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Coop Pank AS results for April 2024

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Coop Pank’s financial results in April 2024:

  • In April, number of the bank’s clients increased by 2,400 and number of active clients increased by 1,500. By the end of the month number of clients reached 191,800 and number of active clients reached 85,900. Over the year, customer base has grown by 22%.
  • Volume of the bank’s customer deposits increased by 45 million euros, reaching 1.74 billion euros by the end of month. Deposits of corporate customers increased by 33 million euros and deposits of private customers increased by 1 million euros. The volume of deposits attracted from international platforms increased by 11 million euros. Over the year, volume of bank deposits has grown by 15%.
  • The bank’s loan portfolio increased by 29 million euros and reached 1.56 billion euros by the end of month. Business loans increased by 13 million euros, home loans increased by 11 million euros, leasing increased by 2 million euros and consumer financing loan portfolio increased by 2 million euros. Over the year, loan portfolio has grown by 14%.
  • 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 remained at the same level this year and expenses have increased by 23%.
  • In April, the bank earned net profit of 2.8 million euros. In the first four months of the year, the bank has earned a net profit of 12 million euros, that is 8% less than in the same period last year.
  • In April, Coop Pank’s return on equity was 18% and the cost-income ratio was 48%.

Comment by Paavo Truu, Member of the Management Board and CFO of Coop Pank:

“Coop Pank continues to increase business volumes and showed strong growth in all financing business lines in April. The portfolio growth was fastest in business and home loans. In addition to the loan portfolios, the deposit portfolios also showed decent growth. All this reflects the good performance of both entrepreneurs and individuals and the recovery of optimism and confidence.

In April, the bank’s shareholders approved the record payment of dividends for this year at a general meeting held and in May the bank transferred a dividend of 8.7 cents per share, or a total of 8.9 million euros, to the bank accounts of its 37,200 shareholders. 98% of the dividend payment went to the accounts of private individuals and companies in Estonia. With this, the income earned by Coop Pank helps improve the life and economy of Estonians in general. The bank also invites all its shareholders to contribute to the growth of the bank themselves and to choose Coop Pank as their home bank.

At the end of April, together with its customers, the bank started contributing to Estonia’s defense capability, which fits well with the bank’s goal of making life better in Estonia. For this purpose, a new customer program called Kaardivägi was created, in which those who join donate 1 cent with each card payment to the reservist fund created to support Estonian national defense, and the bank adds another 1 cent to it.”

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