Coop Pank AS results for February 2021

Coop Pank AS results for February 2021




Coop Pank AS results for February 2021

Coop Pank’s financial results in February 2021:

  • In February, number of the bank’s clients increased by 1,900 and reached 90,900 by the end of the month. Over the year, customer base has grown by 34%.
  • Volume of the bank’s customer deposits increased by 25 million euros, reaching 799 million euros by the end of month. Deposits of corporate customers increased by 9 million and deposits of private customers by 6 million, and the volume of deposits attracted from international platforms increased by 10 million euros. Over the year, volume of bank deposits has grown by 54%.      
  • The bank’s loan portfolio increased by 8 million euros over the month and reached 686 million euros by the end of February. Over the year, loan portfolio has grown by 40%.
  • Compared to the first two months of last year, the bank’s net income has increased by 23% and expenses by 11% during the same period this year.
  • The bank earned net profit of 831 thousand euros in February, in the first two months of the year the bank has earned 73% more profit than in the same period last year.

Comment by Margus Rink, Chairman of the Management Board of Coop Pank:

“In February, Coop Pank increased its business volumes and earned a decent profit despite the usual shorter month.

Over the year, the bank’s deposit volume has grown by 54%, the loan portfolio by 40% and the customer base by 34%. Because revenue growth has been faster than expenses, it has allowed us to earn 73% more profit in the first two months of the year than we did a year ago. Coop Pank is well capitalized and our return on equity was 10.9% in February.

Due to the COVID-19 pandemic, many Estonian companies are still in a difficult situation. As a domestic bank, Coop Pank is always a partner for local entrepreneurs, who takes time to indagate the challenges they face and is ready to offer flexible solutions quickly – both in good times and in more difficult times.

In addition to local entrepreneurs, we see that local governments and state agencies are also increasingly interested in Coop Pank’s good daily banking and deposit conditions.”

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 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. 

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