Revenues before tax at Finland's Pohjola Group stood at €384m in the first three quarters of 2014 while revenue was €131m, according to the bank's quarterly report.
According to the bank results, asset management revenue were up by 8% compared to the same period last year, and stood at €20m (€18m) at the end of Q3 2014 with assets under management (AUM) increasing by 9% to €41.5bn.
The bank's AUM are broken down by segment including institutional clients which represented €24bn of the total assets, OP-funds which accounted for €13bn and private clients which represented €5bn of the total figure.
Structured products represented 38% of the total AUM which is up by 1% compared to 2013. The report said that the increase in AUM was due to good development in the private client's assets and the positive development of market value. Pohjola Pankki, a subsidiary of the group, offers structured notes and deposits to Finnish retail and private clients and has a market share of 16%, just behind Nordea, the top provider of structured products in Finland.
SRP data
According to SRP data, Pohjola Pankki has marketed 20 products worth of €172.708m, during the first three quarters of 2014 of which 40% were fully capital-protected, 25% had partial capital protection of over 90%, and 35% had no capital protection at all.
From an asset class perspective, 80% of the structures (€101m) were linked to equity assets, 15% (€47m) were credit-linked structures and the remaining 5% (€24m) were hybrid structures linked to combination of assets.
SRP data also shows that Pohjola Pankki is behind the best-selling product in Finland year to date. The Pohjola Yrityskorko Metsä I/2014, a six-year note linked to three Finnish forest companies, sold €38.86m and it was offered to retail banking clients. The best-selling private banking product was a seven-year note Pohjola CLN Maailma 6/2014 which sold €24m and it is the third best-selling product of the year.
ECB assessment
In the recent European Central Bank (ECB) report which unveiled the results of its comprehensive assessment of the assets of the 130 most significant Eurozone banking groups, OP-Pohjola Group had a 12% core tier one capital ratio in the worst scenario when the minimum target level was 5.5%.
Click here to read the report for January to June 2014 (in Finnish).
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