Coop Pank AS results for May 2024Coop Pank’s financial results in May 2024: - In May, number of the bank's clients increased by 2,300 and number of active clients increased by 1,300. By the end of the month number of clients reached 194,100 and number of active clients reached 87,200. Over the year, customer base has grown by 21%.
- Volume of the bank's customer deposits increased by 7 million euros, reaching 1.74 billion euros by the end of month. Deposits of corporate customers remained stable and deposits of private customers increased by 4 million euros. The volume of deposits attracted from international platforms increased by 3 million euros. Over the year, volume of bank deposits has grown by 11%.
- The bank's loan portfolio increased by 33 million euros and reached 1.59 billion euros by the end of month. Business loans increased by 16 million euros, home loans increased by 13 million euros, leasing increased by 2 million euros and consumer financing loan portfolio increased by 2 million euros. Over the year, loan portfolio has grown by 13%.
- In May, the loan impairment cost was 0.6 million euros.
- Compared to the first five months of last year, the bank's net income decreased by 2% and expenses have increased by 22%.
- In May, the bank earned net profit of 2.6 million euros. In the first five months of the year, the bank has earned a net profit of 14.6 million euros, that is 11% less than in the same period last year.
- In May, Coop Pank's return on equity was 16.2% and the cost-income ratio was 48%.
Comment by Paavo Truu, Member of the Management Board and CFO of Coop Pank: "In May, Coop Pank showed strong growth in all financing business lines for the second month in a row. We see that the downward trend in interest rates is reviving the credit market, which has encouraged private individuals to take out home loans and leases, and corporate customers to make new investments. This confirms that the economy is moving into the growth phase again, and more and more local people and companies have chosen domestic Coop Pank to grow with. The general decline in interest rates has somewhat reduced the interest of term deposits – if in the last 18 months we have seen a rapid increase in the share of term deposits, now this growth has stopped, but Coop Pank continues to offer a good interest rate for shorter term deposits as well as demand deposits of individuals and companies.
In May, Coop Pank transferred a dividend of 8.7 cents per share to the bank accounts of its 37,200 shareholders, or a total of 8.9 million euros, of which 98% went to the accounts of Estonian people and companies." More detailed financial 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 194,100. 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 320 stores. Additional information:
Paavo Truu
CFO
Phone: +372 5160 231
E-mail: paavo.truu@cooppank.ee
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