Okobank Osuuspank.

Interim Results

OKOBANK OSUUSPANKKIEN KESKUSPANKKI OYJ
18 August 1999


          OKOBANK INTERIM REPORT JANUARY 1 - JUNE 30, 1999

-  Consolidated net operating profit EUR 65 million (EUR 43 million), up 49 
   per cent 
-  Claims on the public EUR 4 158 million (EUR 3 495 million), up 19 per cent
-  Capital adequacy ratio 16.0 per cent (20.0 per cent) 
-  Return on equity (ROE) 19.0 per cent (11.8 per cent) 
-  Earnings per share (EPS) EUR 1.00 (EUR 0.70)

OKOBANK Consolidated's operations grew profitably in the January-June period,
generating net operating profit of EUR 65 million. This figure was markedly
higher than in the first half of 1998, when it was somewhat more than EUR 43
million.

Demand for credits remained brisk. OKOBANK Consolidated's credits to the public
grew by nearly 11 per cent in the January-June period and were up 19 per cent on
the figure at June 30, 1998. The narrowing of margins on new loans nevertheless
burdened net income from financial operations. The amount of assets under
management grew by EUR 461 million since the end of 1998, an increase of nearly
a quarter. Net income from transactions in shares and participations showed an
increase on the corresponding period a year earlier. In addition, net operating
profit included a non-recurring capital gain in the first part of the year of
nearly EUR 17 million on the sale of Radiolinja Oy shares. Net income from
trading in debt securities, however, fell markedly short of the previous year's
figure. Capital gains on the sale of real-estate were likewise smaller than in
January-June of last year.

At the beginning of the year OKOBANK and Okopankki Oyj repaid the remainder of
their share of liabilities to the OKOBANK Group Security Fund, whereby
withdrawal from the Security Fund entered into force. Withdrawal from the Fund
reduced OKOBANK Consolidated's operating expenses by EUR 13.5 million because
during the current year contributions will no longer be paid to the Fund.

Net operating profit EUR 65 million

OKOBANK Consolidated's net operating profit for the January-June period was EUR
64.7 million, an increase of EUR 21 million on the first half of 1998.
First-quarter net operating profit was EUR 43.6 million, which included an EUR
16.6 million capital gain on the sale of Radiolinja Oy shares. Net operating
profit in the second quarter was EUR 21.1 million. It was weakened in particular
by write-downs of EUR 4.2 million on debt securities.

The income/expenses ratio in January-June was 1.96, as against 1.54 in the first
half of 1998. Earnings per share (EPS) rose from EUR 0.70 in the corresponding
period a year ago to EUR 1.00 and the annualised return on equity (ROE) rose
from 11.8 per cent to 19 per cent. The Executive Board has confirmed a long-term
target for return on equity of 14 per cent and the goal for the income/expenses
ratio is 1.8.


OKOBANK Consolidated quarterly performance

Million euros                                  1998                  1999
                                     1-3   4-6   7-9   10-12      1-3   4-6

Net income from financial
  operations                          26    28    28      31       26    28
Commission income                     14    15    13      18       13    15
Net income from securities
  transactions and foreign
  exchange dealing                     6     4     1       1        6     1
Other operating income                10    12     8       7       25     9
Total income                          56    60    50      56       71    52
Commission expenses                    3     4     3       5        3     3
Administrative expenses               16    18    16      21       18    20
Depreciation and write-downs on                                             
  tangible and intangible assets       3     3     3       4        3     3
Other operating expenses              15    12    12      13        6     6
Total expenses                        38    37    35      43       30    33
Profit before loan losses             18    22    15      13       41    19
Loan and guarantee losses              0    -1    -1      -1       -2     0
Write-downs on securities held
  as financial fixed assets            0     0     0      -1        0    -1
Share of profit/loss of companies
  included using the equity method     1     1    -3       3        1     1
Net operating profit                  19    25    13      18       44    21


OKOBANK Consolidated's net income from financial operations was EUR 54 million,
on a par with the figure a year earlier. Net income from financial operations
was improved by the growth in lending, but narrower margins in new credits to
both retail customers and companies coupled with the decrease in income from
central bank operations cut into net income from financial operations.

OKOBANK Consolidated generated EUR 1 million less commission income than in the
first half of 1998. Commission income on payment transfers increased, but
commission income on lending, guarantees and securities transactions declined on
the figure a year ago.

Net income from securities transactions totalled EUR 4.8 million, or EUR 2.3
million less than a year earlier. Net income from transactions in shares and
participations amounted to EUR 6.3 million, an increase of EUR 0.6 million on
the same period in 1998. Net income on debt securities and interest rate
derivatives, however, was EUR 1.5 million in the red. A year earlier these
instruments yielded income of EUR 1.4 million. The losses were due to
write-downs on debt securities when interest rates rose substantially in May and
June.

From the beginning of 1999, actively traded securities that are included in
current assets have been booked at market value, whereby both the positive and
negative changes in value have been entered in net income from securities
transactions. According to the previous practice only negative changes in value
were recorded. The change in accounting policy improved net income from
securities transactions by about EUR 1.5 million compared with the previous
year.

Net income from foreign exchange dealing amounted to EUR 2.3 million. Primarily
due to the changeover to the euro, this item was, as expected, about a third
smaller than during the corresponding period a year ago.

Other operating income totalled EUR 30.5 million, an increase of EUR 11 million
on the previous year. A non-recurring capital gain of EUR 16.6 million was
booked on the sale of Radiolinja Oy shares. During the same period a year ago
non-recurring capital gains of about EUR 3 million on the sale of shares were
included in the result. Capital gains on the sale of real-estate and shares in
properties amounted to EUR 0.8 million, as against more than EUR 3 million a
year earlier. The net yield on capital invested in real estate not in own use
was 5.6 per cent at the end of June, or 0.4 percentage point higher than at the
end of 1998. The vacancy rate of the properties was 10 per cent at the end of
June.

Administrative expenses increased by EUR 4.5 million on the previous year. Staff
costs were up more than 3 per cent, accounting for about half of the total of
EUR 38.2 million of administrative expenses. OKOBANK Consolidated had an average
payroll in January-June of 969 people, or 5 employees less than in the
corresponding period in the previous year. Within other administrative expenses,
data processing and communications expenses grew by EUR 1.2 million. The
increase was due, among other things, to modifications to information systems in
connection with the euro and the transition to the Year 2000.

Other operating expenses declined by EUR 15.4 million, down 56 per cent on the
previous year. The first half of 1998 included an EUR 13.5 million contribution
to the OKOBANK Group Security Fund. In the current year there will no longer be
any contributions. Property maintenance expenses diminished by EUR 0.7 million,
or 9 per cent, on the same period a year ago.

The net amount of loan and guarantee losses as well as write-downs was a credit
to income of EUR 2.2 million in January-June. A year ago they added EUR 0.8
million to earnings.

Extraordinary expenses include a share, periodised for January-June, of the EUR
57 million final payment made to the OKOBANK Group Security Fund at the
beginning of the year in settlement of OKOBANK Consolidated's liabilities.

Total assets EUR 9.4 billion

Consolidated total assets at the end of June stood at EUR 9.4 billion, an
increase of EUR 0.5 billion compared with the end of 1998 and at the same level
as a year earlier.

Lending and investments

Demand for credits remained brisk in January-June. OKOBANK Consolidated's claims
on the public and public sector entities amounted to nearly EUR 4.2 billion at
the end of June. They increased by EUR 0.4 billion from the turn of the year, or
10.7 per cent, and by slightly less than EUR 0.7 billion from the end of June
1998, an increase of 19 per cent. The share of credits to the public in OKOBANK
Consolidated's balance sheet rose from 37 per cent at the end of June 1998 to 44
per cent. The amount of non-performing and zero-interest claims at the end of
June was EUR 20 million, a decrease of EUR 57 million since the turn of the
year, when the EUR 57 million of non-interest bearing credits granted by OKOBANK
and Okopankki to the OKOBANK Group Security Fund were included in zero-interest
claims. From the end of June 1998 the amount of non-performing and zero-interest
claims diminished by EUR 4.2 million.

Claims on credit institutions and central banks were EUR 2.2 billion, of which
credits and capital investments granted to the Group member cooperative banks
accounted for more than 42 per cent. Other claims on credit institutions
consisted mainly of current deposits with banks.

Debt securities accounted for more than a fifth of OKOBANK Consolidated's total
assets at the end of June. They amounted to more than EUR 2 billion, or roughly
the same figure as at the turn of the year and EUR 161 million higher than a
year earlier. The amount of marketable debt securities declined somewhat and was
EUR 1.5 billion at the end of June. However, debt securities held as long-term
investments have been increased in amount. At the end of June they totalled EUR
556 million, an increase of EUR 40 million since the end of 1998 and EUR 228
million greater than a year ago.

The book value of real-estate holdings was EUR 245 million at the end of June,
down by EUR 11 million since the turn of the year, due mainly to the sale by
OKOBANK in May of the shares outstanding in its subsidiary Vicarius Fastigheter
AB, which owned properties in Sweden, to a Swedish real-estate investment
company. The deal had a minor positive impact on earnings.

Deposits and other liabilities

The structure of OKOBANK Consolidated's funding did not change significantly in
the first half of the year. Deposits from the public amounted to EUR 1.3 billion
at the end of June, up slightly less than 4 per cent on the turn of the year.
Deposits from the public accounted for more than 14 per cent of OKOBANK
Consolidated's borrowed capital requirement.

The growth in lending was funded mainly on the money and capital markets.
Certificate of deposit liabilities were increased by EUR 348 million in the
first part of the year and they totalled more than EUR 2.4 billion. Liabilities
to Finnish and foreign banks amounted to EUR 2.8 billion, on a par with the end
of 1998. In addition, at the end of June OKOBANK had EUR 74 million of
short-term liabilities to the Bank of Finland. In June OKOBANK issued an EUR
45.3 million debenture loan which can be included in lower Tier II own funds in
calculating capital adequacy.

Off-balance sheet items

The amount of guarantees and other off-balance sheet commitments was slightly
less than EUR 1.9 billion at the end of June, or EUR 141 million greater than at
the turn of the year. The amount of guarantees was EUR 119 million smaller than
at the end of 1998. The amount of guarantee commitments, however, grew by EUR
114 million. The greatest increase came in unused credit facilities, which
increased by EUR 135 million to EUR 893 million.

Following the changeover to the euro, trading in derivative contracts has
changed both in terms of its product spectrum and the currencies involved.
Furthermore, there has been a shift in trading away from the OTC market to stock
exchanges. Trading on the stock exchanges has reduced the amount of the
underlying assets of contracts and the credit risk inherent in the contracts.
The value of the underlying assets of derivative contracts was EUR 14.9 billion,
or more than 50 per cent less than at the end of 1998. The amount of forward
rate agreements at the end of June was EUR 5.9 billion, or EUR 13.8 billion less
than at the end of 1998. The biggest decrease occurred in FIM-denominated
forward rate agreements. A significant decrease also occurred in the need to use
currency forward agreements in the management of liquidity. Currency forward
agreements amounted to EUR 2.1 billion, a decrease of EUR 3.7 billion since the
turn of the year. The credit countervalue of derivative contracts was EUR 278
million, or EUR 30 million less than at the turn of the year.

Capital adequacy 16 per cent

OKOBANK Consolidated's capital adequacy ratio at the end of June was 16.0 per
cent, or nearly the same as at the turn of the year. The capital adequacy ratio
was weakened by the EUR 422 million growth in risk-weighted items since the end
of 1998. The profit for the report period, EUR 26 million, has been included in
Tier I own funds. Inclusion of the profit in own funds improved the capital
adequacy ratio by 0.9 percentage point.

Million euros                         June 30,    June 30,    Dec. 31,
                                        1999        1998        1998
Own funds
 Tier I                                  465         493         435
 Tier II                                 465         493         435
 Deductions                              -36         -45         -36
 Tier III                                 11          12          13
Total                                    904         953         847

Risk-weighted receivables,
  investments and off-balance
  sheet items                          5 647       4 769       5 225

Capital adequacy ratio, %               16.0        20.0        16.2

Tier I funds/Risk-weighted items,
  total, %                               8.2        10.3         8.3



Performance of the business areas

Corporate banking

Corporate banking, including lending by OKOBANK, OP-Finance Ltd and OKO Mortgage
Bank plc, grew strongly. Total credits granted to companies and institutions,
including leased assets, amounted to EUR 3.25 billion at the end of June. The
credit portfolio grew by EUR 330 million from the end of 1998, up 11 per cent,
and by more than EUR 0.5 billion, or nearly 20 per cent, since the end of June
1998.

In May, Helsinki Telephone Corporation chose OKOBANK as the lead manager for its
domestic bond programme and for the serial bond issue that was floated on the
basis of it. The maximum amount of the bond programme is EUR 335 million and the
debt certificates to be issued within it will be directed mainly at Finnish
institutional investors. OKOBANK was also a manager for Rautaruukki Oyj's EUR
150 million serial bond issue. Jointly with its European partners in
co-operation - the Unico banks - OKOBANK carried out three bond issues in an
aggregate amount of EUR 2.5 billion in Europe.

At the beginning of 1999 OKOBANK began to offer its corporate customers the
Europe-wide UniCash service that it has developed together with other Unico
banks. By means of UniCash a company can consolidate its euro-denominated cash
flows into its account automatically without losing value days and furthermore
top up, also automatically, the balances in its accounts with these foreign
banks.

Retail banking

OKOBANK Consolidated's retail banking operations are handled by Okopankki Oyj.
Okopankki's lending developed favourably in the first half of the year. In
January-June new credits granted were up more than 50 per cent on the previous
year. The loan portfolio at the end of June totalled nearly EUR 1.1 billion, up
10 per cent on the turn of the year and more than 18 per cent on the figure at
the end of June 1998. In the January-June period the growth in the loan
portfolio exceeded the Finnish banks' average growth in total loans by a clear
margin.

Total deposits grew by more than the average for Finnish banks. At the end of
June deposits totalled EUR 1 044 million, an increase of 7 per cent since the
end of 1998 and up more than 11 per cent on the figure a year ago.

In early March the OKOBANK Group introduced its Platinum customer bonus system
that awards customers bonus points on the basis of their volume of loans and
deposits as well as their use of investment services. The underlying idea behind
Platinum is to reward customers for handling all their banking requirements at
Okopankki. By the end of June the cumulative value of customer bonuses was EUR
0.35 million.

Investment banking

Investment banking within OKOBANK Consolidated is the province of Opstock Ltd.
The amount of client assets under management by Opstock Asset Management
totalled EUR 2.5 billion at the end of June, an increase of more than 22 per
cent since the end of 1998. Two-thirds of the increase came from the growth
in the capital of the seven mutual funds and two Opstock index funds run by
Opstock Asset Management. The mutual funds have yielded a good return during the
past twelve months.

The volume of equities brokerage by Opstock Securities on Helsinki Exchanges
more than doubled from the January-June period a year ago and was EUR 3.3
billion. Its market share of equities brokerage rose to 4 per cent in the first
half of the year. In January-June last year the market share was 3.2 per cent.

Opstock Corporate Finance participated in managing the share issue of Deutsche
Telekom AG. This was the first share issue in the entire euro area that was
directed at the retail market. The share issue raised a total of about EUR 11
billion of new capital. In Finland Opstock Corporate Finance acted as the lead
manager for the share offerings and listings of Marimekko Oyj and
Keskisuomalainen Oyj.

Operations as a central bank

OKOBANK's credits to the member banks of the OKOBANK Group and the trend in
the deposits which the member banks made with OKOBANK was as follows:

Million euros                          Stock     12-month
                                      June 30,    change
                                        1999
Credits to the member cooperative
 banks                                   740        24
Capital investments and perpetual
 bonds                                   238       -19
Total                                    977         5
Deposits by the member cooperative
 banks                                 2 273       -85

The amount of credits granted by OKOBANK to the member banks did not change
significantly from the end of June last year, nor did the amount of capital
investments or perpetual bonds subscribed by OKOBANK. The amount of deposits
which the member banks made with OKOBANK, however, decreased by EUR 85 million.
Deposits as at the end of June of the current year included the member banks'
EUR 272 million of minimum legal reserve deposits which OKOBANK has handled for
the member banks on a centralised basis since the end of 1998. On the other
hand, deposits at the end of June 1998 still included about EUR 190 million of
deposits of the cooperative banks that remained outside the OKOBANK Group.
Accordingly, in comparative terms the amount of deposits diminished by more than
EUR 0.2 billion.

Personnel incentive scheme

During the second quarter OKOBANK Consolidated carried out arrangements aiming
to motivate the personnel for good long-term job performance with the objective
of increasing the Bank's shareholder value.

An extraordinary meeting of OKOBANK's shareholders held on June 30, 1999,
resolved, in accordance with a proposal by the Executive Board, that a share
option-based incentive system for the entire personnel would be introduced
within OKOBANK and the OKOBANK Group Central Cooperative. An issue of bonds with
warrants will be offered for subscription to the personnel of OKOBANK
Consolidated, the OKOBANK Group Central Cooperative and its other subsidiaries,
the OKOBANK Group Mutual Insurance Company, the OKOBANK Group Pension Fund and
the OKOBANK Group Research Foundation as well as to OKOBANK's wholly-owned
subsidiary OP-Sijoitus Oy.

The bonds with warrants are EUR 460 000 in total amount and the issue can be
subscribed from September 6-17, 1999. The non-interest bearing loan will be
repaid on October 15, 2002. The warrants attached to the bonds will entitle
their holders to subscribe for a total maximum of 4 600 000 OKOBANK Series A
shares. The subscription price of each share is EUR 10.99, or the share
turnover-weighted average price of the OKOBANK Series A share in trading on
Helsinki Exchanges in May 1999 plus 27 per cent. The subscription price of the
share will be lowered, on each record date for a dividend payout, by the amount
of dividends to be distributed after the period for determining the subscription
price and prior to the share subscription. The period for subscribing for the
shares will begin stepwise on October 1, 2002, and October 1, 2004. The share
subscription period will end for all the warrants on October 30, 2006.

In May, OKOBANK's subsidiary Opstock Ltd, which is engaged in investment banking
operations, carried out an arrangement enabling the personnel to obtain shares
in Opstock. By the end of June the personnel owned slightly less than 13 per
cent of Opstock's shares outstanding.

Year 2000

OKOBANK Consolidated's preparations for the Year 2000 progressed according to
plans. In the January-June period the last modifications were made to the
information systems, including replacements of software versions. The main
emphasis was on testing the modifications made to the systems and the system as
a whole in a separate Year 2000 test environment. Within OKOBANK Consolidated
the tests were seen to completion nearly in their entirety by the end of June.
Beginning in the early autumn OKOBANK Consolidated will participate in joint
testing across the entire OKOBANK Group. In addition, joint tests will be
continued together with other banks and partners in co-operation in accordance
with agreed timetables. By the end of June of the current year preparations for
the Year 2000 have cost about EUR 0.5 million for work on systems alone.

The parent bank OKOBANK

OKOBANK's net operating profit in the January-June period was EUR 61 million.
During the corresponding period of last year it was EUR 39 million. The net
operating profit figure includes EUR 20 million of dividends received from
subsidiaries and associated companies as well as avoir fiscal tax credits, or
about EUR 3 million more than a year earlier. Net income form financial
operations was more than EUR 25 million, down EUR 1.5 million on the previous
year. Total income was EUR 93 million, an increase of EUR 8.2 million an the
corresponding period a year earlier. The biggest increase in income came from
the capital gain on the sale of Radiolinja Oy shares. Total expenses declined by
about EUR 12 million, of which EUR 10 million was due to the fact that
contributions were no longer paid to the OKOBANK Group Security Fund. The net
effect on earnings of loan and guarantee losses as well as write-downs was a
credit of EUR 2.5 million. The income/expenses ratio was 2.66.

OKOBANK's total assets at the end of June stood at EUR 7.9 billion, or EUR 0.5
billion greater than at the end of 1998. Claims on the public and public sector
entities grew by EUR 161 million from the beginning of the year, an increase of
10.7 per cent, and by EUR 246 million from the end of June 1998, up 17 per cent.
The amount of credits to the public was EUR 1 663 million at the end of June.
Non-performing and zero-interest claims totalled EUR 10.3 million, or EUR 44.5
million less than at the turn of the year, when zero-interest claims included an
EUR 43.2 million non-interest bearing loan to the OKOBANK Group Security Fund.
OKOBANK's capital adequacy ratio at the end of June was 19.4 per cent. The Bank
had a payroll of 334 employees.

Credit ratings

OKOBANK's credit ratings from international rating agencies have remained
unchanged.

Rating Agency             Short-term       Long-term
Standard & Poor's            A-2
Moody's                      P-1               A2
Fitch IBCA                    F1               A

OKOBANK's share capital and authorisations 
granted to the Supervisory Board

OKOBANK's share capital increased from EUR 188.9 million to EUR 196.4 million in
the first part of the year. The increase was due to the subscriptions for
OKOBANK Series A shares made in the latter part of 1998 on the basis of the
issue of bonds with warrants targeted at the Government security Fund in
connection with the purchase of Savings Bank of Finland Ltd. Following exercise
of the warrants, 892 500 shares were registered in the first part of 1999.

The Annual General Meeting of OKOBANK on March 24, 1999, approved the Executive
Board's proposal that the Supervisory Board be authorised to increase the share
capital, that the number of shares be increased without changing the share
capital (stock split) and that the Bank's Articles of Association be amended.
The main points of the approved proposal, which were entered in the Trade
Register in April, are the following:

The number of the Bank's shares outstanding was doubled, without changing the
share capital, by halving the accounting countervalue of the share and splitting
each share into two new shares of the corresponding share series.

The Bank's minimum share capital is 185 million euros and the maximum share
capital is 740 million euros, within which limits the share capital can be
increased or decreased without amending the Articles of Association.

The Series C shares, for which stipulations were included in the Articles of
Association as a special condition required in connection with the Government's
capital investment in 1992, was deleted from the Articles of Association.
OKOBANK repaid the Government's capital investment in 1997 and the Bank does not
have Series C shares outstanding.

In addition, a proposal concerning adding a share conversion clause to the
Articles of Association was approved. According to the clause, a Series K share
can be converted, at the request of a shareholder, into a Series A share within
the framework of the minimum and maximum amounts of the share series as
specified by the Articles of Association.

Authorisation granted to the Supervisory Board: On March 24, 1999, the Annual
General Meeting authorised the Bank's Supervisory Board for a period of one year
from the Annual General Meeting to decide on increasing the share capital
through a rights issue, the granting of share options and/or the issuance of
convertible bonds. On the basis of the authorisations the share capital can be
increased by a maximum of 33 680 000 euros. The aggregate amount of the new
Series K shares that can be issued in the rights issue can be a maximum of 
8 000 000 shares and the aggregate amount of new Series A shares a maximum of 
8 000 000 shares. The authorisation pursuant to the above furthermore confers
the right to waive Series A shareholders' pre-emptive right to subscribe for new
shares, convertible bonds and share options. A divergence from shareholders'
subscription rights can only be made in the interest of ensuring the Bank's
capital adequacy or in connection with corporate or industry-wide structural
arrangements if the Bank has a weighty economic reason for doing so.

The Supervisory Board re-elects the present chairmen

At its organisation meeting held on March 24, 1999, the Supervisory Board, which
was elected by the Annual General Meeting of OKOBANK on the same day, re-elected
Seppo Penttinen as its chairman. Paavo Haapakoski was likewise re-elected vice
chairman.

Major subsidiaries

Okopankki Oyj posted net operating profit of EUR 10.5 million, up EUR 2 million
on the January-June period last year. The improvement in earnings was
attributable to the discontinuance of the contribution to the OKOBANK Group
Security Fund. In January-June of 1998, EUR 3.5 million of such contributions
was booked. Net income from financial operations amounted to EUR 20.1 million,
or EUR 0.6 million less than in the corresponding period a year earlier. The
narrowing of margins on lending cut into net income from financial operations.
Other income also fell short of the previous year's figure. In comparable terms,
expenses were more than 2 per cent greater than they were a year earlier. The
net amount of loan losses was EUR 0.3 million. The income/expenses ratio was
1.59.

Okopankki's total assets were EUR 1.4 billion, an increase of EUR 0.1 billion
since the turn of the year. Customers raised EUR 265 million of new credits in
January-June. The Bank's credit portfolio at the end of June was almost EUR 1.1
billion, or 10 per cent greater than it was at the end of 1998. From the end of
June last year, the credit portfolio grew by EUR 166 million, or by 18 per cent.
Deposits from the public increased by EUR 65 million in January-June and
totalled EUR 1 044 million at the end of June. The amount of non-performing and
zero-interest claims was EUR 5 million, a decrease of EUR 13 million since the
turn of the year, when zero-interest claims included an EUR 13.8 non-interest
bearing loan to the OKOBANK Group Security Fund. The capital adequacy ratio was
10.3 per cent. The Bank had a staff of 477 employees at the end of June.

Opstock Ltd reported net operating profit of more than EUR 2.7 million, a
decrease of EUR 0.2 million on the previous year. Total income was up EUR 2.3
million on the January-June period a year ago and expenses increased by EUR 2.4
million. The figures are not, however, comparable because the income and
expenses of the Corporate Finance operations which Opstock Ltd purchased from
OKOBANK in the summer 1999 are not included in the figures for January-June
1998.

Opstock Securities had a market share of 4.1 per cent in equities trading in
January-June. The amount of client assets under management by Opstock Asset
management totalled EUR 2.5 billion at the end of June, an increase of EUR 0.46
billion since the turn of the year. Opstock Ltd had a staff of 90 employees at
the end of June.

OP-Finance Ltd had net operating profit of EUR 5.6 million, up EUR 1.4 million
on January-June last year. The improvement in earnings came from net income from
financial operations, which increased by EUR 1.6 million, or about 22 per cent,
on the previous year. Total expenses grew by more than EUR 0.8 million. The net
effect of loan losses and reversals was a credit to earnings of nearly EUR 0.2
million. The income/expenses ratio in January-June was 1.88.

OP-Finance Ltd's total assets at the end of June were EUR 790 million, an
increase of EUR 0.1 billion since the end of 1998. Sales of new credits exceeded
targets and amounted to EUR 290 million in the January-June period. The credit
portfolio, inclusive of leased assets, was EUR 786 million, up 16.4 per cent on
the turn of the year and more than 30 per cent greater than at the end of June
1998. The amount of non-performing claims diminished by EUR 0.3 million since
the turn of the year and was EUR 1.7 million. The capital adequacy ratio was
11.1 per cent. OP-Finance Ltd had a payroll of 121 employees at the end of June.

OKO Mortgage Bank plc reported net operating profit of EUR 3.4 million, an
increase of EUR 0.2 million on the figure a year earlier.

Net income from financial operations was EUR 0.65 million less than in the
previous year. The decrease was due largely to the narrowing of margins on
lending. Total expenses declined by EUR 0.55 million. Net loan losses amounted
to EUR 32 690, whereas during the corresponding period a year ago EUR 0.4
million of loan losses was booked. OKO Mortgage Bank had an income/expenses
ratio of 3.43.

OKO Mortgage Bank's total assets at the end of June were EUR 842 million, an
increase of EUR 36 million since the turn of the year. EUR 142 million of new
credits was raised in January-June, up 85 per cent an the corresponding period a
year ago. The credit portfolio grew by EUR 58 million from the end of 1998 and
amounted to EUR 805 million. The amount of non-performing claims was EUR 2.8
million, or EUR 0.9 million greater than at the turn of the year. The capital
adequacy ratio was 20.2 per cent. OKO Mortgage Bank had a staff of 9 employees
at the end of June.

OKOBANK Consolidated's full-year outlook

OKOBANK Consolidated's net operating profit for the first half of the year was a
marked improvement on the same period last year. The net operating profit in the
first part of the year nevertheless included a significant non-recurring capital
gain. Second-quarter net operating profit was smaller than forecast.

OKOBANK Consolidated's net operating profit in the second half of the year is
estimated to fall short of the first-half net operating profit adjusted for the
non-recurring capital gain. The estimate is based on the more unstable outlook
in the interest rates than in the first part of the year and on the
unsatisfactory trend in net income from financial operations due to tight price
competition.

OKOBANK Consolidated's full-year net operating profit is nevertheless estimated
to improve substantially on last year.

Consolidated profit and loss account

Million euros                             1-6/99   1-6/98   Change,   1-12/98
                                                               %

Interest income                              174      209      -17      418
Net leasing income                             3        3       27        6
Interest expenses                            124      157      -21      311
Net income from financial operations          54       54       -1      113
Income from equity investments                 3        2       45        3
Commission income                             28       29       -4       60
Commission expenses                            6        7      -19       16
Net income from securities                                                  
  transactions                                 5        7      -32        5
Net income from foreign exchange                                            
  dealing                                      2        3      -34        7
Other operating income                        31       19       57       34
Staff costs                                   20       19        3       40
Other administrative expenses                 19       15       26       31
Depreciation and write-downs on                                             
  tangible and intangible assets               6        6       -4       14
Other operating expenses                      12       28      -56       53
Loan and guarantee losses                     -1      -1                 -3
Write-downs on securities held as
  financial fixed assets                      -1       0                 -1
Share of profit/loss of companies
  included in the consolidated
  accounts using the equity method             2       2         4        2
Net operating profit                          65      43        49       74
Extraordinary income                           -       6                 15
Extraordinary expenses                       -29       0               -104
Income taxes of extraordinary items            8      -2                 25
Profit/loss after extraordinary
  items                                       44      47        -6       10
Income taxes                                  18      13        42      -25
Share of profit/loss for the
  financial period attributable to
  minority interests                           0       -                  -
Profit for the financial period               26      34       -23      -15


Financial ratios                          1-6/99   1-6/98    1-12/98

Earnings per share, euros                   1.00     0.70       1.12
Equity per share, euros                    10.67    12.04      10.56
Return on equity, % (annualised)            19.0     11.8        9.7
Income to expenses ratio                    1.96     1.54       1.45
Staff on average                             969      974        974


In calculating financial ratios in the interim financial statement, taxes
constitute the taxes on the profits for the period under review.

Calculation of financial ratios

Earnings per share 
Net operating profit less the minority interest share of the profit for the
financial period less taxes divided by the share issue-adjusted average number
of shares during the financial period.

Equity per share 
Equity capital and voluntary provisions and the depreciation difference less
imputed taxes due and minority interest at the end of the financial period
divided by the share issue-adjusted number of shares at the end of the financial
period.

Return on equity 
The annualised net operating profit less taxes divided by the total amount of
the average equity capital, minority interests as well as voluntary provisions
and the depreciation difference less imputed taxes due at the beginning and end
of the period.

Income/expenses ratio 
The sum, shown in the profit and loss account, of net income from financial
operations, income from equity investments, commission income, net income from
securities transactions and foreign exchange dealing as well as other operating
income divided by the sum of commission expenses, administrative expenses,
depreciation and other operating expenses.

Consolidated balance sheet

Million euros                  June 30,   June 30,    Change,    Dec. 31,
                                 1999       1998         %        1998

Liquid assets                     155         14                   583
Debt securities eligible
 for refinancing with
 central banks                    613        610          0        512
Claims on credit
 institutions                   2 068      3 160        -35      1 694
Claims on the public and
 public sector entities         4 158      3 495         19      3 755
Leasing assets                    150        116         29        130
Debt securities                 1 428      1 270         12      1 492
Shares and participations          76         75          2         77
Participating interests            53         50          5         51
Shares and participations
 in consolidated companies          6          2                     5
Consolidated goodwill               0          1        -29          0
Other intangible assets            10         12        -14         12
Tangible assets                   264        281         -6        274
Other assets                      333        322          3        259
Accrued income and
 prepayments                      106         87         21         91
Total assets                    9 420      9 494         -1      8 936

Liabilities to credit
 institutions and central
 banks                          2 897      3 546        -18      2 807
Liabilities to the public
 and public sector entities     1 734      1 759         -1      1 909
Debt securities issued to
 the public                     2 939      2 179         35      2 657
Other liabilities                 589        695        -15        413
Accrued expenses and
 referred income                   86        100        -14         65
Compulsory provisions               1          2        -58          2
Subordinated liabilities          663        671         -1         79
Imputed taxes due                  10         12        -17         10
Minority interests                  1          -                     -
  Share capital                   196        186                   189
  Share issue account               0          -                     8
  Share premium account             0          0                     0
  Revaluation reserve              25         25                    25
  Other restricted
   reserves                       203        203                   203
  Non-restricted reserves          24         24                    24
  Profit brought forward           24         59                    59
  Profit/loss for the
   financial period                26         34                   -15
Equity capital, total             499        531         -6        493
Total liabilities               9 420      9 494         -1      8 936


Off-balance sheet commitments

Million euros                   June 30    June 30,    Change,    Dec. 31,
                                 1999       1998         %         1998
Commitments given to a
 third party on behalf of a
 customer
  Guarantees and pledges          929        912         2         934
Irrevocable commitments
 given in favour of a
 customer                         937        591        59         792
Total                           1 867      1 503        24       1 726


Assets pledged as collateral on own behalf and on behalf of third parties, plus
the liabilities and commitments for which the collateral has been pledged

Million euros                              June 30,   Dec. 31,
                                             1999       1998

Assets pledged as collateral for own
liabilities
  Pledges                                   1 066      1 225

Liabilities and commitments for which
the collateral has been pledged
  Liabilities to credit institutions
  and central banks                            28          0
  Liabilities to the public and
  public sector entities                       97          2
  Debt securities issued to the public         12         25
  Off-balance sheet commitments                 0          5

Collateral pledged on behalf of a
consolidated company
  Pledges                                       3          3

Collateral pledged on behalf of others
  Mortgages                                    10         10


Off-balance sheet commitments

Million euros                              June 30,   Dec. 31,
                                             1999       1998

Guarantees                                    501        620
Guarantee Commitments                         406        292
 of which on behalf of associated
 companies                                      1          1
Unused standby facilities                     893        758
 of which for associated companies              1          2
Other commitments                              67         55

Commitments given, total                    1 867      1 726
 of which for associated companies
 or on behalf of them                         2          2


Sales receivables and accounts payable arising from selling or purchasing of
assets on behalf of a customer

Million euros                             June 30,  Dec. 31,
                                            1999      1998

Sales receivables                             55         17
Accounts payable                              58         18


Derivative contracts in OKOBANK Consolidated

Million euros                 June 30,   June 30,   Change,   Dec. 31,
                                1999       1998        %        1998

Values of the underlying
instruments
  Futures and forwards         5 860     33 772        -83     19 674
  Options
    Purchased                      -          -                     -
    Written                        -          -                     -
  Interest rate swaps          6 656      8 650        -23      6 791
Interest rate derivatives,
total                         12 516     42 422        -70     26 465
  Futures and forwards         2 095      6 318        -67      5 827
  Options
    Purchased                     66        279        -76          -
    Written                       87        253        -66        102
  Interest rate and
  currency swaps                  78        211        -63        136
Currency derivatives,
total                          2 324      7 061        -67      6 066
Equity derivatives                 -          -                     -
Total                         14 840     49 483        -70     32 531

Equivalent credit values
of the contracts

Interest rate derivatives        153        198        -23        206
Currency derivatives             125        116          8        103
Total                            278        314        -12        308


This Interim Report has been prepared in accordance with the directive of the
Financial Supervision entitled 'Guideline on interim reports of credit
institutions whose shares are subject to public trading' (18/410/98) in
disapplication of the decision of the ministry of Finance on the obligation of
an issuer of securities to publish information on a regular basis. The
Accounting Board has granted an industry-specific exemption (1999/1554)
enabling observance of the directive mentioned.

The figures in the Interim Report are unaudited.

The Interim Report of OKOBANK Osuuspankkien Keskuspankki Oyj for
January-September 1999 will be published on November 4, 1999.

OKOBANK Osuuspankkien Keskuspankki Oyj
Executive Board

Markku Koponen
Assistant Director

DISTRIBUTION
Helsinki Exchanges
Principal media

FOR ADDITIONAL INFORMATION, PLEASE CONTACT 
Mr Antti Tanskanen, Chairman and CEO of the OKOBANK Group, 
tel. +358-9-404 2202
Mr Mikael Silvennoinen, Managing Director of OKOBANK, 
tel. +358-9-404 2549