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Coop Pank unaudited financial results for Q2 2022

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·6-min read
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Coop Pank AS
Coop Pank AS

By the end of the Q2 2022, Coop Pank had 130,700 customers, during the quarter the number of customers increased by 8,300 (+7%). The bank had 58,700 active customers, during the quarter the number of active customers increased by 4,500 (+8%).

In Q2 2022, volume of deposits in Coop Pank increased by 100 million euros (+9%), reaching total of 1.25 billion euros. Deposits from domestic companies showed the fastest growth, increasing by 87 million euros, of which 31 million were demand deposits and 57 million were term deposits. Deposits from private clients increased by 4 million euros, demand deposits increased by 11 million euros and term deposits decreased by 7 million euros. Deposits from international deposit platform Raisin and other financing increased by 9 million euros. Compared to Q2 2021, volume of Coop Pank's deposits has increased by 357 million euros (+40%). In an annual comparison, share of demand deposits to total deposits has increased from 44% to 49%.  In Q2 2022, the bank’s financing cost was 0.5%, at the same time last year the financing cost was 0.8%.

In Q2 2022, net loan portfolio of Coop Pank increased by 91 million euros (+9%), reaching 1.13 billion euros. Home mortgage loan portfolio showed the fastest growth, increasing the volume by 40 million euros (+10%). Business loans portfolio increased by 36 million euros (+8%), leasing portfolio increased by 10 million euros (+9%) and consumer finance portfolio increased by 6 million euros (+9%). Compared to Q2 2021, total loan portfolio of Coop Pank has grown by 359 million euros (+46%).

In Q2 2022, overdue loan portfolio of Coop Pank remained for the fourth consecutive quarter at the level of 2%. In an annual comparison, overdue loan portfolio decreased from the level of 3% to 2%.

Impairment costs of financial assets in Q2 2022 were 1.2 million euros, which is 0.4 million euros (+57%) more than in Q2 2021.

Net income of Coop Pank in Q2 2022 was 12.8 million euros, having grown 11% over the quarter and 37% over the year. Operating expenses reached 6.6 million euros in Q2 – operating expenses increased in the quarterly comparison by 7% and by 24% in the annual comparison.

In Q2 2022, net profit of Coop Pank was 4.6 million euros, which is 31% more than in the previous quarter and 51% more than a year ago. In Q2 2022, cost to income ratio of the bank was 52% and return on equity was 15.8%.

As of 30 June 2022, Coop Pank has ca 30 thousand shareholders, number of shareholders has been stable during the quarter.

Margus Rink, Chairman of the Management Board of Coop Pank, comments the results:

“In the second quarter of the year Coop Pank showed again decent growth. We continue to meet all the goals promised to investors: the bank's business volumes have increased by 40% over the year, the quarterly cost-income ratio has fallen to 52% and the return on equity has risen to 15.8%. The market share of Coop Pank's loan portfolio increased to 5% and the market share of the deposit portfolio to 4.4%. All this shows that the bank is operating with increasingly better performance indicators and our impact in the Estonian economy is increasing.

To support the growth strategy, Coop Pank successfully raised additional capital in the second quarter and carried out a target issue of bonds to professional investors. Despite the turbulent times in the financial markets, the issue of bonds succeeded and the bank brought 16.1 million euros of capital for growth.

In April, the general meeting of Coop Pank decided to pay investors dividends for 2021 in the net amount of 3 euro cents per share. This was the first time that the bank has paid dividends to its investors. A total of 2.74 million euros was paid out to almost 30,000 shareholders, of which 98% was received in the bank accounts of Estonian residents. In accordance with the dividend policy approved by the shareholders, Coop Pank will henceforth pay out 25% of its annual net profit as dividends.”

Income statement, in th. euros

Q2 2022

Q1 2022

Q2 2021

6M 2022

6M 2021

Net interest income

11 629

10 595

8 325

22 224

16 368

Net fee and commission income

904

795

783

1 699

1 431

Net other income

224

102

233

327

435

Total net income

12 757

11 492

9 341

24 250

18 234

Payroll expenses

-3 780

-3 449

-3 065

-7 229

-5 944

Marketing expenses

-399

-391

-314

-790

-619

Rental and office expenses, depr. of tangible assets

-669

-688

-575

-1 357

-1 155

IT expenses and depr. of intangible assets

-1 116

-973

-809

-2 089

-1 549

Other operating expenses

-646

-697

-574

-1 344

-1 192

Total operating expenses

-6 610

-6 198

-5 336

-12 809

-10 459

Net profit before impairment losses

6 147

5 293

4 005

11 441

7 775

Impairment costs on financial assets

-1 181

-1 494

-753

-2 675

-1 524

Net profit before income tax

4 966

3 800

3 252

8 766

6 251

Income tax expenses

-378

-299

-220

-677

-384

Net profit for the period

4 588

3 500

3 032

8 089

5 867


Statement of financial position, in thousands of euros

30.06.2022

31.03.2022

31.12.2021

30.06.2021

Cash and cash equivalents

261 821

230 938

252 799

221 666

Debt securities

4 969

4 964

5 932

3 678

Loans to customers

1 131 367

1 040 209

953 396

772 516

Other assets

30 711

29 573

29 849

26 513

Total assets

1 428 868

1 305 683

1 241 976

1 024 373

Customer deposits and loans received

1 248 711

1 148 536

1 098 746

891 397

Other liabilities

19 706

14 776

14 423

11 983

Subordinated debt

43 164

27 111

17 064

17 064

Total liabilities

1 311 581

1 190 422

1 130 233

920 443

Equity

117 287

115 261

111 743

103 930

Total liabilities and equity

1 428 868

1 305 683

1 241 976

1 024 373


The reports of Coop Pank are available at: https://www.cooppank.ee/en/reporting

Coop Pank will organise a webinar on 20 July 2022 at 10:00 AM, to present the financial results of Q2 2022. For participation, please register in advance at:
https://bit.ly/CP-veebiseminar-20-07-registreerimine


The webinar will be recorded and published on the company's website www.cooppank.ee and on the YouTube channel.

Coop Pank, based on Estonian capital, is one of the five universal banks operating in Estonia. The bank has 130,700 daily banking clients. 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.

Additional information:
Paavo Truu
CFO
Phone: +372 516 0231
E-mail: paavo.truu@cooppank.ee

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