April 24, 2018 / 7:13 AM / in 3 months

Finland's largest lender OP cuts profit outlook

HELSINKI, April 24 (Reuters) - Finland’s largest bank, cooperative OP Financial Group, cut its profit outlook on Tuesday, citing weak investment income and high development costs.

OP, which had a market share of 39 percent of Finnish mortgages in 2016, said its earnings before tax would fall this year, compared to an earlier forecast of flat or falling profits.

“The earnings outlook is weakened especially by weaker developments in investment income and a higher-than-expected increase in costs caused by development,” OP said in a statement.

In 2017, the bank generated a pretax profit of 1.1 billion euros. (Reporting by Jussi Rosendahl, editing by Terje Solsvik)

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