Coop Pank AS results for August 2021
Coop Pank’s financial results in August 2021:
- In August, number of the bank’s clients increased by 2,300 and reached 104,700 by the end of the month. Over the year, customer base has grown by 34%.
- Volume of the bank’s customer deposits increased by 27 million euros, reaching 920 million euros by the end of month. Deposits of corporate customers increased by 21 million and deposits of private customers by 4 million. The volume of deposits attracted from international platforms increased by 2 million euros. Over the year, volume of bank deposits has grown by 34%.
- The bank’s loan portfolio increased by 43 million euros over the month and reached 838 million euros by the end of August. Business loans increased by 35 million euros, home loans by 7 million euros and leasing by 1 million euros. Over the year, loan portfolio has grown by 44%.
- Large volume of new loans also led to making bigger impairment reserve in August, and the resulting expense in the income statement.
- Compared to the first eight months of last year, the bank’s net income has increased by 26% and expenses by 19% during the same period this year.
- The bank earned net profit of 1,1 million euros in August, in the first eight months of the year the bank has earned 103% more profit than in the same period last year.
- In August, Coop Pank’s return on equity was 12.4%, the cost-income ratio was 54.2%.
Comment by Margus Rink, Chairman of the Management Board of Coop Pank:
“In August, Coop Pank’s loan portfolio increased at a record pace, most of which came from business loans. If last year we saw that companies preferred Coop Pank primarily due to good deposit interest rates, then this year we see that we are more and more considered as a strong partner in financing projects.
Our fast-growing loan portfolio quality has stayed at high level and shows good profitability at the same time. Coop Pank has investment grade credit rating with a stable outlook at level Baa2. The rating gives primarily to the businesses, the Estonian state and local governments additional confidence to become a customer of Coop Pank and keep their money in a domestic financial institution.
In August, the bank earned net profit of 1.1 million euros, a return on equity was 12.4% and a cost-income ratio 54.2%.”
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 104,700. 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
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