Coop Pank’s financial results in August 2020:
- In August, the number of the bank's customers increased by 1,800 and reached 78,000 by the end of the month. Customer base has grown by 43% over the year.
- The volume of the bank's customer deposits increased by 34 million euros, reaching 684 million euros by the end of August. Over the year, the volume of bank deposits has grown by 54%.
- The bank's net loan portfolio increased by 11 million euros over the month and reached 583 million euros by the end of August. The loan portfolio has grown by 44% over the year.
- Impairment losses on loans and advances was 0.4 million euros in August.
- In August, the bank earned a net profit of 584 thousand euros.
Comment by Margus Rink, Chairman of the Management Board of Coop Pank:
"Coop Pank's business volumes continued to grow steadily. In August, 1,800 new customers joined us. The loan portfolio increased by 11 million euros. Customer deposits showed the record increase of 34 million euros, of which corporate deposits accounted for 27 million euros and retail deposits for 7 million euros.
We believe that the growth of new customers and deposits will be further enhanced by the fact that at the end of August, the international rating agency Moody's assigned us a stable investment grade rating of Baa2. The investment grade rating now opens the Estonian state and local governments the opportunity to become a client of Coop Pank and hold their funds in a domestic financial institution, paying the best interest on the market."
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 78,000. 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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