OP Corporate Bank plc
Stock exchange release
14 January 2019 at 1.30 pm EET
Unchanged earnings outlook for OP Financial Group - weaker-than-expected earnings for OP Corporate Bank Group
OP Financial Group will keep its previous earnings outlook and expects its earnings before tax for 2018 to be at about the same level as those for 2017. As one of OP Financial Group's two issuers of notes and bonds, OP Corporate Bank plc has specified its earnings outlook further. It expects its consolidated earnings for 2018 to be markedly lower than expected due to the markedly lower-than-expected performance of the investment income of its subsidiary OP Insurance Ltd, in particular.
In its interim report of 31 October 2018, OP Corporate Bank plc expected its 2018 consolidated earnings before tax to be at about the same level as in 2017. Based on the current estimate, OP Corporate Bank Group's consolidated earnings for 2018 are expected to be markedly lower than those for 2017.
OP Financial Group and OP Corporate Bank will publish their 2018 financial statements bulletin at 9.00 am on Tuesday5 February 2019.
OP Corporate Bank plc
Chief Communications Officer
Further information and requests for interviews:
OP Communications, tel. +358 50 523 9904, email@example.com
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OP Financial Group is Finland's largest financial services group whose mission is to create sustainable prosperity, security and wellbeing for its owner-customers and in its operating region by means of its strong capital base and efficiency. OP Financial Group consists of 156 OP cooperative banks, its central cooperative OP Cooperative, and the latter's subsidiaries and affiliates. The Group has a staff of 12,000 and 1.9 million owner-customers.
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's central bank.
This announcement is distributed by West Corporation on behalf of West Corporation clients.
The issuer of this announcement warrants that they are solely responsible for the content, accuracy and originality of the information contained therein.
Source: OP Yrityspankki Oyj via Globenewswire