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Coop Pank AS results for October 2021

Written by Customer Service on . Posted in Public Companies.

Coop Pank’s financial results in October 2021:

  • In October, number of the bank’s clients increased by 2,500 and reached 110,000 by the end of the month. Over the year, customer base has grown by 34%.
  • Volume of the bank’s customer deposits increased by 65 million euros, reaching 1.05 billion euros by the end of month. Deposits of corporate customers increased by 69 million and deposits of private customers by 2 million. The volume of deposits attracted from international platforms decreased by 6 million euros. Over the year, volume of bank deposits has grown by 40%.
  • The bank’s loan portfolio increased by 15 million euros over the month and reached 869 million euros by the end of October. Business loans increased by 4 million euros, home loans by 8 million euros, consumer financing 0.5 million euros and leasing by 3 million euros. Over the year, loan portfolio has grown by 39%.
  • In October, the impairment cost was 0.1 million euros.
  • Compared to the first ten months of last year, the bank’s net income has increased by 26% and expenses by 20% during the same period this year.
  • The bank earned net profit of 1.3 million euros in October, in the first ten months of the year the bank has earned 11,4 million euros, that is 105% more than in the same period last year.
  • In October, Coop Pank’s return on equity was 13.5%, the cost-income ratio was 57.7%.

Comment by Margus Rink, Chairman of the Management Board of Coop Pank:

“The impact of the corona restrictions on the Estonian economy has been moderate, this is also shown by our financial results: in October, the portfolios of all financing business lines continued to grow. In addition to the growth of loan portfolios, last month we also saw good growth in the corporate deposit portfolio, which increased by 69 million euros. Over the year, Coop Pank’s deposit portfolio has grown by 40% and by the end of October it reached for the first time more than 1 billion euros.”

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 110,000. 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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