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Coop Pank AS results for April 2021

Coop Pank AS
·3 min read

Coop Pank’s financial results in April 2021:

  • In April, number of the bank's clients increased by 2,600 and reached 95,800 by the end of the month. Over the year, customer base has grown by 35%.

  • Volume of the bank's customer deposits increased by 41 million euros, reaching 890 million euros by the end of month. Deposits of corporate customers increased by 44 million and deposits of private customers by 6 million, and the volume of deposits attracted from international platforms decreased by 9 million euros. Over the year, volume of bank deposits has grown by 61%.

  • The bank's loan portfolio increased by 14 million euros over the month and reached 709 million euros by the end of April. Over the year, loan portfolio has grown by 37%.

  • Compared to the first four months of last year, the bank's net income has increased by 25% and expenses by 19% during the same period this year.

  • The bank earned net profit of 864 thousand euros in April, in the first four months of the year the bank has earned 111% more profit than in the same period last year.

Comment by Margus Rink, Chairman of the Management Board of Coop Pank:

"In April, the number of Coop Pank's customers grew at a record pace, thanks to which the deposit portfolio also grew rapidly, raising the bank's balance sheet total to over 1 billion for the first time.

Although the market was cooling at the beginning of the year and the demand for loans was modest, we can see that the situation is improving, and the new sales volumes of our loans have increased from month to month.

In April, Coop Pank's return on equity was 10.4%, the cost-income ratio was 59.1% and the bank is well capitalized.

In April, we launched an updated daily banking offer for private customers. Our goal is to make joining the bank easy and convenient – from now on, our customers can choose between three packages, one of them is free of charge and includes unlimited free payments. In addition, we added free purchase insurance to all private debit and credit cards and we changed Rahn package, which covers basic banking services, free of charge for the new middle age, ie 55 years and older.”

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 95,800. 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

Attachment


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