Coop Pank AS results for November 2020

Coop Pank’s financial results in November 2020:

• In November, the number of the bank's clients increased by 2,100 and reached 84,100 by the end of the month. Over the year, the customer base has grown by 36%.
• The volume of the bank's customer deposits decreased by 3 million euros, reaching 746 million euros by the end of November. Deposits of domestic corporate and private customers increased by a total of 11 million euros, the volume of deposits attracted mainly via international deposit platforms decreased by 14 million euros. Over the year, the volume of bank deposits has grown by 47%.
• The bank's net loan portfolio increased by 18,5 million euros over the month and reached 645 million euros by the end of November. Over the year, the loan portfolio has grown by 44%.
• Impairment losses on loans was 0.5 million euros in November.
• Over the year, bank's net income has increased by 32% and expenses by 16%. In November, the bank earned a net profit of 660 thousand euros. In the 11 months of this year, the bank's net profit has increased by 22% compared to the same period last year.
  
  

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

"Despite of the difficult economic environment, the number of Coop Pank's customers and loan portfolio has grown steadily and this was also the case in November. Our growth is possible primarily because we are operating in the local market as a domestic bank and due to that, we are well-aware of the opportunities and needs of the locals. This gives us the advantage of attracting new customers and co-operating with local businesses and state institutions.

Since receiving Moody's investment-grade rating with a stable outlook, in August this year, we have seen another positive change: the inflow of domestic deposits into the bank has consistently increased. This has allowed us to reduce the more expensive deposits collected from abroad and is also reflected in the volume of deposits, which has slightly decreased in November.

Our financing cost has decreased from 1% to 0.9% over the year and this has a clear positive effect on our profitability."

More detailed quarterly 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 84,100. 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 330 stores. 

Additional information:

Kerli Lõhmus

CFO

Phone: +372 669 0902

E-mail:

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