Coop Pank 2023 audited Annual Report
Management Board of Coop Pank has compiled 2023 audited Annual Report. There are no differences in the audited accounts as regards the financial results, compared to the unaudited financial results published on 9 February 2024.
The consolidated annual report 2023 of Coop Pank AS has been enclosed to the announcement and will be made available on the bank’s homepage
Annual report will be presented for approval to general meeting of shareholders.
Coop Pank’s results for 2023 were primarily affected by growth in business volumes, including the number of customers and our loan portfolio, and the changed interest rate environment.
- By the end of 2023, the number of Coop Pank customers reached 182,000, of which 82,800 were active customers. Over the year, the number of Coop Pank customers increased by 36,000 (+24%) and the number of active customers increased by 15,000 (+23%).
- By the end of 2023, deposits of Coop Pank reached 1.7 billion euros, increased by 214 million euros (+14%) over the year. The market share of the bank's deposits increased from 5.5% to 6,0% over the year.
- By the end of 2023, loan portfolio of Coop Pank reached 1.5 billion euros, increased by 190 million euros (+15%) over the year. The market share of the bank's deposits increased from 5.5% to 6,0% over the year.
- Net profit of Coop Pank in 2023 was 39.2 million euros, increased by 93% over the year.
- The bank's cost / income ratio fell from 50% to 41% over the year and the return on equity rose from the level of 16.8% to the level of 23%.
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 187,100. 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 320 stores.
Additional information:
Paavo Truu
CFO
Phone: +372 5160 231
E-mail:
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