Coop Pank AS results for April 2023

Coop Pank’s financial results in April 2023:

• In April, number of the bank's clients increased by 2,400 and number of active clients increased by 900. By the end of the month number of clients reached 157,600 and number of active clients reached 70,200. Over the year, customer base has grown by 26%.
• Volume of the bank's customer deposits increased by 2 million euros, reaching 1.51 billion euros by the end of month. Deposits of corporate customers increased by 9 million and deposits of private customers increased by 2 million euros. The volume of deposits attracted from international platforms decreased by 9 million euros. Over the year, volume of bank deposits has grown by 30%.
• The bank's loan portfolio increased by 17 million euros over the month and reached 1.36 billion euros by the end of April. Home loans increased by 9 million euros, leasing by 3 million euros, consumer financing 3 million euros and business loans by 2 million euros. Over the year, loan portfolio has grown by 28%.
• In April, the loan impairment cost was 0.3 million euros.
• Compared to the first four month of last year, the bank's net income has increased by 73% and expenses by 25% during the same period this year.
• In April, the bank earned net profit of 3.7 million euros. In the first four months of the year, the bank has earned a net profit of 13 million euros, that is 162% more than in the same period last year.
• In April, Coop Pank's return on equity was 28.1% and the cost-income ratio was 38%.
  
  
  
  

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

"The number of Coop Pank customers continued to grow steadily in April. In the loan portfolio, home loans showed good growth, but in the case of business loans, we see some reduction in loan demand. Coop Pank's loan portfolio remains high-quality.

The interest income earned from the growing Euribor allows us to pay increasingly better deposit rates to local depositors. In April, the volumes of deposits of both private and business customers increased, and thanks to this we managed to reduce the volume of internationally attracted deposits. We see that our competitive term deposit interests and customers' desire to earn the best return for their money, has resulted in a part of our demand deposits being converted to term deposits. At the same time, we continue to pay our private customers a 1% annual return on demand deposits in the Rändrahn settlement package, and from May we also raised the interest on demand deposits to 0.5% for business customers, and we pay it from the first euro of the deposit. It is important to us to work hard for each client, no matter how big or small.

In April, the bank earned net profit of 3.7 million euros, return on equity was 28.1% and the cost-income ratio was 38%.

The general meeting of shareholders held in April confirmed the annual report of the previous year and the payment of dividends of 4.5 cents per share. On May 3, we transferred nearly 4.6 million euros as dividends to the accounts of nearly 36,500 shareholders, of which over 98% went to our own Estonian people and institutions.”

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 157,600. 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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