Coop Pank AS results for August 2022
Coop Pank’s financial results in August 2022:
- In August, number of the bank's clients increased by 3000 and number of active clients increased by 300. By the end of the month number of clients reached 136,100 and number of active clients reached 59,800. Over the year, customer base has grown by 30%.
- Volume of the bank's customer deposits decreased by 12 million euros, reaching 1.28 billion euros by the end of month. Deposits of corporate customers decreased by 19 million and deposits of private customers remained stable. The volume of deposits attracted from international platforms increased by 7 million euros. Over the year, volume of bank deposits has grown by 39%.
- The bank's loan portfolio increased by 20 million euros over the month and reached 1.18 billion euros by the end of month. Home loans increased by 11 million euros, business loans increased by 4 million euros, leasing by 3 million euros and consumer financing by 2 million euros. Over the year, loan portfolio has grown by 41%.
- Compared to the first eight months of last year, the bank's net income has increased by 33% and expenses by 22% during the same period this year.
- In August, the bank earned net profit of 2 million euros. In the eight months of the year, the bank earned a net profit of 12 million euros, that is 44% more than in the same period last year.
- In August, Coop Pank's return on equity was 19.7% and the cost-income ratio was 47.1%.
Comment by Margus Rink, Chairman of the Management Board of Coop Pank:
"In August, Coop Pank's revenues showed growth and operating costs remained under control. As a result, the bank achieved a record monthly profit, which was 2 million euros, and a very good return on equity of 19.7% and a cost-income ratio of 47.1%.
Demand for loans remains at a good level both in the market and in us, while the volumes of deposits show a slight downtrend. In this situation, the winners are the depositors. Coop Pank is the only universal bank in Estonia, that pays to its customers interest both on demand and on term deposits.
Besides loans and deposits, our main goal is to provide convenient everyday banking services. Thanks to our wide customer office network and the cash network created through Coop stores, we can do this close to people's homes. Our consistently strong financial results confirm that this strategy is working well."
Coop Pank’s financial reports 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 136,100. 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:
Paavo Truu
CFO
Phone:
E-mail:
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