Coop Pank 2020 audited Annual Report
Management Board of Coop Pank has compiled 2020 audited Annual Report. There are no differences in the audited accounts as regards the financial results, compared to the unaudited financial results published on 11 February.
The consolidated annual report 2020 of Coop Pank AS has been enclosed to the announcement and will be made available on the banks homepage https://www.cooppank.ee/en/financial-reports
Annual report will be presented for approval to general meeting of shareholders.
In 2020, Coop Pank increased its business volumes by 40% for the fourth consecutive year.
- Number of the bank’s customers at the end of 2020 was 86,700 – an increase of 23,000 customers, i.e. 36% over the year.
- Loan portfolio of Coop Pank increased to 671 million euros in 2020 – an increase of 210 million euros, i.e. 46%, over the year. Quality of the loan portfolio remained stable irrespective of the corona crisis and the solvency of customers who used the grace period, has recovered. Provisions of 4.8 million euros were formed in 2020 as cover for potential loan losses.
- Deposits of Coop Pank amounted to 758 million euros as at the end of 2020 – an increase of 251 million euros, i.e. 50%, over the year.
- Profit earned by Coop Pank in 2020 amounted to 7.3 million euros, an increase of 31% over the year.
- Return on equity of the bank was 7.8% and the cost-income ratio decreased from 69% to 60%.
Comment of the CEO of Coop Pank Margus Rink:
“Coop Pank has been operating in the Estonian banking market for four years. We have been implementing a growth strategy in these years and increased our business volumes by 40% a year on average. We feel that our footprint in Estonian economy is growing. In 2021, we will continue with the strategy that has brought us success so far. We want to grow, we are proactive and we are looking for solutions that fit into our customers lives and/or businesses. We have promised our owners that by the end of 2022, Coop Pank will have at least 100,000 customers, our loan portfolio will be at least 1 billion euros, our financing costs will decrease to 0.7%, our cost-income ratio will drop to 50% and return on equity will increase to 15%. Our team does everything in its power to keep this promise.”
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 90,900. 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