Coop Pank AS results for January 2021
Coop Pank’s financial results in January 2021:
- In January, number of the bank's clients increased by 2,300 and reached 89,000 by the end of the month. Over the year, customer base has grown by 35%.
- Volume of the bank's customer deposits increased by 15 million euros, reaching 773 million euros by the end of month. Deposits of domestic corporate and private clients increased by a total of 17 million euros, volume of deposits attracted from international platforms decreased by 2 million euros. Over the year, volume of bank deposits has grown by 55%.
- The bank's loan portfolio increased by 7 million euros over the month and reached 677 million euros by the end of January. Over the year, loan portfolio has grown by 42%.
- In January, impairment costs on loans were 0.2 million euros, which is 21% less than a year earlier.
- Over the year, bank's net income has increased by 28% and expenses by 8%.
- In January, Coop Pank earned net profit of 1,07 million euros, which is 89% more than in the same period a year ago.
Comment by Margus Rink, Chairman of the Management Board of Coop Pank:
" We are pleased to have a continuous and rapid growth of the number of customers. I believe that people increasingly appreciate that Coop, both as a bank and as a retail chain, will solve an important problem for the Estonian people, bringing everyday banking services and necessities closer to people's homes. Greater discounts on everyday goods in Coop stores are today one of the most important arguments for becoming a Coop Pank customer.
Increase in number of customers led to a continued inflow of domestic deposits: domestic corporate and private deposits grew by a total of 17 million euros in January and we have increased volume of deposits by 55% over the year.
In January, we saw a more modest growth of loan portfolio than usual, but over the year bank's loan portfolio has grown significantly by 42%.
Strong profit in January is a further confirmation that the bank's rapidly growing business volumes have reached a level, that will enable us to grow revenues significantly faster than expenses. Therefore, we reached record levels in all key performance indicators in January. The bank's cost-income ratio was 54.4% and return on equity was 12.8%. Although economic outlook for this year is not yet clear, we will continue on the course of growing our business volumes also in 2021.”
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 89,000. 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.
Phone: +372 669 0902