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Coop Pank AS results for May 2020

Written by Customer Service on . Posted in Public Companies.

Coop Pank’s financial results in May 2020:In May, the number of the bank’s customers increased by 1,800 and reached 72,800 by the end of the month. Customer base has grown 44% over the year.The bank’s net loan portfolio increased by 22 million euros over the month and reached 539 million euros at the end of May. The loan portfolio has grown by 46% over the year.The volume of the bank’s deposits amounted to 579 million euros at the end of May, having increased by 26 million euros during the month. Over the year, the volume of bank deposits has grown by 47%.The loan impairment charge in May was 0.68 million euros.In May, the bank earned a net profit of 422 thousand euros.Comment by Margus Rink, Chairman of the Management Board of Coop Pank: “In May, Coop Pank showed strong growth in the number of customers as well as in the volume of the loan portfolio and deposits taken. We are more conservative in issuing loans than in the first months of the year, however, by acting quickly and more flexibly as a local bank, we can continue the rapid growth in today’s market situation – the results of April and May confirm this. As a positive development, we were also able to further improve operational efficiency: in the first five months, Coop Pank’s revenues increased by 36% and expenses by 16% compared to the previous year. In May, we have made additional provisions of EUR 0.3 million for covering possible crisis-induced loan losses.”More detailed quarterly reports of Coop Pank are available at: https://www.cooppank.ee/en/financial-reportsCoop 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 72,800. 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.eeAttachmentCoop Pank 2020-05_EN

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