Outlook

(Published on 12 February 2025)

The outlook is based on the following assumptions (updated 6 November 2025):

• Due to the lower interest rate level, the net interest income is expected to be lower than in 2024.​
• The net commission income is expected to be approximately on the same level as in 2024. However, market uncertainty may have a negative impact on the net commission income.
• Life insurance operations are expected to develop steadily, but uncertainty regarding changes in market values and their impact on earnings has increased.
• Operating expenses are expected to increase slightly, given the continued investments in IT and the development of the general cost level.
• Credit losses are expected to remain at a moderate level. However, the uncertainty in the Finnish real estate sector in general, and one individual case in particular, is affecting the development of impairments and expected credit losses, resulting in higher ECL.