Coop Pank financial results in July 2020:
- In July, the number of the bank's customers increased by 1,700 and reached 76,200 by the end of the month. Customer base has grown by 43% over the year.
- The bank's net loan portfolio increased by 13 million euros over the month and reached 572 million euros at the end of July. The loan portfolio has grown by 44% over the year.
- The volume of the bank's deposits amounted to 651 million euros at the end of July, having increased by 36 million euros during the month. Over the year, the volume of bank deposits has grown by 51%.
- The loan impairment charge in July was 0.4 million euros.
- In July, the bank earned a net profit of 678 thousand euros.
Comment by Margus Rink, Chairman of the Management Board of Coop Pank: “Despite the busiest vacations season, we continued rapid growth and the annual growth rate of the bank's most important key indicators continues to exceed 40%. In July, the volume of our deposits increased significantly, demand deposits increased by 15 million euros and term deposits by 21 million euros. From financing business lines, we can highlight the financing of real estate for private customers, where we estimate our market share of new sales of home loans to be 8% for several months in a row. At the beginning of June, Coop Pank Leasing launched car e-shop with a Škoda offer and by end of July 15 cars out of 20 have been sold. At the same time the volume of financing for other cars, both new and used, has grown significantly as well."
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 76,200. 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 330 stores.
Additional information:
Kerli Lõhmus
CFO
Phone: +372 669 0902
E-mail: kerli.lohmus@cooppank.ee
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