OP Mortgage Bank - Financial Statement Release

FINANCIAL STATEMENTS BULLETIN FOR 2012

OP Mortgage Bank Financial Statements 6 February 2013, 9.00 am EET

OP Mortgage Bank's (OPA) loan portfolio grew to EUR 8,678 million in the
January-December period (EUR 7,535 million at the end of 2011)[1].  The bank
increased its loan portfolio significantly in February, in March, in May and in
October when it purchased housing loans from OP-Pohjola Group member
cooperative banks. OPA launched a covered bond issue at a nominal value of EUR
1.25 billion in May.  In August OPA carried out two covered Private Placements,
one at a nominal value of EUR 25 million and one at a nominal value of EUR 75
million. In November OPA carried out a covered Private Placement at a nominal
value of EUR 115 million. In December OPA carried out two covered Private
Placements, both at a nominal value of EUR 50 million. 

Earnings Development
EUR thousand 	Q4/2012 	Q4/2011 	2012 	2011 
				
Income 				
Net interest income 	7,897 	5,560 	29,884 	24,147 
Net commissions and fees 	-3,426 	-2,865 	-11,992 	-10,207 
Net income from trading 	0 	0 	0 	0 
Net income from investments 	- 	- 	-186 	487 
Other operating income 	0 	0 	0 	5 
Total 	4,472 	2,695 	17,707 	14,432 
				
Expenses 				
Personnel costs 	121 	70 	400 	278 
Other administrative expenses 	390 	486 	1,586 	2,054 
Other operating expenses 	300 	291 	1,459 	1,396 
Total 	811 	848 	3,445 	3,728 
				
Impairments of receivables 	-17 	-358 	-53 	-359 
				
Earnings before tax 	3,644 	1,489 	14,209 	10,345 

Earnings before tax for October-December amounted to EUR 3,644 thousand
(1,489). The net interest income increased to EUR 7,897 thousand (5,560). Net
commissions and fees were negative, as in the previous year, with commission
income increasing to EUR 1,530 thousand (945) and commission expenses to EUR
4,955 thousand (3,810).  Commission expenses consisted mainly from commissions
paid to OP-Pohjola Group member banks for servicing housing loans. The bank's
expenses amounted to EUR 811 thousand (848). 

Earnings before tax for January-December amounted to EUR 14,209 thousand
(10,345). Net interest income rose to EUR 29,884 thousand (24,147) due to the
growth of the loan portfolio. Impairment loss on loans on a collective basis of
EUR 53 thousand was recognised. 
The bank's expenses decreased to EUR 3,445 thousand (3,728). 

Balance Sheet and Off-balance Sheet Commitments

OPA's balance sheet total amounted to EUR 9,128 million on 31 December (EUR
7,912 million)2. 

Change in Major Asset and Liability Items
EUR Million 	31 Dec 2012 	    30 Sep
     2012 	30 June 2012 	31 March 2012 	31 Dec 2011 
					
Balance Sheet 	9,128 	8,976 	9,263 	8,427 	7,912 
Receivables from customers 	8,678 	8,511 	8,841 	8,000 	7,535 
Receivables from financial institutions 	53 	77 	93 	72 	82 
Debt securities issued to the public 	6,110 	5,879 	5,716 	5,440 	5,423 
Liabilities to financial institutions 	2,570 	2,650 	3,100 	2,490 	2,070 
Shareholders' equity 	325 	312 	310 	287 	256 
Off-balance sheet commitments 	8 	9 	11 	8 	4 

The bank's loan portfolio grew to EUR 8,678 million (7,535). OPA increased its
loan portfolio in the January-December period when it purchased housing loans
from OP-Pohjola Group member banks for EUR 2,445 million. 

On December 2012, households accounted for 99.6 per cent (99.3) of the loan
portfolio and housing corporations for 0.4 per cent (0.7). The bank's
non-performing loans increased but remained at low levels totalling EUR 2.9
million (2.1) on December 2012. The impaired amount for an impairment loss on
an individual basis recognised in the review period was fully covered by
collateral. 

The carrying amount of the bonds issued to the public totalled EUR 6,110
million (5,423) on 31 December.  OPA issued its seventh covered bond at a
nominal value of EUR 1.25 billion on international capital markets in May.
Moody's Investor Services and Standard & Poor's Rating Services have given the
bond their highest credit ratings of Aaa and AAA. In August OPA carried out two
covered Private Placements, one at a nominal value of EUR 25 million and one at
a nominal value of EUR 75 million. In November OPA carried out a covered
Private Placement at a nominal value of EUR 115 million. In December OPA
carried out two covered Private Placements, both at a nominal value of EUR 50
million. The covered bond issued in 2007 at a nominal value of EUR 1 billion
matured and were paid off in June. In addition to bonds, OPA funded its
operations through financing loans taken out with Pohjola Bank plc. On 31
December, financing loans totalled EUR 2,570 million (2,070). 

Shareholders' equity increased to EUR 325 million (256). Shareholders' equity
increased in March by EUR 30 million, in May by EUR 20 million and in December
by EUR 10 after OP-Pohjola Group Central Cooperative made additional
investments in the company.  Retained earnings amounted to EUR 30 million (21)
on 31 December. 

OPA has hedged against the interest-rate risk associated with its housing loan
portfolio through interest-rate swaps, i.e. base rate cash flows from housing
loans to be hedged are swapped to short-term Euribor cash flows. OPA has also
swapped the fixed interest rates of the bonds it has issued to short-term
variable rates. OPA's interest-rate derivative portfolio totalled EUR 15,862
million (14,409). All derivative contracts have been concluded for hedging
purposes. Pohjola Bank plc is the counterparty to all derivative contracts. 

Collateralisation of bonds issued to the public

Mortgages collateralising covered bonds issued before 1 August, 2010, under the
Finnish Act on Mortgage Credit Banks 1240/1999, are included in Cover Asset
Pool A. The balance of Pool A was EUR 3,200 million in the end of December. 

Mortgages collateralising covered bonds issued after 1 August, 2010, under the
Finnish Covered Bond Act 680/2010, are included in Cover Asset Pool B. The
balance of Pool B was EUR 4,935 million in the end of December. 

Development of Capital Adequacy 
OPA's capital adequacy ratio stood at 9.2 % on 31th of December. Capital ratio
excluding transition rules stood at 41.9%. Shareholders' equity increased in
March by EUR 30 million, in May by EUR 20 million and in December by EUR 10
after OP-Pohjola Group Central Cooperative made additional investments in OPA. 
In May OPA called in the Tier 2 debenture issued in 2007 at a nominal value of
EUR 20 million. 

OPA calculates its capital adequacy in compliance with Basel II. In its
calculation of capital requirements for credit risk, OPA has adopted the
Internal Ratings Based Approach (IRBA). With respect to the capital adequacy
requirement for operational risks, OPA adopted the Standardised Approach in the
report period. 
OWN FUNDS, EUR thousand 	31 Dec
2012 	30 Sep
2012 	31 Dec
2011 
			
Equity capital 	324,964 	312,250 	256,475 
Intangible assets 	-1,101 	-547 	-587 
Excess funding of pension liability and 
fair value measurement of investment property 	-13 	-17 	-248 
Planned dividend distribution 	-2,001 	- 	-2,001 
Shortfall of impairments - expected losses 	-3,705 	-3,634 	-3,937 
Shortfall of other Tier 1 capital 	-3,705 	-3,634 	- 
Core Tier 1 capital 	314,440 	304,418 	249,703 
Shortfall of Tier 2 capital 	-3,705 	-3,634 	- 
Transfer to core Tier 1 capital 	3,705 	3,634 	- 
Tier 1 capital 	314,440 	304,418 	249,703 
Debenture loans 	- 	- 	20,000 
Shortfall of impairments - expected losses 	-3,705 	-3,634 	-3,937 
Transfer to Tier 1 capital 	3,705 	3,634 	- 
Tier 2 capital 	- 	- 	16,063 
Total capital base 	314,440 	304,418 	265,765 
Capital ratio including transition rules 			
Capital adequacy ratio, % 	9.2 	9.1 	9.0 
Tier 1 ratio to risk-weighted commitments 	9.2 	9.1 	8.5 
Core Tier 1 ratio 	9.2 	9.1 	8.5 
Capital ratio excluding transition rules 			
Capital adequacy ratio, % 	41.9 	40.8 	40.4 
Tier 1 ratio to risk-weighted commitments 	41.9 	40.8 	40.0 
Core Tier 1 ratio 	41.9 	40.8 	40.0 

The increase in shareholders' equity arising from the measurement of pension
liabilities and the assets covering them, under IFRS, is not considered own
funds. Furthermore, intangible assets was also deducted from own funds. The
Impairments - shortfall of expected losses total EUR 7.4 million. 
Risk-weighted receivables, investments and off balance-sheet commitments,  EUR
thousand 	31 Dec 
2012 	30 Sep
2012 	31 Dec
2011 
			
 Receivables and investments 	732,713 	721,260 	644,703 
  Off-balance-sheet items 	4,185 	10,161 	2,063 
 Market risk 	- 	- 	- 
 Operational risks 	14,043 	14,043 	10,490 
 Requirement for period of transition 	2,656,632 	2,600,586 	2,283,433 
Risk-weighted receivables, investments and off balance-sheet commitments, total
	3,407,573 	3,346,051 	2,940,688 


The increase in the amount of risk-weighted receivables was due to an increased
loan portfolio. 

Joint Responsibility and Joint Security 

Under the Act on Cooperative Banks and Other Cooperative Credit Institutions,
the 
amalgamation of the cooperative banks comprises the organisation's central
institution 
(OP-Pohjola Group Central Cooperative), the Central Cooperative's member credit
institutions and the companies belonging to their consolidation groups. This
amalgamation is monitored on a consolidated basis. The Central Cooperative and
its member banks are ultimately responsible for each other's liabilities and
commitments. The Central Cooperative's members at the end of the report period
comprised OP-Pohjola  Group's 196 member banks as well as Pohjola Bank Plc,
Helsinki OP Bank Plc,  OP Mortgage Bank and OP-Kotipankki Plc. OP-Pohjola
Group's insurance companies do not fall within the scope of joint
responsibility. 

The central institution is obligated to provide its member credit institutions
with instructions on their internal supervision and risk management, their
operations in securing liquidity and capital adequacy, and compliance with
uniform accounting principles in preparing the coalition's consolidated
financial statements. 

The central institution and its member credit institutions are jointly
responsible for the liabilities of the central institution or a member credit
institution placed in liquidation or bankruptcy that cannot be paid from its
assets. The liability is divided between the central institution and the member
credit institutions in ratios following the balance sheet total. 

In spite of the joint responsibility and the joint security, pursuant to
Section 25 of the Act on Mortgage Credit Bank Operations, the holder of a bond
with mortgage collateral shall, notwithstanding the liquidation or bankruptcy
of a mortgage credit bank, have the right to receive payment, before other
claims, for the entire loan period of the bond, in accordance with the contract
terms, from the funds entered as collateral for the bond. 

Personnel

On 31 December, OPA had six employees. It purchases all key support services
from Central Cooperative and its Group companies, which reduces the need for
more staff. 

Administration 

The Annual General Meeting held in March confirmed the composition of the new
Board of Directors. Mr Lars Björklöf, Managing Director, Osuuspankki Raasepori
was elected as a new member of the Board of Directors. Mr Heikki Kananen,
Managing Director, Mäntsälän Osuuspankki and Mr Mikko Rosenlund, Managing
Director, Tampereen Seudun Osuuspankki were left out of the Board of Directors.
The Board composition is as follows: 
Chairman 	Harri Luhtala 	Chief Financial Officer, OP-Pohjola 
Group Central Cooperative 
Vice Chairman 	Elina Ronkanen-Minogue 	Senior Vice President, OP-Pohjola 
Group Central Cooperative 
Members 	Sakari Haapakoski 	Bank Manager, Oulun Osuuspankki 
	Mika Helin 	Executive Vice President, Hämeenlinnan 
Seudun Osuuspankki 
	Hanno Hirvinen 	Executive Vice President, Pohjola Bank plc 
	Mikko Hyttinen 	Bank Manager, OP-Pohjola Group 
Central Cooperative 
	Lars Björklöf 	Managing Director, Osuuspankki Raasepori 
                                        
Managing Director       Lauri Iloniemi.

Risk exposure

The most significant types of risk related to OPA are credit risk, liquidity
risk and interest-rate risk. The indicators in use shows that OPA's credit risk
exposure is stable. The limit for liquidity risk set by the Board of Directors
has not been exceeded. The liquidity buffer for OP-Pohjola Group, managed by
Pohjola Bank Plc, is exploitable by OPA.  OPA has hedged against the
interest-rate risk associated with its housing loan portfolio through
interest-rate swaps, i.e. base rate cash flows from housing loans to be hedged
are swapped to short-term Euribor cash flows. OPA has also swapped the fixed
interest rates of the bonds it has issued to corresponding short-term variable
rates. The interest-rate risk may be considered to be low. 
Outlook

The existing issuance programme will make it possible to issue new covered
bonds in 2013.    It is expected that the Company's capital adequacy will
remain strong, risk exposure will be favourable and the overall quality of the
credit portfolio will remain strong. 

OPA's board proposal for the allocation of distributable funds

The shareholders' equity of OPA On 31 December 2012

                                        €
Share capital                                 60,000,000.00
Reserve for invested unrestricted equity                235,000,000.00
Profit for 2012                          10,730,624.19
Retained earnings                         19,233,136.49
Total                                324,963,760.68

EUR 265,183,647.63 of which represented distributable equity.

The Board of Directors proposes that he Company's distributable funds be
distributed as follows: EUR 26.12 per share totaling EUR 2,000,583.04. 
Accordingly, EUR 263,183,064.59 remains in the Company's distributable equity.

Income Statement
EUR thousand 	Q4/2012 	Q4/2011 	2012 	2011 
				
Interest income 	23,603 	39,871 	121,246 	133,180 
Interest expenses 	15,705 	34,311 	91,362 	109,034 
Net interest income 	7,897 	5,560 	29,884 	24,147 
Impairments of receivables 	-17 	-358 	-53 	-359 
Net commissions and fees 	-3,426 	-2,865 	-11,992 	-10,207 
Net income from trading 	0 	0 	0 	0 
Net income from investments 	- 	- 	-186 	487 
Other operating income 	0 	0 	0 	5 
Personnel costs 	121 	70 	400 	278 
Other administrative expenses 	390 	486 	1,586 	2,054 
Other operative expenses 	300 	291 	1,459 	1,396 
Earnings before tax 	3,644 	1,489 	14,209 	10,344 
Income taxes 	893 	383 	3,478 	2,687 
Profit for the period 	2,752 	1,106 	10,731 	7,658 

Statement of comprehensive income
EUR thousand 	Q4/2012 	Q4/2011 	2012 	2011 
				
Profit for the period 	2,752 	1,106 	10,731 	7,658 
Actuarial gains/losses on post-employment benefit obligations 	-50 	-10 	-50
	-38 
Income tax on actuarial gains/losses on post-employment benefit obligations 	12
	-1 	12 	6 
Other Statement of comprehensive income items 	- 	- 	- 	- 
Total comprehensive income 	2,714 	1,095 	10,693 	7,625 

Key Ratios
	Q4/2012 	Q4/2011 	2012 	2011 
Return on equity (ROE), % 	2.5 	1.9 	3.7 	3.7 
Cost/income ratio, % 	18 	31 	19 	26 

Calculation of key ratios

Return on equity, % = Annualised profit for the period / Equity capital
(average equity capital at the beginning and end of the period) × 100 

Cost/income ratio, % = (Personnel costs + Other administrative expenses + Other
operating expenses) / (Net interest income + Net commission income + Net income
from trading + Total net income from investments + Other operating income) ×
100 

Balance Sheet
EUR thousand 	31 Dec
2012 	30 Sep
2012 	30 June 2012 	31 March 2012 	31 Dec 2011 
					
Receivables from financial institutions 	53,300 	76,595 	92,823 	72,060 	82,434 
Derivative contracts 	318,473 	304,833 	247,456 	215,138 	198,380 
Receivables from customers 	8,677,652 	8,511,443 	8,841,128 	7,999,754
	7,534,557 
Investments assets 	17 	17 	17 	17 	17 
Intangible assets 	1,101 	881 	809 	739 	587 
Tangible assets 	- 	- 	- 	- 	- 
Other assets 	77,854 	81,765 	80,854 	139,590 	96,060 
Tax receivables 	35 	20 	19 	8 	13 
Total assets 	9,128,431 	8,975,555 	9,263,106 	8,427,306 	7,912,048 
					
Liabilities to financial institutions 	2,570,000 	2,650,000 	3,100,000
	2,490,000 	2,070,000 
Derivative contracts 	16,382 	18,383 	21,545 	15,716 	11,212 
Debt securities issued to the public 	6,109,687 	5,878,746 	5,716,100
	5,439,837 	5,423,085 
Reserves and other liabilities 	106,964 	114,473 	114,829 	174,277 	131,213 
Tax liabilities 	435 	1,703 	1,112 	755 	267 
Subordinated debt securities 	- 	- 	- 	20,000 	20,000 
Total liabilities 	8,803,467 	8,663,305 	8,953,585 	8,140,586 	7,655,777 
Shareholders' equity 					
  Share capital 	60,000 	60,000 	60,000 	60,000 	60,000 
  Reserve for invested unrestricted              . equity 	235,000 	225,000
	225,000 	205,000 	175,000 
  Retained earnings 	29,964 	27,250 	24,521 	21,720 	21,271 
Total equity 	324,964 	312,250 	309,521 	286,720 	256,271 
Total liabilities and shareholders' equity 	9,128,431 	8,975,555 	9,263,106
	8,427,306 	7,912,048 
Off-balance Sheet Commitments
EUR thousand 	31 Dec
2012 	30 Sep
2012 	30 June 2012 	31 March 2012 	31 Dec 2011 
Binding credit commitments 	7,976 	8,973 	10,883 	7,869 	3,692 


Change Calculation on Shareholders' Equity
EUR thousand 	Share capital 	
Other reserves 	Retained earnings 	Total equity 
Shareholders' equity 1 Jan 2011 	60,000 	85,000 	13,646 	158,646 
Reserve for invested unrestricted              equity 		90,000 		90,000 
Profit for the period 			7,626 	7,626 
Other changes 				
Shareholders' equity 31 Dec 2011 	60,000 	175,000 	21,271 	256,271 
				
EUR thousand 	Share capital 	
Other reserves 	Retained earnings 	Total equity 
Shareholders' equity 1 Jan 2012 	60,000 	175,000 	21,271 	256,271 
Reserve for invested unrestricted              equity 		60,000 		60,000 
Profit for the period 			10,693 	10,693 
Other changes 			-2,001 	-2,001 
Shareholders' equity 31 Dec 2012 	60,000 	235,000 	29,964 	342,964 


Cash Flow Statement
EUR thousand 	2012 	2011 
		
Liquid assets 1 January 	82,434 	61,672 
Cash flow from operations 	-630,247 	-2,060,121 
Cash flow from investments 	-813 	-8 
Cash flow from financing 	601,925 	2,080,891 
Liquid assets 31 December 	53,300 	82,434 


The cash flow statement presents the cash flows for the period on the cash
basis, divided into cash flows from operations, investments and financing. Cash
flows from operations include the cash flows generated from day-to-day
operations. Cash flow from investments includes payments related to tangible
and intangible assets, investments held to maturity and shares that are not
considered as belonging to cash flow from operations. Cash flow from financing
includes cash flows originating in the financing of operations either on equity
or liability terms from money or capital market. Liquid assets include cash in
hand and receivables from financial institutions payable on demand.  The
statement has been prepared using the indirect method. 
Fair values of financial assets and liabilities 		
EUR Thousand 	Loans and  receivables 	Recognised at fair value through profit
or loss 	Available for sale 	Total 
					Financial assets 			
Receivables from financial institutions 	53,300 			53,300 					
Derivative contracts 		318,473 		318,473 					
Receivables from customers 	8,677,652 			8,677,652 					
Equities 			17 	17 					
Other receivables 	77,854 			77,854 					
Balance at 31 December 2012 	8,808,806 	318,473 	17 	9,127,296 					
Balance at 31 December 2011 	7,713,051 	198,380 	17 	7,911,448 					
								
EUR Thousand 		Recognised at fair value through profit or loss * 	Other 
liabilities 	Total 					
					Liabilities to financial institutions 	- 		2,570,000 	2,570,000 
Derivative contracts 	- 	16,382 		16,382 					
Debt securities issued to the public 	- 		6,109,687 	6,109,687 					
Subordinated liabilities 	- 		- 	- 					
Other liabilities 	- 		107,398 	107,398 					
Balance at 31 December 2012 	- 	16,382 	8,787,085 	8,803,467 					
Balance at 31 December 2011 	- 	11,212 	7,644,564 	7,655,777 					

*) Debt securities issued to the public are carried at amortised cost.  On 31
December 2012, the fair value of these debt instruments was approximately EUR
387,298 thousand higher than their carrying amount, based on information
available in markets and employing commonly used valuation techniques.
Subordinated liabilities are carried at amortised cost. Their fair value are
substantially lower than their carrying amount, but determining fair values
reliably is difficult in the current market situation. 

Derivative Contracts 31 December 2012
EUR thousand 	Nominal values/the remaining maturity 	Fair values 	
Credit counter-value 
	Less than 1 year 	1-5 years 	More than 5 years 	Total 	Assets 	Liabili-ties 	
Interest rate derivatives 							
Hedging 	585,259 	12,947,452 	2,330,000 	15,862,711 	318,473 	16,382 	477,896 
Trading 							
Total 	585,259 	12,947,452 	2,330,000 	15,862,711 	318,473 	16,382 	477,896 

Derivative Contracts 31 December 2011
EUR thousand 	Nominal values/the remaining maturity 	Fair values 	
Credit counter-value 
	Less   than 1 year 	1-5 years 	More than 5 years 	Total 	Assets 	Liabili-ties 	
Interest rate derivatives 							
Hedging 	4,909,134 	7,500,000 	2,000,000 	14,409,134 	198,380 	11,212 	328,295 
Trading 							
Total 	4,909,134 	7,500,000 	2,000,000 	14,409,134 	198,380 	11,212 	328,295 


All derivative contracts have been entered into for hedging purposes,
regardless of their classification in accounting. 

Related-party transactions

OPA's related parties include OP-Pohjola Group Central Cooperative and its
subsidiaries, the OP-Pohjola Group pension insurance organisations OP-Pension
Fund and OP-Pension Foundation, and the company's administrative personnel.
Standard terms and conditions for credit are applied to loans granted to the
related parties. Loans are tied to generally used reference rates.
Related-party transactions have not undergone any substantial changes since 31
December 2011. 

Accounting policies

The Financial Statements Bulletin for 1 January - 31 December 2012 has been
prepared in accordance with IAS 34 (Interim Financial Reporting), as approved
by the EU.  In the preparation of this Interim Report, OPA substantially
applied the same accounting policies as in the financial statements 2011,
except a change in the recognition of actuarial gains and losses on defined
benefit pension plan. 

Change in accounting policies

OPA has decided to voluntarily abandon as of the beginning of 2012 the
so-called corridor method in the recognition of actuarial gains and losses on
defined benefit pension plans. In accordance with the revised recognition
method under IAS 19, actuarial gains and losses are recognised outside profit
or loss in comprehensive income as a debit item or credit item in equity for
the period during which they occur. When recognising actuarial gains and losses
in other comprehensive income, these gains and losses cannot be reclassified
through profit or loss in subsequent periods. OPA has applied the change in the
accounting policy retrospectively. 
The effects of the changed accounting policy on the comparatives of the
consolidated balance sheet, income statement and statement of comprehensive
income shown in this Interim Report are as follows: 
EUR thousand 	Previous
accounting policy 	New accounting policy 	Effect of change in accounting policy 
Balance sheet 1 Jan 2011 			
Assets 			
Other assets 	48,790 	48,583 	-207 
Liabilities 			
Tax liabilities 	342 	288 	-54 
Shareholders' equity 			
Retained earnings 	13,799 	13,646 	-153 

EUR thousand 	Previous
accounting policy 	New accounting policy 	Effect of change in accounting policy 
Balance sheet 31 Dec 2011 			
Assets 			
Other assets 	96,301 	96,060 	-241 
Tax assets 	- 	13 	13 
Liabilities 			
Tax liabilities 	313 	267 	-46 
Shareholders' equity 			
Retained earnings 	21,454 	21,271 	-183 

Income statement 2011 			
Personnel costs 	282 	278 	-4 
Income tax expense 	2,686 	2,687 	1 
			
Statement of comprehensive income 2011 			
Actuarial gains/losses on post-employment benefit obligations 	- 	-38 	-38 
Income tax on actuarial gains/losses on post-employment benefit obligations 	-
	6 	6 

This Interim Report is based on unaudited figures. Given that all figures have
been rounded off, the sum total of individual figures may deviate from the
presented sums. 

Helsinki, 6 February 2013

OP Mortgage Bank
Board of Directors

For further information, please contact Mr Lauri Iloniemi, Managing Director,
tel. +358 10 252 3541 

[1] For balance sheet and other cross-sectional figures, the point of
comparison is the figure at the end of 2011. Comparatives deriving from the
income statement are based on figures reported for the corresponding period a
year ago.

Attachments:

op-asuntoluottopankin tilinpäätöstiedote 2012.pdf