Coop Pank AS results for November 2021
Coop Pank’s financial results in November 2021:
- In November, number of the bank’s clients increased by 2,400 and reached 112,400 by the end of the month. Over the year, customer base has grown by 34%.
- Volume of the bank’s customer deposits increased by 9 million euros, reaching 1.06 billion euros by the end of month. Deposits of corporate customers increased by 10 million and deposits of private customers by 5 million euros. The volume of deposits attracted from international platforms decreased by 6 million euros. Over the year, volume of bank deposits has grown by 42%.
- The bank’s loan portfolio increased by 45 million euros over the month and reached 914 million euros by the end of November. Business loans increased by 33 million euros, home loans by 9 million euros, consumer financing 1 million euros and leasing by 2 million euros. Over the year, loan portfolio has grown by 42%.
- In November, the loan impairment cost was 0.4 million euros.
- Compared to the first eleven months of last year, the bank’s net income has increased by 27% and expenses by 21% during the same period this year.
- The bank earned net profit of 1 million euros in November, in the first eleven months of the year the bank has earned 12.5 million euros, that is 100% more than in the same period last year.
- In November, Coop Pank’s return on equity was 11.5%, the cost-income ratio was 58.5%.
Comment by Margus Rink, Chairman of the Management Board of Coop Pank:
“Our customer base is growing from month to month and more and more Estonians and businesses are using Coop Pank as their main financial partner. A strong deposit portfolio based on local money gives us the opportunity to grow our loan portfolio, which showed in November the largest monthly growth over the time, increasing by 45 million euros.
In November, particularly stood out the growth of our business loan portfolio. This shows that we are a considerable financial partner for local entrepreneurs, and we contribute to the development of Estonian business by financing their growth.
Due to the large volume of issued loans, we also formed larger impairment cost reserves, which had a significant impact on our monthly net profit in November.”
More detailed quarterly reports of Coop Pank are available at: https://www.cooppank.ee/en/financial-reports
Coop Pank, based on Estonian capital, is one of the five universal banks operating in Estonia. The number of clients using Coop Pank for their daily banking reached 112,400. Coop Pank aims to put the synergy generated by the interaction of retail business and banking to good use and to bring everyday banking services closer to people’s homes. The strategic shareholder of the bank is the domestic retail chain Coop Eesti, comprising of 330 stores.
Additional information:
Kerli Lõhmus
CFO
Phone: +372 669 0902
E-mail: kerli.lohmus@cooppank.ee
Attachment
