Coop Pank AS results for July 2024

Coop Pank’s financial results in July 2024:

• In July, number of the bank's clients increased by 1,600 and number of active clients increased by 600. By the end of the month number of clients reached 197,700 and number of active clients reached 90,100. Over the year, customer base has grown by 16%.
• Volume of the bank's customer deposits increased by 64 million euros, reaching 1.80 billion euros by the end of month. Deposits of corporate customers increased by 33 million euros and deposits of private customers remained stable. The volume of deposits attracted from international platforms increased by 31 million euros. Over the year, volume of bank deposits has grown by 1%.
• The bank's loan portfolio increased by 16 million euros and reached 1.64 billion euros by the end of month. Home loans increased by 12 million euros, leasing increased by 2 million euros, business loans increased by 1 million euros and consumer financing loan portfolio increased by 1 million euros. Over the year, loan portfolio has grown by 10%.
• In July, the loan impairment cost was 0.4 million euros.
• Compared to the first seven months of last year, the bank's net income decreased by 3% and expenses have increased by 20%.
• In July, the bank earned net profit of 3.1 million euros. In the first seven months of the year, the bank has earned a net profit of 20.2 million euros, that is 12% less than in the same period last year.
• In July, Coop Pank's return on equity was 18.4% and the cost-income ratio was 47%.
  
  
  
  

Comment by Paavo Truu, Member of the Management Board and CFO of Coop Pank:

"Coop Pank's customer base is fast approaching 200,000 customers, which shows that Estonians have well accepted the domestic bank and are actively using its advantages.

On the loan market, home loans and car leasing have shown the highest activity across the market. Coop Pank has significantly increased its market share in household loans – in the first half of 2024, Coop Pank has made more than 15% of the growth of the entire market and even larger share of the growth of the leasing market. The good growth of home loans and leasing has continued as well in July. On the side of business loans, market growth is more modest, and primarily financing transactions from one bank to another take place.

In the money markets, the downward trend of interest rates is predicted to continue, which will consistently lower both the Euribore and term deposit interest rates.

The growth of business volumes in all business lines and the continued good quality of the loan portfolio resulted in a strong net profit of 3.1 million euros in July. Coop Pank's return on equity in July was 18.4% and the cost-income ratio was 47%, which exceed the bank's long-term goals."

More detailed financial reports of Coop Pank are available at:  

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 197,700. 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:

E-mail:

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