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Coop Pank AS results for May 2022
Coop Pank’s financial results in May 2022:
In May, number of the bank's clients increased by 2900 and number of active clients increased by 1700. By the end of the month number of clients reached 128,300 and number of active clients reached 55,400. Over the year, customer base has grown by 31%.
Volume of the bank's customer deposits increased by 28 million euros, reaching 1.19 billion euros by the end of month. Deposits of corporate customers increased by 25 million and deposits of private customers remained at the same level as in April. The volume of deposits attracted from international platforms increased by 4 million euros. Over the year, volume of bank deposits has grown by 36%.
The bank's loan portfolio increased by 38 million euros over the month and reached 1.1 billion euros by the end of month. Home loans increased by 16 million euros, business loans increased by 16 million euros, leasing by 4 million euros and consumer financing by 2 million euros. Over the year, loan portfolio has grown by 50%.
In May, the loan impairment cost was 0.17 million euros.
Compared to the first five months of last year, the bank's net income has increased by 33% and expenses by 22% during the same period this year.
The bank earned net profit of 1.9 million euros in May. In the first five months of the year, the bank earned a net profit of 6.9 million euros, that is 45% more than in the same period last year.
In May, Coop Pank's return on equity was 19.1% and the cost-income ratio was 50.5%.
Comment by Paavo Truu, Member of the Management Board and Chief Financial Officer:
"The world economy is facing a number of challenges, the effects of that also extend to Estonia. Estonian people and companies are already facing the fastest inflation in the EU area. In difficult circumstances, the importance of banks based on local capital is growing, and this is also confirmed by our growth figures.
In May, Coop Pank's loan and deposit portfolios continued to grow strongly and over the year bank's loan portfolio has increased by 50% and deposit portfolio by 36%. We see that both private individuals and entrepreneurs trust us, because we are able to offer useful and flexible solutions even in difficult circumstances, and the profits earned will continue to support the Estonian economy.
Coop Pank earned a net profit of 1.9 million euros in May, return on equity was 19.1% and a cost / income ratio was 50.5% in May.”
Coop Pank’s financial reports 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 128,300. 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 5160 231