Coop Pank AS results for May 2021
Coop Pank’s financial results in May 2021:
- In May, number of the bank’s clients increased by 2,300 and reached 98,200 by the end of the month. Over the year, customer base has grown by 35%.
- Volume of the bank’s customer deposits decreased by 10 million euros, reaching 880 million euros by the end of month. Deposits of corporate customers increased by 18 million and deposits of private customers by 6 million. The volume of deposits attracted from international platforms and other financing decreased by 34 million euros. Over the year, volume of bank deposits has grown by 52%.
- The bank’s loan portfolio increased by 27 million euros over the month and reached 736 million euros by the end of May. Over the year, loan portfolio has grown by 37%.
- Compared to the first five months of last year, the bank’s net income has increased by 24% and expenses by 19% during the same period this year.
- The bank earned net profit of 1 million euros in May, in the first five months of the year the bank has earned 117% more profit than in the same period last year.
- In May, Coop Pank’s return on equity was 11.8%, the cost-income ratio was 56.1%.
Comment by Margus Rink, Chairman of the Management Board of Coop Pank:
“In May, Coop Pank’s loan portfolio made a strong growth: while in the first months of the year the growth of our loan portfolio was within 10 million and in April it was 14 million euros, in May we made a good jump and increased the loan portfolio by as much as 27 million euros. We can see that the market is active again and our offer meets the needs of our customers, thanks to which we increased our loan volumes in all business lines.
According to our expectation, the domestic deposits inflow continued – in May, local companies and individuals brought us a total of 24 million euros for deposits. Thanks to the continued growth in the volume of domestic deposits, we were able to continue to reduce more expensive resources and withdrew 34 million euros in deposits from international platforms and other financial institutions.
In May, 2,300 new customers joined us, and although at the time of we entered the stock exchange, we promised to gain 100,000 customers by the end of 2022, we will cross this milestone much earlier. As of the end of May, the bank has 98,200 customers.”
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 98,200. 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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