OP Mortgage Bank reported operating profit of €4.0 million for the first nine months of 2026, down from €4.3 million a year earlier. The Finnish covered bond issuer said its financial standing remained stable during the period.
Key Takeaways
- Outstanding bonds totaled €13.55 billion at September 30, down from €14.8 billion at the end of 2025.
- A €1.25 billion fixed-rate covered bond matured in June 2026.
- The bank attributed a rise in its capital ratio to a change in operational risk calculation.
OP Mortgage Bank results and funding
The bank raises funding for OP Pohjola from money and capital markets. It said all funds received from its bonds had been passed to 41 OP cooperative banks through intermediary loans.
The June maturity involved a bond issued in November 2022 and €1.25 billion of related intermediary loans. Outstanding bonds at September 30 were lower than at December 31, 2025.
| Item | Details |
|---|---|
| EMTCB programme bonds | €6.0 billion outstanding at September 30, 2026 |
| EMTCB cover pool | €6.675 billion in loans serving as collateral |
| EMTCN programme bonds | €7.55 billion outstanding at September 30, 2026 |
| EMTCN cover pool | €8.236 billion in loans serving as collateral |
Cover pools and capital
At the end of September, both covered bond programmes had more loans serving as collateral than outstanding bonds. The bank said overcollateralisation in each pool exceeded the applicable legal minimum.
Its Common Equity Tier 1 ratio rose to 2,029.3% from 378.0% at the end of 2025. The bank said the increase resulted from a change in the calculation of operational risk. CET1 capital was €364.657 million at both dates, while total risk exposure fell to €17.969 million from €96.465 million.
Outlook for the issuer
OP Mortgage Bank expects its capital adequacy to remain strong and its risk exposure favourable, enabling new covered bond issuance. It said a full-year earnings estimate would be provided only for OP Pohjola, not separately for the bank.
Next milestone
The bank’s 2026 financial statements bulletin is scheduled for February 10, 2027.
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