The OP Pohjola covered-bond issuer reported stable financial standing, EUR 13.55 billion of bonds outstanding and a sharply higher CET1 ratio after a change in operational-risk calculations.
OP Mortgage Bank plc reported operating profit of EUR 2.5 million for January-June 2026, down from EUR 2.9 million a year earlier, while saying its financial standing remained stable throughout the reporting period. Bonds issued by the covered-bond issuer totalled EUR 13.55 billion at the end of June, down from EUR 14.8 billion at the end of 2025, after a EUR 1.25 billion fixed-rate covered bond issued in November 2022 matured in June together with related intermediary loans to OP cooperative banks. The bank said all funds raised from its bonds had been intermediated in full to 47 OP cooperative banks as intermediary loans. Covered bonds issued after 8 July 2022 are issued under its EUR 25 billion Euro Medium Term Covered Bond (Premium) programme, under which outstanding bonds stood at EUR 6.0 billion at end-June and the cover pool totalled EUR 6.681 billion. Covered bonds issued under the older EUR 20 billion Euro Medium Term Covered Note programme totalled EUR 7.55 billion, backed by a EUR 8.235 billion cover pool. In both cases, overcollateralisation exceeded the statutory minimum. The Common Equity Tier 1 ratio rose to 2,004.7% from 378.0% at the end of 2025 because of a change in the calculation of operational risk. OP Mortgage Bank said it fully covers its capital requirements with CET1 capital and clearly exceeds its Minimum Requirement for Own Funds and Eligible Liabilities, with an MREL ratio of 2,005% and an MREL buffer of EUR 361 million. The company, whose name change to OP Asuntoluottopankki Oyj took effect on 8 June 2026, said capital adequacy is expected to remain strong and risk exposure favourable, enabling new covered-bond issuance.