In 2014, OP Financial Group was far and away the largest corporate taxpayer in Finland, the amount totalling 330 million euros.
OP Financial Group's earnings before tax in 2014 increased from 701 million euros for 2014 to 915 million euros. At the same time, the corporate tax paid by Group companies rose from 120 million euros to 330 million euros year on year.
- Despite the weak economic growth in Finland, OP Financial Group has posted strong growth. We have won market shares on a wide front and our financial performance has been good. We are strongly committed to the Putting Finland on a new growth path theme. As part of our social role, we can be proud that we are Finland's largest taxpayer, comments Reijo Karhinen, President and Group Executive Chairman.
OP Financial Group comprises some 180 member cooperative banks and the Group's central cooperative with its subsidiaries and affiliates. In addition to the Group's improved earnings, the higher amount of corporate tax paid is explained especially by capital gains tax paid by member cooperative banks on the sale of Pohjola Bank plc shares.
In Finland, the total corporate tax revenues fell last year due, for example, to a lower corporate tax rate. Corporate tax revenues are distributed to the state, municipalities and parishes.
For more information / any requests for interviews, please contact:
Harri Luhtala, CFO, harri.luhtala@op.fi, tel. 010 2522 433
OP's Communications service coordinates requests for interviews, tel. 050 523 9904, on weekdays 7.00 am-7.30 pm.
OP Financial Group is Finland's leading financial services group providing a unique range of banking, wealth management and insurance services. OP Financial Group's mission is to promote the sustainable prosperity, security and wellbeing of its owner-customers, customers and operating regions through its local presence. Its objective is to offer the best and most versatile package of loyal customer benefits on the market. OP Financial Group consists of about 180 member cooperative banks, its central cooperative OP Cooperative, and the latter's subsidiaries and affiliates. The Group has a staff of 12,000 and 4.3 million customers.
As laid down in the applicable law, the member credit institutions and OP Cooperative are ultimately jointly and severally liable for each other's debts and commitments. Joint and several liability within OP Financial Group is based on the Laki talletuspankkien yhteenliittymästä Act (Act on the amalgamation of deposit banks). Pohjola Bank plc and OP Mortgage Bank are responsible for OP's funding on money and capital markets