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OP Corporate Bank's Q4'16 profit dips YOY

OP Financial Group unit OP Yrityspankki Oyj, or OP Corporate Bank, on Feb. 2 reported consolidated fourth-quarter 2016 profit attributable to owners of the parent of €79 million, compared to €92 million in the year-ago period.

Net interest income amounted to €50 million, down from €56 million in the fourth quarter of 2015. Net commissions and fees for the quarter amounted to negative €14 million, compared to income of €6 million last year.

Net insurance income for the quarter rose year over year to €135 million from €124 million, while net investment income rose to €94 million from €47 million.

For the full year 2016, the lender reported attributable profit of €399 million, down from €517 million in 2015. Full-year net interest income increased on a yearly basis to €228 million from €220 million, while net commissions and fees declined to negative €4 million from income of €37 million.

ROE was 10.4% for 2016, compared to 14.8% a year ago. The bank's common equity Tier 1 ratio stood at 14.9% as of Dec. 31, 2016, against the target of 15%, compared to 14.1% at the end of 2015.

OP Corporate Bank reported consolidated 2016 pretax earnings of €504 million, down from €625 million in the year-ago period.

The lender expects group pretax earnings in 2017 to be about the same as in 2016, or lower.