Finland Times

 

OP Executive Director Reijo Karhinen announced the bank´s half year report in Helsinki on Wednesday.Photo Lehtikuva.

OP Financial Group has seen a record result in their second quarter this year. Their profit before taxes was 331 million euros, compared to last year’s second quarter result of 308 million euros.

 

According to OP Executive Director Reijo Karhinen, the strong results come from growth in interest and insurance and good expense management. Loan losses were, according to Karhinen, minor, but the uncertainty in investment markets reduced the yield accumulation.

 

OP has gained 77,000 new customers since the beginning of the year, 17 per cent more compared to the previous year. According to OP, the number of customers grew especially in the second quarter.

 

OP said in the spring that it had received a wealth of new client assets following the Panama Papers data leaked. Nordea’s reputation especially suffered from the Panama Papers leak when they revealed that Nordea customers had holding companies in tax havens.

 

OP’s half-year profit fell slightly from last year’s record pace. The result for January-June was 614 million euros, compared to last year’s 627 million euros. From the beginning of the year, the results of banking and accident insurance activity fell, but results from asset management and other activities improved. 

 

OP expects results for the whole year to rise to the same level as last year.