Coop Pank 2022 audited Annual Report
Management Board of Coop Pank has compiled 2022 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 2023.
The consolidated annual report 2022 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.
In 2022, Coop Pank increased its business volumes by 40% for the sixth consecutive year.
- By the end of 2022, the number of Coop Pank customers reached 147,000, of which 66,800 were active clients. Over the year, the number of Coop Pank customers increased by 32,400 (+28%) and the number of active clients increased by 15,800 (+31%).
- By the end of 2022, deposits of Coop Pank reached 1.5 billion euros, increased by 409 million euros (+37%) over the year. The market share of the bank's deposits increased from 4% to 5.5% over the year.
- Loan portfolio of Coop Pank reached 1.3 billion euros by the end of 2022, increased by 347 million euros (+36%) over the year. The market share of the bank's loans increased from 4.5% to 5.5% over the year.
- Net profit of Coop Pank in 2022 was 20.4 million euros, increased by 51% over the year.
- The bank's cost / income ratio fell from 57% to 50% over the year and the return on equity rose from 12.9% to 16.8%.
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 152,200. 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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