Coop Pank results for January 2020

Coop Pank’s financial results in January 2020:

• The bank’s customer base increased by 1,900, reaching 65,700 by the end of the month.
• In the same period, the bank’s loan portfolio increased by EUR 15 million, having reached EUR 476 million. Business loans and mortgages portfolio showed the highest growth, but all other financing business lines contributed to the growth as well.
• The amount of deposits in Coop Pank reached EUR 498 million by the end of January, having slightly decreased by EUR 9 million. Demand deposits of clients increased, while the term deposits, collected via international deposit platforms decreased. This has been a conscious move as the public offering of shares last November increased bank’s liquidity.
• The bank earned a net profit of EUR 566 thousand in January.

Commentary by Margus Rink, Chairman of the Management Board of Coop Pank: „The start of the year has been good, we managed to significantly grow our loan portfolio. We particularly welcome the fact that larger and larger companies come round our table to discuss their growth plans or to seek yield to their temporarily free funds in a low-interest economic environment. Upgrading the bank's debit card customers to the highest level of Coop's loyalty programme in last November, offering the best prices and 10% extra bonus points when paying with bank’s debit card at Coop stores, continues to support our private customer growth.“

More detailed quarterly reports of Coop Pank are available at: https://www.cooppank.ee/en/financial-reports

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 65,700. 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 main shareholder of the bank is the domestic retail chain Coop Eesti, comprising of 340 stores. 

Additional information:
Kerli Lõhmus
CFO
Phone: +372 669 0902
E-mail: kerli.lohmus@cooppank.ee

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