OP Corporate Bank plc

Interim Report 1 January-30 September 2024

Stock Exchange Release 31 October 2024 at 9.00 EET

OP Corporate Bank plc's Interim Report 1 January-30 September 2024

OP Corporate Bank plc's operating profit rose to EUR 336 million (259).Net interest income increased by 11% to EUR 466 million (421). Investment income fell by 57% to EUR 23 million (53). Net commissions and fees totalled EUR 53 million (52).Impairment loss on receivables decreased to EUR 15 million (63).Total operating expenses decreased by 5% to EUR 217 million (229). The cost/income ratio improved to 38% (42).Year on year, the loan portfolio decreased by 1.8% to EUR 27.5 billion (28.0). The deposit portfolio increased by 31.9% to EUR 16.2 billion (12.3).The Corporate Banking and Capital Markets segment's operating profit increased to EUR 216 million (150). Net interest income increased by 23% to EUR 287 million (233). Investment income fell by 54% to EUR 19 million (42). Operating expenses decreased by 10% to EUR 88 million (97). Impairment loss on receivables totalled EUR 9 million (32).The Asset and Sales Finance Services and Payment Transfers segment's operating profit increased to EUR 123 million (100). Net interest income increased by 3% to EUR 162 million (157). Net commissions and fees totalled EUR 44 million (47). Operating expenses remained at the previous year's level at EUR 88 million (88). Impairment loss on receivables totalled EUR 9 million (27).The Baltics segment's operating profit rose to EUR 31 million (27). Net interest income decreased to EUR 44 million (50). Net commissions and fees totalled EUR 8 million (7). Operating expenses decreased by 7% to EUR 24 million (26). Impairment loss on receivables reversed came to EUR 3 million. A year ago, impairment loss on receivables totalled EUR 4 million.The Group Functions segment's operating loss was EUR -35 million. A year ago, the operating loss amounted to EUR -18 million. Financial position and liquidity remained strong.OP Corporate Bank plc's CET1 ratio rose 14.0% (13.0), which exceeds the minimum regulatory requirement by 5.3 percentage points.

OP Corporate Bank plc's key indicators

Operating profit (loss), € million Q1-3/2024 Q1-3/2023 Change, % Q1-4/2023 Corporate Banking and Capital Markets 216 150 43.9 198 Asset and Sales Finance Services and Payment Transfers 123 100 23.4 126 Baltics 31 27 15.7 27 Group Functions -35 -18 - -22 Total 336 259 29.5 329 Total income 568 551 3.1 738 Total expenses -217 -229 -5.2 -313 Cost/income ratio, % 38.2 41.5 -3.4* 42.4 Return on equity (ROE), % 7.6 6.2 1.4* 5.9 Return on assets (ROA), %** 0.46 0.32 0.15* 0.30   30 Sep 2024 30 Sep 2023 Change, % 31 Dec 2023 CET1 ratio, % 14.0 13.0 1.1* 13.0 Loan portfolio, € million 27,536 28,040 -1.8 28,076 Guarantee portfolio, € million 2,727 2,865 -5.3 3,184 Other exposures, € million 5,398 6,103 -11.6 5,745 Deposits, € million 16,229 12,301 31.9 14,629 Ratio of non-performing exposures to exposures, % 2.0 2.0 0.02* 2.2 Ratio of impairment loss on receivables to loan and guarantee portfolio, % 0.07 0.27 -0.20* 0.31 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.

*Change in ratio, percentage point(s).

**The presentation of interest receivables and liabilities related to derivative contracts was changed in the second quarter of 2024. Comparative information has been adjusted accordingly. For more detailed information on the change, see Note 1 to the Half-year Financial Report 1 January-30 June 2024, Accounting policies and changes in accounting policies and presentation.

Outlook for 2024

The Finnish economy was sluggish in the first half. GDP contracted over the previous year and unemployment increased. Forecast data suggests that the Finnish economy began to grow in the third quarter of 2024. Falling inflation and falling interest rates provide the basis for the recovery to continue. Risks associated with the economic outlook are still higher than usual. 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 in its interim and half-year financial reports.

The key uncertainties affecting OP Corporate Bank's earnings performance in late 2024 relate to developments in the business environment, changes in the interest rate and investment environment, and 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.

Time of publication of 2024 reports:

OP Corporate Bank's Report by the Board of Directors and Financial Statements for 2024 Week 11, 2025 OP Corporate Bank's Corporate Governance Statement 2024 Week 11, 2025 Schedule for Financial Statements Bulletin 2024 and Interim Reports and Half-year Financial Report in 2025:

Financial Statements Bulletin 1 January-31 December 2024 6 February 2025 Interim Report 1 January-31 March 2025 7 May 2025 Half-year Financial Report 1 January-30 June 2025 30 July 2025 Interim Report 1 January-30 September 2025 28 October 2025 Helsinki, 31 October 2024

OP Corporate Bank plc

Board of Directors

Additional information:

Katja Keitaanniemi, CEO, tel. +358 (0)10 252 1387

Piia Kumpulainen, CCO, tel. +358 (0)10 252 7317

DISTRIBUTION

Nasdaq Helsinki Oy

Euronext Dublin (Irish Stock Exchange)

LSE London Stock Exchange

Major media

op.fi

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.