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Coop Pank AS results for April 2022
Coop Pank’s financial results in April 2022:
In April, number of the bank's clients increased by 3000 and number of active clients increased by 1500. By the end of the month number of clients reached 125,400 and number of active clients reached 55,700. Over the year, customer base has grown by 30%.
Volume of the bank's customer deposits increased by 18 million euros, reaching 1.17 billion euros by the end of month. Deposits of corporate customers increased by 18 million and deposits of private customers by 1 million euros. The volume of deposits attracted from international platforms decreased by 1 million euros. Over the year, volume of bank deposits has grown by 31%.
The bank's loan portfolio increased by 25 million euros over the month and reached 1.06 billion euros by the end of month. Home loans increased by 11 million euros, business loans increased by 9 million euros, leasing by 3 million euros and consumer financing by 2 million euros. Over the year, loan portfolio has grown by 50%.
In April, the loan impairment cost was 0.3 million euros.
Compared to the first four months of last year, the bank's net income has increased by 30% and expenses by 20% during the same period this year.
The bank earned net profit of 1.5 million euros in April. In the first four months of the year, the bank earned a net profit of 5 million euros, that is 35% more than in the same period last year.
In April, Coop Pank's return on equity was 15.8% and the cost-income ratio was 52.4%.
Comment by Margus Rink, Chairman of the Management Board of Coop Pank:
"Coop Pank continued to grow its business volumes and showed a decent profit and efficiency: in April we earned a net profit of 1.5 million euros, the return on equity increased above 15% and the cost-income ratio approached 50% level. The increasing efficiency of the bank makes us even more attractive to investors.
The strong growth is driven from the trust of our customers and our flexibility: as a domestic bank, we react quickly to changes in the market and take local conditions into account. We see that from month to month more and more private customers and entrepreneurs are finding their way to us. It can also be seen that customers activity in using our everyday banking services is increasing. We consider active clients to be customers who make at least four transactions in two months.”
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 125,400. 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.