OP Mortgage Bank: Interim Report 1 January–31 March 2025

Financial Standing - OP Mortgage Bank (OP MB) reported intermediary loans and bonds issued totaling EUR 14,800 million at the end of March 2025 [2][3] - The operating profit for the period was EUR 1.7 million, a decrease from EUR 2.3 million in the previous year [4] Capital Adequacy - OP MB's Common Equity Tier 1 (CET1) ratio decreased to 372.0% from 797.0% due to an increase in total risk exposure amount following regulatory changes [8][11] - The total risk exposure amount increased significantly to EUR 98,034 thousand from EUR 45,755 thousand [10][11] Collateralisation of Bonds - The cover pool for the Euro Medium Term Covered Bond (Premium) programme included EUR 6,882 million in loans as collateral, with overcollateralisation exceeding the minimum requirement [6] - The Euro Medium Term Covered Note programme had a cover pool of EUR 9,468 million, also exceeding the minimum requirement [7] Risk Profile - OP MB has a strong capital base and risk-bearing capacity, with key credit risk indicators showing stable credit risk exposure [28] - The liquidity coverage ratio (LCR) for OP Financial Group was reported at 202%, indicating strong liquidity management [29] Outlook - The global economic outlook is weakening, with the Finnish economy expected to grow less than previously anticipated, leading to increased uncertainty [32] - OP MB's capital adequacy is expected to remain strong, allowing for future issuance of covered bonds [33]