customers' repayment capacity.
If modifications to the loan terms are significant or the loan is renegotiated, OP Corporate
Bank derecognises the original loan and recognises the modified new loan in the balance
sheet. The loan modification date is consequently considered to be the date of initial
recognition for the impairment calculation purposes. This typically means measuring the
loss allowance at an amount equal to 12-month expected credit losses. OP Corporate
Bank uses internal rating to classify reasons for modifications and severity classes to
monitor whether there has been evidence that the new loan recognised has deemed to be
credit-impaired at initial recognition. Accordingly, it is recognised as an originated credit-
impaired financial asset. This might occur, for example, in a situation in which there was a
substantial modification of a distressed asset.
Otherwise, OP Corporate Bank derecognises financial assets when the contractual rights to
the cash flows from the financial asset cease to be in force or it transfers the financial
asset to another party and the transfer qualifies for derecognition.
Classification and subsequent measurement of financial liabilities
Financial liabilities comprise deposits and other liabilities to credit institutions and
customers, debt securities issued to the public and other financial liabilities.
Financial liabilities are classified at amortised cost using the effective interest method,
except for derivative liabilities measured at fair value through profit or loss. Liabilities held
for trading also include obligations to deliver to the counterparty securities which have
been sold but which are not owned at the time of selling (short selling).
At initial recognition, OP Corporate Bank has designated certain structured notes as
recognised at fair value through profit or loss because the notes and the derivatives
hedging them are managed and their performance is evaluated based on fair value. This
accounting treatment reflects the nature of the products and their impact on profit or loss.
These notes are presented in the balance sheet line Debt securities issued to the public.
Fair value changes are recognised in the income statement, except for changes in own
credit risk, which are recognised in equity.
A financial liability (or a part of a financial liability) is derecognised when it is extinguished
– in other words, when the obligation specified in the contract is discharged or cancelled or
expires.
An exchange between OP Corporate Bank and original lenders of financial liabilities with
substantially different terms must be accounted for as an extinguishment of the original
financial liability. In such a case, any costs or fees incurred are recognised as part of the
gain or loss on the extinguishment. If the exchange or modification is not accounted for as
an extinguishment, the amortised cost of the modified financial liability will be recalculated
by discounting the modified contractual cash flows using the original effective interest rate.
Changes in the amortised cost of the financial liability are recognised through profit or
OP Corporate Bank plc's Financial Statements 2025  |  72
loss. Costs or fees incurred adjust the carrying amount of the liability and are amortised
over the remaining term of the modified liability. OP Corporate Bank has not made any
exchanges of financial liabilities for the existing financial liabilities.
Recognised at fair value
through profit or loss
Financial assets 31 December 2025, € million
Amortised
cost
Recognised at fair value
through other
comprehensive income
Financial assets
held for trading
Hedging
derivatives
Carrying
amount total
Cash and deposits with central banks
15,769
0
0
0
15,769
Receivables from credit institutions
10,486
0
0
0
10,486
Receivables from customers
29,181
0
0
0
29,181
Derivative contracts
0
0
2,538
6
2,544
Notes and bonds
2,339
14,895
390
0
17,625
Shares and participations
0
0
3
0
3
Other financial assets
617
0
0
0
617
Total
58,392
14,895
2,931
6
76,224
At the end of the financial year, OP Corporate Bank's assets in the balance sheet included bonds with a carrying amount of EUR 2,034 million (1,520) and classified at amortised cost,
issued by issuers other than OP Pohjola. These are not measured at fair value in accounting. The fair value of these bonds amounted to EUR 2,047 million (1,547) at the end of the
financial year.
The aim of fair value measurement of promissory notes recognised at amortised cost is to find a price that would be obtained if the loan were granted to the customer on the reporting
date. The average margin on the reporting date is determined by rating grade and the so-called valuation curve is formed from these. The 12-month Euribor is used as the base rate of
the valuation curve for euro loans and the 6-month reference rate for other non-euro loans. The valuation curve is used to calculate a discount factor which is then applied to discount
the loan's contractual cash flows to the reporting date. The sum of the discounted cash flows is the fair value. On 31 December 2025, the fair value of promissory notes was EUR 441
million (66) lower than the carrying amount.
OP Corporate Bank plc's Financial Statements 2025  |  73
Recognised at fair value through
profit or loss
Financial assets 31 December 2024, € million
Amortised
cost
Recognised at fair value through
other comprehensive income
Financial assets
held for trading
Hedging
derivatives
Carrying
amount total
Cash and deposits with central banks
18,071
0
0
0
18,071
Receivables from credit institutions
10,753
0
0
0
10,753
Receivables from customers
28,385
0
0
0
28,385
Derivative contracts
0
0
3,279
104
3,383
Notes and bonds
1,827
12,176
227
0
14,230
Shares and participations
0
0
4
0
4
Other financial assets
850
0
0
0
850
Total
59,886
12,176
3,511
104
75,676
Financial liabilities 31 December 2025, € million
Recognised at fair value
through profit or loss
Recognised at
amortised cost
Hedging
derivatives*
Carrying
amount total
Liabilities to credit institutions
0
27,745
0
27,745
Liabilities to customers
0
19,722
0
19,722
Derivative contracts
2,528
0
119
2,647
Debt securities issued to the public
1,804
15,395
0
17,199
Subordinated liabilities
0
811
0
811
Other financial liabilities
21
2,381
0
2,402
Total
4,354
66,054
119
70,527
* Recognised at fair value through profit or loss.
At the end of December, the fair value of OP Corporate Bank's senior and senior non-preferred bonds issued to the public and recognised at amortised cost was around EUR 10,877
million (12,566) and their carrying amount was EUR 11,103 million (12,950). The fair value is based on information available from the market. All subordinated liabilities are measured
at amortised cost. Their fair value is EUR 815 million (1,448).
OP Corporate Bank plc's Financial Statements 2025  |  74
Financial liabilities 31 December 2024, € million
Recognised at fair value
through profit or loss
Recognised at
amortised cost
Hedging
derivatives*
Carrying
amount total
Liabilities to credit institutions
0
25,049
0
25,049
Liabilities to customers
0
19,387
0
19,387
Derivative contracts
3,061
0
89
3,150
Debt securities issued to the public
2,201
17,126
0
19,326
Subordinated liabilities
0
1,444
0
1,444
Other financial liabilities
2
1,998
0
2,000
Total
5,264
65,004
89
70,357
* Recognised at fair value through profit or loss.
OP Corporate Bank plc's Financial Statements 2025  |  75
Note 15. Cash and deposits with central banks
€ million
31 Dec
2025
31 Dec
2024
Cash
135
170
Deposits with central banks repayable on demand*
15,634
17,901
Total cash and deposits with central banks
15,769
18,071
* Deposits with central banks repayable on demand includes an overnight deposit of EUR 14,704 million made with the Bank of Finland (17,079).
In accordance with the Eurosystem's minimum reserve system, credit institutions must hold minimum reserves (reserve deposits) with their national central bank. The reserve deposit
equals the required percentage of the reserve base, as specified by the European Central Bank. The reserve base includes deposits (extensive) and debt securities with a maximum
maturity of two years. The reserve base does not include deposits from other parties subject to the minimum reserve requirement. Currently, the reserve deposit is 1% of the reserve
base. Credit institutions within OP Pohjola place a reserve deposit with OP Corporate Bank plc. Acting as an intermediary authorised by OP Pohjola's credit institutions, OP Corporate
Bank plc is responsible for OP Pohjola's obligation to place a deposit with the Bank of Finland.
OP Corporate Bank plc's Financial Statements 2025  |  76
Note 16. Receivables from credit institutions
€ million
31 Dec
2025
31 Dec
2024
Deposits repayable on demand
281
151
Other than repayable on demand deposits
697
566
Loans and receivables repayable other than on demand
9,509
10,037
Loss allowance*
-1
-1
Total receivables from credit institutions
10,486
10,753
* Loss allowance is itemised in Note 31. Loss allowance regarding receivables and notes and bonds.
OP Corporate Bank plc's Financial Statements 2025  |  77
Note 17. Receivables from customers
€ million
31 Dec
2025
31 Dec
2024
Loans to the public and public sector entities
26,930
26,234
Finance lease receivables*
2,473
2,408
Guarantee receivables
0
0
Loss allowance**
-221
-257
Total receivables from customers
29,181
28,385
* Finance lease receivables are itemised in Note 22.
** Loss allowance is itemised in Note 31. Loss allowance regarding receivables and notes and bonds.
OP Corporate Bank plc's Financial Statements 2025  |  78
Note 18. Derivative contracts
Accounting policies
Derivative contracts
Derivative contracts are classified as hedging derivative contracts and derivative contracts
held for trading. They include interest rate, currency, equity, commodity and credit
derivatives. Derivatives are measured at fair value at all times.
Standardised OTC derivative transactions entered into with financial counterparties are
cleared in London Clearing House and Eurex Clearing Ag, in accordance with EMIR (EU
648/2012). In the model used, the central counterparty (CCP) will become the derivatives
counterparty at the end of the daily clearing process. The settlement accounting method
used is the settled-to-market (STM) method where daily payments for derivatives are
netted with the CCP. In addition, the fair value change of derivatives (variation margin) is
either paid or received in cash. In the STM method, the daily payment is determined on a
contractual basis as final payment and part of the derivative contract's cash flows. The
daily payment is recognised as a fair value change through profit or loss. As a result, the
derivative contract involves no fair value change other than the valuation difference
between OP and the CCP. The difference is recognised in the balance sheet under
derivative contracts, in either assets or liabilities. Other derivatives are presented in the
balance sheet on a gross basis: positive value changes are presented under derivative
contracts in assets, while negative value changes are presented under derivative contracts
in liabilities.
Derivatives held for trading
Net income from financial assets held for trading shows interest income and expenses and
fair value gains and losses on notes and bonds and derivatives held for trading in Banking
and Group Functions. This item also presents the value changes of derivatives which,
under the Risk Appetite Framework, are considered financial hedging but to which hedge
accounting is not applied. Derivatives' interest carried forward is presented under
Derivative contracts in the balance sheet.  For derivative contracts, positive value changes
are presented in the balance sheet under 'Derivative contracts' in assets, while negative
value changes are presented under 'Derivative contracts' in liabilities.
Hedging instruments
OP Corporate Bank has prepared methods and internal principles for hedge accounting,
based on which a financial instrument can be designated as a hedging instrument. In
accordance with the hedging principles, OP Corporate Bank can hedge against interest
rate risk, currency risk and price risk by applying fair value hedge or cash flow hedge. Fair
value hedging refers to hedging against changes in the fair value of the hedged asset, and
cash flow hedging to hedging against changes in future cash flows. In OP Corporate Bank,
the hedgeable risk categories are fair value and cash flow interest rate risks as well as
currency risk.
Contracts are not accounted for according to the rules of hedge accounting if the hedging
relationship between the hedging instrument and the related hedged item, as required by
IAS 39, does not meet the criteria of the standard. OP Corporate Bank also enters into
derivative contracts which are effectively used to hedge against financial risks according to
the risk management strategy but which do not fulfil these criteria or to which hedge
accounting is not applied. These are called economic hedges. The most significant of them
at OP Corporate Bank is the interest rate hedges for structured financial liabilities.
Hedge accounting will be discontinued prospectively if the hedging instrument expires, is
sold, terminated or exercised or if it no longer fulfils the criteria set for the application of
hedge accounting or its designation as a hedge is revoked. For this purpose, the
replacement or rollover of a hedging instrument into another hedging instrument is not an
expiration or termination if such a replacement or rollover is part of the entity's
documented hedging strategy. Additionally, for this purpose there is not an expiration or
termination of the hedging instrument if as a consequence of laws or regulations or the
introduction of laws or regulations, the parties to the hedging instrument agree that one
or more clearing counterparties replace their original counterparty to become the new
counterparty to each of the parties. For this purpose, a clearing counterparty is an entity
that acts as a counterparty in order to effect clearing by a central counterparty.
Hedge accounting
Hedge accounting is used to verify that changes in the fair value of a hedging instrument
or cash flows fully or partially offset the corresponding changes of a hedged item. The
OP Corporate Bank plc's Financial Statements 2025  |  79
relationship between hedging and hedged instruments is formally documented. The
documentation contains information on the Risk Appetite Framework, hedging strategy
and the methods used to demonstrate hedge effectiveness. Hedge effectiveness is tested
at the inception of the hedge and in subsequent periods by comparing respective changes
in the fair value or cash flows of the hedging instrument and the hedged item. A financial
relationship exists when it is determined that the value of the hedging instrument and
hedged item move in opposite directions as the underlying instrument moves. The
existence of an economic relationship is assessed by qualitatively and quantitatively
examining whether the key terms of the hedged item and the hedging instrument are
similar. The hedge is considered effective if the change in the fair value of the hedging
instrument or in cash flows offsets the change in the fair value of the hedged contract or
portfolio or in cash flows within a range of 80–125%. The hedge ratio of hedging
relationships is determined by matching the notional amount of derivatives to the principal
of the hedged items. The hedge ratio for portfolio hedging can also apply to only a portion
of the principal, and the hedge ratio can vary according to the company's risk management
objectives.
Fair value hedges
Fair value hedging against interest rate risk involves individual long-term fixed-rate debt
instruments (such as central bank debt, own issues and certain term deposits), individual
bond and loan portfolios, as well as individual loans. A fair-value portfolio hedging model
based on the IAS 39 EU carve-out version is applied to hedge against interest rate risk
involved in the loan and credit portfolios with fixed interest rate and against the interest
rate risk of current and savings accounts with spot transactions. For these hedging
relationships, the prepayment option related to the hedged item causes ineffectiveness
only rarely. The hedging instruments used include placed or purchased interest rate
options, interest rate swaps, and interest rate and currency swaps. A placed option is only
used as a hedging instrument if it has been specified to reverse a purchased option
included in the terms.
For derivative contracts which are documented as fair value hedges and which provide
effective hedges, fair value changes are recognised in the income statement. Hedged
assets and liabilities are measured at fair value during the period for which the hedge is
designated, and fair value changes of the hedged risk are recognised in the income
statement. These balance sheet lines include hedged risk items: Receivables from
customers, Liabilities to customers and Debt securities issued to the public.
In fair value hedge accounting, changes in the fair value of the hedging instrument and the
hedged item are recorded in banking in the income statement under Net interest income. 
Any ineffectiveness that may arise from a hedging relationship may be caused by timing
differences between the cash flows of the hedging instrument and the hedged item, and it
is correspondingly recognised under net interest income and its amount is itemised in the
notes.
When discontinuing hedge accounting, the carrying amount adjustment to fair value of the
hedged financial instrument due to the risk to be hedged, to which the effective interest
method applies, must be amortised to profit or loss by the financial instrument's maturity
date. The adjustment is amortised based on a recalculated effective interest rate or using
the straight-line method in portfolio hedges. However, if the hedged item is derecognised
during the discontinuance of hedging, the fair value adjustment will also immediately be
recognised in profit or loss.
Cash flow hedges
Cash flow hedges are used to hedge the interest rate and currency cash flows of variable-
rate notes or bonds or other variable-rate assets and liabilities. In addition, cash flow
hedges are used to hedge the future interest flows of the loan portfolio defined on the
basis of reference interest rate linkage. The primary hedging instruments used are interest
rate swaps and forward exchange contracts.
Derivative contracts which are documented as cash flow hedges and provide effective
hedges are measured at fair value. The effective portion of the hedging instrument's fair
value changes is recognised in other comprehensive income. Any ineffectiveness that may
arise from a hedging relationship may be caused by timing differences between the cash
flows of the hedging instrument and the hedged item, and it is recognised in the income
statement under Net interest income. Fair value changes recognised in equity are included
in the income statement in the period when hedged items affect net income. If the hedged
cash flows are no longer expected to occur, the fair value changes from the hedging
instrument are transferred from equity as an adjustment due to reclassification to profit or
loss. Any changes in accumulated fair value due to cancelled hedges are retained under
equity capital as a separate item if the hedged cash flows are still expected to be realised.
This item is transferred into profit and loss only when the hedged cash flows affect the
income statement. If the effect of the cash flows is expected to be divided between several
reporting periods, the accumulated amount is divided in equal amounts for the periods in
question. 
OP Corporate Bank plc's Financial Statements 2025  |  80
Total derivatives
31 Dec 2025
31 Dec 2024
€ million
Notional
values
Fair values,
assets
Fair values,
liabilities
Notional
values
Fair values,
assets
Fair values,
liabilities
Interest rate derivatives
248,241
2,113
2,145
272,388
2,648
2,486
Cleared by the central counterparty (STM)
138,009
6
4
151,177
33
27
Equity and index-linked derivatives, of which
1,001
101
25
1,172
76
64
Cleared by the central counterparty (STM)
0
0
0
Currency and gold derivatives
46,838
315
418
44,302
627
571
Cleared by the central counterparty (STM)
0
0
0
Credit derivatives, of which
190
10
1
280
10
2
Cleared by the central counterparty (STM)
90
0
0
182
0
0
Commodity derivatives, of which
654
5
60
410
22
26
Cleared by the central counterparty (STM)
0
0
0
Other derivatives
0
0
0
56
Cleared by the central counterparty (STM)
0
0
0
Total derivatives
296,924
2,544
2,647
318,607
3,383
3,150
The fair value of derivatives corresponds to the carrying amount, which includes the fair values of derivatives held for trading and the fair values of derivatives in hedge accounting.
OP Corporate Bank plc's Financial Statements 2025  |  81
Derivatives held for trading
31 Dec 2025
31 Dec 2024
€ million
Notional
values
Fair values,
assets
Fair values,
liabilities
of which
sold options
Notional
values
Fair values,
assets
Fair values,
liabilities
of which
sold options
Interest rate derivatives
212,594
2,111
2,141
24,144
232,389
2,601
2,396
27,094
of which economic hedges
864
10
2
234
2,603
12
56
621
OTC options
48,926
782
777
24,144
54,460
984
912
27,094
OTC futures and interest rate swaps, of which
163,574
1,330
1,365
177,780
1,618
1,484
  Cleared by the central counterparty (STM)
105,939
6
3
118,668
30
25
Standardised interest rate swaps
94
0
0
150
0
0
Equity and index-linked derivatives
1,001
101
25
1,172
76
64
of which economic hedges
1,001
101
25
1,172
76
64
OTC swap contracts
1,001
101
25
1,172
76
64
Currency and gold derivatives
44,713
310
301
115
42,894
569
571
of which economic hedges
537
8
9
3
0
0
OTC options
232
1
1
115
399
1
1
OTC forwards and interest rate and currency swaps
44,481
309
301
42,495
568
570
Credit derivatives
190
10
1
10
280
10
2
76
of which economic hedges
100
10
1
98
10
2
OTC credit derivatives, of which
190
10
1
10
280
10
2
76
  Cleared by the central counterparty (STM)
90
0
0
10
182
0
0
76
Commodity derivatives
654
5
60
410
22
26
of which economic hedges
199
0
8
32
0
1
OTC forwards and swap contracts
558
5
60
374
22
26
Standardised futures
96
0
0
35
1
0
Other derivatives
56
Other standardised
56
Total derivatives held for trading
259,152
2,538
2,528
24,269
277,201
3,279
3,059
27,170
OP Corporate Bank plc's Financial Statements 2025  |  82
Derivative contracts used for hedge accounting – fair value
hedging
31 Dec 2025
31 Dec 2024
Notional values by residual term to maturity
Notional values by residual term to maturity
€ million
< 1 year
1–5 years
< 5 years
Total
< 1 yr
1–5 years
< 5 years
Total
Interest rate derivatives, of which
4,303
24,354
6,739
35,396
7,364
26,155
6,479
39,999
Cleared by the central counterparty (STM)
2,666
22,576
6,578
31,820
5,127
21,139
6,242
32,509
Currency and gold derivatives
1,004
516
278
1,798
Cleared by the central counterparty (STM)
Total derivatives
5,307
24,870
7,018
37,195
7,364
26,155
6,479
39,999
Derivative contracts used for hedge accounting – cash flow
hedging
31 Dec 2025
31 Dec 2024
Notional values by residual term to maturity
Notional values by residual term to maturity
€ million
< 1 year
1–5 years
< 5 years
Total
< 1 yr
1–5 years
< 5 years
Total
Interest rate derivatives, of which
100
150
250
Cleared by the central counterparty (STM)
100
150
250
Currency and gold derivatives
327
327
1,407
1,407
Cleared by the central counterparty (STM)
0
Total derivatives
327
100
150
577
1,407
1,407
31 Dec 2025
31 Dec 2024
Average interest rates of interest rate swaps in hedge
accounting – fair value hedge
< 1 year
1–5 years
< 5 years
Total
< 1 yr
1–5 years
< 5 years
Total
Interest rate derivatives
Cleared by the central counterparty
0.488
0.908
1.624
1.127
0.855
2.127
1.106
0.867
OTC interest rate derivatives
3.090
2.890
2.964
-0.345
-0.318
3.009
-0.243
Total interest rate derivatives
0.488
0.914
1.634
1.135
0.296
0.623
1.119
0.312
OP Corporate Bank plc's Financial Statements 2025  |  83
31 Dec 2025
31 Dec 2024
Average interest rates of interest rate swaps and currency
swaps in hedge accounting related to significant currencies
< 1 year
1–5 years
< 5 years
Total
< 1 yr
1–5 years
< 5 years
Total
AUD
2.440
2.440
2.440
2.440
GBP
1.380
1.380
2.318
2.318
HKD
2.880
2.880
3.000
2.880
2.958
JPY
1.746
1.746
0.700
1.300
0.831
SEK
4.450
4.450
4.450
4.450
NOK
4.089
4.786
4.427
4.334
4.334
USD
3.607
3.607
3.823
2.930
3.607
31 Dec 2025
31 Dec 2024
Average interest rates of interest rate swaps in hedge
accounting – cash flow hedge
< 1 year
1–5 years
< 5 years
Total
< 1 yr
1–5 years
< 5 years
Total
Interest rate derivatives
Cleared by the central counterparty
2.222
2.222
Total interest rate derivatives
2.222
2.222
31 Dec 2025
31 Dec 2024
Average prices of currency derivatives in hedge accounting
related to significant currencies
< 1 yr
1–5 years
< 5 years
Total
< 1 yr
1–5 years
< 5 years
Total
Currency derivatives
Forward exchange contracts
Average EUR:AUD
1.741
1.741
Average EUR:CHF
0.953
0.953
Average EUR:GBP
0.870
0.870
0.861
0.861
Average EUR:USD
1.171
1.171
1.020
1.020
OP Corporate Bank plc's Financial Statements 2025  |  84
Effects of hedge accounting on financial position and result
The tables below present details of items to which fair value and cash flow hedge accounting are applied. The value of a hedging derivative is its cumulative value, used as basis for
ineffectiveness calculations. Most hedging derivatives are cleared daily with the central counterparty, with the balance sheet presenting the derivative's net fair value, taking daily cash
payments made or received into account. The above table, Total derivatives, presents the carrying amount of all derivatives.
Hedged item
Balance sheet item in which
the hedged item is
presented 
Carrying amount of hedged
item including accrued
amount of hedge adjustments
Accrued amount of hedge
adjustments for the hedged item
Change in value of hedged
item that is used as basis
for recognition of ineffective
hedge during period
Ineffectiveness
recognised in the
income
statement
31 Dec 2025, € million
Assets
Liabilities
Assets
Liabilities
Fair value micro hedging, interest rate
risk
Bonds (FVOCI)
Investment assets
13,987
-437
-8
0
Receivables from customers
Receivables from customers
375
-7
10
0
Debt issues
Debt securities issued to the
public
8,557
-272
-116
-3
Debt issues
Subordinated liabilities
557
-3
-7
-1
Fair value portfolio hedging, interest
rate risk
Receivables from customers
Receivables from customers
3,223
-4
-2
0
Liabilities to credit institutions
Liabilities to credit
institutions
0
8,601
0
-228
-72
0
OP Corporate Bank plc's Financial Statements 2025  |  85
Hedged item
Balance sheet item in which
the hedged item is
presented
Carrying amount of hedged
item including accrued
amount of hedge adjustments
Accrued amount of hedge
adjustments for the hedged item
Change in value of hedged
item that is used as basis
for recognition of ineffective
hedge during period
Ineffectiveness
recognised in the
income
statement
31 Dec 2024, € million
Assets
Liabilities
Assets
Liabilities
Fair value micro hedging, interest
rate risk
Bonds (FVOCI)
Investment assets
11,333
-453
247
-3
Receivables from customers
Receivables from customers
365
-17
19
5
Debt issues
Debt securities issued to the
public
11,296
-384
-222
2
Debt issues
Subordinated liabilities
1,089
-11
-30
0
Fair value portfolio hedging, interest
rate risk
Liabilities to credit institutions
Liabilities to credit
institutions
7,438
0
-301
-167
0
Receivables from customers
Receivables from customers
5,218
0
2
-1
Hedged item
Balance sheet item in which
the hedged item is presented
Change in value of hedged item that is
used as basis for recognition of ineffective
hedge during period
Cash flow hedge reserve balance
Ineffectiveness recognised
in the income statement
31 Dec 2025, € million
Continuous
hedging
Terminated hedging
Cash flow portfolio hedging, interest
rate risk
Deposits
Cash and deposits with
central banks
1
-1
0
Current liabilities
Liabilities to customers
0
0
0
Short-term debt issues
Debt securities issued to the
public
0
0
0
OP Corporate Bank plc's Financial Statements 2025  |  86
Hedged item
Balance sheet item in which
the hedged item is presented
Change in value of hedged item that
is used as basis for recognition of
ineffective hedge during period
Cash flow hedge reserve balance
Ineffectiveness recognised
in the income statement
31 Dec 2024, € million
Continuous hedging
Terminated hedging
Cash flow portfolio hedging, interest
rate risk
Deposits
Cash and deposits with
central banks
0
0
0
Current liabilities
Liabilities to customers
0
0
0
Short-term debt issues
Debt securities issued to the
public
1
0
0
Hedging instruments
Notional values
Value of hedging derivatives
Change in the fair value of hedging
derivatives used as basis for
ineffectiveness calculation
31 Dec 2025, € million
Positive
Negative
Fair value micro hedging, interest rate risk
Cross currency swaps
24,378
509
-341
118
Fair value portfolio hedging, interest rate risk
Interest rate swaps
7,658
19
-240
73
Interest rate options
3,128
0
1
Cash flow portfolio hedging, interest rate risk
Interest rate swaps
250
0
-1
-1
Currency risk hedge
Forward exchange contracts
325
0
0
1
OP Corporate Bank plc's Financial Statements 2025  |  87
Hedging instruments
Notional values
Value of hedging derivatives
Change in the fair value of hedging derivatives
used as basis for ineffectiveness calculation
31 Dec 2024, € million
Positive
Negative
Fair value micro hedging, interest rate risk
Cross currency swaps
24,739
590
-517
-5
Fair value portfolio hedging, interest rate risk
Interest rate swaps
7,438
26
-320
157
Interest rate options
5,087
-1
2
Cash flow portfolio hedging, interest rate risk
Interest rate swaps
0
0
0
9
Currency risk hedge
Forward exchange contracts
1,407
0
-1
-1
OP Corporate Bank plc's Financial Statements 2025  |  88
Note 19. Investment assets
€ million
31 Dec
2025
31 Dec
2024
Financial assets at fair value through other comprehensive income
Notes and bonds
14,895
12,176
Shares and participations
0
0
Total
14,895
12,176
Financial assets held for trading
Notes and bonds
390
227
Shares and participations
3
4
Total
393
232
Amortised cost
Notes and bonds
2,339
1,827
Total
2,339
1,827
Total investment assets
17,627
14,234
OP Corporate Bank plc's Financial Statements 2025  |  89
Note 20. Intangible assets
Accounting policies
Information systems
Information systems are measured at cost less amortisation and any impairment losses. In
general, software and licences are amortised over 4 years and other intangible assets over
5 years.
The development costs of internally generated information systems are capitalised from
the time when they can be determined reliably, completing the asset is technically feasible
and the asset can be used or sold and it has been demonstrated that the software will
generate future economic benefit. The capitalised expenditure includes, for example,
licence fees, purchased services, other external costs related to projects and inhouse work.
The asset will be amortised from the time it is ready for use. An asset that is not yet ready
for use is assessed annually for impairment. Research costs are recognised as expenses
for the financial year. Information systems are written off from accounting when they have
been fully amortised. Acquisition costs of information systems include only those assets
whose acquisition costs have not yet been fully recognised as amortisation expense.
Changes in intangible assets, € million
Information
systems
Acquisition cost 1 January 2025
40
Increases
2
Acquisition cost 31 December 2025
42
Accumulated depreciation and impairments 1 January 2025
-37
Depreciation for the financial year
0
Accumulated depreciation and impairments 31 December 2025
-38
Carrying amount 31 December 2025
5
Changes in intangible assets, € million
Information
systems
Acquisition cost 1 January 2024
39
Increases
3
Decreases
-1
Transfers between items
0
Acquisition cost 31 December 2024
40
Accumulated depreciation and impairments 1 January 2024
-38
Depreciation for the financial year
-1
Decreases
1
Transfers between items
0
Accumulated amortisation and impairments 31 December 2024
-37
Carrying amount 31 December 2024
3
OP Corporate Bank plc's Financial Statements 2025  |  90
Note 21. Property, plant and equipment
Accounting policies
Property, plant and equipment (PPE) assets are carried at cost less accumulated
depreciation and any impairment losses. These assets are depreciated on a straight-line
basis over their estimated useful lives. Land is not subject to depreciation. Subsequent
expenditures are capitalised at the asset's carrying amount only if it is probable that the
asset will generate greater economic benefits than initially estimated.
The estimated useful lives are mainly as follows:
Buildings
20–50 years
Machinery and equipment
3–10 years
Cars
2–6 years
Other PPE assets
3–10 years
The assets' residual value and useful lives are reviewed on each balance sheet date and
adjusted as appropriate if expectations differ from previous estimates with respect to
economic benefits. PPE assets are written off from accounting when they have gone out of
use.
Impairment of PPE and intangible assets
On each balance sheet date, an assessment is made to determine if there is any indication
of an asset's impairment. If such indication exists, the amount recoverable from the asset
will be estimated. Regardless of the existence of such indication, the recoverable amount is
annually estimated for assets not yet available for use, goodwill and intangible assets with
indefinite useful lives (brands). If the carrying amount of an asset is greater than its
estimated recoverable amount, the excess amount is recognised as an expense.
The recoverable amount is the higher of an asset's fair value less costs to sell (net selling
price) or value in use. The recoverable amount is primarily determined on the basis of the
asset's net selling price, but if this is not possible, the asset's value in use must be
determined. The asset's value in use equals the net present value of future cash flows
expected to be recoverable from the asset. The discount rate used is a pre-tax rate that
reflects current market assessments of the time value of money and the risks specific to
the asset. The need for impairment of the annually tested assets stated above is always
determined on the basis of value-in-use calculations.
If the asset's net selling price cannot be determined and the asset does not generate cash
flows independent of other assets, the need for impairment will be determined through
the cash-generating unit (CGU) or the business segment – or its company – to which the
asset belongs. In such a case, the carrying amounts of the unit's assets are compared with
the entire unit's recoverable amounts.
An impairment loss is reversed if there has been a change in the estimates used to
determine the asset's recoverable amount since the last impairment loss was recognised.
The increased carrying amount of the asset may not exceed the carrying amount of the
asset that would have been determined had no impairment loss been previously
recognised. 
OP Corporate Bank plc's Financial Statements 2025  |  91
€ million
31 Dec 2025
31 Dec 2024
Property in own use
Land and water areas
0
0
Machinery and equipment
0
0
Other PPE assets
3
2
Right-of-use assets
2
1
Total property, plant and equipment
5
4
Changes in property, plant and equipment (PPE), € million
Property in own use
Machinery and
equipment
Other PPE
assets
Total property, plant
and equipment
Acquisition cost 1 January 2025
1
0
2
3
Increases
0
11
11
Decreases
0
-10
-10
Acquisition cost 31 December 2025
1
0
3
4
Accumulated depreciation and impairments 1 January 2025
0
0
0
-1
Depreciation for the financial year
0
0
0
Decreases
0
0
Accumulated depreciation and impairments 31 December 2025
0
0
0
-1
Right-of-use asset*
2
Carrying amount 31 December 2025
0
0
3
5
* Note 22, Leases
OP Corporate Bank plc's Financial Statements 2025  |  92
Changes in property, plant and equipment (PPE), € million
Property in own  use
Machinery and
equipment
Other  PPE
assets
Total property, plant and
equipment
Acquisition cost 1 January 2024
1
0
2
3
Increases
0
7
7
Decreases
0
-7
-7
Transfers between items
0
0
Acquisition cost 31 December 2024
1
0
2
3
Accumulated depreciation and impairments 1 January 2024
0
0
0
-1
Depreciation for the financial year
0
0
0
Decreases
0
0
Transfers between items
0
0
Accumulated depreciation and impairments 31 December 2024
0
0
0
-1
Right-of-use asset*
1
Carrying amount 31 December 2024
0
0
2
4
* Note 22, Leases
OP Corporate Bank plc's Financial Statements 2025  |  93
Note 22. Leases
Accounting policies
At the inception of the contract, OP Corporate Bank assesses whether the contract
concerned is a lease or contains a lease. The contract is a lease treated under IFRS 16 if
the following conditions are fulfilled in all respects:
• The contract is based on control over an identified asset in such a way that OP
Corporate Bank has the right to decide on use of the asset throughout the lease period
if OP Corporate Bank is the lessee, and the customer and its Group companies have
decision-making powers related to use of the asset if OP Corporate Bank is the lessor.
• The contract includes rights and obligations and related payments.
• The asset identified in the contract is used only by OP Corporate Bank or its employees
if OP Corporate Bank is the lessee, and by the customer or its Group companies if OP
Corporate Bank is the lessor.
Recognition of leased right-of-use assets
Leased right-of-use assets are presented in PPE assets and are mainly derecognised
during the lease term. The corresponding lease liability is presented in other liabilities and
the related interest expenses are presented in net interest income. Service charges related
to leases, which are separated from the lease amount, are presented in other operating
expenses. Separating the service charge is performed by right-of-use asset class.
For leased contracts, OP Corporate Bank defines the lease term as follows:
• A fixed term that cannot be extended or terminated without any good reason or
sanction or
• based on management judgement, for a maximum of three years if the contract
concerns a property lease until further notice to which a mutual notice period applies. If
the lease is initially fixed-term but becomes valid until further notice when renewed (as
described above), the lease term is a combination of these. When such a lease has been
terminated, the notice period is defined as the lease term. When determining the lease
term, OP Corporate Bank ascertains whether it can be reasonably certain that the
lessee will occupy the premises long-term, due to the leased property's central location
and possible lack of substitute premises.
• the lessor's notice period if the contract involves a lease other than property leased until
further notice, to which a mutual notice period applies. After the end of the notice
period, the lease term will be renewed with a new notice period unless the lease has
been terminated. When determining the lease term, OP Corporate Bank ascertains
whether it can be reasonably certain that leases have been concluded long-term
because their termination and renewal would not be profitable or
• the useful life of the leased property if it is shorter than the lease terms defined in a
matter mentioned above.
In calculating lease liability, OP Corporate Bank usually applies the incremental borrowing
rate of the lessor. The interest rate quoted by the OP Corporate Bank Treasury is used as
the incremental borrowing rate applied by the Treasury when lending to OP Pohjola
entities.
OP Corporate Bank applies entry concessions allowed for lessors. Expenses of low-value
and short-term leases for the financial year are recognised in other operating expenses.
These leases include laptops, mobile phones and smaller devices and devices and
machines leased on a one-time basis.
OP Corporate Bank applies IAS 36 Impairment of assets to determine whether the asset
concerned is impaired. On the end date of each reporting period, OP Corporate Bank
assesses whether there are indications that an asset is impaired. If there are such
indications, OP Corporate Bank evaluates the asset's recoverable amount. An asset is
impaired when its carrying amount exceeds its recoverable amount.
OP Corporate Bank's leased contracts are mainly related to premises, company cars and
safety devices.
Recognition of assets leased out
On the date of inception, OP Corporate Bank classifies leased out assets as finance leases
or operating leases, depending on the substance of the transaction. A lease is classified as
a finance lease if it substantially transfers all risks and rewards incident to ownership to
the lessee. All other leases are classified as operating leases. Lease classification is
OP Corporate Bank plc's Financial Statements 2025  |  94
performed at the inception of the lease. OP Corporate Bank has classified all its leased-out
assets as finance lease contracts.
Assets leased out under finance lease are recorded as receivables from customers in the
balance sheet. The asset is recognised to the amount equal to the net investment in the
lease. Finance income from the lease is recognised in interest income based on a pattern
reflecting a constant periodic rate of return on the lessor's net investment outstanding in
respect of the finance lease.
2025
2024
Right-of-use assets, € million
Buildings
Machinery
and
equipment
Total
Buildings
Machinery
and
equipment
Total
Carrying amount 1 January
1
0
1
2
0
2
Increases
1
1
1
0
0
Decreases
0
0
0
0
0
Depreciation for the financial year
0
0
-1
0
0
-1
Value changes for the financial year
0
0
0
0
0
0
Carrying amount 31 December
1
1
2
1
0
1
Lease liabilities, € million
31 Dec 2025
31 Dec 2024
* Carrying amount
2
1
Contractual maturities
< 1 year
1
1
1–2 years
1
0
2–3 years
0
0
3–4 years
0
0
4–5 years
0
0
Over 5 years
0
0
* Note 28. Provisions and other liabilities.
Items entered in the income statement, € million
31 Dec 2025
31 Dec 2024
Interest expenses
0
0
Depreciation on right-of-use assets
-1
-1
Expenses from short-term and low-value leases
-1
-1
Total cash flow from leases
-2
-2
OP Corporate Bank plc's Financial Statements 2025  |  95
Finance lease receivables
OP Corporate Bank plc uses finance leases to finance moveable capital assets, real
property units and other premises in Finland. In addition, OP Corporate Bank's branches in
Estonia, Latvia and Lithuania use finance leases to finance moveable capital assets.
€ million
31 Dec 2025
31 Dec 2024
Maturity of finance lease receivables
< 1 year
830
756
1–2 years
641
665
2–3 years
482
448
3–4 years
309
306
4–5 years
157
174
Over 5 years
167
200
Gross investment in finance leases
2,587
2,550
Unearned finance income (–)
-115
-142
Present value of minimum lease payments
2,473
2,408
Present value of minimum lease payment receivables
< 1 year
789
708
1–2 years
615
633
2–3 years
466
429
3–4 years
299
294
4–5 years
151
167
Over 5 years
153
177
Total
2,473
2,408
Items entered in the income statement, € million
31 Dec 2025
31 Dec 2024
Interest income from finance lease receivables
96
112
OP Corporate Bank plc's Financial Statements 2025  |  96
Note 23. Other assets
Other assets include items such as payment transfer receivables, pension assets, accrued income and prepaid expenses, derivatives receivables (central counterparty clearing), CSA
receivables from derivative contracts and securities receivables.  The item includes EUR 196 million (155) for the closing out of a position on an emissions allowance forward contract, in
the 'Other' row. Emissions allowance transactions are based on trading services provided to meet customers' needs. All OTC emissions allowance forward contracts involve physical
delivery: emissions allowances held and OTC emissions allowance forward contracts are recognised at fair value through profit or loss, and changes in fair value are presented in financial
assets held for trading.
Adjusted
€ million
31 Dec
2025
31 Dec
2024
Payment transfer receivables
124
153
Pension assets
26
23
Accrued income and prepaid expenses
13
26
Derivatives receivables, central counterparty clearing
46
69
CSA receivables, central counterparty clearing
173
371
Securities receivables
19
7
Other
243
201
Total
643
850
OP Corporate Bank plc's Financial Statements 2025  |  97
Note 24. Deferred tax assets and liabilities
Accounting policies
Deferred tax liabilities are recognised for all temporary differences between the carrying
amount and tax base of assets and liabilities. Deferred tax assets are calculated on tax-
deductible temporary differences between the carrying amount and taxable value included
in the financial statements, and on losses confirmed for tax purposes. Deferred tax assets
are recognised to the extent that it is probable that taxable profits will be available against
which deductible temporary differences can be utilised. Deferred tax assets are not
recognised insofar as taxable profits are not likely to be generated against which taxable
losses or refunds can be utilised. Deferred tax assets and liabilities are measured at the
tax rate that is expected to apply to the period when the asset is realised or the liability is
settled, based on tax rates enacted or substantively enacted by the balance sheet date.
Deferred tax assets 31 Dec 2025
Deferred tax assets, € million
1 Jan 2025
Recognised in
the income
statement
Recognised in other
comprehensive
income
Recognised in
equity
31 Dec 2025
Notes and bonds
24
0
-18
0
6
Cash flow hedges
0
0
0
0
0
Defined benefit pension plans
12
-11
0
0
1
Leases
0
0
0
0
0
Other temporary differences
2
1
2
0
5
Set-off against deferred tax liabilities
-39
-12
Total
0
-11
-16
0
0
Deferred tax liabilities 31 Dec 2025
Deferred tax liabilities, € million
1 Jan 2025
Recognised in
the income
statement
Recognised in other
comprehensive
income
Recognised in
equity
31 Jan 2025
Tax provisions
325
0
0
0
325
Notes and bonds
1
0
0
0
0
Defined benefit pension plans
7
-2
0
0
5
Other temporary differences
1
0
0
0
1
Set-off against deferred tax assets
-39
-12
Total
295
-2
0
0
319
Change in deferred tax in the income statement (deferred tax assets – deferred tax
liabilities)
-9
-16
OP Corporate Bank plc's Financial Statements 2025  |  98
Deferred tax assets 31 Dec 2024
Deferred tax assets, € million
1 Jan 2024
Recognised in
the income
statement
Recognised in other
comprehensive
income
Recognised in
equity
31 Dec 2024
Notes and bonds
15
0
9
0
24
Provisions
0
0
0
0
0
Cash flow hedges
2
0
-2
0
0
Defined benefit pension plans
12
0
0
0
12
Leases
0
0
0
0
0
Other temporary differences
3
0
0
0
2
Set-off against deferred tax liabilities
-39
Total
31
-1
8
0
0
Deferred tax liabilities 31 Dec 2024
Deferred tax liabilities, € million
1 Jan 2024
Recognised in
the income
statement
Recognised in other
comprehensive
income
Recognised in
equity
31 Dec 2024
Tax provisions
325
0
0
0
325
Notes and bonds
0
0
0
0
1
Defined benefit pension plans
6
0
1
0
7
Other temporary differences
1
0
0
0
1
Set-off against deferred tax assets
-39
Total
332
0
1
0
295
Change in deferred tax in the income statement (deferred tax assets – deferred tax
liabilities)
-1
7
OP Corporate Bank plc's Financial Statements 2025  |  99
Note 25. Liabilities to credit institutions
This balance sheet item presents liabilities to central banks and liabilities to credit institutions. Note 14. Classification of financial assets and liabilities presents the valuation principles
applied to this item.
€ million
31 Dec
2025
31 Dec
2024
Liabilities to credit institutions
Repayable on demand
Deposits
6,506
4,556
Other liabilities
0
0
Other than repayable on demand
Deposits
21,468
20,794
Other liabilities
-229
-301
Total liabilities to credit institutions and central banks
27,745
25,049
The item, Other than those repayable on demand, includes LCR deposits by member credit institutions.
OP Corporate Bank plc's Financial Statements 2025  |  100
Note 26. Liabilities to customers
The “Liabilities to customers” balance-sheet item presents repayable on demand and other than repayable on demand deposits. It also includes interest payable. Note 14, Classification
of financial assets and liabilities, presents the valuation principles applied to this item.
€ million
31 Dec
2025
31 Dec
2024
Deposits repayable on demand
Private
13
14
Companies and public-sector entities
15,811
14,892
Other than repayable on demand deposits
Private
1
0
Companies and public-sector entities
1,162
2,254
Interest payable on deposits
14
5
Financial liabilities repayable on demand
Companies and public-sector entities
4
6
Other than repayable on demand financial liabilities
Companies and public-sector entities
2,718
2,215
Total liabilities to customers
19,722
19,387
OP Corporate Bank plc's Financial Statements 2025  |  101
Note 27. Debt securities issued to the public
Debt securities issued to the public presents bonds, subordinated bonds (SNP), certificates of deposit and commercial papers. Note 14, Classification of financial assets and liabilities,
presents the valuation principles applied to this item.
€ million
31 Dec
2025
31 Dec
2024
Senior Preferred bonds*
9,000
11,139
Senior Non-preferred bonds
3,621
3,566
Certificates of deposit
0
170
Commercial papers
4,579
4,451
Total debt securities issued to the public
17,199
19,326
* Own bonds held by OP Corporate Bank plc have been set off against liabilities.
Reconciliation of changes in liabilities in cash flows from financing activities against balance sheet
items
Debt securities 
issued to the
public
Subordinated
liabilities
Debt securities 
issued to the
public
Subordinated
liabilities
€ million
2025
2024
Balance sheet value 1 January
19,326
1,444
24,062
1,414
Changes in cash flows from financing activities
Increases in bonds
2,550
1,710
Increases in certificates of deposit
323
401
Increases in commercial papers
5,861
5,753
Increases in debentures
807
1
Increases total
8,733
807
7,865
1
Decreases in bonds
-4,841
-4,627
Decreases in certificates of deposit
-493
-913
Decreases in commercial papers
-5,733
-7,503
Decreases in debentures
-1,456
0
Decreases total
-11,066
-1,456
-13,043
0
Total changes in cash flows from financing activities
-2,333
-649
-5,179
1
Valuations
204
9
467
19
Interest carried forward
2
7
-25
11
Balance sheet value 31 December
17,199
811
19,326
1,444
OP Corporate Bank plc's Financial Statements 2025  |  102
Term loans with long terms to maturity issued by OP Corporate Bank, their key terms and conditions and fair values on the reporting date
€ million
Maturity
Priority class
Currency
Interest rate
Nominal value
Fair value
14.01.2026
Senior
Preferred
EUR
Fixed 0.910%
20
20
14.01.2026
Senior
Preferred
GBP
Fixed 3.375%
401
414
21.01.2026
Senior
Preferred
HKD
Fixed 2.880%
72
74
16.02.2026
Senior
Preferred
SEK
SES3 + 1.050%
46
46
24.03.2026
Senior Non-
Preferred
EUR
Fixed 0.250%
500
499
01.07.2026
Senior
Preferred
EUR
Fixed 0.250%
50
49
04.09.2026
Senior Non-
Preferred
GBP
Fixed 1.375%
458
452
23.10.2026
Senior
Preferred
SEK
Fixed 4.454%
65
66
18.01.2027
Senior Non-
Preferred
EUR
Fixed 0.600%
500
493
28.03.2027
Senior
Preferred
EUR
EUB3 + 0.400%
500
501
18.04.2027
Senior
Preferred
EUR
Fixed 4.125%
500
525
18.05.2027
Senior
Preferred
EUR
Fixed 1.058%
10
10
19.05.2027
Senior
Preferred
EUR
EUB3 + 0.400%
1,250
1,255
20.05.2027
Senior
Preferred
EUR
Fixed 2.335%
30
30
25.05.2027
Senior
Preferred
EUR
Fixed 1.873%
35
35
27.07.2027
Senior Non-
Preferred
EUR
Fixed 0.625%
500
487
19.08.2027
Senior
Preferred
SEK
SES3 + 0.920%
69
70
OP Corporate Bank plc's Financial Statements 2025  |  103
Maturity
Priority class
Currency
Interest rate
Nominal value
Fair value
23.08.2027
Senior
Preferred
EUR
Fixed 3.286%
50
51
08.10.2027
Senior
Preferred
EUR
Fixed 1.000%
25
25
16.11.2027
Senior
Preferred
EUR
Fixed 0.100%
1,000
957
13.06.2028
Senior
Preferred
EUR
Fixed 4.000%
650
684
13.06.2028
Senior
Preferred
SEK
SES3 + 0.470%
46
46
15.06.2028
Senior
Preferred
USD
Fixed 3.692%
51
51
16.06.2028
Senior Non-
Preferred
EUR
Fixed 0.375%
500
474
23.10.2028
Senior
Preferred
EUR
Fixed 1.300%
10
9
07.12.2028
Senior
Preferred
USD
Fixed 3.901%
85
85
08.12.2028
Senior Non-
Preferred
EUR
Fixed 0.375%
500
465
24.01.2029
Senior
Preferred
EUR
Fixed 1.310%
10
10
20.02.2029
Senior
Preferred
EUR
EUB3 + 0.860%
75
75
06.03.2029
Senior
Preferred
EUR
Fixed 1.005%
19
18
25.05.2029
Senior
Preferred
NOK
Fixed 3.755%
76
77
25.05.2029
Senior
Preferred
AUD
BBSW3 +
1.300%
37
38
27.05.2029
Senior
Preferred
NOK
Fixed 3.800%
17
17
10.07.2029
Senior
Preferred
AUD
Fixed 2.440%
112
105
17.07.2029
Senior Non-
Preferred
USD
Fixed 2.933%
43
41
OP Corporate Bank plc's Financial Statements 2025  |  104
Maturity
Priority class
Currency
Interest rate
Nominal value
Fair value
12.11.2029
Senior Non-
Preferred
EUR
Fixed 0.625%
500
456
15.11.2029
Senior
Preferred
EUR
Fixed 0.530%
10
9
27.11.2029
Senior
Preferred
EUR
Fixed 2.875%
500
502
07.12.2029
Senior
Preferred
NOK
Fixed 4.400%
101
101
23.05.2030
Senior
Preferred
EUR
EUB3 + 0.920%
25
25
30.05.2030
Senior
Preferred
EUR
Fixed 2.900%
25
25
10.06.2030
Senior
Preferred
SEK
SES3 + 0.750%
92
93
18.06.2030
Senior
Preferred
EUR
Fixed 2.875%
500
504
21.08.2030
Senior
Preferred
EUR
Fixed 1.700%
30
30
02.09.2030
Senior
Preferred
JPY
Fixed 1.385%
27
27
18.09.2030
Senior
Preferred
EUR
EUB6 + 0.500%
25
26
18.11.2030
Senior
Preferred
EUR
Fixed 2.045%
50
47
27.01.2031
Senior
Preferred
EUR
Fixed 1.865%
10
9
24.03.2031
Senior Non-
Preferred
EUR
Fixed 0.750%
300
266
11.11.2032
Senior
Preferred
NOK
Fixed 5.010%
72
73
23.11.2032
Senior
Preferred
EUR
Fixed 4.148%
50
51
12.12.2033
Senior
Preferred
EUR
Fixed 1.706%
50
43
21.03.2034
Senior
Preferred
EUR
Fixed 3.068%
30
29
OP Corporate Bank plc's Financial Statements 2025  |  105
Maturity
Priority class
Currency
Interest rate
Nominal value
Fair value
31.03.2034
Senior
Preferred
EUR
Fixed 3.015%
30
29
11.04.2034
Senior
Preferred
EUR
Fixed 3.000%
40
38
16.03.2035
Senior
Preferred
EUR
Fixed 1.400%
40
32
28.08.2035
Senior
Preferred
NOK
Fixed 4.600%
72
71
03.10.2035
Senior
Preferred
NOK
Fixed 4.700%
59
59
09.10.2035
Senior
Preferred
EUR
EUB6 + 0.700%
40
39
20.11.2035
Senior
Preferred
EUR
Fixed 2.155%
30
25
27.11.2035
Senior
Preferred
JPY
Fixed 1.300%
14
12
OP Corporate Bank plc's Financial Statements 2025  |  106
Note 28. Provisions and other liabilities
Accounting policies
A provision is recognised for an obligation if the obligation is based on a past event and it
is probable that an outflow of resources will be required to settle the obligation, but there
is uncertainty about the timing or amount required in settlement. In addition, an entity
must have a present legal or constructive obligation towards a third party as a result of
past events. If it is possible to receive compensation for part of the obligation from a third
party, the compensation is recognised as a separate asset, but only at the time when
receipt of the compensation is actually certain.
Other liabilities present items such as payment transfer liabilities, accrued expenses and
deferred income, derivative CSA and other liabilities, pension liabilities, lease liabilities,
accounts payable on securities, reverse factoring arrangements and financial liabilities held
for trading.
€ million
31 Dec 2025
31 Dec 2024
Provisions
Loss allowance on off-balance sheet items
30
38
Other liabilities
Payment transfer liabilities
1,572
928
Accrued expenses and deferred income
55
53
Derivative CSA and other liabilities
762
1,015
Pension liabilities
3
4
Lease liabilities
2
1
Accounts payable on securities
12
8
Reverse factoring arrangements
4
6
Financial liabilities held for trading
21
2
Other 
87
85
Total provisions and other liabilities
2,548
2,142
OP Corporate Bank plc's Financial Statements 2025  |  107
Changes in provisions
€ million
Loss
allowance
Reorganisation
Total
1 Jan 2025
38
38
Provisions used
-9
-9
31 Dec 2025
30
0
30
€ million
Loss
allowance
Reorganisation
Total
1 Jan 2024
37
0
37
Increase in provisions
1
1
Reversal of unused provisions
0
0
31 Dec 2024
38
0
38
Defined benefit pension plans
OP Corporate Bank plc has funded assets of its pension plans through insurance
companies and the OP-Eläkesäätiö pension foundation. Plans related to supplementary
pensions in the pension foundation are treated as defined benefit plans. Statutory pension
cover managed by Ilmarinen Mutual Pension Insurance Company is treated as a defined
contribution plan.
Supplementary pension at OP-Eläkesäätiö pension foundation and insurance companies
OP-Eläkesäätiö pension foundation manages supplementary pension cover provided by OP
Corporate Bank for its employees. The purpose of the pension foundation is to grant old-
age and disability pension benefits and sickness benefits to employees covered by the
pension foundation activities, and survivors' pension benefits to their beneficiaries, and to
provide burial grants. In addition, the pension foundation may grant said employees
benefits related to rehabilitation. Arranging supplementary pension is voluntary.
Supplementary pension cover provided by OP-Eläkesäätiö is fully funded.
OP-Eläkesäätiö covers every employee who has reached the age of 20 years and who has
been employed, as specified by TyEL, for two consecutive years by an employer within the
pension foundation, and whose employment began before 1 July 1991. The employment
term entitling to pension begins from the day the employee turned 23 years while
employed by the employer. The salary/wage serving as the basis for the calculation of
pension refers to pensionable pay based on one and the same employment and calculated
under the Finnish Employees Pensions Act (TEL), in force until 31 December 2006. The
retirement age of those covered by OP-Eläkesäätiö pension foundation varies from 60 to
65 years, depending on the personnel group to which the employee belongs under the
pension foundation rules.
At national level, the supplementary pension foundation complies with the Act on
supplementary pension foundations and supplementary pension funds (unofficial
translation of “Laki lisäeläkesäätiöistä ja lisäeläkekassoista” (LESKL)). As a result, the most
significant risk is that of the actual return on investment assets being lower than the
target set for the minimum return. If such a risk were to materialise in several consecutive
years, it would result in the charging of premiums.
Furthermore, the most significant actuarial risks of OP-Eläkesäätiö pension foundation are
associated with interest rate and market risks, systematically increasing life expectancy,
and inflation risk.
Responsible for investment, the Board of Trustees of the pension foundation approves the
pension institution's investment plan related to its assets. A pension institution's chief
OP Corporate Bank plc's Financial Statements 2025  |  108
actuary prepares annually a forecast for developments in technical provisions and pension
costs. On this basis, investment asset allocation takes account of the requirements set by
the nature of insurance liabilities for investment operations with respect to the level of
security, productivity and liquidity, as well as the pension foundation's risk-bearing
capacity.
Supplementary pension has also been arranged in life insurance companies. In general,
insured persons are entitled to retire on an old-age pension at the age of 63. They are
also entitled to disability pension and, after their death, their beneficiaries are entitled to a
burial grant and survivors' pension. Insurance contributions are collected based on the
retirement age of 65. The employer pays the uncovered portion of the pension on a lump-
sum basis when the person retires at the promised retirement age of 63. Payable benefits
are tied to the TyEL index. The employer will be annually charged an additional payment if
the insurance company's own index compensation is smaller than the indexation of
benefits. When reporting promised benefits under IAS 19, the key risks are associated with
the inflationary expectation, wage inflation and interest rates on the balance sheet date.
The most significant risk in these plans is the inflation assumption, which affects the
pension obligation through the assumed increase in benefits. The interest rate applied
affects not only the pension obligation but also the value of assets corresponding to the
obligation, reducing the effect of any change in the net benefit liability or receivable to be
recognised. When reporting promised benefits under IAS 19, the key risks are associated
with the inflationary expectation, wage inflation and interest rates on the balance sheet
date. The most significant risk in these plans is the inflation assumption, which affects the
pension obligation through the assumed increase in benefits. The interest rate applied
affects not only the pension obligation but also the value of assets corresponding to the
obligation, reducing the effect of any change in the net benefit liability or receivable to be
recognised.
OP Corporate Bank plc's Financial Statements 2025  |  109
Defined benefit
pension obligations
Fair value of
pension plan assets
Net liabilities (assets)
Balance sheet value of defined benefit pension plans, € million
31 Dec
2025
31 Dec
2024
31 Dec
2025
31 Dec
2024
31 Dec
2025
31 Dec
2024
Opening balance 1 Jan
37
43
-56
-58
-19
-14
Defined benefit pension costs recognised in income statement
Current service cost
0
0
0
0
Interest expense (income)
1
1
-2
-2
-1
0
Administrative expenses
0
0
0
0
Total
1
1
-2
-2
0
0
Losses (gains) recognised in other comprehensive income arising from remeasurement
Actuarial losses (gains) arising from changes in economic expectations
-2
-2
-2
-2
Experience adjustments
-2
-3
-2
-3
Return on plan assets, excluding amount (–) of net defined benefit liability (asset)
2
1
2
1
Total
-5
-5
2
1
-3
-4
Other
Employer contributions
0
0
0
0
Benefits paid
-3
-3
3
3
Total
-3
-3
2
2
0
0
Closing balance 31 Dec
31
37
-53
-56
-22
-19
Liabilities and assets recognised in the balance sheet, € million
31 Dec
2025
31 Dec
2024
Net assets (–) (Pension foundation)
-25
-22
Net liabilities (Supplementary pension plans of insurance companies)
3
4
Net assets (–) (Supplementary pension plans of insurance companies)
0
0
Total net liabilities
3
4
Total net assets
-26
-23
OP Corporate Bank plc's Financial Statements 2025  |  110
Pension foundation assets, € million
31 Dec
2025
31 Dec
2024
Shares and participations
10
10
Bonds
0
8
Real property
0
0
Mutual funds
38
32
Derivatives
0
0
Other assets
1
2
Total
50
52
Pension plan assets include, € million,
31 Dec
2025
31 Dec
2024
Other receivables from OP Pohjola companies
1
2
Total
1
2
Contributions payable under the defined benefit pension plan in 2026 are estimated at EUR 0.3 million. The duration of the defined benefit pension obligation in the pension foundation
on 31 December 2025 was 10.2 years; in other plans, it was 10.3 years.
31 Dec 2025
31 Dec 2024
Principal actuarial assumptions used
Pension
foundation
Insurance
companies
Pension
foundation
Insurance
companies
Discount rate, %
3.9
4.2
3.2
3.4
Future pay increase assumption, %
2.8
2.8
2.7
2.8
Future pension increases, %
2.1
2.2
2.1
2.1
Turnover rate, %
0.0
0.0
0.0
0.0
Inflation rate, %
2.0
2.0
1.9
2.0
Estimated remaining service life of employees in years
4.0
4.0
4.0
5.0
Life expectancy for 65-year old people
Men
22.9
22.9
21.4
21.4
Women
27.2
27.2
25.4
25.4
Life expectancy for 45-year old people after 20 years
Men
25.4
25.4
23.7
23.7
Women
29.8
29.8
28.1
28.1
OP Corporate Bank plc's Financial Statements 2025  |  111
Pension foundation,
change in defined benefit
net pension liability
Supplementary pension
plans of insurance
companies, change in
defined benefit net
pension liability
Sensitivity analysis of key actuarial assumptions, 31 Dec 2025
€ million
%
€ million
%
Discount rate
0.5 pp increase
-1
-4.6
0
-7.0
0.5 pp decrease
1
5.1
0
7.8
Pension increases
0.5 pp increase
1
4.9
0
62.6
0.5 pp decrease
-1
-4.7
0
-59.3
Mortality
1-year increase in life expectancy
1
3.5
0
3.2
1-year decrease in life expectancy
-1
-3.3
0
-3.1
Pension foundation,
change in defined benefit
net pension liability
Supplementary pension
plans of insurance
companies, change in
defined benefit net
pension liability
Sensitivity analysis of key actuarial assumptions, 31 Dec 2024
€ million
%
€ million
%
Discount rate
0.5 pp increase
-1
-5.0
0
-7.2
0.5 pp decrease
2
5.5
0
8.1
Pension increases
0.5 pp increase
2
5.3
0
56.2
0.5 pp decrease
-1
-5.0
0
-53.0
Mortality
1-year increase in life expectancy
1
3.4
0
3.4
1-year decrease in life expectancy
-1
-3.3
0
-3.2
OP Corporate Bank plc's Financial Statements 2025  |  112
Note 29. Subordinated liabilities
€ million
31 Dec
2025
31 Dec
2024
Debentures
811
1,444
Total subordinated liabilities
811
1,444
Debentures
• Debenture loan of JPY 11.1 billion (euro equivalent 60 million), which is a bullet loan for
10.5 years, will mature on 10 March 2036. The loan carries a fixed interest rate of
2.042%.
• Debenture loan of EUR 500 million, which is a 10-year bullet loan, will mature on
28 January 2035. The loan carries a fixed interest rate of 3.625% p.a.
• Debenture loan of SEK 2,600 million (euro equivalent 240 million), which is a ten-year
bullet loan, will mature on 3 March 2036. The loan carries a floating rate linked to a
3-month Stibor + 1.27%.
Loans 1–3 were issued in international capital markets.
OP Corporate Bank plc has no breaches of the terms and conditions of the loan contracts
with respect to principal, interest and other conditions. The difference between the
nominal value and carrying amount is based on the size of the interest rate risk addressed
by the fair value hedge. Under the terms and conditions of all loans, the issuer will have
the opportunity for early redemption at par value if the principal can no longer be
recognised as part of the bank's Tier 2 capital.
OP Corporate Bank plc's Financial Statements 2025  |  113
Note 30. Equity capital
€ million
31 Dec
2025
31 Dec
2024
Share capital
428
428
Reserves
Restricted reserves
Share premium account
524
524
Legal reserve
164
164
Fair value reserve
On cash flow hedging
-1
0
On fair value measurement
-24
-88
Non-restricted reserves
Reserve for invested unrestricted equity
308
308
Other non-restricted reserves
23
23
Retained earnings
Profit (loss) for previous periods
3,396
3,135
Profit (loss) for the financial year
437
372
Total equity capital
5,255
4,866
OP Corporate Bank plc's Financial Statements 2025  |  114
Share capital
The number of shares remained unchanged, 319,551,415. The shares have no nominal
value. Their stated value (not an exact figure) is 1.34 euros per share. All the shares
issued have been paid in full.
Proposed distribution of dividend
The Board of Directors proposes that dividends to be distributed total EUR 131,000,000,
or EUR 0.41 per share, and that following dividend distribution, the remaining amount of
EUR 306,341,897 be recognised in the retained earnings account. Following dividend
distribution, the company's distributable earnings total EUR 3,678,738,917 and its
distributable funds total EUR 4,010,119,753.
Dividends distributed in 2024 amounted to EUR 0.35 per share, totalling
EUR 112,000,000.00.
Reserves
Share premium account
The share premium account was formed during the validity of regulations in force before
1 September 2006. Items entered in the share premium account include amounts
exceeding the stated value paid for shares in a rights issue and amounts exceeding the
stated value of a share and paid for share subscription based on stock options. The share
premium account may be lowered in compliance with the regulations governing the
reduction of share capital and may be used to increase the share capital. The amount of
the subscription price exceeding the stated value of shares subscribed in September and
November 2006, based on stock options, was entered in the share premium account,
because the General Meeting had made the decision on issuing stock options before the
entry into force of the new Companies Act. Otherwise, it has no longer been possible to
increase the share premium account since 1 September 2006.
Legal reserve
The legal reserve consists of retained earnings for prior periods and the loan loss
provisions transferred to it in 1990. The legal reserve can be used to absorb losses for
which non-restricted capital is insufficient. It can also be used to increase share capital and
can be reduced in the same way as share capital. It has not been possible to increase the
legal reserve since 1 September 2006.
Fair value reserve
The reserve includes the change in the fair value of financial assets recognised through
the statement of comprehensive income. Items included in this reserve are derecognised
and recorded in the income statement when the financial asset is disposed of or is subject
to impairment. The expected loss on notes and bonds recognised through other
comprehensive income is recognised to increase the fair value reserve. The reserve also
includes the net fair value change in interest rate derivatives that have been used as cash
flow hedges, verified as effective and adjusted for deferred tax. Fair value changes are
included in the income statement in the period when hedged cash flows affect net income.
OP Corporate Bank plc's Financial Statements 2025  |  115
Fair value reserve after tax
€ million
Notes and bonds
Cash flow hedges
Total
Opening balance 1 January 2024
-57
-6
-63
Fair value changes
-37
-2
-40
Capital gains/losses transferred to income statement
-1
-1
Transfers to net interest income
10
10
Deferred tax
8
-2
6
Closing balance 31 December 2024
-88
0
-88
€ million
Notes and bonds
Cash flow hedges
Total
Opening balance 1 January 2025
-88
0
-88
Fair value changes
77
-1
76
Capital gains/losses transferred to income statement
2
2
Transfers to net interest income
0
0
Deferred tax
-16
0
-16
Closing balance 31 December 2025
-24
-1
-25
The fair value reserve before tax totalled EUR –32 million (–110) and the related deferred
tax asset/liability EUR 6 million (22). The loss allowance on notes and bonds recognised at
fair value through other comprehensive income totalled EUR 2 million (–2) in the fair value
reserve during the financial year.
Other restricted reserves
The reserves consist of retained earnings for prior financial years based on the Articles of
Association or other rules defining their purpose.
Reserve for invested unrestricted equity
Capital raised through the rights offering in 2009 was entered in the reserve for invested
non-restricted equity.
Other non-restricted reserves
These reserves consist of retained earnings based on decisions by the General Meeting.
Retained earnings
Retained earnings contain tax-based provisions transferred in the IFRS transition and
gains/losses due to the redefinition of defined benefit pension plans less deferred tax.
OP Corporate Bank plc's Financial Statements 2025  |  116
Restricted and non-restricted equity and distributable funds
€ million
31 Dec 2025
31 Dec 2024
Equity capital
Restricted equity
1,091
1,028
Non-restricted equity
4,164
3,838
Total equity capital
5,255
4,866
€ million
31 Dec 2025
31 Dec 2024
Distributable funds
Reserve for invested unrestricted equity
308
308
Other non-restricted reserves
23
23
Fair value reserve
-25
-88
Retained earnings, defined benefit plans
-58
-60
Retained earnings for previous financial years
2,160
1,900
Tax-based provisions transferred in transition to IFRS
1,300
1,300
Profit for the financial year
437
372
Capitalised development expenditure
-5
-3
Total distributable funds
4,141
3,753
OP Corporate Bank plc's Financial Statements 2025  |  117
Other notes to on-balance and off-balance-sheet items
Note 31. Loss allowance regarding receivables
and notes and bonds
Accounting policies
Impairment
Expected credit losses are calculated on all balance sheet items amortised at cost and
those recognised at fair value through other comprehensive income (FVOCI) (instruments
other than equity instruments) and on off-balance-sheet loan commitments and financial
guarantee contracts. Expected credit losses are recognised at each reporting date,
reflecting:
• an unbiased and probability-weighted amount that is determined by evaluating a range
of possible outcomes
• the time value of money and
• reasonable and supportable information that is available without undue cost or effort at
the reporting date about past events, current conditions and forecasts of future
economic conditions.
Classification of contracts into three impairment stages
Contracts are classified into three stages. The different stages reflect credit deterioration
since initial recognition.
• Stage 1: contracts whose credit risk has not increased significantly since initial
recognition and for which a 12-month ECL is calculated.
• Stage 2: contracts whose credit risk has increased significantly since initial recognition
and for which a lifetime ECL is calculated.
• Stage 3: non-performing contracts for which a lifetime ECL is also calculated.
Definition of default
In the IFRS 9 based calculation, OP Corporate Bank applies the same definition of default
as in internal credit risk models.  For personal customers, the definition of default is
applied at agreement level, while for corporate customers it is applied at customer level,
taking into account the group of connected clients if necessary. The customer is classified
as a customer in default when the customer's repayment is considered unlikely, for
example when a receivable from the customer is subject to debt collection or the customer
has been granted a forbearance in which the present value of the loan decreases by more
than 1 per cent. Default extends to all credit obligations of an obligor in default among
personal customers when a significant proportion (more than 20 per cent) of personal
customer exposures are defaulted. In addition, the contract is defaulted when a payment
related to a financial asset is over 90 days past due, at the latest.
The customer's default ends when it no longer meets the criteria for the definition of
default and the subsequent probation period of 6–12 months has ended.
The definition of default is based on Article 178 of Regulation (EU) No 575/2013 (CRR) of
the European Parliament and of the Council and on the European Banking Authority's
(EBA) guidelines on the application of the definition of default (EBA/GL/2016/07 and EBA/
RTS/2016/06).
Definition of non-performing exposure
The definition of non-performing exposure includes the probation periods of non-
performing forborne exposures, in addition to the exposures based on the definition of
default used previously, before they can be reclassified as performing. Non-performing
exposure is defined in accordance with Article 47a of the Capital Requirements Regulation
(EU) No. 575/2013. OP Corporate Bank uses non-performing exposures as the
classification criterion for impairment stage 3.
In addition, originated credit-impaired contracts are always within the scope of the lifetime
expected credit loss (POCI).
OP Corporate Bank plc's Financial Statements 2025  |  118
Significant increase in credit risk
The expected credit losses will be calculated for each contract for 12 months or lifetime,
depending on whether the instrument's credit risk on the reporting date has increased
significantly since initial recognition. Both qualitative and quantitative criteria are used to
assess whether the credit risk of each contract has increased significantly. Forbearance
and an entry on the watch list generated by the early warning system serve as qualitative
criteria for significant increases in credit risk and the resulting transfers to impairment
stage 2 for all contract types.
OP Corporate Bank has included relative and absolute thresholds for the determination of
significant quantitative increases in credit risk considering all relevant and supportable
information.
Any quantitative change is assessed based on the relative change in lifetime PD figures
(PD curve). The original lifetime PD curve is calculated on the origination date of the loan,
taking account of macroeconomic factors. Next, the acceptable natural range of variation is
determined for the limits within which the credit risk is not considered to increase
significantly during the remaining maturity of the loan. The acceptable range has been
modelled separately for personal and corporate customers. This yields a so-called
threshold value curve. On each reporting date, the current lifetime PD curve is compared
to the threshold value curve. If the threshold value is exceeded, the credit risk has
increased significantly and a credit loss (calculated for the entire remaining maturity of the
loan) is recognised. In addition to this limit of the relative change, a further requirement is
that a rating grade has deteriorated since initial recognition so that shifting to the lifetime
ECL calculation does not occur only on the basis of the passage of time.
In addition, after initial recognition the credit risk of a financial asset is regarded as
significantly higher for all contract types (backstop criteria) if
- the annualised PD has increased more than threefold. However, because the annualised
PD must be over 0.3%, the so-called low credit risk assumption permitted by IFRS 9 is
applied here.
- contractual payments are more than 30 days past due.
OP Corporate Bank monitors regularly how well the above criteria detect a significant
increase in credit risk before the contractual payments have matured more than 30 days.
We also monitor that the contracts do not generally go from impairment stage 1 straight
to 3. If necessary, the method of calculating the relative change is recalibrated.
Measurement methods
Expected credit losses are mainly measured on a system basis using the PD/LGD method,
contract-specifically, for all personal and corporate customer exposures. In addition to this,
the cash flow based ECL measurement method based on expert judgement is used for the
largest corporate exposures on the watch list and covered by the expert rating model,
whose exposures have, in general, been moved to stage 2 or 3 in the ECL measurement.
PD/LGD method
Expected credit losses are measured using portfolio-specific credit risk models.
• Other retail exposures
• SME exposures
• Large company exposures
Expected credit losses are measured using modelled risk parameters with the formula
'probability of default (PD) x loss given default (LGD) x exposure at default (EAD)' for all
portfolios per contract, and reflect expectations of future credit losses on the reporting
date. PD estimates the probability of default according to the aforementioned definition of
default. LGD estimates the share of an exposure not recovered if a borrower defaults and
depends on factors such as the quantity and type of collateral securities and various
financial guarantees. EAD estimates the exposure amount at default, including exposure in
the balance sheet (capital and accrued interest), and expected use of off-balance-sheet
items at default. In addition, ECL measurement incorporates expectations of prepayment.
ECL measurement is based on three scenarios: baseline, upside and downside. The risk
parameters PD, LGD and EAD are calculated for yearly time buckets in each scenario,
incorporating macroeconomic factors that correspond to the modelling approach used and
including economic forecasts. Yearly ECL figures are discounted to the reporting date and
a probability-weighted ECL is calculated from the figures for different scenarios. The
contract's effective interest rate or estimated effective interest rate is used as the discount
factor. The contract's maximum residual term to maturity is limited to 30 years in the
calculation.
The LGD model adopted during Q2/2025 for SME exposures takes account of the credit's
collateral position, guarantees and factors contributing to the customer's cure rate. The
calculation of collateral relies on a haircut estimated for each type of collateral. Specific
models have been developed for performing and non-performing exposures. The models
OP Corporate Bank plc's Financial Statements 2025  |  119
are in practice the same in terms of structure and method used. The model for cases of
default also takes into account in its predictions both the period of default and the
collection process stage. Account is taken of the economic situation and outlook through
the house price index and GDP.
The LGD model (lifetime LGD) used for other personal and corporate customers' contracts
has three components:
• cure rate
• collateral return
• non-collateral return.
The cure rate in personal customer exposures has been estimated at product category
level, whereas estimates concerning corporate customer exposures are industry-specific.
The collateral return describes the extent to which the cash flows received from collateral
securities cover the remaining amount of exposure. The collateral return is calculated by
means of a lower-than-market value of collateral (haircut). The lower-than-market values
have been estimated by comparing the realisation values of each collateral type in relation
to the collateral's fair value, accounting for any direct expenses due to collateral
repossession and sale. Finally, a margin of conservatism has been added to the lower-
than-market-value estimates due to uncertainties associated with collateral data and
estimation. The non-collateral return describes cash flows estimated for the remaining
exposure amount at product category level, which the collateral return does not cover.
The estimates for the non-collateral return and the cure rate for impairment stage 3 are
time-dependent, decreasing if the period of default or debt collection increases.
All three of these components are impacted by macroeconomic factors and the related
forecasts.
The lifetime exposure at default (lifetime EAD) for a contract is based on contractual cash
flows and the utilisation rate, prepayment rate and maturity model, depending on the
product type.
Determining the period of a contract
The period of a contract for credit is a contractual maturity that takes account of loan
repayments under the repayment plan. Revolving credit facilities (such as credit cards) are
contracts valid until further notice and an expected maturity has been modelled for them.
The modelled maturity depends on the product type and rating grade.
The model of early loan repayment is applied to all portfolio exposures that have early
repayments (excl. customers in default). A separate model has been developed for full and
partial early loan repayments. The model does not shorten the contractual maturity, but it
is accounted for as part of the contract's EAD. The model of early loan repayment is
segmented on the basis of the type of product in the contract and groups of customers
with similar risks. The forecasts per segment take into account, among others, the loan
age, remaining maturity, customer's rating grade and interest rate. The economic situation
and future outlook has been factored in through the 12-month Euribor.
In stage 3, additional drawdowns following default status are taken into account in loan
commitments, bank guarantees and revolving credit facilities using the credit conversion
factor (CCF).
Forward-looking information
The calculation model includes forward-looking information and macroeconomic scenarios.
OP Pohjola's economists update macroeconomic scenarios on a quarterly basis and the
scenarios are the same as those that OP Corporate Bank uses otherwise in its financial
planning. Macroeconomic scenarios span 2–3 years of the baseline economic scenarios.
After that, the scenario converges towards an economic balance in the long term. In the
long-term balance, GDP and some of other variables are calculated using the production
function methodology. Alternative scenarios around the baseline are defined using the
autoregressive model, where the paths of each variable with desired probabilities are
generated using the joint probability distribution of variables. The probability distribution of
the variables is based on historical economic shocks and correlations between the
variables. The alternate scenarios also take account of any forecast errors in OP Pohjola's
economic forecast. Three scenarios are used: baseline, upside and downside. The
macroeconomic factors used are GDP growth rate, unemployment rate, investment
growth rate, inflation rate, change in income level, 12-month Euribor, 3-month Euribor
and the real interest rate calculated from it. In addition, the house price index is used in
LGD models.
Macroeconomic forecasts and ESG
Macroeconomic scenarios take account of the economic impacts of climate change, and of
the related changes and adjustments made to the economy. An assessment of economic
impacts has been made in calculating macroeconomic scenarios where the use of fossil
energy is reduced, so that carbon neutrality is achieved by 2035. In this scenario, the
Finnish GDP growth rate is an average of 0.3 percentage points slower for many years
OP Corporate Bank plc's Financial Statements 2025  |  120
than in the baseline scenario.  However, the calculation may overestimate the slowing
down of the economy if the economic adjustment capacity proves to be better than usual.
For this reason, the negative effect is included in a downside scenario.
Estimates of the economic impacts of climate change will be specified as new research
data emerges, which can be applied to scenario calculations for the period they cover.
Cash flow based ECL method based on customer-specific expert assessment
The target group of customers subject to the expert ECL testing method are R-rated
corporate obligors on the watch list, whose exposures have, in general, been moved to
Stage 2 or 3 of ECL calculation. The related expert assessment is made during a rating or
credit decision.
The forward-looking information used in the calculation is part of the credit rating
assessment and rating proposal by a credit analyst, which cover developments in business,
markets, the competitive situation and the forecast cash flow. The calculation also takes
account of scenarios describing the effect of macroeconomic variables (upside, baseline
and downside), on the basis of which the customer's weighted expected credit loss is
calculated. The scenarios used in the PD/LGD model are utilised when determining the
scenarios.
When a customer included in ECL measurement on the basis of a customer-specific
expert assessment no longer meets the default criteria and has been identified and
classified as a “performing” obligor, the customer is excluded from this method and
returned to ECL measurement based on the normal PD/LGD model.
Impairment of notes and bonds
The expected loss on notes and bonds recognised through other comprehensive income is
recognised through profit or loss and to enable adjustment of the fair value reserve.
OP Corporate Bank uses a model for calculating the expected credit loss on notes and
bonds, which is based on credit rating information.
In the model, credit ratings are sought for purchase lots on the purchase date and the
reporting date, and are converted into PD figures. OP Pohjola primarily uses the averages
of external credit ratings. It uses internal credit ratings secondarily, if no external credit
ratings exist.
PDs correspond to actual historical default rates by credit rating for each period from the
date on which the credit rating was issued. The historical data, on which the determined
equivalence is based, is comprehensive and long term. LGDs also correspond to studied
historical actuals by investment class/collateral type (seniority, covered bond status) and –
aside from defaulted customers, which can also be subject to an expert assessment – they
are not separately assessed issuer or investment-specifically. Because external credit
ratings measure total credit risk (ECL), not PD, in these cases LGDs affect only the ECL's
division between PD and LGD components.
Classification of notes and bonds into impairment stages
Investments are transferred to stage 2 if their 12-month PD has doubled in such a way
that the change is at least 0.2 percentage points, an investment is subject to forbearance
measures, or its payments are over 30 days past due. Investments related to an issuer in
default are classified as stage 3 if its payments are over 90 days past due or the customer
is in potential default.
Impairment of off-balance-sheet items
Several products provided by OP Corporate Bank include a limit, credit facility or other off-
balance-sheet loan commitment as a standard feature or a feature at some stage of the
product lifecycle. For example, revolving credit facilities, such as accounts with a credit
facility, include both a loan and an undrawn commitment component Moreover, OP
Corporate Bank is an issuer in various guarantee contracts, such as financial guarantees
and other commercial guarantees or guarantees given to authorities, to all of which IFRS
9 impairment rules apply. For loan commitments and financial guarantee contracts, the
date that OP Corporate Bank becomes a party to the irrevocable commitment is
considered the date of initial recognition for the purposes of applying the impairment
requirements. Accordingly, only items binding on OP Corporate Bank are taken into
account in the calculation of expected credit losses.
The expected credit loss is calculated for these items using the same principles as for
loans. Increases in significant credit risk are assessed on the same grounds. For products
of this kind, OP Pohjola models the EAD (which forecasts exposure at default). This
includes both the utilisation rate and credit conversion factor. In addition, a maturity model
is applied to contracts valid until further notice. The model takes account of cases where
OP Corporate Bank has a contractual ability to demand repayment and cancel the
undrawn commitment, but it does not limit OP Corporate Bank's exposure to credit losses
during the contractual notice period.
OP Corporate Bank plc's Financial Statements 2025  |  121
Recognition of expected credit losses
OP Corporate Bank plc mainly recognises a loss allowance for expected credit losses on a
loan at carrying amount in a separate account. For loan commitments and financial
guarantee contracts, the loss allowance is recognised as a provision. For products that
include both a loan receivable (financial asset) and an undrawn commitment (loan
commitment) component, where OP Corporate Bank cannot separately identify the
expected credit losses on the loan commitment component from those on the financial
asset component, the expected credit losses on the loan commitment are recognised
together with the loss allowance for the financial asset.
Extra impairment provisions based on management judgement (management overlay)
OP Corporate Bank may make an ECL provision based on management judgement in
situations where an external factor changes very rapidly (for example in a global crisis,
such as a pandemic or war or a rise in Euribor rates). The provision is temporary and
remains valid as long as risk parameters used in ECL measurement have been updated to
describe the changed situation. OP Corporate Bank uses both the so-called post-model
management overlay concerning the loss allowance amount, and management overlay
factors included in risk parameters (e.g. in the PD). Strict monitoring criteria are applied to
the extra impairment provisions made based on management judgement and such criteria
are quarterly reported to Group Executive Management.
Values used in calculation of other ECLs
In ECL measurement, OP Corporate Bank also uses certain estimates that impact the
amount of ECL:
• Fair value of collateral assessed on the basis of the collateral's geographical location and
other factors
• Proper grouping of contracts into different segments so that their ECL can be calculated
using the appropriate model
• Various assumptions and expert judgements made in the models
• Definition of modelling data and model risk related to data quality
• Selection of appropriate ECL models that take the best possible account of expected
credit losses on the contract portfolio.
• Selection of methodology for estimating parameters used in ECL models.
• Determination of the contract's maturity for non-maturing loans (revolving credit
facilities)
Write-off
A write-off constitutes a derecognition event. When there are no reasonable expectations
of recovering a financial asset in its entirety, or a portion of the asset, a final credit loss is
recognised which directly reduces the gross carrying amount of the financial asset.
A loan is partly derecognised when:
• a repayment schedule due to a debt adjustment or corporate debt restructuring has
been confirmed, and the loan involves no other parties or realisable assets.
An entire loan is derecognised when the collateral has been liquidated or the final meeting
of the bankruptcy estate has been held, or the estate administrator has confirmed that no
share of the estate's assets will be forthcoming, or when debt adjustment, corporate debt
restructuring or collection measures have ended. Payments received after the
derecognition are recognised as an adjustment to impairment losses on receivables.
OP Corporate Bank plc's Financial Statements 2025  |  122
Credit risk exposures and related loss allowance
Expected credit losses are calculated on receivables measured at amortised cost and notes
and bonds recognised at fair value through other comprehensive income (investments in
bonds). OP Corporate Bank's receivables include loans, revolving credit facilities (such as
accounts with a credit facility) and lease and factoring receivables. In addition, expected
credit losses are calculated on off-balance-sheet items, such as loan commitments, credit
facilities and bank guarantees. However, notes and bonds are investments in bonds. For
expected credit losses, loss allowance is recognised in the balance sheet or, in the case of
notes and bonds, in other comprehensive income. The following factors, for example,
affect the amount of expected credit losses: exposure amount, exposure validity, customer
borrower grade and collateral value, as well as forward-looking information.
The following table shows receivables, exposed to credit risk, on the basis of which
expected credit loss is calculated. On-balance sheet and off-balance sheet exposures in
the table represent the maximum exposure amount subject to credit risk, excluding
collateral securities or other arrangements that improve credit quality. An off-balance
sheet exposure represents an exposure or guarantee amount binding on the bank,
multiplied by the credit conversion factor ("CCF").
OP Corporate Bank plc's Financial Statements 2025  |  123
Exposures within the scope of accounting for expected credit losses (ECL) by impairment stage 31 December 2025
Exposures
Stage 1
Stage 2
Stage 3*
31 December 2025, € million
Not more
than
30 DPD
More than
30 DPD
Total
Total
exposures
Receivables from customers (gross)
Corporate Banking
26,187
2,759
215
2,974
456
29,618
Total receivables from customers
26,187
2,759
215
2,974
456
29,618
Off-balance-sheet limits
Corporate Banking
3,710
99
13
111
4
3,824
Total limits
3,710
99
13
111
4
3,824
Other off-balance-sheet commitments
Corporate Banking
2,760
126
26
152
24
2,936
Total other off-balance-sheet commitments
2,760
126
26
152
24
2,936
Notes and bonds
Group Functions
16,817
95
95
16,912
Total notes and bonds
16,817
95
0
95
0
16,912
Total exposures within the scope of accounting for expected credit losses
49,473
3,079
253
3,333
484
53,290
* A total of EUR 28 million of Stage 3 exposures are purchased or originated credit-impaired financial assets (POCI).
OP Corporate Bank plc's Financial Statements 2025  |  124
Loss allowance by impairment stage 31 December 2025
On-balance-sheet exposures and related off-balance-sheet limits*
Stage 1
Stage 2
Stage 3****
31 December 2025, € million
Not more
than
30 DPD
More than
30 DPD
Total
Total loss
allowance
Receivables from customers
Corporate Banking
-40
-61
-5
-66
-115
-222
Total receivables from customers
-40
-61
-5
-66
-115
-222
Off-balance-sheet commitments**
Corporate Banking
-3
-8
-3
-11
-15
-30
Total off-balance-sheet commitments
-3
-8
-3
-11
-15
-30
Notes and bonds***
Group Functions
-1
-1
-1
-2
Total notes and bonds
-1
-1
0
-1
-2
Total
-45
-71
-8
-79
-130
-253
* Loss allowance is recognised as one component to deduct from the balance sheet item.
** Loss allowance is recognised in provisions and other liabilities in the balance sheet.
*** Loss allowance is recognised in the fair value reserve in other comprehensive income.
**** EUR 19 million of Stage 3 loss allowance relates to purchased or originated credit-impaired financial assets (POCI).
OP Corporate Bank plc's Financial Statements 2025  |  125
The table below shows a summary of loss allowance relative to the exposure amount by impairment stage. The coverage ratio describes the ratio of loss allowance to exposure amount.
Summary and key indicators 31 December 2025
Stage 1
Stage 2
Stage 3
€ million
Not more
than
30 DPD
More than
30 DPD
Total
Total
Receivables from customers; on-balance-sheet and off-balance-sheet items
Corporate Banking
32,657
2,984
253
3,238
484
36,378
Loss allowance
Corporate Banking
-44
-70
-8
-78
-130
-252
Coverage ratio, %
Corporate Banking
-0.10
-2.30
-3.10
-2.40
-26.90
-0.70
Receivables from customers; total on-balance-sheet and off-balance-sheet items
32,657
2,984
253
3,238
484
36,378
Total loss allowance
-44
-70
-8
-78
-130
-252
Total coverage ratio, %
-0.10
-2.30
-3.10
-2.40
-26.90
-0.70
Carrying amount, notes and bonds
Group Functions
16,817
95
95
16,912
Loss allowance
Group Functions
-1
-1
-1
-2
Coverage ratio, %
Group Functions
-0.01
-0.97
-0.97
-0.01
Total notes and bonds
16,817
95
95
16,912
Total loss allowance
-1
-1
-1
-2
Total coverage ratio, %
-0.01
-0.97
-0.97
-0.01
OP Corporate Bank plc's Financial Statements 2025  |  126
Exposures within the scope of accounting for expected credit losses (ECL) by impairment stage on 31 December 2024
Exposures
Stage 1
Stage 2
Stage 3*
31 December 2024, € million
Not more
than
30 DPD
More than
30 DPD
Total
Total
exposures
Receivables from customers (gross)
Corporate Banking
25,463
2,536
289
2,825
556
28,844
Total receivables from customers
25,463
2,536
289
2,825
556
28,844
Off-balance-sheet limits
Corporate Banking
3,542
54
0
55
10
3,607
Total limits
3,542
54
0
55
10
3,607
Other off-balance-sheet commitments
Corporate Banking
2,638
134
134
32
2,804
Total other off-balance-sheet commitments
2,638
134
0
134
32
2,804
Notes and bonds
Group Functions
13,710
124
124
3
13,837
Total notes and bonds
13,710
124
0
124
3
13,837
Total exposures within the scope of accounting for expected credit losses
45,353
2,848
290
3,138
601
49,092
* A total of EUR 34 million of Stage 3 exposures are purchased or originated credit-impaired financial assets (POCI).
OP Corporate Bank plc's Financial Statements 2025  |  127
Loss allowance by impairment stage 31 December 2024
On-balance-sheet exposures and related off-balance-sheet limits*
Stage 1
Stage 2
Stage 3****
31 December 2024, € million
Not more
than
30 DPD
More than
30 DPD
Total
Total loss
allowance
Receivables from customers
Corporate Banking
-37
-66
-6
-72
-148
-257
Total receivables from customers
-37
-66
-6
-72
-148
-257
Off-balance-sheet commitments**
Corporate Banking
-3
-16
-16
-20
-38
Total off-balance-sheet commitments
-3
-16
0
-16
-20
-38
Notes and bonds***
Group Functions
-1
-1
-1
-2
-4
Total notes and bonds
-1
-1
0
-1
-2
-4
Total
-40
-83
-6
-89
-170
-300
* Loss allowance is recognised as one component to deduct from the balance sheet item.
** Loss allowance is recognised in provisions and other liabilities in the balance sheet.
*** Loss allowance is recognised in the fair value reserve in other comprehensive income.
****EUR 11 million of Stage 3 loss allowance relates to purchased or originated credit-impaired financial assets (POCI).
OP Corporate Bank plc's Financial Statements 2025  |  128
The table below shows a summary of loss allowance relative to the exposure amount by impairment stage. The coverage ratio describes the ratio of loss allowance to exposure amount.
Summary and key indicators 31 December 2024
Stage 1
Stage 2
Stage 3
Not more
than
30 DPD
More than
30 DPD
Total
Total
Receivables from customers; on-balance-sheet and off-balance-sheet items
Corporate Banking
31,643
2,724
290
3,014
598
35,255
Loss allowance
Corporate Banking
-39
-82
-6
-88
-168
-296
Coverage ratio, %
Corporate Banking
-0.12
-3.00
-2.18
-2.92
-28.12
-0.84
Receivables from customers; total on-balance-sheet and off-balance-sheet items
31,643
2,724
290
3,014
598
35,255
Total loss allowance
-39
-82
-6
-88
-168
-296
Total coverage ratio, %
-0.12
-3.00
-2.18
-2.92
-28.12
-0.84
Carrying amount, notes and bonds
Group Functions
13,710
124
124
3
13,837
Loss allowance
Group Functions
-1
-1
-1
-2
-4
Coverage ratio, %
Group Functions
-0.01
-1.03
-1.03
-62.00
-0.03
Total notes and bonds
13,710
124
124
3
13,837
Total loss allowance
-1
-1
-1
-2
-4
Total coverage ratio, %
-0.01
-1.03
-1.03
-62.00
-0.03
OP Corporate Bank plc's Financial Statements 2025  |  129
The table below shows a change in exposures within the scope of the calculation of expected credit losses by impairment stage for 2025 resulting from the effect of the following factors:
Receivables from customers and off-balance-sheet items, € million
Stage 1
Stage 2
Stage 3
Total
Receivables from customers; on-balance-sheet and off-balance-sheet items 1 January 2025
31,643
3,014
598
35,255
Transfers from Stage 1 to Stage 2, incl. repayments
-1,296
1,157
-139
Transfers from Stage 1 to Stage 3, incl. repayments
-41
36
-5
Transfers from Stage 2 to Stage 1, incl. repayments
303
-328
-25
Transfers from Stage 2 to Stage 3, incl. repayments
-191
178
-13
Transfers from Stage 3 to Stage 1, incl. repayments
18
-22
-4
Transfers from Stage 3 to Stage 2, incl. repayments
43
-49
-6
Increases due to origination and acquisition
7,479
192
37
7,707
Decreases due to derecognition
-5,691
-522
-236
-6,449
Unchanged Stage, incl. repayments
242
-126
-53
63
Recognised as final credit loss
0
0
-4
-5
Receivables from customers; on-balance-sheet and off-balance-sheet items 31 December 2025
32,657
3,238
484
36,378
Transfers from Stage 1 to Stage 2 include the transfer of EUR 201 million in exposures related to a management overlay.
OP Corporate Bank plc's Financial Statements 2025  |  130
Changes in loss allowance during the financial year
The table below shows the change in loss allowance by impairment stage during 2025 as a result of the following factors:
Stage 1
Stage 2
Stage 3
Total
Receivables from customers and off-balance-sheet items, € million
12 months
Lifetime
Lifetime
Loss allowance 1 January 2025
39
88
168
296
Transfers from Stage 1 to Stage 2
-2
9
7
Transfers from Stage 1 to Stage 3
0
9
8
Transfers from Stage 2 to Stage 1
1
-6
-5
Transfers from Stage 2 to Stage 3
-4
13
9
Transfers from Stage 3 to Stage 1
0
-7
-7
Transfers from Stage 3 to Stage 2
2
-15
-13
Increases due to origination and acquisition
17
7
17
42
Decreases due to derecognition
-10
-24
-45
-79
Changes in risk parameters (net)
-6
8
-4
-3
Changes in model assumptions and methodology
4
-2
-4
-1
Decrease in allowance account due to write-offs
0
0
-3
-3
Net change in expected credit losses
4
-10
-38
-44
Loss allowance 31 December 2025
44
78
130
252
Transfers from Stage 1 to Stage 3 compare the current year-end Stage 3 of a financial
asset to the situation at the beginning of the year. Of these, some 79% (see the default
capture rate below) have been reported in Stage 2 during 2025, so the agreements have,
as a rule, transferred to Stage 3 through Stage 2. The agreement may transfer directly to
Stage 3 due to external payment default. Transfers from Stage 3 to Stages 2 or 1
compare the year-start Stage 3 with the year-end Stage 2 or 1. However, as a rule,
transfers in 2025 occurred with a delay of one month, through Stage 2. Most transfers of
loans to Stage 2 were based on the use of OP Corporate Bank's relative SICR model,
regardless of the rating grade. Payments being more than 30 days past due is the most
common reason for transfer to Stage 2 in the case of middle and lower-level ratings:
forbearance measures are the most frequent cause of transfer to Stage 2 in the case of
corporate customers with middle or lower-level rating grades. Among personal customer
exposures, Stage 2 transfer due to forbearance measures occurs more evenly across all
ratings. There are several reasons for transfer to Stage 2 in these cases in particular.
Default is identified on a real-time basis and causes immediate transfer to Stage 3. Non-
performing exposures are classified as Stage 3, in other words their definition is the same
as credit impaired financial assets due to credit risk under IFRS 9. OP Corporate Bank may
write off credit loss from financial assets in full or in part, but thereafter these will still be
subject to collection measures. The amount of such financial assets was EUR 15 million
(16) on 31 December 2025.
In late 2025, as part of the continuous development of credit risk models, the probability
of default (IFRS9 PD) model was completed for large companies, and also the quantitative
significant increase in credit risk (SICR) model. The goal is to implement the model into our
systems during Q1/2026, but the impact on the existing credit portfolio was already taken
into account during Q4/2025 by means of a management overlay of EUR 11.6 million.
The reason for the overlay was to ensure that the impacts are taken into account in timely
OP Corporate Bank plc's Financial Statements 2025  |  131
fashion even if the technical implementation will take place later. The overlay is presented
in the table above on the row Changes in model assumption and methodology.
The new IFRS 9 PD model improves estimation and makes it easier to take account of
fluctuations and improves expected credit loss calculations. Forward-looking information is
included by making use of changes in GDP and investments and, in terms of business
premises, the change in the House Price Index.
During Q3/2025, as part of a continuous improvement of credit risk models, a new
prepayment model was introduced for all loans except home loans and OP cooperative
banks' consumer loans. The target group of the new prepayment model has been
expanded to include not only promissory notes but also other credit portfolio liabilities
(such as finance lease and hire purchase) that include prepayments. The new model will
also take account of partial prepayments. The model change decreased expected credit
losses by EUR 9.4 million.
During Q2/2025, a new loss given default (LGD) model was introduced in the calculation
of expected credit losses as part of the development and maintenance of credit risk models
for SME exposures. The model differs from the previous one in terms of structure, risk
drivers and the way in which the forward-looking economic environment is considered.
The impact of changing the model varied from one business unit and reporting segment to
another. In total, OP Corporate Bank's expected credit losses decreased by EUR 4.2
million, partly attributable to changes in the methodology and the level of calibration. 
The rating model for OP Corporate Bank's retail customers was updated in Q1/2025,
which increased expected credit losses by EUR 5.3 million.
In Q2/2024, OP Corporate Bank made a management overlay of EUR 5.1 million for the
improvement of processes related to the early warning system (EWS) and identification of
groups of connected clients, to be implemented in 2024–2025. The overlay was kept
unchanged in Q4/2025.
In Q3/2024, OP Corporate Bank made a management overlay originally amounting to EUR
2.2 million for recognising the higher credit risk of bullet and balloon loans in ECL
calculation. It was updated to EUR 3.7 million in Q3/2025. In addition, in Q4/2024, a
parameter-specific management overlay of EUR 3.2 million was made to account for the
increase in non-performing exposures in recent years and the higher probability of default
observed as a result. Another management overlay of EUR 4.0 million was also made in
Q4/2024 to address climate and environmental risks. These overlays were updated in
Q3/2025 to EUR 3.4 million and EUR 0.1 million, respectively. All these overlays, totalling
EUR 7.2 million, were reversed during Q4/2025 and replaced by adjusting PD and LGD
risk parameters, which increased expected credit losses by a total of EUR 3.7 million in
Q4/2025.  The risk parameters were increased with factors specific to products and
sectors, ranging between 1 and 1.9.
OP Corporate Bank plc's Financial Statements 2025  |  132
The table below shows the loss allowance before the management overlays, the management overlays described above, and the total loss allowance reported on 31 December 2025.
Loss allowance 31 December 2025, € million
OP Corporate
Bank
Loss allowance before management overlays
231
Management overlays
Improvement to the processes for the EWS and the identification of groups of connected clients
5
Impact of model adjustments (PMA) included in the risk parameters
4
Impact of PD and SICR model on the existing credit portfolio by new large companies implemented in Q1/2026
12
Total management overlays
20
Total reported loss allowance
252
OP Corporate Bank plc's Financial Statements 2025  |  133
The following graphs illustrate the trend in the expected credit losses of customer receivables by impairment stage during the last few years. The decline shown in the Stage 3 graph is
due to the recognition of final credit losses and the repayment of Stage 3 exposures.
The macroeconomic factors used for expected credit loss measurement are updated quarterly. Expected credit losses are calculated as a weighted average of three scenarios. Scenario
weights have been applied at the normal level: downside 20%, baseline 60% and upside 20%. The macroeconomic forecast update in Q4/2025 increased expected credit losses slightly.
OP Corporate Bank plc's Financial Statements 2025  |  134
Stage 1
Stage 2
Stage 3
Total
Notes and bonds, € million
12 months
Lifetime
Lifetime
Loss allowance 1 January 2025
1
1
2
4
Transfers from Stage 2 to Stage 1
0
0
0
0
Transfers from Stage 3 to Stage 1
0
0
-2
-2
Increases due to origination and acquisition
0
0
0
0
Decreases due to derecognition
0
0
0
0
Changes in risk parameters (net)
0
0
0
0
Net change in expected credit losses
0
0
-2
-2
Loss allowance 31 December 2025
1
1
0
2
Changes in loss allowance during 2024
The table below shows a change in exposures within the scope of the calculation of expected credit losses by impairment stage for 2024 resulting from the effect of the following factors:
Receivables from customers and off-balance-sheet items, € million
Stage 1
Stage 2
Stage 3
Total
Receivables from customers; on-balance-sheet and off-balance-sheet items 1 January 2024
31,581
3,603
761
35,945
Transfers from Stage 1 to Stage 2, incl. repayments
-1,318
1,216
-102
Transfers from Stage 1 to Stage 3, incl. repayments
-65
51
-14
Transfers from Stage 2 to Stage 1, incl. repayments
728
-750
-22
Transfers from Stage 2 to Stage 3, incl. repayments
-98
79
-19
Transfers from Stage 3 to Stage 1, incl. repayments
16
-17
-1
Transfers from Stage 3 to Stage 2, incl. repayments
22
-28
-5
Increases due to origination and acquisition
7,041
221
93
7,355
Decreases due to derecognition
-5,233
-1,085
-287
-6,605
Unchanged Stage, incl. repayments
-1,107
-115
-9
-1,231
Recognised as final credit loss
0
0
-44
-45
Receivables from customers; on-balance-sheet and off-balance-sheet items 31 December 2024
31,643
3,014
598
35,255
Transfers from Stage 1 to Stage 2 include the transfer of EUR 201 million in exposures related to a management overlay.
OP Corporate Bank plc's Financial Statements 2025  |  135
The table below shows the change in loss allowance by impairment stage during 2024 as a result of the following factors:
Receivables from customers and off-balance-sheet items, € million
Stage 1
Stage 2
Stage 3
Total
12 months
Lifetime
Lifetime
Loss allowance 1 January 2024
35
94
196
325
Transfers from Stage 1 to Stage 2
-2
6
0
4
Transfers from Stage 1 to Stage 3
0
0
9
9
Transfers from Stage 2 to Stage 1
2
-14
0
-11
Transfers from Stage 2 to Stage 3
0
-6
18
12
Transfers from Stage 3 to Stage 1
0
0
-4
-4
Transfers from Stage 3 to Stage 2
0
3
-5
-2
Increases due to origination and acquisition
9
9
30
47
Decreases due to derecognition
-6
-20
-55
-81
Changes in risk parameters (net)
1
16
2
19
Decrease in allowance account due to write-offs
0
0
-22
-22
Net change in expected credit losses
4
-6
-28
-30
Loss allowance 31 December 2024
39
88
168
296
Transfers from Stage 1 to Stage 3 compare the year-end Stage 3 of a financial asset to
the situation at the beginning of the year. Of these, some 71% (see the default capture
rate below) have been reported in Stage 2 during 2024, so the agreements have, as a
rule, transferred to Stage 3 through Stage 2. The agreement may transfer directly to
Stage 3 due to external payment default. Transfers from Stage 3 to Stages 2 or 1
compare the year-start Stage 3 with the year-end Stage 2 or 1. However, as a rule
transfers in 2024 occurred with a delay of one month, through Stage 2. Most transfers of
loans to Stage 2 were based on the use of OP Corporate Bank's relative SICR model,
regardless of the rating grade. Payments being more than 30 days past due is the most
common reason for transfer to Stage 2 in the case of middle and lower-level ratings:
forbearance measures are the most frequent cause of transfer to Stage 2 in the case of
corporate customers with middle or lower-level rating grades. Among personal customer
exposures, Stage 2 transfer due to forbearance measures occurs more evenly across all
ratings. OP Corporate Bank removed the so-called absolute criteria for weaker rating
grades from the assessment criteria for significant credit risks in Q4/2024. Exposures with
the lowest ratings are transferred to Stage 2 on the basis of an absolute rating limit:
There are several reasons for transfer to Stage 2 in these cases in particular. Default is
identified on a real-time basis and causes immediate transfer to Stage 3. Non-performing
exposures are classified as Stage 3, in other words their definition is the same as credit
impaired financial assets due to credit risk under IFRS 9. In 2023, transfers from Stage 1
to Stage 2 include an additional management overlay of EUR 9.8 million. The weak
outlook for the construction industry is reflected in an increase in expected credit losses in
Stages 2 and 3.
In Q2/2024, OP Corporate Bank made a management overlay of EUR 5.1 million for the
improvement of processes related to the early warning system (EWS) and identification of
groups of connected clients, to be implemented in 2024–2025. The overlay was kept
unchanged in Q4/2024.
OP Corporate Bank plc's Financial Statements 2025  |  136
The table below shows the loss allowance before the management overlays, the management overlays described above, and the total loss allowance reported on 31 December 2024.
Loss allowance 31 December 2024, € million
OP
Corporate
Bank
Loss allowance before management overlays
279
Management overlays
Bullet and balloon loans
2
Improvement to the processes for the EWS and the identification of groups of connected clients
5
Climate and environmental risks
1
Increase in non-performing exposures and higher probability of default
8
Total management overlays
17
Total reported loss allowance
296
Notes and bonds, € million
Stage 1
Stage 2
Stage 3
Total
12 months
Lifetime
Lifetime
Loss allowance 1 January 2024
1
1
1
2
Transfers from Stage 1 to Stage 2
0
1
0
1
Increases due to origination and acquisition
0
0
2
2
Decreases due to derecognition
0
0
-1
-1
Changes in risk parameters (net)
0
0
0
0
Net change in expected credit losses
0
1
1
2
Loss allowance 31 December 2024
1
1
2
4
OP Corporate Bank plc's Financial Statements 2025  |  137
The table below presents on-and-off-balance sheet gross exposures by rating grade. It also shows exposure amounts after collateral has been deducted, and loss allowance. Internal
grades 1–12 are used for the internal rating of corporations and public-sector entities, and grades A–F for the internal rating of households. Internal grades have been combined with
the table in such a way that, for example, corporate customer grade 2 comprises grades 2 and 2.5. Internal grade A for personal customers includes, for example, A+, A and A- etc.
Net exposure has been calculated for each contract and excludes overcollateralisation.
31 Dec 2025
€ million
Balance sheet exposures
Off-balance-sheet exposure,
gross
Net exposure after collateral
Loss allowance
Rating
Stage 1
Stage 2
Stage 3
Stage 1
Stage 2
Stage 3
Stage 1
Stage 2
Stage 3
Stage 1
Stage 2
Stage 3
1
329
16
103
270
2
0
0
2
692
3,230
3,877
-1
3
3,600
111
524
13
3,265
104
-1
0
4
4,686
40
1,160
60
3,870
85
-2
-1
5
5,514
423
939
41
3,252
133
-4
-2
6
4,841
540
670
27
2,278
123
-9
-2
7
2,998
663
242
41
921
245
-11
-7
8
421
329
33
40
93
166
-2
-17
9
46
227
1
11
1
56
0
-17
10
50
100
1
29
11
37
-5
-21
11
322
27
101
-90
12
11
1
9
-9
A
83
14
0
6
0
0
B
770
15
4
0
83
0
0
0
C
1,327
24
5
0
259
2
-1
0
D
679
136
4
0
96
14
-2
-1
E
150
336
1
0
50
56
-3
-8
F
123
0
41
-32
Total
26,187
2,974
456
6,918
263
28
18,332
1,023
150
-44
-78
-130
OP Corporate Bank plc's Financial Statements 2025  |  138
31 Dec 2024
€ million
Balance sheet exposures
Off-balance-sheet exposure,
gross
Net exposure after collateral
Loss allowance
Rating
Stage 1
Stage 2
Stage 3
Stage 1
Stage 2
Stage 3
Stage 1
Stage 2
Stage 3
Stage 1
Stage 2
Stage 3
1
311
24
106
245
23
0
0
2
570
1
2,700
3,598
0
0
3
3,469
78
645
2,981
61
-1
0
4
4,392
31
1,023
3,374
12
-2
0
5
5,739
235
944
22
3,639
38
-4
-1
6
4,385
352
487
31
1,867
140
-7
-1
7
2,783
569
229
38
833
244
-12
-6
8
663
774
32
47
122
241
-4
-20
9
34
192
1
16
1
44
0
-22
10
38
132
0
34
12
49
-3
-25
11
397
40
154
-122
12
10
2
8
-9
A
176
0
6
0
45
0
-1
-1
B
907
19
4
0
141
0
-1
-1
C
1,383
32
2
0
202
5
-1
-1
D
473
132
1
0
100
19
-2
-2
E
139
253
0
0
36
49
-3
-8
F
148
0
47
-37
Total
25,463
2,825
556
6,180
189
42
17,196
928
209
-39
-88
-168
OP Corporate Bank plc's Financial Statements 2025  |  139
Significant increase in credit risk (SICR)
SICR-model classification of contracts into similar credit risk groups is identical with
lifetime PD (probability at default) models. Credit ratings are key input data for PD models.
Both current PDs and threshold PDs include forward-looking information (below). The
effectiveness of SICR is assessed on every reporting date using the following indicators:
the default capture rate measures how many contracts were in Stage 2 before they
transferred to Stage 3. The rate was 79% (71) on 31 December 2025. The higher the rate
is, the better the SICR model can capture a significant increase in credit risk. Contracts in
Stage 2 accounted for 8% (8) of the entire non-defaulted loan portfolio. A specific model
has been developed for the SICR criterion for a relative increase in PD, whose parameters
are calculated from historical data. In addition to these parameters, the SICR model is
affected, for example, by the contract rating grade, segment and macroeconomic variables,
which together determine the PD of the contract lifetime. In addition, the comparison of
the relative increase is affected by the contract's passed and remaining lifetime. For these
reasons, no general threshold has been determined for an increase in the PD. However, it
can be confirmed that, on average, a doubling or trebling of the PD causes the quantitative
SICR criterion to trigger.
Forward-looking information included in the ECL measurement
models
The assessment of SICR and the measurement of expected credit loss incorporate
forward-looking information. OP Pohjola has analysed which macroeconomic variables
play a significant causal role in the credit risk amount.
OP Corporate Bank plc's Financial Statements 2025  |  140
The table below shows a summary of the values of the five most important macroeconomic variables for 2025–2030 used in the models (average, minimum and maximum) for three
scenarios used in the measurement of expected credit losses. The macroeconomic forecasts extend to 30 years, but the next 5 years are the most relevant ones in respect of ECL
measurement. These values were used for all product groups on 31 December 2025.
Macroeconomic variable
Scenario
Average (%)
Minimum
(%)
Maximum
(%)
GDP growth
Downside
-0.2
-0.8
1.0
Baseline
1.4
1.0
2.0
Upside
2.7
1.0
4.4
Unemployment, %
Downside
9.2
8.3
9.7
Baseline
8.3
7.0
9.5
Upside
7.6
6.0
9.5
House price index
Downside
0.8
0.0
1.9
Baseline
2.2
0.0
3.0
Upside
3.4
0.0
5.5
12-month Euribor where the effect of GDP growth and inflation has been deducted
Downside
0.5
0.3
1.0
Baseline
1.4
1.1
1.8
Upside
2.5
1.5
3.3
3-month real interest rate
Downside
0.1
-0.3
0.8
Baseline
0.6
0.2
0.9
Upside
1.2
0.3
2.2
On 31 December 2025, the probability weights of the scenarios were Downside 20%, Baseline 60% and Upside 20%.
The table below shows a summary of the values of the five most important macroeconomic variables for 2024–2029 used in the models (average, minimum and maximum) for three
scenarios used in the measurement of expected credit losses. The macroeconomic forecasts extend to 30 years, but the next 5 years are the most relevant ones in respect of ECL
measurement. These values were used for all product groups on 31 December 2024.
OP Corporate Bank plc's Financial Statements 2025  |  141
Macroeconomic variable
Scenario
Average (%)
Minimum
(%)
Maximum
(%)
GDP growth
Downside
-0.4
0.0
-0.5
Baseline
1.4
1.3
2.0
Upside
2.9
2.3
3.9
Unemployment, %
Downside
8.1
7.9
8.2
Baseline
7.1
6.5
7.9
Upside
6.5
5.7
7.7
House price index
Downside
1.2
1.0
1.4
Baseline
2.8
2.8
2.8
Upside
4.0
3.8
4.1
12-month Euribor where the effect of GDP growth and inflation has been deducted
Downside
0.1
-0.3
1.4
Baseline
1.2
1.0
1.4
Upside
2.3
1.7
3.0
3-month real interest rate
Downside
-0.1
-0.7
1.4
Baseline
0.5
0.1
0.8
Upside
1.0
0.3
1.7
On 31 December 2024, the probability weights of the scenarios were Downside 20%, Baseline 60% and Upside 20%.
The scenarios are based on the forecasts performed by OP Pohjola economists. The forecast process also takes account of comparable forecasts by external organisations, such as the
OECD, International Monetary Fund, Bank of Finland, Ministry of Finance etc., as well as academic research.
The rationality of the used macroeconomic variables is assessed when reviewing the functionality of the models for PD, LGD, EAD and prepayment.
The table below shows loss allowance regarding significant receivables under various scenarios by impairment stage on 31 December 2025.
Total loss allowances of corporate
and household customers,
€ million
Weighted loss allowance
Loss allowance under
downside scenario
Loss allowance under
baseline scenario
Loss allowance under
upside scenario
Stage 1*
-43
-45
-43
-41
Stage 2*
-73
-76
-72
-70
Stage 3*
-123
-131
-123
-116
Total
-239
-252
-238
-227
* includes management overlays recognised at agreement level
OP Corporate Bank plc's Financial Statements 2025  |  142
The table below shows loss allowance regarding significant receivables under various scenarios by impairment stage on 31 December 2024.
Total loss allowances of corporate
and household customers,
€ million
Weighted loss allowance
Loss allowance under
downside scenario
Loss allowance under
baseline scenario
Loss allowance under
upside scenario
Stage 1*
-36
-34
-32
-30
Stage 2*
-81
-82
-79
-78
Stage 3*
-162
-172
-161
-152
Total
-278
-288
-272
-259
* without management overlay provisions
All personal and corporate customer risk parameters have parallel impacts, resulting in
loss allowance being the largest in the downside scenario. In 2024, the LGD model for
Stage 3 is independent of macroeconomic factors. A significant proportion of Stage 3
exposures are assessed using a cash flow based expert judgement that also takes account
of forward-looking information.
Sensitivity analysis
Sensitivity analyses describe the sensitivity of loss allowance to changes in macroeconomic
factors. The analysis below describes only a plausible economic deterioration, and does not
describe an economic upswing at all. In addition, during a recession not all components of
the sensitivity analysis necessarily develop together in the way presented in the sensitivity
analysis.
The most significant macroeconomic variables in risk parameters and exposure classes
include the 12-month Euribor rate, the real 3-month Euribor rate (minus the effect of
inflation) and GDP growth and regional home prices and the house price index.
Changes used in sensitivity analyses include a 1 percentage point increase in the
12-month Euribor rate, a 1 percentage point increase in the 3-month Euribor rate,
a 1 percentage point increase in the inflation rate, a 1 percentage point decrease in the
regional prices of homes and the house price index, and a 3.5 percentage point decrease
in the GDP growth rate. The figures therefore reflect an economic situation that is more
adverse than now – all of them increase loss allowance and are based on the following
facts.
The levels used in the sensitivity analysis are based on the behaviour of variables during
the historic period, and the changes roughly correspond to the change in standard
deviation. The sensitivity analysis covers Stage 1, 2 and 3 contracts (year on year only
stages 1 and 2). It takes account of transfers between Stage 1 and 2 due to a significant
increase in credit risk (SICR), which is shown as a decrease in Stage 1 and an increase in
Stage 2. It also takes account of changes in lifetime PD stressed scenarios and PD
estimates based on the loss allowance formula.
OP Corporate Bank plc's Financial Statements 2025  |  143
The table below shows the sensitivity of change in the loss allowance of the groups of household and corporate customers on 31 December 2025, when the economic situation weakens
due to the combined effect of changes in interest rates, investment growth rate, regional home prices and the house price index and GDP.
Group
Stage
Loss allowance
31 December
2025
Loss allowance 
sensitivity
analysis*
Relative
Change, %
Households
Stage 1
-6
-6
3.5
Stage 2
-8
-9
15.1
Stage 3
-32
-32
0.0
Corporate customers
Stage 1
-32
-35
8.0
Stage 2
-65
-69
6.2
Stage 3
-91
-92
1.7
Total
-234
-243
4.2
* 1 percentage point increase in the 12-month Euribor rate, 1 percentage point increase in the real 3-month Euribor rate, 1 percentage point increase in the inflation rate, 1 percentage point decrease in regional home prices and
the house price index and a 3.5 percentage point decrease in the GDP growth rate under all scenarios.
The table below shows the sensitivity of change in the loss allowance of the groups' household and corporate customers on 31 December 2024, when the economic situation weakens
due to changes in the combined effects of interest rates, investment growth rate and GDP.
Group
Stage
Loss allowance
31 December
2024
Loss allowance 
sensitivity
analysis*
Relative
Change, %
Households
Stage 1
-5
-5
1.8
Stage 2
-8
-9
14.6
Corporate customers
Stage 1
-31
-33
7.0
Stage 2
-75
-83
10.2
Total
-119
-130
9.4
* A 1 percentage point increase in the 12-month Euribor rate, a 6 percentage point decrease in the investment growth rate and a 3.5 percentage point decrease in the GDP rate under all scenarios.
OP Corporate Bank plc's Financial Statements 2025  |  144
Loss allowances are largely determined on the basis of the first couple of years, with the
first simulated scenario years being essential to the results. A 1 percentage point increase
in interest rates increases the amount of loss allowance for both personal customers and
corporate customers. GDP growth has a negative bearing on the amount of loss allowance
through all model components. Slower GDP growth increases PD values for both personal
customers and corporate customers. Through the LGD, it also negatively affects growth in
the fair value of residential property collateral, which impacts on Stage 2 contracts.
Likewise, a decrease in regional home prices and the house price index affects the LGD
component of all stages as the fair value of residential property collateral decreases.
The analysis shows that the most significant proportional and absolute changes apply to
corporate customers whose Stage 1 and 2 contracts are associated with a significant
increase in the amounts of loss. Changes related to personal customers are considerably
smaller because their risk parameter estimates are less sensitive to economic conditions.
OP Corporate Bank plc's Financial Statements 2025  |  145
Note 32. Collateral given and off-balance-sheet commitments
€ million
31 Dec
2025
31 Dec
2024
Collateral given on behalf of own liabilities and commitments
1,404
1,558
Total collateral given*
1,404
1,558
Secured derivative liabilities
467
729
Other secured liabilities
879
759
Total
1,346
1,489
* In addition, bonds with a carrying amount of EUR 1.3 billion have been pledged in the central bank, EUR 1.0 billion of which are intraday settlement collateral. Given that the bonds are available for withdrawal without the central
bank's advance permission, they are not presented in the table above.
Off-balance-sheet commitments
€ million
31 Dec
2025
31 Dec
2024
Guarantees
245
191
Guarantee liabilities
2,104
2,178
Loan commitments
5,579
5,238
Commitments related to short-term trade transactions
313
291
Other
478
478
Total off-balance-sheet commitments
8,720
8,376
OP Corporate Bank plc's Financial Statements 2025  |  146
Note 33. Financial collateral held
OP Corporate Bank has received collateral, in accordance with the Financial Collateral Act, which it may resell or repledge.
€ million
31 Dec
2025
31 Dec
2024
Fair value of collateral received
Derivatives
747
990
Total
747
990
Credit risk arising from derivatives is reduced through collateral, involving the use of an
ISDA Credit Support Annex (CSA) contract associated with the ISDA general agreement. In
the collateral system, the counterparty provides securities or cash in security for the
receivable. The amount of CSA-related collateral received in cash totalled EUR 747 million
(990) on the balance sheet date. The Group had no securities received as collateral on the
balance sheet date.
OP Corporate Bank plc's Financial Statements 2025  |  147
Note 34. Recurring fair value measurements by valuation technique
Accounting policies
Fair value determination
Fair value is the price that would be received to sell an asset or paid to transfer a liability
in an orderly transaction between market participants on the measurement date.
The fair value of financial instruments is determined using either prices quoted in an
active market, or the company's own valuation techniques where no active market exists.
The market is deemed active if price quotes are easily and regularly available and reflect
real and regularly occurring market transactions on an arm's length basis. The current bid
price is used as the quoted market price of financial assets.
If the market has a commonly used valuation technique applied to a financial instrument
to which the fair value is not directly available (e.g. over-the-counter (OTC) derivatives),
the fair value is based on a commonly used valuation technique and market quotations of
the inputs used by the technique.
If the valuation technique is not a commonly used technique in the market, a valuation
model created for the instrument in question will be used to determine the fair value.
Valuation models are based on widely used measurement techniques, incorporating all
factors that market participants would consider in setting a price, and are consistent with
accepted economic methodologies for pricing financial instruments.
The valuation techniques used include prices of market transactions, the discounted cash
flow method and reference to the current fair value of another instrument that is
substantially the same on the balance sheet date. The valuation techniques take account
of estimated credit risk, applicable discount rates, the possibility of prepayment and other
factors affecting the reliable measurement of the fair value of financial instruments.
The fair values of financial instruments are categorised into three hierarchy levels,
depending on the inputs used in valuation techniques:
• Quoted prices (unadjusted) in active markets for identical assets or liabilities (Level 1)
• Inputs other than quoted prices included within Level 1 that are observable for the
asset or liability, either directly (as prices) or indirectly (derived from prices) (Level 2)
• Inputs for the asset or liability that are not based on observable market data (Level 3).
If the inputs used to measure fair value are categorised into different levels of the fair
value hierarchy, the fair value measurement is categorised in its entirety at the same level
as the lowest level input significant to the entire measurement. The significance of inputs
has been assessed on the basis of the fair value measurement in its entirety.
The price of illiquid instruments calculated using a pricing model tends to differ from the
actual transaction price. However, the actual transaction price is the best evidence of the
instrument's fair value. The Day 1 profit/loss, based on the difference between the actual
transaction price and the price deriving from the pricing model that uses market prices, is
recognised in the income statement over the term of the agreement. However, the non-
recognised amount will be recognised as soon as there is a genuine market price for the
instrument or a well-established pricing practice is created in the market.
OP Corporate Bank plc's Financial Statements 2025  |  148
Fair value of assets 31 December 2025, € million
Level 1
Level 2
Level 3
Total
Financial assets recognised at fair value through profit or loss
Equity instruments
0
2
1
3
Debt instruments
241
110
39
390
Derivative contracts
0
2,423
121
2,544
Recognised at fair value through other comprehensive income
Equity instruments
0
0
0
0
Debt instruments
11,804
2,429
662
14,895
Total financial instruments
12,046
4,964
823
17,832
Fair value of assets 31 December 2024, € million
Level 1
Level 2
Level 3
Total
Financial assets recognised at fair value through profit or loss
Equity instruments
0
3
1
4
Debt instruments
83
103
41
227
Derivative contracts
3
3,284
96
3,383
Recognised at fair value through other comprehensive income
Equity instruments
0
0
0
0
Debt instruments
4,273
7,297
606
12,176
Total financial instruments
4,360
10,688
744
15,791
Fair value of liabilities 31 December 2025, € million
Level 1
Level 2
Level 3
Total
Financial liabilities recognised at fair value through profit or loss
Structured notes
0
0
1,804
1,804
Other
0
21
0
21
Derivative contracts
0
2,612
35
2,647
Total
0
2,633
1,840
4,473
OP Corporate Bank plc's Financial Statements 2025  |  149
Fair value of liabilities 31 December 2024, € million
Level 1
Level 2
Level 3
Total
Financial liabilities recognised at fair value through profit or loss
Structured notes
0
0
2,201
2,201
Other
0
2
0
2
Derivative contracts
0
3,076
74
3,150
Total
0
3,078
2,275
5,353
Fair value measurement
Derivatives and other financial instruments measured at fair value
The prices of listed derivatives are obtained directly from markets. Models and methods
commonly used in markets and most suitable for valuing the specific financial instrument
are used to value Over the Counter (OTC) derivatives. These are needed, for instance, to
create yield curves, currency conversion charts and volatility surfaces, as well as for option
valuation. The input data of these models can generally be derived from markets.
However, for the fair value measurement of certain contracts, it is necessary to use
models where the input data are not directly observable in the market and they must be
estimated. Such contracts are included in Level 3.
Middle Office is responsible for the fair value measurement of banking derivatives,
including Level 3 hierarchy, and the quality and reliability of market data, valuation curves
and volatility surfaces used in them, as part of its daily fair value measurement process.
Middle Office regularly compares, at contract level, valuation prices with valuations
supplied by Credit Support Annex (CSA) counterparties and central counterparties and,
whenever necessary, determines any significant valuation differences.
Risk Management Control is responsible for approval of new fair value measurement
models and techniques and supervision of the fair value measurement process. Verifying
fair values is based, for example, on valuation using alternative sources for market prices
and other input data. In this verification process, valuation prices can be compared with
prices supplied by CSA counterparties and central counterparties. In addition, it is possible
to use valuation services provided by third parties.
The fair value measurement of OTC derivative contracts related to banking takes account
of credit risk of the parties to the transaction and credit spreads exceeding the financing
costs. Credit risk is adjusted with a Credit Valuation Adjustment (CVA) and with a Debit
Valuation Adjustment (DVA). CVAs and DVAs are calculated for each counterparty. This is
done by simulating the market values of derivatives and events of default, primarily based
on data obtained from markets. In assessing probabilities of default, counterparty rating
information, liquid credit risk indices and the CDS sector curves of market data providers
are used. The effect of the financing costs of OTC derivatives on fair value measurement is
assessed by adjusting discount curves used in the measurement with the statistical
differences of credit spreads between credit risk instruments with and without capital.
OP Corporate Bank plc's Financial Statements 2025  |  150
Fair value hierarchy
Level 1: Quoted prices in active markets
Level 1 includes equities listed on major stock exchanges, quoted debt instruments issued
by companies, governments and financial institutions, as well as exchange-traded
derivatives. The fair value of these instruments is determined based on quotes from active
markets.
Level 2: Valuation techniques using observable inputs
Valuation techniques based on observable input parameters. The fair value of instruments
included within Level 2 means value derived from the market price of a financial
instrument's components or similar financial instruments; or value which can be
determined using commonly used valuation models and techniques if the inputs significant
to the fair value measurement are based on observable market data. This hierarchy level
includes the majority of OP Corporate Bank's OTC derivatives and quoted debt instruments
issued by companies, governments and financial institutions which have not been included
in Level 1. Level 2 input data include, for example: quoted prices of similar items in active
markets, quoted prices of similar items in inactive markets, market interest rates, implied
volatilities and credit spreads.
Level 3: Valuation techniques using unobservable inputs
Valuation techniques whose input parameters involve special uncertainty. The fair value
determination of instruments included within this level contains inputs not based on
observable market data (unobservable inputs). Level 3 also includes bonds for which there
is little, if any, market activity on the valuation date. This level includes the most complex
OTC derivatives and derivatives with a long maturity for which market data had to be
extrapolated for value measurement, as well as certain private equity investments, and
illiquid bonds, structured notes, including securitised bonds and structured debt securities,
property investments and hedge funds.
Transfers between the levels of the fair value hierarchy are considered to take place on
the date when an event causes such transfer or when circumstances change. Transfers
between the levels are mainly due to the number of available market quotes.
Derivatives relevant to OP Corporate Bank's business include interest rate swaps, interest
rate options and structured debt securities. Interest rate swaps are measured by deriving
valuation curves from the prices of interest rate swaps and other interest rate derivatives
observed in the market. Valuation curves are used to forecast future cash flows and
determine the net present value of cash flows also through interest rate swaps whose
price is not directly observable in the market. The same method applies to the fair value
measurement of interest rate options. Volatilities describing the price of interest rate
options observed in the market are also used in comparison with interest rate swaps.
In the fair value measurement of complex derivatives or, for example, structured notes or
equity structures, a model is used where the development of market prices is simulated
and the actual value of the derivative is calculated in each simulation. The price of the
derivate or structured note is derived by calculating the average of the simulations.
Level 3 input data are input data that are not observable for the item being valued from
market prices at the time of valuation. Level 3 input data include, for example: use of
historical volatility in the fair value measurement of an option, and long-term interest
rates with no corresponding contracts observable in the market.
OP Corporate Bank plc's Financial Statements 2025  |  151
Valuation techniques whose input parameters involve uncertainty (Level 3)
Breakdown of financial assets and liabilities
Financial assets, € million
Recognised
at fair value
through
profit or loss
Derivative
contracts
Recognised at
fair value
through other
comprehensive
income
Total assets
Opening balance 1 January 2025
42
96
606
744
Total gains/losses in profit or loss
-36
24
0
-12
Transfers to Level 3
35
0
232
267
Transfers from Level 3
0
0
-176
-176
Closing balance 31 December 2025
40
121
662
823
Financial assets, € million
Recognised
at fair value
through
profit or loss
Derivative
contracts
Recognised at
fair value
through other
comprehensive
income
Total assets
Opening balance 1 January 2024
36
98
728
862
Total gains/losses in profit or loss
-32
-2
0
-34
Transfers to Level 3
37
0
174
211
Transfers from Level 3
0
0
-296
-296
Closing balance 31 December 2024
42
96
606
744
Financial liabilities, € million
Recognised
at fair value
through
profit or loss
Derivative
contracts
Total
liabilities
Opening balance 1 January 2025
2,201
74
2,275
Total gains/losses in profit or loss
148
-39
109
Issues
368
368
Redemptions and repurchases
-832
-832
Other changes
-81
-81
Closing balance 31 December 2025
1,804
35
1,840
OP Corporate Bank plc's Financial Statements 2025  |  152
Financial liabilities, € million
Recognised
at fair value
through
profit or loss
Derivative
contracts
Total
liabilities
Opening balance 1 January 2024
2,487
91
2,578
Total gains/losses in profit or loss
93
-17
76
Issues
714
0
714
Redemptions and repurchases
-1,037
0
-1,037
Other changes
-56
0
-56
Closing balance 31 December 2024
2,201
74
2,275
Breakdown of net income by income statement item 31 December 2025
€ million
Net investment
income
Net gains/losses
on assets and
liabilities held at
year end
Total net income
-121
-121
Breakdown of net income by income statement item 31 December 2024
€ million
Net investment
income
Net gains/losses
on assets and
liabilities held at
year end
Total net income
-110
-110
Changes in weighting factors
No major changes occurred in valuation techniques in 2025.
OP Corporate Bank plc's Financial Statements 2025  |  153
Sensitivity analysis of input parameters involving uncertainty on 31 December 2025
Type of instrument, € million
Receivables
Liabilities
Net balance
Effect on the
income
statement
Plausible
change in
fair value
(%)
Recognised at fair value through profit or loss
Structured notes**
1,804
1,804
7
0.4
Private equity funds*
39
39
4
10.0
Real estate funds***
1
1
0
20.0
Derivatives
Derivatives hedging structured notes**
121
-35
86
7
8.0
Recognised at fair value through profit or loss
Bond investments
662
662
66
10.0
Sensitivity analysis of input parameters involving uncertainty on 31 December 2024
Type of instrument, € million
Receivables
Liabilities
Net balance
Effect on the
income
statement
Plausible
change in
fair value
(%)
Recognised at fair value through profit or loss
Structured notes**
2,201
2,201
2
0.1
Private equity funds*
41
41
4
10.0
Real estate funds***
1
1
0
20.0
Derivatives
Derivatives hedging structured notes**
96
-74
22
2
11.0
Recognised at fair value through profit or loss
Bond investments
606
606
61
10.0
* The value of private equity funds depends mainly on the profit performance of portfolio companies and the PE ratios of similar listed companies. The Total Value to Paid-in (TVPI) multiple, which has changed an average of 10%, is
used to monitor the progress of the fair value of private equity funds.
** Stress scenarios' volatility of shares (30%), dividends of shares (30%), credit risk premiums (30%), and the combined value change of significant correlation changes. Expected to move in opposite directions.
*** In the valuation of real estate funds and investment property, OP Corporate Bank mainly uses the income approach whose main components are yield requirement and net rent. On average, a +/– 1 percentage point change in
the yield requirement leads to a change of around 20% in the fair value.
OP Corporate Bank plc's Financial Statements 2025  |  154
Note 35. Financial assets and liabilities offset in the balance sheet or subject to enforceable
master netting arrangements or similar agreements
Financial assets and liabilities are offset in the balance sheet if OP Corporate Bank currently has a legally enforceable right of set-off in the normal course of business and in the event of
default, insolvency or bankruptcy, and intends to settle the asset and liability on a net basis.
Financial assets
Financial assets not set off
in the balance sheet
31 December 2025, € million
Gross
amount of
financial
assets
Gross amount of
financial liabilities
deducted from
financial assets*
Net amount
presented in
the balance
sheet
Master
agreements**
Collateral
given
Net amount
Derivatives
2,544
2,544
-1,071
-747
726
31 December 2024, € million
Derivatives
3,384
3,384
-1,752
-990
642
Financial liabilities
Financial liabilities not set off
in the balance sheet
31 December 2025, € million
Gross
amount of
financial
liabilities
Gross amount of
financial assets
deducted from 
financial
liabilities*
Net amount
presented in
the balance
sheet
Master
agreements**
Collateral
given
Net amount
Derivatives
2,647
2,647
-1,071
-173
1,404
31 December 2024, € million
Derivatives
3,150
3,150
-1,752
-371
1,027
* At the end of 2024 and 2025, all derivatives for central counterparty clearing are settled using the settled-to-market (STM) practice. 
** It is OP Corporate Bank plc's practice to enter into master agreements for derivative transactions with all derivative counterparties.
OP Corporate Bank plc's Financial Statements 2025  |  155
Central counterparty clearing for OTC derivatives
Standardised OTC derivative transactions entered into with financial counterparties are
cleared in London Clearing House, accordance with EMIR (EU 648/2012). Based on this
model, the central counterparty will become the derivatives counterparty at the end of
the daily clearing process, with whom daily payments for derivatives are netted. In
addition, collateral is paid or received daily, which corresponds to the change in the fair
value of open positions (variation margin), which is treated as a final payment due to the
clearing method.
Other bilaterally cleared OTC derivatives
The ISDA Master Agreement or the Master Agreement of Finance Finland or OP
Corporate Bank will apply to derivative transactions between OP Corporate Bank and
other clients, and to derivative transactions to which central counterparty clearing in
accordance with the Regulation does not pertain. On the basis of these agreements,
derivative payments may be netted per transaction on each payment date and in the
event of counterparty default and bankruptcy. It is also possible to agree on collateral on
a counterparty-specific basis in the terms and conditions of the agreement. Such
derivatives are presented on a gross basis in the balance sheet.
OP Corporate Bank plc's Financial Statements 2025  |  156
OP Corporate Bank plc's Risk Appetite Framework
Overview of OP Corporate Bank's significant risks
In organisational terms, OP Corporate Bank's independent Risk Management function
forms part of OP Pohjola's centralised Risk Management. OP Corporate Bank's Risk
Appetite Statement and Risk Appetite Framework cover all operations. Its general risk
management principles are further specified by revenue logic. The starting point for
customer business and the related customer-specific risk management (risk selection, risk
assessment, the formulation of agreement terms and risk pricing, and actions during the
agreement period) are customer services that must be managed as processes.
OP Corporate Bank classifies risks into three main categories, according to their risk
management procedures: earnings risks, consequential risks and strategic risks.
Earnings risks are taken, as the term suggests, for the purpose of generating profit. OP
Pohjola manages earnings risks at customer level through risk selection, contract sizing,
risk-based pricing and proactive customer relationship management.  At portfolio level,
risk exposure is managed by adjusting the risk profile and pricing: the goal is to balance
earnings, risks and capital over time. In managing such risks, the key principle must be risk
appetite, clearly communicated on the basis of specified risk selection criteria, pricing
objectives, and numerical limits of risk-taking defined at both portfolio and sub-portfolio
level.
The profit perspective has no bearing on the taking of consequential risks: exposure to
such risks occurs in customer-level business and portfolio management, and when
implementing management's strategic priorities. Consequential risks are the most complex
risk type in terms of cause-and-effect, because they occur in practically all of OP
Corporate Bank's activities. Consequential risks may lead to additional costs and have
other, adverse consequences through various channels. Such risks can be reduced by
improving the quality of all operations and the related processes. Risk management
measures aim to ensure that daily operations are uninterrupted and goal-aligned, and
that critical functions' continuity is secured in the event of various disruptions. OP Pohjola
primarily aims to manage earnings risks, whereas it primarily aims to reduce
consequential risks.
Strategic risks could hamper the implementation of management's strategic priorities and
successful continuous development of the business model.
OP Corporate Bank plc's Financial Statements 2025  |  157
The graph below summarises OP Corporate Bank's significant risks and their sources. The
sources and root causes of significant risks are shaded in grey and orange on the
periphery of the table shown at the centre of the figure. In addition, the adverse impact of
any materialisation of risks on OP Corporate Bank's trust and reputation is described on
the perimeter of the table.
Within each revenue logic, agreements for specific service needs are aggregated, the
resulting risk profiles are managed risk-specifically at portfolio level, and earnings and
risks are balanced with capital and liquidity. A single revenue logic may include several
legal companies, or may be part of a legal entity. OP Corporate Bank's revenue logics
include Banking, Markets, Wealth Management, Life Insurance and Non-life Insurance. 
OP Corporate Bank's risk management and compliance are based on the three lines of
defence principle. The first line of defence comprises businesses, the second line of
defence comprises the Risk Management and Compliance assurance functions
independent of the businesses, and the third line of defence comprises Internal Audit
(independent of the other lines of defence).
Each line of defence has its own role in the risk management process. Responsibilities for
the risk management process are divided as follows:
• OP Pohjola's businesses (the first line of defence) aim to fulfil OP Pohjola's strategy. In
doing so, they are responsible for planning and efficiently and effectively implementing
their own operations, and for internal control, and ensuring that any control deficiencies
are corrected. They are directly responsible for their customer service quality, earnings,
risks, operational continuity and regulatory compliance.
• The activities of the first line of defence are ensured by Risk Management and
Compliance functions that are independent of businesses (so-called second line of
defence). The second line of defence supports and constructively challenges business
functions to help them organise their operations, capabilities and internal control. In
addition, the second line of defence ensures that the first line of defence engages in the
effective risk management, compliance and other internal controls required by internal
guidelines and external regulations. The second line of defence must report to Group
Executive Management on its observations. 
• Internal Audit, which is independent of the other lines of defence, acts as the third line
of defence according to procedures of its own. 
OP Corporate Bank plc's Financial Statements 2025  |  158
OP Corporate Bank's significant risks: sources and management
Definitions and sources of significant risks
Below is a summarised description of the definitions and sources of OP Corporate Bank's significant risks.
Credit risks
The debtor is unable to meet their repayment obligations under the agreement, either temporarily or permanently. In the case of credit risk, the amount of
actual credit losses deviate from the expected amount.
Liquidity risks
Liquidity risk is caused by the timing of inflowing or outgoing cashflows (payments) and/or imbalances between them. A balance sheet shrinks during a certain
period as more funds are withdrawn than expected, or market transactions cannot be executed in the accustomed quantities and terms. Insufficiently available
liquidity or capital, and larger expenses than expected, prevent business goals from being realised as presented in the strategy. 
Structural interest
rate risk
The banking book consists of non-trading book customer agreements (loans and deposits), market-based funding, equity capital, liquidity buffer (fixed income
investments and cash) and interest rate derivatives (items that balance risks and liquidity). In the insurance companies, net interest income comprises technical
provisions, interest rate-sensitive investments and interest rate derivatives used to manage interest rate risk. Adverse interest rate movements have a negative
impact on Banking's annual net interest income, and on the insurance company's earnings (IFRS 17) and solvency.
Other market
risks
Price changes observable on financial markets. Market risk materialises when value changes more than expected, due to a risk exposure. Greater losses than
expected are realised at portfolio level.
Counterparty
risks
Counterparty risk may arise from a contracting partner's finances, a deterioration in a counterparty's creditworthiness or solvency, changes in market value, or
insufficient collateral. For the above-mentioned reasons, the counterparty fails to meet its financial obligations to OP Pohjola. Counterparty risk can lead to
financial losses and additional costs.
Operational risks
Operational risk concerns daily operations. Internal causes under OP Pohjola's control include poor-quality operating processes, deficiencies in staff competencies
and conduct, or information systems that fail to adequately support operations and the related controls. However, disruptions or errors in daily operations can
also be caused by external events beyond OP Pohjola's control. Operational risk can materialise in the form of various adverse consequences, such as additional
costs, loss of earnings and customers, poor decision-making due to a false situational picture, operational stoppages and erosion of trust. Operational risk is
closely related to other risks.
Compliance risks
Causes include inadequate operating-process quality, involving deficiencies in guidelines and governance structures, in staff competencies and moral conduct,
and in controls supporting processes. Due to the aforementioned causes, daily operations do not comply with regulations and internal guidelines. Compliance risk
can materialise as penalties, operational restrictions or additional regulatory requirements imposed by a regulator.
Model risks
Model risk occurs when a model created to describe a certain phenomenon or behaviour fails to do so in the intended manner. In such cases, model outcomes
may lead to flawed assessments, and decisions based on such outcomes may cause financial losses or reputational damage.
Business model
risk
Poor strategic choices or changes in the business environment. Lack of reaction or of flexibility in the business and competitive environment, or changes in
customers' values or technology. Impacts may include additional costs and lost earnings and customer relationships.
Risk of
implementing
strategic
guidelines
Causes may include insufficient quality of processes and development tools, or gaps in the competencies and moral conduct of management and staff. This risk
materialises when strategic projects do not proceed as expected. This leads to schedule overruns, budget overruns or project deliverables that do not meet the
set goals.
OP Corporate Bank plc's Financial Statements 2025  |  159
Concentrations of significant risks
Reputation and trust are the foundation of financial operations. Reputational risk is not a
distinct, separately definable risk type. Nevertheless, OP Pohjola could sustain reputational
damage due to significant risks, reducing stakeholders' trust in OP Pohjola. Erosion of
reputation or trust occurs due the actions or inaction of a company, its employees, actors
associated with the company, or external events that affect how customers,
counterparties, investors or regulators regard the company. Loss of reputation or trust
can materialise as a decline in earnings, capital or liquidity.
The consequential risk that remains after possible risk reduction measures is called
residual risk. Each residual risk must be identified, assessed and tolerated or eliminated; if
the risk is tolerated, responsibility for it must be clearly assigned.
Drivers of change in the business environment, such as technological or climate change
and other sustainability factors (ESG factors – Environmental, Social and Governance),
affect the needs and preferences of customers and other members of society. ESG factors
are external megatrends – examples of root causes on OP Corporate Bank's risk map.
They are defined as change factors affecting different risk types, not as separate risks, in
risk identification processes.
Worsening climate change and environmental damage create physical risk factors:
• Acute risk factors include extreme weather conditions such as events related to
drought, floods and storms or, for example, an individual environmental catastrophe.
• Longer-term changes emerge more slowly: examples include global warming, rising sea
levels, reduction in biodiversity, land and water pollution, and the destruction of living
environments.
The transition towards a low-carbon and more environmentally sustainable economy will
have direct and indirect impacts. These include climate or environmental policy decisions,
technological development, market confidence, and changes in customer choices.
Physical and transition risks will impact on OP Corporate Bank's business and financial
success through customers and other stakeholders, in particular. If they materialise, such
risks may affect the risk profile, capitalisation, liquidity and continuity of daily business in
various ways.
Key instruments and risk types
The graph below describes risk types associated with key financial instruments and
illustrates the significance of risk types by means of the balance sheet values of each
financial instrument (31 December 2025).
Key instruments and their associated risk types and balance sheet values,
€ bn
Banking risks
Credit risks
Credit risk related to customer relationships in banking mainly concerns bilateral
promissory notes agreed with Finnish customers. As a rule, the terms of these promissory
note loans do not allow them to be sold onwards. Exposures' maturities vary from short-
term products with credit limits to longer-term promissory note loans, but the latter
dominate the balance sheet quantitatively. The average maturity of personal customer
exposures is based on mortgages, and that of corporate customers is based on loans with
3–7-year maturity periods. The credit risk transfer of these assets to the markets, either
individually or in portfolios, is not part of OP Corporate Bank's business model. Personal
customers can repay variable-rate loans faster than required by the repayment schedule.
Correspondingly, successful companies often use their negotiation power to refinance
variable-rate loans prematurely, when the new loan is available for a lower total interest
rate than the current one. This results in faster contraction of assets based on borrowers
with improved creditworthiness, than on those whose credit risk has increased.
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The above require that OP Corporate Bank succeed overall in:
• proactively steering the overall portfolio structure so that each portfolio goes overweight
in terms of customer groups (portfolio segments) with homogeneous risks, which are
likely to succeed in the future business environment, 
• excelling our competitors at selecting customers from the overall customer population
that improve/maintain their creditworthiness, and retaining such customers and their
loans on the basis of the original, risk-based terms. Conversely, the pricing of each
customer with deteriorating creditworthiness must be adjustable to cover the growing
risk.
To succeed in risk management, senior management needs top-quality, continuously
updated data on individual groups of connected clients, the financial status of each group
of connected clients, and the related, explanatory factors (particularly how such factors
change in different future business environment scenarios). In addition, senior
management must identify mutual dependencies between individual actors and assess the
repayment ability of groups of connected clients on the basis of forecast free cash flow and
the related uncertainty. Such assessment requires comprehensive, continuously updated
data on customers, their “balance sheet”, and the management of current agreements, as
well as analyses in support of decision-making. 
Phases of credit risk management strategy
To arrange credit risk management in line with risk appetite, senior management must
define and describe the following matters, and implement them in processes:
• A consistent picture of processes – The basis of all activities must be a shared view of
the customer financing process, the related credit risk management process phases,
and dependencies between these phases. Each process forms a whole whose phases,
the outputs of such phases, and the data needed and created for phases, must be
defined.       
• A clear picture of homogeneous groups – Customer and/or transaction groups (portfolio
segmentation) with homogeneous credit risks – must be defined on the basis of the
borrower's income sources and collateral types. Repayment of loans and/or the
refinancing of debt depend on the borrower's ability to generate free cash flow. For this
reason, income source is the primary segmentation criterion and segmentation must be
adjusted by collateral type.   
• Credit risk management – Consistent customer relationship management and
agreement management practices, and analysis and measurement methods, must be
defined for portfolio segments. This must take account of legal terms and conditions in
the agreement that affect the size of the credit risk (PD, LGD and EAD). When risk
parameters are assessed at portfolio level, account must be taken of, for example,
probability of default (PD) and collateral value dependencies. These consistently defined
practices must be systematically applied at various phases of the financing process. This
group of portfolio segment-specific practices (the credit rating system) must form the
basis of operations and their development.
• Definition of data needs – The same systematic practices can be applied in different
portfolio-specific credit rating systems, but such systems differ in terms of the data
required. Portfolio segment-specific data must be specified for each phase of financing
and credit risk management processes. Any deficiencies in the availability and usability
of data must be reported to the management and the data owner.
• Processes and instructions – Customer financing service processes and the related
credit risk management processes must take account of the above matters, to ensure
that the required source data can be collected from customer processes and external
sources, and that quantitative data generated in process phases is made available for
other phases.
Credit risk management phases of customer relationship
Maintenance of customer's basic information – The legal basis for determining groups of
connected clients must be recorded and customers' basic information kept up to date, to
enable high-quality and efficient risk management.
Continuous profiling of the customer and collateral – The customer business's revenue
logic, current status and current liquidation value of assets to be pledged as collateral
must be determined. Information must also be collected to enable assessment of the
customer's financial success and how collateral value will develop in various scenarios.
Customer analysis is done whenever a new customer is onboarded or the customer's
situation changes. Senior management must arrange at least the following: 
• The financial statements and balance sheet information of groups of connected clients
must be kept up to date, and historical data must be maintained. If a borrower is in
default and their information must be updated, a quantitative grading and collateral
liquidation value are required.
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• A granular assessment must be performed of the customer's revenue logic and of
factors affecting future free cash flow and asset values. The customer's vulnerability to
price risks on the markets – whether they involve production factors, financial assets or
end products – must be determined. The customer's financial statements must be
closely analysed to identify balance sheet and profit dependencies on, among other
things, particular product ranges or customers, suppliers and markets, so that actual
groups of connected clients can be identified. 
• Assessment of financial sustainability must include taking account of climate-related
factors as part of financing decisions. Collateral valuation must include assessment of
how climate and biodiversity-related factors impact on projected values. Corporate
customers must be sorted into ESG (Environmental, Social, Governance) categories
based on industry exposure to ESG factors, and an ESG analysis must be performed, if
necessary.
• Information on the customer and collateral must be updated sufficiently often and used
as the basis for assessing the customer's or transaction's credit rating and/or collateral
liquidation value. The credit rating methodology (specific to the credit rating system)
and collateral valuation methodologies must be described. 
• The probability of default (PD) trends of individual borrowers in each rating grade and
loss given default (LGD) ratios must be assessed over time.
Sizing and pricing of new loans
When the customer and collateral have been assessed, the results must be used to
measure and price any new loans, or to restructure the customer's existing loans.
Granting of loans must be based on the customer's repayment capacity and the loan
terms and conditions. The current and future repayment capacity set limits on the loan
amount and other terms. In addition, loan sizing must take account of how future terms
will impact on the customer's financial success. The purpose of collateral is to limit
potential credit loss – collateral is only realised in cases of default.
The pricing of the agreement must also take account of interdependencies between (as
well as developments in) default and collateral value, and the loan repayment schedule
and seniority. Within the framework of the pricing principles, senior management must
build more detailed portfolio segment-specific pricing models.
Deciding on and implementing agreements
Because credit decisions involve a decision to take a risk, sufficient, accurate and up-to-
date information is required about the factors affecting the project and decision. The
decisions and its grounds must be recorded in the decision-making system. Financing
decision-making is based on the principle of segregation, whereby the person preparing
financing may not make the financing decision alone. Decisions that deviate from the
target risk profile specified in the risk policy must be explained on a broader basis.
Credit management during the agreement's validity
Credit control and proactive customer-specific assessment must be based on the same
information (on the customer, collateral and agreement terms) as credit granting. The
agreement terms set must be based on such information, or indicators derived from it. 
To identify the customer's financial situation (particularly possible financial distress), credit
control processes must comply with the practices defined for the credit rating system.
Precise indicators and their threshold values must be defined, on the basis of which the
customer/loan is assigned to a certain credit risk-cycle phase. Comprehensive information
about different credit risk-cycle phases and rating grades must be available across the
credit life cycle, to enable the allocation of collateral assets to the correct exposures. The
same is true of actual realised losses. As the values of defined indicators change, the
responsible parties must take action in accordance with agreed practices and report the
matter to management.
Customers must be placed under special control if they are highly significant to the bank
and their risk of default clearly increases, or their repayment capacity is significantly
threatened in another way. For these customers, the bank must prepare an action plan on
measures to resolve the customer's situation from the bank's perspective, and to minimise
any risk that might materialise for the bank.
Senior management must define and describe how work is divided between the first and
second lines of defence for the above customer-specific credit risk management. As a
general principle, the first line of defence is responsible for all credit risk management
tasks except the following second line of defence roles: credit rating methodology,
verification of rating grades and collateral values, and quantification of risk parameters.
Phases of portfolio-level credit risk management
Due to OP Pohjola's structure, there is no single, centralised party that could decide on the
portfolio structure and its adjustment. Senior management must arrange portfolio
management and the organisation of tasks based on the following phases:
• Basic monitoring of the credit risk portfolio – Assets must be divided into portfolio
segments and rating grades, customer and transaction specifically. Descriptive
OP Corporate Bank plc's Financial Statements 2025  |  162
indicators must be defined for such assets, which make monitoring of risk allocation
easy. The grounds for portfolio diversification benefits and concentrations, and the
impacts of such benefits and concentrations on capital need, must be reported
separately. 
• Preparation of target portfolio and risk policy – A target portfolio for credit risk assets in
banking must be prepared annually, as part of the annual planning process. This target
portfolio must take account of the current portfolio structure and its economic capital,
business strategy priorities, forecast changes in the external business environment, and
customers' needs. Portfolio segment/credit rating-specific weightings for new lending
and pricing, and indicators and impact analyses that give an accurate picture of assets,
must be specified for the risk policy. 
• Preparation of detailed credit policy – The credit policy must define portfolio-specific
weightings for new sales and pricing, for inclusion in the risk policy. Customer-specific
credit risk taking is steered by the credit policy, which provides portfolio segment-
specific policies for rating grades, collateral shortfalls and loan repayment terms and
conditions. Implementation of the credit policy must be reported and monitored on the
basis of the portfolio segment-specific return on risk-adjusted capital (RORAC).
Accordingly, the economic capital metrics used must make different asset types
mutually comparable, to enable credit risk taking in line with the credit policy.
• Detailed analysis and reporting and ad-hoc reporting of the credit risk portfolio – The
risk parameters of assets, and the impact of sectors and large, individual customers in
the portfolio, must be reported for banking as a whole and broken down between the
Retail and Corporate Banking segments. Moreover, senior management must be
capable of producing specific reports based on separately defined target groups and
scenarios, not on portfolio segmentation.
Liquidity risks
Identifying liquidity risks
Within OP Corporate Bank, Group Treasury & ALM, other business units and Risk
Management continuously identify and assess risks associated with funding and business
activities, and other risks associated with the business environment. In the risk assessment
of new products, services, business models, processes and systems, every business also
takes account of liquidity risks. At least once a year, the Risk Management function and
representatives of the business concerned perform a comprehensive liquidity risk
assessment to ensure that the internal liquidity adequacy assessment process (ILAAP) is
appropriate and adequate in relation to OP Corporate Bank's liquidity risks.
Assessment and measurement
The future cash flows of receivables, liabilities and off-balance-sheet commitments are
assessed based on the contract maturity date, repayment programme, expert assessments
or statistical models based on customer behaviour history.
Structural funding risk is measured as the difference between cash inflows and cash
outflows in different maturities. In addition, the regulatory Net Stable Funding Ratio
(NSFR) is calculated. This determines the amount of stable funding sources expected to
span over one year in proportion to assets requiring stable funding.
From the regulatory perspective, funding liquidity risk is measured using the Liquidity
Coverage Ratio (LCR). Sufficiency of liquidity adequacy in terms of time is assessed though
maturing items on the balance sheet, wherein agreements are not renewed but ended at
maturity. Based on the economic perspective, the sufficiency of the liquidity buffer is
measured through stress testing.
The funding concentration risk is measured by calculating the amount of bond funding
with a rolling maturity of 12 months and 3 months. In the time horizon of less than 12
months, the total wholesale funding amount, comprising short- and long-term wholesale
funding, for 3 months is measured. In relation to deposit funding, the concentration of the
largest deposit volumes is monitored. Concentrations by counterparty and instrument are
also subject to monitoring.
The asset encumbrance is measured by proportioning encumbered assets to the
aggregate amount of balance sheet assets and collateral securities.
Risk assessment and measurement methods related to liquidity buffer investments are
defined as part of market risks.
Liquidity stress testing
The adequacy of OP Corporate Bank's liquidity buffer and buffer items is assessed through
various scenarios. OP Pohjola's group-specific and market-specific scenarios, as well as
their combination, are used as stress scenarios. These scenarios cover both short and
long-term stress conditions. When measuring member bank-specific structural funding
risk, the liquidity requirement based on the regulatory stress scenario is counted as a
deposit in the Group Treasury on a bank-specific basis. A reverse stress test is used in
OP Corporate Bank plc's Financial Statements 2025  |  163
connection with OP Pohjola's Recovery Plan. Senior management confirms the scenarios
to be used, use and reporting of stress test results.
Funding plan
OP Corporate Bank's funding plan defines guidelines for wholesale funding for the next
few years. In its funding plan, OP Corporate Bank must take account of its member banks'
estimate of the funding need for years to come. Implementation of the plan is monitored
regularly and the plan is updated, where needed, during the year. Deposit funding is
primarily based on the business strategy and plan. The funding plan specifies the sources
of wholesale funding and presents how OP Corporate Bank covers its need for key
wholesale funding sources in view of market depth and sufficient diversification. It also
defines the related decision-making powers. The funding plan also takes account of
unfavourable scenarios lasting several years, and of any abrupt changes in key funding
items.
OP Corporate Bank's liquidity and wholesale funding plan and authorisations to raise
capital are subject to approval by the Boards of Directors of OP Corporate Bank and OP
Mortgage Bank.
Non-euro liquidity management
OP Corporate Bank carries out non-euro funding due to the diversification of funding
sources. Since almost all OP Corporate Bank's receivables are in euros, the organisation
mainly converts its non-euro funding into euros through derivative transactions in
connection with an issue.
According to liquidity regulation, a non-euro currency is significant if non-euro liabilities
account for over 5 per cent of the amalgamation's balance sheet total. OP Pohjola
monitors significant currencies every month when it produces its liquidity report for the
supervisor. Foreign currencies account for only a small proportion of the balance sheet
and the liquidity risk due to currency availability has been minimised by the operating
model.
Management of intraday liquidity
Group Treasury & ALM monitors intraday funding sources and anticipates and monitors
the execution of intraday payments. OP Pohjola holds intraday funding sources at an
amount that allows it to make payments due on the banking day.
Based on the liquidity contingency plan, OP Pohjola can raise its level of preparedness
even if intraday liquidity is disturbed, in order to ensure efficient operations if there is an
increased threat of a crisis.
Liquidity buffer
From the financial perspective, OP Corporate Bank's liquidity buffer consists of deposits in
the Bank of Finland and unencumbered notes and bonds eligible as collateral for central
bank refinancing and held by OP Corporate Bank. It also includes other notes and bonds
held by OP Corporate Bank marketable on the secondary market and unencumbered
corporate loans eligible as collateral for central bank refinancing.
From the regulatory perspective, OP Corporate Bank's liquidity buffer consists of the
liquidity buffer that fulfils the criteria for liquidity buffer requirement provisions (LCR
buffer).
Group Treasury & ALM is responsible for preparing an investment policy at least once a
year, including bond investments in the liquidity buffer held by Group Treasury & ALM. OP
Corporate Bank's Board of Directors approves the policy. The investment policy applies the
restrictions and objectives set in OP Pohjola's Risk Appetite Statement (RAS) and OP
Pohjola's Risk Appetite Framework (RAF), and Banking Risk Policy for market risk, credit
risk and funding liquidity risk. To the appropriate extent, the investment policy establishes
a framework for testing the liquidity of notes and bonds.
The investments are diversified, for example, by product, counterparty and country, in
view of both internal risk appetite and external regulatory requirements.
Collateral management and asset encumbrance
In this context, collateral securities mean OP Corporate Bank's assets used as collateral to
fulfil liquidity needs, either in normal or stress conditions. OP Pohjola's Group Treasury &
ALM monitors collateral on a centralised basis, and is responsible for its use and transfer.
Home loans serving as collateral for covered bonds issued by OP Mortgage Bank
constitute the largest source of asset encumbrance in the balance sheet. Central bank
operations and the derivatives business are the other main sources of asset encumbrance.
From the perspective of preparing for liquidity needs, asset encumbrance is restricted
through the quantitative limits specified in the Risk Policy.
To increase liquidity potential, it is necessary to identify the eligibility of the balance sheet
receivables as collateral and create readiness to use receivables as collateral.
OP Corporate Bank plc's Financial Statements 2025  |  164
Securing liquidity in stress conditions
OP Pohjola's liquidity contingency plan establishes a framework that safeguards OP
Pohjola's ability to meet its payment obligations, even during a liquidity crisis. The plan
provides well-defined operational guidelines and operating models for reducing liquidity
risk: these enable the detection of elevated liquidity risks and steer OP Pohjola towards
timely and appropriate measures if the threat of a crisis has grown. It specifies control and
monitoring practices for each liquidity level, which become more rigorous as escalation
proceeds. The liquidity contingency plan is subject to approval by the central cooperative's
senior management. 
Furthermore, OP Pohjola's Recovery Plan includes liquidity management recovery
measures.
Liquidity risk reporting
Liquidity risks are reported to the central cooperative's management on a regular basis
and, with a heightened threshold level of the liquidity status, weekly or daily progress
reporting practices will be adopted whenever necessary. OP Pohjola companies report
regularly to boards of directors on liquidity risks. As part of OP Pohjola's risk analysis, Risk
Management reports quarterly on liquidity risks to the central cooperative's Board of
Directors and its Risk Committee.
Liquidity management and control within the amalgamation
Liquidity regulation, as such, is not applied to the amalgamation's companies. However,
with the ECB's permission, the central cooperative may give member banks special
permission to deviate from the liquidity regulation. As the central institution of the
amalgamation of cooperative banks, OP Cooperative has granted its member credit
institutions special permission, under the Act on the Amalgamation of Deposit Banks.
Pursuant to the Act, the liquidity requirements set for credit institutions mentioned in Part
VI of the EU Capital Requirements Regulation are not applied to OP Cooperative's member
credit institutions. Liquidity based on the regulation is subject to supervision and reporting
at the level of the amalgamation. To fulfil the prerequisite for granting special permission,
the central cooperative gives the amalgamation's companies instructions on the risk
management needed to secure liquidity and meet other qualitative requirements, and
supervises compliance with these instructions.
The central cooperative senior management is responsible for organising OP Pohjola's
centralised liquidity risk management according to liquidity strategy policy lines. It must
ensure that management and supervision of the amalgamation's liquidity accord with the
scope and quality of business, and fulfil regulatory requirements, at all times. In sales
control of borrowing and lending, the management pays attention not only to growth and
profitability targets but also to liquidity features. Product development related to customer
service must also aim to reduce risks associated with the liquidity and funding structure.
As the Group Treasury of OP Pohjola, OP Corporate Bank plc is tasked with securing the
liquidity of the entire OP Pohjola and each OP cooperative bank or OP Pohjola company.
OP Pohjola places its entities' liquidity in its Group Treasury's cheque account with the
Bank of Finland. This means that OP Pohjola always manages its overall liquidity position
through the central bank cheque account. OP Pohjola's Group Treasury is in charge of OP
Pohjola's wholesale funding, manages OP Pohjola's short-term liquidity, maintains the
liquidity buffer, manages OP Pohjola's minimum reserve on a centralised basis, and is
responsible for managing intraday liquidity risk. It also ensures that liquidity and
maintenance of the minimum reserve are managed in accordance with each country's
regulatory requirements. OP Corporate Bank manages OP Pohjola's wholesale funding on
a centralised basis, in the form of debt capital and equity capital, while OP Mortgage Bank
manages wholesale funding based on covered bonds. Companies that fall within the scope
of joint and several liability seek market-based financing from OP Pohjola's Group
Treasury, and other companies from OP Corporate Bank's banking operation.
In a severe liquidity crisis caused by money and capital market disruptions or other events,
or in preparing for such a crisis, the central cooperative's Board of Directors can, upon a
proposal by the President and Group CEO, decide to oblige the amalgamation's member
banks to place part of their loan portfolio with OP Mortgage Bank as collateral for the
covered bond issued by OP MB through an intermediary loan. The loan amounts needed
are based on the total needs of OP Pohjola and are determined for each bank. The
decision may be put into practice immediately. Member banks are committed to
immediately executing any measures related to the decision.
The primary funding sources of OP cooperative banks' lending include equity capital,
deposit funding and funding for intermediary loans from OP Mortgage Bank.
Allocation of liquidity risk costs within the amalgamation
The costs of wholesale funding and liquidity buffer maintenance are allocated among
member banks based on the principles adopted by OP Cooperative's Board of Directors.
The costs of liquidity maintenance are allocated through liquidity deposits and the costs of
wholesale funding are allocated through the margin added to the base rate of OP Pohjola's
loans/deposits, or through some other practice.
OP Corporate Bank plc's Financial Statements 2025  |  165
Market risks
Interest rate risk in the banking book (IRRBB)
Interest rate risk in the banking book is a structural risk that emerges as a consequence of
customer business. Interest rate risk impacts on the bank's earnings through net interest
income, and fair value items recognised in the income statement and balance sheet. The
interest rate risk in the banking book has been defined as one of OP Pohjola's significant
risks.
The principles for managing interest rate risk in the banking book are as follows:
• Member banks of the amalgamation manage interest rate risk in the banking book in
accordance with the risk policy priorities and limits, other guidelines and targets issued
by the central cooperative, and the terms and conditions of accounts, deposits and
loans. Each company is responsible for the interest rate risk associated with its balance
sheet, and its management, although the Banking ALM Committee issues
recommendations for the management of interest rate risk, based on proposals by the
Group Treasury & ALM function. These recommendations are based on the objectives
of net interest income risk management throughout the amalgamation.
• Member banks must understand how interest rate movements and customer behaviour
affect net interest income, and have sufficient expertise in the use of derivatives in
order to manage interest rate risks through products provided by OP Pohjola's Group
Treasury. The central cooperative must regularly ensure that member banks have the
competencies needed for interest rate risk management.
• As part of their annual planning, member banks prepare an ALM plan that includes a
management plan for their interest rate risk in the banking book.
• Measurement of net interest income risk must include an assessment of how changes
in the general interest rate level and the shape of the rate curve will impact on net
interest income and the current value of balance sheet items.
• When measuring interest rate risk, account must be taken of the impact of optionalities
included in assets and liabilities on future cash flows, and thereby on net interest
income risk. The performance of models describing this impact must be ensured in
accordance with the principles of model management.
• In particular, stress tests for net interest income risk must involve testing any change in
customer behaviour in relation to how loans, deposits and Profit Shares have
performed historically as portfolios. Other key business assumptions are also tested.
• Economic capital is allocated for the measured interest rate risk in the banking book.
Management of other market risks in Banking through the balance sheet
Other market risks associated with the revenue logic, and arising from banking through
the balance sheet, are chiefly due to the management of OP Pohjola's liquidity buffer and
OP Corporate Bank's portfolio of bonds.
OP Corporate Bank's Group Treasury manages OP Pohjola's banking liquidity buffer. The
regulatory liquidity coverage ratio (LCR) determines the constraints on the size and
allocation of the liquidity buffer. Alongside Group Treasury deposits, the liquidity buffer
contains the liquidity buffer portfolio, and items in the liquidity buffer portfolio must
conform to the regulatory creditworthiness and liquidity requirements. For this reason, the
portfolio includes securities carrying a very low likelihood of credit losses materialising.
Because these securities most often have fixed interest rates, their value varies depending
on movements in market rates and credit spreads.
The liquidity buffer portfolio is monitored and managed using market risk management
methods:
• The Banking risk policy determines the risk measurement methods and risk-taking
limits, as well as other restrictions.
• An investment policy is prepared for the investment portfolio, describing business
models, the goals of investment activities and the principles of portfolio management.
OP Corporate Bank's Board of Directors approves the investment policy.
• OP Corporate Bank ensures sufficient portfolio diversification by means of restrictions
by issuer.
In addition, OP Corporate Bank invests in corporate bonds. OP Corporate Bank's bond
portfolio is OP Corporate Bank's equivalent to a lending business.
The following methods are used to manage and monitor OP Corporate Bank's bond
portfolio:
• The Banking risk policy determines the risk measurement methods and risk-taking
limits, and other restrictions.
• An investment plan is prepared for the portfolio, describing the goals of investment
activities and the principles of portfolio management.
• Investment decisions for the portfolio comply with OP Corporate Bank's corporate
responsibility principles.
OP Corporate Bank plc's Financial Statements 2025  |  166
OP Corporate Bank manages equity and real estate risk in Banking primarily through
instructions which strictly limit risk-taking. Direct real estate risk mainly involves real
property units used by OP cooperative banks. The current banking business models do not
call for an increase in equity or real estate risk.
If surplus liquidity emerges in an OP cooperative bank's customer business, it will be
channelled into investment products provided by OP Pohjola's Group Treasury, to support
the implementation of the entire OP Pohjola's mission. Investment is not counted among
the basic tasks of OP cooperative banks. In their social role, OP cooperative banks may
invest in local private equity funds in their operating region. According to their cooperative
values, the banks invest to support prosperity in their region and economic activity locally
and among the bank's customer base.
Risk management in Markets
OP Pohjola's trading in capital market products has been centralised in OP Corporate
Bank's Markets function. The risks taken include market risks such as interest rate risk in
different currencies, currency risk, volatility risk related to options, credit spread risks, and
credit risks such as counterparty and issuer risks. Repurchases of structured investment
products also generate a degree of equity risk. Markets manages risk exposures by actively
trading on the market. Risks and earnings in Markets are monitored on a daily basis. In
addition, Markets' risks are reported to the Board of Directors' Risk Committee and the
senior management, as part of OP Pohjola's risk analysis.
The Markets function is exposed to risks associated with liquidity and market liquidity. Risk
associated with failure to meet financial obligations is due to secured derivative contracts'
collateral requirements dependent on market values. This is managed as part of other
liquidity management conducted by the Group Treasury. The low market liquidity of some
markets and products, generally weaker market liquidity or a technical malfunction on the
part of the central counterparty may lead to a situation where the required transactions
cannot be executed at the expected price, or the selected hedging strategy cannot be
implemented. Regarding risks associated with market liquidity, it must be ensured that
customers have been proactively informed of the consequences of any adverse market
situations. Furthermore, preparations must be made to use an alternative central
counterparty, if necessary, to ensure the continuity of customer business.
Market risks taken by the Markets function are measured using the expected shortfall
measure, as well as various sensitivity and nominal value metrics for specific products and
positions. The impacts of market movements that are significant to the business are
assessed via stress tests. This is important to understanding the risks of rare market
movements and those with a major impact. Economic capital is calculated in relation to
market risks taken by the Markets function. The risk policy sets limits and frameworks for
business models. The risk policy is prepared in such a way that the risks are visible for
each business model.
Entering into derivative contracts gives rise to counterparty risk, which is managed by
applying customer-specific limits. Limits are decided by OP Corporate Bank's credit
decision-making process, taking account of OP Corporate Bank's corporate responsibility
principles. The counterparty risk associated with derivatives is included in economic capital
related to credit risk. To take account of this risk, OP Pohjola adjusts the valuations of
derivatives through Credit Valuation Adjustment (CVA) and Debit Valuation Adjustment
(DVA). The size of the valuation adjustment is affected by the credit-risk-free valuation of
derivatives, interest rates, volatility of interest rate options, exchange rates, and credit risk
market price. Fluctuations in adjustments in the value of credit risk due to the valuation
adjustment are mitigated by entering into derivative contracts.
Ownership of bonds and money market instruments causes issuer risk. The risk is limited
by setting limits on portfolio composition in the Markets supplementary limit framework,
or by setting issuer specific limits.
OP Corporate Bank plc's Financial Statements 2025  |  167
Note 36. Credit losses and impairments
€ million
2021
2022
2023
2024
2025
Receivables written down as loan and guarantee losses
-46
-86
-42
-29
-14
Payments on receivables written down
1
1
1
1
1
Expected credit losses (ECL) on receivables from customers and off-balance-sheet items
-28
68
-55
29
44
Expected credit losses (ECL) on notes and bonds
0
0
0
-2
2
Total
-74
-18
-96
-1
32
OP Corporate Bank plc's Financial Statements 2025  |  168
Note 37. Collateral received by type of collateral
€ million
31 Dec
2025
%
31 Dec
2024
%
Object of financing as collateral
4,980
32.6
4,972
33.9
Property or lease mortgage on office or industrial property
3,841
25.2
3,531
24.1
Public-sector guarantees
2,225
14.6
1,984
13.5
Shares and participations, other
1,491
9.8
1,648
11.2
Shares in housing corporations, and housing associations and property companies in residential use
1,336
8.8
1,070
7.3
Property or lease mortgage on residential property
358
2.3
501
3.4
Business mortgage
208
1.4
252
1.7
Other collateral
482
3.2
383
2.6
Factoring
175
1.1
170
1.2
Bank guarantee
158
1.0
136
0.9
Total
15,254
100.0
14,646
100.0
Received collateral by type of collateral has been calculated on the basis of the values of collateral held by the bank and allocated to liabilities. Collateral value is calculated from the
collateral's fair value, on the basis of conservatively estimated valuation percentages calculated by collateral type. No account has been taken of collateral values in excess of liabilities.
OP Corporate Bank plc's Financial Statements 2025  |  169
Note 38. Funding structure
€ million
31 Dec
2025
%
31 Dec
2024
%
Liabilities to credit institutions
27,745
42.4
25,049
38.4
Financial liabilities recognised at fair value through profit or loss*
1,804
2.8
2,201
3.4
Liabilities to customers
Deposits
17,000
26.0
17,166
26.3
Other
2,721
4.2
2,221
3.4
Debt securities issued to the public
Certificates of deposit, commercial papers and ECPs (Euro Commercial Papers)
4,579
7.0
4,621
7.1
Bonds*
7,196
11.0
8,939
13.7
Subordinated bonds (SNP)
3,621
5.5
3,566
5.5
Subordinated liabilities
811
1.2
1,444
2.2
Total
65,477
100.0
65,207
100.0
* Include bonds included in own portfolio in trading.
OP Corporate Bank plc's Financial Statements 2025  |  170
Note 39. Financial assets and liabilities by maturity
The table below presents financial assets and liabilities by residual term to maturity, in
other words, the times remaining until the contractual maturity date. All non-derivative
cash flows are undiscounted and include the amounts of principal and interest. Derivates
are presented at fair value on the relevant timeline, in such a way that both trading
derivates and derivates for daily central counterparty clearing are presented in the
“Undivided” column, because recognition of their residual, contractual terms to maturity is
not critical to understanding the timing of cash flows. Other derivatives are presented by
residual term to maturity, in accordance with the time remaining until the contractual
maturity date. Notional values of derivatives in hedge accounting are presented by
maturity in Note 18. Further details on OP Corporate Bank's liquidity and monitoring of
the adequacy of its liquidity buffer are presented in the risk management accounting
policies and notes.
31 December 2025, € million
Undivided
Less than
3 months
3–12
months
1–5 yrs
5–10 yrs
More than
10 years
Total
Financial assets
Cash and cash equivalents
15,769
15,769
Receivables from credit institutions
1,609
1,765
7,684
11,058
Receivables from customers
3,896
4,992
19,729
1,303
1,913
31,833
Investment assets
486
526
10,324
6,288
4
17,627
Derivatives
2,538
1
3
0
1
2,544
Total financial assets
2,538
21,762
7,285
37,737
7,591
1,918
78,831
Financial liabilities
Undivided
Less than
3 months
3–12
months
1–5 yrs
5–10 yrs
More than
10 years
Total
Liabilities to credit institutions
15,398
1,628
10,180
548
27,754
Liabilities to customers
19,721
0
19,722
Debt securities issued to the public
2,529
4,227
9,583
861
1
17,201
Subordinated liabilities
811
811
Derivatives
2,530
11
14
66
28
2,647
Total financial liabilities
2,530
37,659
6,680
19,828
1,437
1
68,135
Guarantees
245
245
Guarantee liabilities
274
495
671
623
42
2,104
Loan commitments
5,579
5,579
Commitments related to short-term trade transactions
27
220
66
313
Other
478
478
Total off-balance-sheet commitments
0
6,603
715
737
623
42
8,720
OP Corporate Bank plc's Financial Statements 2025  |  171
31 December 2024, € million
Undivided
Less than
3 months
3–12
months
1–5 yrs
5–10 yrs
More than
10 years
Total
Financial assets
Cash and cash equivalents
18,074
18,074
Receivables from credit institutions
1,674
1,451
8,011
240
11,377
Receivables from customers
3,841
4,239
20,476
982
1,840
31,378
Investment assets
450
343
8,356
4,974
0
14,123
Derivatives
3,283
53
16
29
2
3,383
Total financial assets
3,283
24,092
6,049
36,872
6,198
1,840
78,335
Financial liabilities
Undivided
Less than
3 months
3–12
months
1–5 yrs
5–10 yrs
More than
10 years
Total
Liabilities to credit institutions
12,740
1,311
10,216
1,460
25,727
Liabilities to customers
19,002
381
19,384
Debt securities issued to the public
2,417
6,586
9,433
726
84
19,246
Subordinated liabilities
1,445
1,445
Derivatives
3,061
0
7
64
14
4
3,150
Total financial liabilities
3,061
34,159
9,731
19,713
2,200
88
68,951
Guarantees
191
191
Guarantee liabilities
283
512
694
644
44
2,178
Loan commitments
5,238
5,238
Commitments related to short -term trade transactions
61
169
61
291
Other
478
478
Total off-balance-sheet commitments
0
6,252
681
756
644
44
8,376
OP Corporate Bank plc's Financial Statements 2025  |  172
Note 40. Sensitivity analysis of interest rate risk in the banking book and market risk
Table 1 shows information on how rises and falls in market rate parallels would affect OP
Corporate Bank plc's projected net interest income. The effect is calculated for three years
on the recurring balance sheet and the years' average is interpreted as a year's risk. OP
Pohjola keeps the balance sheet structure unchanged in the calculation by replacing items
falling due with corresponding interest rate bases or fixed-rate maturities. The “Passing
on changes in the market interest rate to deposit interest rates” model is applied to
calculation of non-maturity deposits and the “Early loan repayment” model is applied to
credit.
Table 1
Effect on projected net interest income
1 pp
parallel rise
1 pp
parallel fall
0.5 pp
parallel rise
0.5 pp
parallel fall
31 Dec 2025
17
-17
8
-9
31 Dec 2024
22
-22
11
-11
Table 2 shows information on how rises and falls in market rate parallels would affect OP Corporate Bank plc's reported equity.
Table 2
Effect on reported equity
1 pp
parallel rise
1 pp
parallel fall
0.5 pp
parallel rise
0.5 pp
parallel fall
31 Dec 2025
-31
28
-15
14
31 Dec 2024
-20
18
-10
9
Changes would affect the reported fair value reserve counted as equity by increasing or
decreasing the values of receivables whose fair value changes are recognised through
items in other comprehensive income.
Table 3 shows information on how rises and falls in credit spreads would affect the value
of OP Corporate Bank plc's long-term investment assets. The effect of credit spreads can
be seen in the result through all investment assets.
Table 3
Effect on value of long-term investment assets
1 pp rise
1 pp fall
0.5 pp rise
0.5 pp fall
31 Dec 2025
-657
657
-329
329
31 Dec 2024
-540
540
-270
270
OP Corporate Bank plc's Financial Statements 2025  |  173
Note 41. Liquidity buffer
The liquidity buffer is presented under the Group Functions segment.
Liquidity buffer by maturity and credit rating on 31 December 2025, € million
Year(s)
0−1
1−3
3−5
5−7
7−10
10−
Total
%
Aaa*
15,833
3,697
3,762
2,869
1,115
0
27,276
82.8%
Aa1−Aa3
59
807
842
765
370
0
2,842
8.6%
A1−A3
71
176
166
150
69
4
635
1.9%
Baa1−Baa3
52
702
452
28
17
1
1,251
3.8%
Ba1 or lower
11
23
15
3
51
0.2%
Internally rated
466
57
9
299
51
882
2.7%
Total
16,491
5,462
5,245
4,113
1,621
4
32,937
100.0%
* incl. deposits with the central bank
The liquidity buffer's (excl. deposits with the central bank) residual term to maturity averages 4.1 years.
Liquidity buffer by maturity and credit rating on 31 December 2024, € million
Year(s)
0−1
1−3
3−5
5−7
7−10
10−
Total
%
Aaa*
18,230
2,845
3,652
2,006
1,086
27,818
87.0%
Aa1−Aa3
1
619
708
431
386
0
2,145
6.7%
A1−A3
22
24
6
8
1
0
61
0.2%
Baa1−Baa3
31
599
573
46
1
0
1,250
3.9%
Ba1 or lower
0
10
20
30
0.1%
Internally rated
356
84
42
198
681
2.1%
Total
18,641
4,180
5,001
2,689
1,474
0
31,985
100.0%
The liquidity buffer's (excl. deposits with the central bank) residual term to maturity averages 4.1 years.
OP Corporate Bank plc's Financial Statements 2025  |  174
Note 42. Information by country
OP Corporate Bank plc operates mainly in Finland. OP Corporate Bank plc has branches engaged in banking and asset and sales finance operations in Estonia, Latvia and Lithuania.
2025
Name
Domicile
OP Corporate Bank plc Estonian Branch
Branch
Estonia
OP Corporate Bank plc Latvian Branch
Branch
Latvia
OP Corporate Bank plc Lithuanian Branch
Branch
Lithuania
Financial information on 31 December 2025, € million
Estonia
Latvia
Lithuania
Total
Total operating income
51
50
80
181
Total EBIT
17
9
22
49
Total current tax
2
2
3
8
Total personnel in person-years
42
42
60
144
2024
Name
Domicile
OP Corporate Bank plc Estonian Branch
Branch
Estonia
OP Corporate Bank plc Latvian Branch
Branch
Latvia
OP Corporate Bank plc Lithuanian Branch
Branch
Lithuania
Financial information on 31 December 2024, € million
Estonia
Latvia
Lithuania
Total
Total operating income
64
60
95
219
Total EBIT
7
8
14
30
Total current tax
2
2
3
7
Total personnel in person-years
44
43
58
145
OP Corporate Bank plc's Financial Statements 2025  |  175
Note 43. Related party transactions
OP Corporate Bank plc's related parties comprise companies consolidated into OP
Cooperative Consolidated, associates, key management personnel and their close family
members, and other related-party entities. The company's key management personnel
comprises the CEO, deputy CEO and other members of senior management as well as
members of the Board of Directors. Related parties also include companies over which a
key management person or their close family member, either alone or together with
another person, exercises control. Other entities regarded as related parties include
OP-Eläkesäätiö pension foundation and OP Ryhmän Henkilöstörahasto personnel fund.
OP Corporate Bank plc distributed dividends of EUR 112 million for 2024 to OP
Cooperative.
Standard loan terms and conditions are applied to loans granted to related parties. Loans
are tied to generally used reference interest rates.
Related party transactions 2025
€ thousand
Parent
company
Key
management
personnel
Other*
Loans
429,531
234
1,946,630
Other receivables
0
783,786
Deposits
1,079,344
1,777,253
Other liabilities
3,089
108,271
Interest income
17,106
8
215,744
Interest expenses
-29,521
-30,979
Commission income
400
13
5,788
Commission expenses
-3,531
0
-1,666
Net investment income
-34,996
Other operating income
1,628
13,360
Operating expenses
-122,725
-15,580
Contingent liabilities and derivatives
Off-balance-sheet commitments
Guarantee liabilities
326,878
Derivative contracts
Fair value, assets
108,601
Fair value, liabilities
464,401
Salaries and other short-term benefits, and performance-based pay
Wages and salaries
736
Related party holdings
Number of shares
319,551,415
OP Corporate Bank plc's Financial Statements 2025  |  176
Related party transactions 2024
€ thousand
Parent
company
Key
management
personnel
Other*
Loans
572,894
197
1,959,530
Other receivables
21
920,658
Deposits
1,663,656
1,597,587
Other liabilities
2,272
117,955
Interest income
34,712
10
517,222
Interest expenses
-48,926
-46,774
Commission income
423
2
5,763
Commission expenses
-1,738
-1
-1,505
Net investment income
-11,053
Other operating income
16
11,238
Operating expenses
-112,241
-20,326
Off-balance-sheet commitments
Guarantee liabilities
301,457
Derivative contracts
Fair value, assets
116,502
Fair value, liabilities
588,132
Salaries and other short-term benefits, and performance-based pay
Wages and salaries
671
Related party holdings
Number of shares
319,551,415
* Other entities regarded as related parties include OP-Eläkesäätiö pension foundation, OP Ryhmän Henkilöstörahasto personnel fund, and sister companies in OP Cooperative Consolidated.
OP Corporate Bank plc's Financial Statements 2025  |  177
Board member fees 2025
In the financial year 2025, the members of the Board of Directors did not receive any
monthly fees or share-based bonuses from OP Corporate Bank. No separate meeting
allowances were paid in 2025 to the members of the Board of Directors employed by OP
Cooperative or its subsidiaries. In 2025, the meeting allowance paid to the board members
employed by OP Pohjola's cooperative banks amounted to EUR 685 per meeting until
9 April 2025 and thereafter EUR 700 per meeting. Salaries and bonuses paid to the CEO,
Katja Keitaanniemi, in the financial year ending 31 December 2025 totalled EUR 736,192.
The period of notice applicable under the CEO's executive contract is six months. According
to this contract, the company must pay the CEO severance pay equalling their 6-month
total salary, in addition to compensation for loss of office, if the company dismisses the
CEO or the CEO has to resign or terminate the contract for a reason attributable to the
company. If the executive contract is terminated for reasons attributable to the company,
the CEO will also be entitled to bonuses under the performance-based bonus scheme for
the year of contract termination and any possible deferred bonuses under regulation,
provided that the scheme's performance criteria and the criteria for payment under the
scheme's terms and conditions are fulfilled.
Pension obligations of key management persons
The CEO is covered by TyEL (the Finnish Employees Pensions Act) which provides pension
benefits based on years of employment and earnings as prescribed in the Act. The
retirement age of the CEO is the age equivalent to the lowest pensionable age under the
Employees Pensions Act (TyEL). A supplementary pension plan for the CEO has been
arranged through OP Life Assurance Company Ltd. The costs of the supplementary
pension plan for the CEO totalled EUR 92,040 (90,720). No pension obligations apply to
Board members. This also applies to former Board members. More detailed information
on OP Corporate Bank plc's pension plans can be found in Note 28, Provisions and other
liabilities.
€ thousand
2025
2024
Pension costs of defined contribution plans under TyEL
679
608
IFRS expense of voluntary supplementary pension
5
11
Pension obligation of voluntary supplementary pension
1,086
900
Pension costs of supplementary defined contribution plans
92
91
Pension costs of defined contribution plans under TyEL include employee and employer shares. Management expenses have been added to pension costs from 2024 onwards.
OP Corporate Bank plc's Financial Statements 2025  |  178
Note 44. Transactions with OP cooperative banks
The accounts of OP Corporate Bank and the member cooperative banks are consolidated into OP Pohjola's financial statements. The table below shows the most significant balance sheet
and income statement items between OP Corporate Bank and OP cooperative banks.
Balance sheet, € million
31 Dec
2025
31 Dec
2024
Derivative contracts (assets)
270
320
Derivative contracts (liabilities)
567
720
Receivables from credit institutions
7,080
7,430
Liabilities to credit institutions
27,026
24,339
Debt securities issued to the public
107
249
Income statement, € million
Q1–4/2025
Q1–4/2024
Interest income
203
233
Interest expenses
-568
-737
Commission income
3
3
Commission expenses
-41
-42
Other income
34
20
OP Corporate Bank plc's Financial Statements 2025  |  179
Note 45. Events after the balance sheet date
In January 2026, OP Corporate Bank issued a senior bond of EUR 750 million for three years and a senior non-preferred bond of EUR 500 million for six years.
OP Corporate Bank plc's Financial Statements 2025  |  180
Statement concerning the financial statements
In compliance with the IFRS Accounting Standards, these financial statements provide a true and fair view of the company's assets, liabilities, financial position and profit.
This Report by the Board of Directors faithfully represents the development and performance of the company's business, as well as key risks, uncertainty factors and other information
on the condition of the company.
Helsinki, 11 February 2026
Timo Ritakallio
Chair of the Board of Directors
Katja Keitaanniemi
CEO
Mikko Timonen             
Board member
Petteri Rinne                                   
Board member
Olli Lehtilä         
Board member
Mika Kivimäki               
Board member
Hannakaisa Länsisalmi             
Board member
OP Corporate Bank plc's Financial Statements 2025  |  181
Auditor's note
We have today issued an auditor's report on the audit performed.
Helsinki, date of the electronic signature
PricewaterhouseCoopers Oy
Audit firm
Lauri Kallaskari
Authorised Public Accountant
OP Corporate Bank plc's Financial Statements 2025  |  182
Auditor’s Report (Translation of the Finnish Original)
To the Annual General Meeting of OP Corporate Bank Plc
Report on the Audit of the Financial Statements
Opinion
In our opinion the financial statements give a true and fair view of the company’s financial
position, financial performance and cash flows in accordance with IFRS Accounting
Standards as adopted by the EU and comply with statutory requirements.
Our opinion is consistent with the additional report to the Board of Directors.
What we have audited
We have audited the financial statements of OP Corporate Bank Plc (business identity code
0199920-7) for the year ended 31 December 2025. The financial statements comprise
the balance sheet, income statement, statement of comprehensive income, statement of
changes in equity, statement of cash flows and notes, which include material accounting
policy information and other explanatory information.
Basis for Opinion
We conducted our audit in accordance with good auditing practice in Finland. Our
responsibilities under good auditing practice are further described in the Auditor’s
Responsibilities for the Audit of the Financial Statements section of our report.
We believe that the audit evidence we have obtained is sufficient and appropriate to
provide a basis for our opinion.
Independence
We are independent of the company in accordance with the ethical requirements that are
applicable in Finland and are relevant to our audit, and we have fulfilled our other ethical
responsibilities in accordance with these requirements.
To the best of our knowledge and belief, the non-audit services that we have provided to
the company are in accordance with the applicable law and regulations in Finland and we
have not provided non-audit services that are prohibited under Article 5(1) of Regulation
(EU) No 537/2014. The non-audit services that we have provided are disclosed in note 12
to the Financial Statements.
Our Audit Approach
Overview
Materiality
• Overall materiality: 75 million euro
Key Audit Matters
• Expected credit losses
• Certain Level 2 and 3 instruments measured at fair value
• General IT controls supporting financial reporting
As part of designing our audit, we determined materiality and assessed the risks of
material misstatement in the financial statements. In particular, we considered where
management made subjective judgements; for example, in respect of significant
accounting estimates that involved making assumptions and considering future events that
are inherently uncertain.
OP Corporate Bank plc's Financial Statements 2025  |  183
Materiality
The scope of our audit was influenced by our application of materiality. An audit is
designed to obtain reasonable assurance whether the financial statements are free from
material misstatement. Misstatements may arise due to fraud or error. They are
considered material if individually or in aggregate, they could reasonably be expected to
influence the economic decisions of users taken on the basis of the financial statements.
Based on our professional judgement, we determined certain quantitative thresholds for
materiality, including the overall materiality for the financial statements as set out in the
table below. These, together with qualitative considerations, helped us to determine the
scope of our audit and the nature, timing and extent of our audit procedures and to
evaluate the effect of misstatements on the financial statements as a whole.
Overall materiality
75 million euro
How we determined it
Approximately 0,1 percent of total assets
Rationale for the materality
benchmark applied
We selected total assets as the benchmark for
determining materiality because, in our view, it is an
appropriate benchmark for assessing OP Corporate
Bank Plc's financial position and performance.
Additionally, total assets is a generally accepted
benchmark. We chose to apply a percentage of
approximately 0,1 percent, which is within the range of
acceptable quantitative materiality thresholds in
auditing standards.
Key Audit Matters
Key audit matters are those matters that, in our professional judgment, were of most
significance in our audit of the financial statements of the current period. These matters
were addressed in the context of our audit of the financial statements as a whole, and in
forming our opinion thereon, and we do not provide a separate opinion on these matters.
As in all of our audits, we also addressed the risk of management override of internal
controls, including among other matters consideration of whether there was evidence of
bias that represented a risk of material misstatement due to fraud.
Key audit matter in the audit
How our audit addressed the key audit
matter
Expected credit losses
See notes to the financial statements 1
and 5
Expected credit losses ("ECL") are primarily
calculated using a system-based method
that applies the probability of default/loss
given default approach (PD/LGD method) on
a contract-by-contract basis for all personal
and corporate customer exposures.
Our audit procedures included both control
testing and substantive testing. We also
assessed the accounting principles related
to the calculation and recording of ECL
against the requirements of the IFRS 9
standard.
In the ECL calculation, contracts are
classified into three different stages,
reflecting the deterioration of credit quality
since the initial recognition. For Stage 1
contracts, the credit risk has not increased
significantly since the original recognition,
and a 12-month ECL is calculated for them.
For Stage 2 contracts, the credit risk has
increased significantly since the original
recognition, and a lifetime ECL is calculated
for them. Stage 3 contracts consist of non-
performing contracts, for which a lifetime
ECL is also calculated. In addition to the
system-based ECL calculation, an expert
judgment-based ECL calculation method is
used for the largest exposures that have
reached Stage 2 or 3.
We obtained an understanding of the
processes for loan origination, credit risk
management, collateral management, and
the calculation of expected credit losses,
and we evaluated the key controls of these
processes. We tested the effectiveness of
selected controls to obtain audit evidence.
Our risk modeling experts assessed the
methodology, input data, and assumptions
used in the credit loss modeling. We
verified that the implementation of new
models was carried out appropriately.
Management also makes additional loss
allowances based on its judgment to
account for uncertainties and risks related
to the current and future operating
environment that the ECL calculation model
does not consider or to correct the
limitations of the ECL calculation model.
We evaluated the appropriateness of
forward-looking information and examined
the internal controls related to the
preparation of macroeconomic forecasts.
OP Corporate Bank plc's Financial Statements 2025  |  184
Key audit matter in the audit
How our audit addressed the key audit
matter
Additional provisions are made both directly
to the amount of the loss allowance and to
the risk parameters used in the ECL models.
We assessed the additional loss allowances
based on management's judgment. We
examined the assumptions based on
management's judgment and the input
data used in the calculation of additional
provisions.
Expected credit losses are a key audit
matter due to the complex ECL calculation
methods and the management judgment
involved in the estimates and assumptions
used.
We conducted a risk-based review of credit
loss allowances based on expert
assessments and evaluated the
appropriateness of credit analyses and
calculations.
This matter is a significant risk of material
misstatement referred to in Article 10(2c) of
Regulation (EU) No 537/2014.
Certain Level 2 and 3 instruments
measured at fair value
See notes to the financial statements 14
and 18
The proportion of financial assets and
liabilities measured at fair value on OP
Corporate Bank Plc’s balance sheet is
significant, and the valuations of financial
instruments at fair value hierarchy levels 2
and especially 3 are primarily based on
internal valuation methods and
unobservable inputs, which involve
management judgment.
We obtained an understanding of the
valuation process for financial instruments
and evaluated the design and effectiveness
of controls and the appropriateness of
valuation models used.
We evaluated the appropriateness of the
accounting principles and valuation
methods related to financial instruments.
Changes in market conditions have a
significant impact on the fair value of
financial instruments. Important areas of
financial instrument valuation include the
frameworks and principles of valuation and
valuation models, as well as controls related
to fair value price verification, the accuracy
of the data used, fair value adjustments, fair
value hierarchy levels, and the management
and monitoring of valuation models.
We tested the accuracy of the valuation of
financial instruments by performing an
independent valuation of significant
balance sheet items of the OP Corporate
Bank Plc and assessed the appropriateness
of the assumptions and management
estimates applied in the valuations.
Key audit matter in the audit
How our audit addressed the key audit
matter
General IT controls supporting financial
reporting
OP Corporate Bank Plc's operations, internal
control environment, and financial reporting
rely on numerous IT systems. The volume
of transactions affecting financial reporting
is large, and IT systems support automated
accounting and reconciliation procedures
across various processes.
We obtained an understanding of the IT
environment related to OP Corporate Bank
Plc's financial reporting and the controls
relevant to the audit.
Effectively functioning general IT controls
help ensure the accuracy of the information
produced by applications. Effective general
IT controls are also a prerequisite for the
functioning of automated controls and
automated accounting procedures, as well
as for our audit approach. To ensure the
completeness and accuracy of data, it is
important that the management and
monitoring of access rights, changes to
systems, software development, and IT
operations are properly designed and
operate effectively.
Our audit procedures included evaluating
the design and testing the operational
effectiveness of controls relevant to
financial reporting IT systems and
performing substantive testing. Our
procedures included general IT controls
over user access management, change
management, software development
management, and IT operations
management.
General IT controls that support financial
reporting constitute a key audit matter due
to the complexity of the system
environment and our audit approach.
In terms of user access management, the
audit procedures included testing the
addition and removal of user rights,
appropriate monitoring, and segregation of
duties. Other key areas tested were the
monitoring, testing, and approval of
changes made to IT systems, as well as
controls related to the development,
acquisition, and implementation process of
systems in software development, and IT
operations, such as the scheduling and
monitoring of batch processing for financial
reporting.
OP Corporate Bank plc's Financial Statements 2025  |  185
Responsibilities of the Board of Directors and the Managing
Director for the Financial Statements
The Board of Directors and the Managing Director are responsible for the preparation of
financial statements that give a true and fair view in accordance with IFRS Accounting
Standards as adopted by the EU, and comply with statutory requirements. The Board of
Directors and the Managing Director are also responsible for such internal control as they
determine is necessary to enable the preparation of financial statements that are free
from material misstatement, whether due to fraud or error.
In preparing the financial statements, the Board of Directors and the Managing Director
are responsible for assessing the company’s ability to continue as a going concern,
disclosing, as applicable, matters relating to going concern and using the going concern
basis of accounting. The financial statements are prepared using the going concern basis
of accounting unless there is an intention to liquidate the company or to cease operations,
or there is no realistic alternative but to do so.
Auditor’s Responsibilities for the Audit of the Financial
Statements
Our objectives are to obtain reasonable assurance about whether the financial statements
as a whole are free from material misstatement, whether due to fraud or error, and to
issue an auditor’s report that includes our opinion. Reasonable assurance is a high level of
assurance, but is not a guarantee that an audit conducted in accordance with good
auditing practice will always detect a material misstatement when it exists. Misstatements
can arise from fraud or error and are considered material if, individually or in the
aggregate, they could reasonably be expected to influence the economic decisions of users
taken on the basis of these financial statements.
As part of an audit in accordance with good auditing practice, we exercise professional
judgment and maintain professional skepticism throughout the audit. We also:
• Identify and assess the risks of material misstatement of the financial statements,
whether due to fraud or error, design and perform audit procedures responsive to
those risks, and obtain audit evidence that is sufficient and appropriate to provide a
basis for our opinion. The risk of not detecting a material misstatement resulting from
fraud is higher than for one resulting from error, as fraud may involve collusion,
forgery, intentional omissions, misrepresentations, or the override of internal control.
• Obtain an understanding of internal control relevant to the audit in order to design
audit procedures that are appropriate in the circumstances, but not for the purpose of
expressing an opinion on the effectiveness of the company’s internal control.
• Evaluate the appropriateness of accounting policies used and the reasonableness of
accounting estimates and related disclosures made by management.
• Conclude on the appropriateness of the Board of Directors’ and the Managing Director’s
use of the going concern basis of accounting and based on the audit evidence obtained,
whether a material uncertainty exists related to events or conditions that may cast
significant doubt on the company’s ability to continue as a going concern. If we conclude
that a material uncertainty exists, we are required to draw attention in our auditor’s
report to the related disclosures in the financial statements or, if such disclosures are
inadequate, to modify our opinion. Our conclusions are based on the audit evidence
obtained up to the date of our auditor’s report. However, future events or conditions
may cause the company to cease to continue as a going concern.
• Evaluate the overall presentation, structure and content of the financial statements,
including the disclosures, and whether the financial statements represent the
underlying transactions and events so that the financial statements give a true and fair
view.
We communicate with those charged with governance regarding, among other matters,
the planned scope and timing of the audit and significant audit findings, including any
significant deficiencies in internal control that we identify during our audit.
We also provide those charged with governance with a statement that we have complied
with relevant ethical requirements regarding independence, and communicate with them
all relationships and other matters that may reasonably be thought to bear on our
independence, and where applicable, related safeguards.
From the matters communicated with those charged with governance, we determine those
matters that were of most significance in the audit of the financial statements of the
current period and are therefore the key audit matters. We describe these matters in our
auditor’s report unless law or regulation precludes public disclosure about the matter or
when, in extremely rare circumstances, we determine that a matter should not be
communicated in our report because the adverse consequences of doing so would
reasonably be expected to outweigh the public interest benefits of such communication.
OP Corporate Bank plc's Financial Statements 2025  |  186
Other Reporting Requirements
Appointment
We were first appointed as auditors by the annual general meeting on 2.4.2024.  Our
appointment represents a total period of uninterrupted engagement of 2 years.
Other Information
The Board of Directors and the Managing Director are responsible for the other
information. The other information comprises the report of the Board of Directors. Our
opinion on the financial statements does not cover the other information.
In connection with our audit of the financial statements, our responsibility is to read the
other information and, in doing so, consider whether the other information is materially
inconsistent with the financial statements or our knowledge obtained in the audit, or
otherwise appears to be materially misstated. Our responsibility also includes considering
whether the report of the Board of Directors has been prepared in compliance with the
applicable provisions.
In our opinion, the information in the report of the Board of Directors is consistent with
the information in the financial statements and the report of the Board of Directors has
been prepared in compliance with the applicable provisions.
If, based on the work we have performed, we conclude that there is a material
misstatement of the report of the Board of Directors, we are required to report that fact.
We have nothing to report in this regard.
Helsinki 13 February 2026
PricewaterhouseCoopers Oy
Authorised Public Accountants
Lauri Kallaskari
Authorised Public Accountant (KHT)
OP Corporate Bank plc's Financial Statements 2025  |  187
Independent auditor's report on the ESEF financial statements of OP
Corporate Bank Plc (Translation of the Finnish Original)
To Board of Directors of OP Corporate Bank Plc
We have performed a reasonable assurance engagement on the financial statements OP
Yrityspankki-2025-12-31-fi.xhtml of the OP Corporate Bank Plc (business identity code
0199920-7) that have been prepared in accordance with the Commission's regulatory
technical standard for the financial year 1 January-31 December 2025.
Responsibilities of the Board of Directors and the Managing
Director
The Board of Directors and the Managing Director are responsible for the preparation of
the company's report of the Board of Directors and financial statements (the ESEF
financial statements) in such a way that they comply with the requirements of the
Commission's regulatory technical standard. This responsibility includes:
• preparing the ESEF financial statements in XHTML format in accordance with Article 3
of the Commission's regulatory technical standard and
• ensuring the consistency between the ESEF financial statements and the audited
financial statements.
The Board of Directors and the Managing Director are also responsible for such internal
control as they determine is necessary to enable the preparation of ESEF financial
statements in accordance with the requirements of the Commission's regulatory technical
standard. 
Auditor’s independence and quality management
We are independent of the company in accordance with the ethical requirements that are
applicable in Finland and are relevant to the engagement we have performed, and we
have fulfilled our other ethical responsibilities in accordance with these requirements.
The auditor applies International Standard on Quality Management (ISQM) 1, which
requires the firm to design, implement and operate a system of quality management
including policies or procedures regarding compliance with ethical requirements,
professional standards and applicable legal and regulatory requirements.
Auditor’s responsibilities
Our responsibility is to, in accordance with Chapter 7, Section 8 of the Securities Markets
Act, provide assurance on the financial statements that have been prepared in accordance
with the Commission's regulatory technical standard.
Our responsibility is to indicate in our opinion to what extent the assurance has been
provided. We conducted a reasonable assurance engagement in accordance with
International Standard on Assurance Engagements (ISAE) 3000 (Revised).
The engagement includes procedures to obtain evidence on whether there is consistency
between the ESEF financial statements and the audited financial statements.
The nature, timing and extent of the selected procedures depend on the auditor’s
judgment. This includes an assessment of the risk of a material deviation due to fraud or
error from the requirements of the Commission's regulatory technical standard. We
believe that the evidence we have obtained is sufficient and appropriate to provide a basis
for our opinion. 
The nature, timing and extent of the selected procedures depend on the auditor’s
judgment. This includes an assessment of the risk of a material deviation due to fraud or
error from the requirements of the Commission's regulatory technical standard.
We believe that the evidence we have obtained is sufficient and appropriate to provide a
basis for our opinion.
OP Corporate Bank plc's Financial Statements 2025  |  188
Opinion
Our opinion pursuant to Chapter 7, Section 8 of the Securities Markets Act is that the
ESEF financial statements of the OP Corporate Bank Plc OP Yrityspankki-2025-12-31-
fi.xhtml for the financial year 1 January -31 December 2025 are prepared, in all material
respects, in in accordance with the requirements of the Commission's regulatory technical
standard.
Our opinion on the audit of the financial statements of the OP Corporate Bank Plc for the
financial year 1 January – 31 December 2025 has been expressed in our auditor's report
dated 13.2.2026. With this report we do not express an opinion on the audit of the
financial statements nor express another assurance conclusion.
Helsinki, on the date of the electronic signature
PricewaterhouseCoopers Oy
Authorised Public Accountants
Lauri Kallaskari
Authorised Public Accountant (KHT)