Coop Pank AS results for October 2020

Coop Pank AS results for October 2020




Coop Pank AS results for October 2020

Coop Pank’s financial results in October 2020:

  • In October, the number of the bank’s clients increased by 2,100 and reached 82,000 by the end of the month. Customer base has grown by 41% over the year.
  • The volume of the bank’s customer deposits increased by 61 million euros, reaching 749 million euros by the end of October. Over the year, the volume of bank deposits has grown by 51%.
  • The bank’s net loan portfolio increased by 27 million euros over the month and reached 626 million euros by the end of October. The loan portfolio has grown by 47% over the year.
  • Impairment losses on loans was 0.3 million euros in October.
  • In October, the bank earned a net profit of 738 thousand euros.
  • Compared to the 10 months of 2019, the bank’s net income has increased by + 33%, expenses by + 17% and net profit by + 22% this year.

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

“Coop Pank has a very clear growth strategy and our growth, first of all, is driven by our loan portfolio, which has grown by 47% over the year. To finance such rapid growth, it is necessary to attract deposits, and I am pleased that in October our deposits increased by a record amount: we received 61 million euros in one month, most of which were corporate deposits.

As the bank’s business volumes grow rapidly, so do our revenues. At the same time, our cost growth is slower, and our provisions are conventional. Due to growth of domestic demand deposits, our financing cost will decrease, which was 1% last year and fell to 0.9% this year. Our return on equity was 9.2% in October.”

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 82,000. 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:
Kerli Lõhmus
CFO
Phone: +372 669 0902
E-mail: kerli.lohmus@cooppank.ee

Attachment