Coop Pank AS unaudited financial results for Q3 2026
Coop Pank AS unaudited financial results for Q3 2026
By the end of Q3 2026, Coop Pank had 240,600 customers, an increase of 5,000 (+2%) during the quarter and 19,000 (+9%) over the year. The bank had 113,900 active customers, an increase of 1,900 (+1.7%) during the quarter and 8,000 (+8%) over the year.
In Q3 2026, the volume of deposits at Coop Pank increased by EUR 131 million (+6%) to reach EUR 2.32 billion. Deposits from private customers increased by EUR 20 million: demand deposits decreased by EUR 6 million and term deposits increased by EUR 26 million. Deposits from domestic business customers increased by EUR 51 million: demand deposits increased by EUR 106 million, while term deposits decreased by EUR 55 million. Deposits raised through platforms increased by EUR 60 million.
Compared with Q3 2025, the volume of Coop Pank’s deposits increased by EUR 408 million (+21%). In Q3 2026, the bank’s cost of funding was 2.1%, compared with 2.3% in the same period last year.
In Q3 2026, Coop Pank’s net loan portfolio increased by EUR 68 million (+3%) to reach EUR 2.3 billion. During the quarter, the strongest growth was recorded in the business loan portfolio, which increased by EUR 33 million (+3%). The home loan portfolio increased by EUR 32 million (+4%), the leasing portfolio increased by EUR 1 million (+1%), and the consumer finance portfolio increased by EUR 3 million (+2%). Compared with Q3 2025, Coop Pank’s total loan portfolio increased by EUR 278 million (+14%).
In Q3 2026, overdue loan portfolio of Coop Pank was at the level of 2%. A year ago, overdue loan portfolio was at the level of 2.3%.
Impairment costs of financial assets amounted to EUR 0.4 million in Q3 2026, EUR 1 million less than in the previous quarter and EUR 0.3 million less than in Q3 2025.
Coop Pank’s net income amounted to EUR 23.8 million in Q3 2026, increasing by 7% compared with the previous quarter and by 22% compared with Q3 2025. Operating expenses amounted to EUR 12.5 million in Q3 2026, increasing by 13% compared with the previous quarter and by 19% compared with Q3 2025.
In Q3 2026, Coop Pank’s net profit amounted to EUR 9.1 million, an increase of 10% compared with the previous quarter and an increase of 30% compared with Q3 2025. In Q3 2026, the bank’s cost-to-income ratio was 52% and its return on equity was 14.6%.
As of 30 September 2026, Coop Pank had 31,5 thousand shareholders.
Comment on the financial results by Arko Kurtmann, Chairman of the Management Board of Coop Pank:
“The third quarter confirmed that Coop Pank’s growth remains profitable. Our loan portfolio increased by EUR 68 million during the quarter, while net profit rose by 30% year on year. Profit growth was driven by higher lending volumes and the strong quality of our loan portfolio, with the rise in Euribor also supporting our results. We are making good progress towards our strategic target of achieving annual net profit of more than EUR 60 million by 2030.
Coop Pank remains a growth bank, but our financial performance and targets also provide grounds for viewing Coop Pank shares as a dividend investment at their current price level. For investors, this offers an opportunity to earn dividend income while also benefiting from the bank’s continued growth.
During the third quarter, the City of Tallinn sold its stake of approximately 3% in Coop Pank. Strong demand for the shares demonstrated growing confidence in the bank, particularly among professional investors. The number of investors holding more than 100,000 Coop Pank shares also increased. Professional investors conduct thorough analyses of banks, making their growing interest an important vote of confidence in both our performance to date and our future growth plans.
To support the bank’s continued growth, we updated our European Medium Term Note and Covered Bond Programme in September. We doubled the programme limit to EUR 1.5 billion and expanded the range of instruments to include unsecured senior notes and Tier 2 subordinated notes alongside covered bonds, providing us with greater flexibility in our funding. As part of our capital management activities, we also continued repurchasing shares under the previously approved share buyback programme.
Since September, the partnership between Coop Pank and Coop stores has brought significant additional benefits to our customers in their everyday lives, particularly in Harju County. With Prisma stores joining Coop, Coop’s market share in Tallinn will increase from 5% to 17%, significantly expanding the number of people who have a Coop store close to home. Customers with Coop Pank’s Useful and Unlimited plans can also earn cashback at Prisma stores as they gradually transition to the Coop brand. This makes banking with Coop Pank more rewarding for customers shopping in the capital.
At the same time, we have strengthened our position in everyday banking and expanded our offering for customers who travel frequently and expect more comprehensive insurance cover from their bank. In the second quarter, we launched the Unlimited plan, followed by the Platinum credit card in early October, marking our entry into the premium credit card segment. From November, retail banking will be led by Moonika Maaring, who joins the Management Board.
As a domestic bank, we are also committed to contributing to Estonian society. In the third quarter, we signed a new three-year partnership agreement with the Estonian Volleyball Federation to support Estonian volleyball and youth sport, helping to make sporting opportunities more accessible across the country.
Our third-quarter results give us confidence to continue pursuing our chosen strategy. Our ambition is to grow faster than the Estonian banking market, strengthen our position as a domestic bank and create increasing value for both our customers and shareholders.”
| Income statement, in th. of euros | Q3 2026 | Q2 2026 | Q3 2025 | 9M 2026 | 9M 2025 |
| Net interest income | 22 737 | 20 781 | 18 299 | 63 061 | 54 231 |
| Net fee and commission income | 876 | 1 141 | 1 100 | 3 102 | 3 421 |
| Net other income | 150 | 366 | 143 | 703 | 745 |
| Total net income | 23 763 | 22 288 | 19 542 | 66 866 | 58 397 |
| Payroll expenses | -7 664 | -6 188 | -6 472 | -20 248 | -17 968 |
| Marketing expenses | -497 | -465 | -370 | -1 408 | -1 182 |
| Rental and office expenses, depr. of tangible assets | -854 | -899 | -683 | -2 639 | -2 267 |
| IT expenses and depr. of intangible assets | -2 177 | -2 115 | -1 903 | -6 234 | -5 240 |
| Other operating expenses | -1 274 | -1 391 | -1 031 | -3 960 | -3 414 |
| Total operating expenses | -12 467 | -11 060 | -10 459 | -34 489 | -30 070 |
| Net profit before impairment losses | 11 296 | 11 228 | 9 083 | 32 376 | 28 327 |
| Impairment costs on financial assets | -391 | -1 419 | -664 | -2 185 | -2 257 |
| Net profit before income tax | 10 905 | 9 809 | 8 419 | 30 191 | 26 070 |
| Income tax expenses | -1 828 | -1 587 | -1 448 | -4 586 | -4 537 |
| Net profit for the period | 9 077 | 8 222 | 6 971 | 25 605 | 21 533 |
| Earnings per share, eur | 0,09 | 0,08 | 0,07 | 0,25 | 0,21 |
| Diluted earnings per share, eur | 0,08 | 0,08 | 0,07 | 0,24 | 0,20 |
| Statement of financial position, in th. of euros | 30.09.2026 | 30.06.2026 | 31.12.2025 | 30.09.2025 |
| Cash and cash equivalents | 533 997 | 474 292 | 488 717 | 416 496 |
| Debt securities | 96 289 | 96 299 | 63 023 | 52 647 |
| Loans to customers | 2 301 403 | 2 233 610 | 2 114 091 | 2 023 349 |
| Other assets | 33 961 | 33 354 | 37 163 | 39 443 |
| Total assets | 2 965 649 | 2 837 555 | 2 702 994 | 2 531 934 |
| Customer deposits and loans received | 2 368 562 | 2 247 677 | 2 124 520 | 1 957 852 |
| Debt securities issued | 246 876 | 249 609 | 255 203 | 254 676 |
| Other liabilities | 25 640 | 21 665 | 25 580 | 28 752 |
| Subordinated debt | 72 941 | 73 262 | 63 148 | 63 348 |
| Total liabilities | 2 714 018 | 2 592 213 | 2 468 451 | 2 304 629 |
| Equity | 251 631 | 245 342 | 234 543 | 227 305 |
| Total liabilities and equity | 2 965 649 | 2 837 555 | 2 702 994 | 2 531 934 |
Coop Pank’s reports are available at: https://www.cooppank.ee/en/investor/reporting.
Coop Pank will host a webinar to present its financial results for the third quarter of 2026 on 20 October 2026 at 9:30 a.m. The webinar can be viewed at https://youtube.com/live/2Z970dozLMM.
During the webinar, participants will be able to submit questions via the Slido platform: https://app.sli.do/event/tTcESCbYM96z9kgmMVYSGM.
The webinar will be recorded and published on Coop Pank’s website and YouTube account.
Coop Pank is one of the five universal banks operating in Estonia and is backed by Estonian capital. The Bank serves 240,600 daily banking customers. Coop Pank’s strategy is to leverage the synergies between the retail business and banking to bring everyday banking services closer to where people live. The Bank’s strategic shareholder is Coop Eesti, Estonia’s domestic retail chain, comprising over 330 stores.
Additional information:
Paavo Truu
CFO
Phone: +372 516 0231
E-mail: paavo.truu@cooppank.ee
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