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OP Corporate Bank fails to meet Q1 ROE, CET1 targets

OP FinancialGroup unit Pohjola Bank Plc, whose business name was recentlychanged to OPCorporate Bank Plc, or OPYrityspankki Oy, reported first-quarter consolidated profitattributable to owners of the parent of €89 million, down from €128 millionearned in the year-ago period.

ROE for the quarter stood at 9.7%, versus a target of 13%.ROE in the first quarter of 2015 was 15.3%.

The common equity Tier 1 capital ratio stood at 14.2% atMarch-end, compared to 14.1% at the end of 2015 and 13.5% a year ago. Thecompany was targeting a CET1 ratio of 15% in the first quarter.

Net interest income after impairments rose year over year to€52 million from €43 million, while net commissions and fees declined to €7million from €11 million in the first quarter of 2015.

Net income from nonlife insurance fell to €141 million from€170 million; net trading income amounted to €16 million in the first quarter,down from €25 million a year earlier.

Pretax earnings from its banking division declined year overyear to €51 million from €83 million, while nonlife insurance's pretax earningsfell to €59 million from €70 million.