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2024-05-08 08:00:00 CEST 2024-05-08 08:00:03 CEST REGULATED INFORMATION OP Yrityspankki Oyj - Interim report (Q1 and Q3)OP Corporate Bank plc's Interim Report 1 January-31 March 2024OP Corporate Bank plc OP Corporate Bank plc's Interim Report 1 January–31 March 2024
OP Corporate Bank plc’s key indicators
Comparatives for the income statement are based on the corresponding figures in 2023. Unless otherwise specified, figures from 31 December 2023 are used as comparatives for balance-sheet and other cross-sectional items. Decisions by OP Corporate Bank plc's Annual General Meeting On 2 April 2024, the Annual General Meeting (AGM) of OP Corporate Bank plc re-elected OP Financial Group’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 Uudenmaan Osuuspankki Managing Director Olli Lehtilä, OP Turun Seutu Managing Director Petteri Rinne, OP Financial Group’s Chief Financial Officer Mikko Timonen and OP Financial Group’s Chief Legal Officer and Group General Counsel Tiia Tuovinen who acted in this position until the end of 2023 and will leave OP Financial Group at her own request on 1 July 2024. She acts as Senior Advisor from the beginning of January until the end of June. The AGM elected Mikko Vepsäläinen, Managing Director of Pohjois-Savon Osuuspankki, as a new Board member. The AGM elected PricewaterhouseCoopers Oy, an audit firm, to act as OP Corporate Bank’s auditor for the financial year 2024, with Lauri Kallaskari, Authorised Public Accountant, acting as the chief auditor appointed by PricewaterhouseCoopers Oy. The AGM of 2 April 2024 adopted the Financial Statements for 2023 and discharged members of the Board of Directors and the CEO from liability. The AGM decided that a dividend of EUR 76,000,000.00 be distributed for the financial year 2023, totalling EUR 0.24 per share, and that following dividend distribution, the remaining amount of EUR 188,955,506.86 be recognised in the retained earnings/loss account. Following dividend distribution, the company’s distributable earnings total EUR 3,073,216,428.77 and its distributable funds total EUR 3,404,597,265.83. Outlook for 2024 The Finnish economy declined in the first quarter, but recovery in the export market, improvement in spending power and a fall in interest rates are anticipated to ameliorate the economy towards the year end. The escalation of geopolitical crises may abruptly affect capital markets and the economic environment. A full-year earnings estimate for 2024 will only be provided at Group level in OP Financial Group's financial statements bulletin and interim and half-year financial reports. The most significant uncertainties affecting OP Corporate Bank’s earnings performance due to geopolitical risks and inflation relate to developments in the business environment, changes in the interest rate and investment environment and to the developments in impairment loss on receivables. In addition, future earnings performance will be affected by the market growth rate and the change in the competitive situation. Forward-looking statements in this Interim Report expressing the management’s expectations, beliefs, estimates, forecasts, projections and assumptions are based on the current view of the future development in the business environment and the future financial performance of OP Corporate Bank plc’s and its various functions, and actual results may differ materially from those expressed in the forward-looking statements. Schedule for Interim Reports and Half-year Financial Report in 2024:
Helsinki, 8 May 2024 OP Corporate Bank plc For additional information, please contact: DISTRIBUTION OP Corporate Bank plc is part of OP Financial Group. OP Corporate Bank and OP Mortgage Bank are responsible for OP's funding in money and capital markets. As laid down in the applicable law, OP Corporate Bank, OP Mortgage Bank and their parent company OP Cooperative and other OP Financial Group member credit institutions are ultimately jointly and severally liable for each other's debts and commitments. OP Corporate Bank acts as OP Financial Group's central bank. Attachment |
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