Coop Pank AS Results For July 2022| MENAFN.COM

Sunday, 27 November 2022 07:52 GMT

Coop Pank AS Results For July 2022


(MENAFN- GlobeNewsWire - Nasdaq) English Estonian

Coop Pank's financial results in July 2022:

  • In July, number of the bank's clients increased by 2400 and number of active clients increased by 900. By the end of the month number of clients reached 133,100 and number of active clients reached 59,600. Over the year, customer base has grown by 23%.
  • Volume of the bank's customer deposits increased by 47 million euros, reaching 1.30 billion euros by the end of month. Deposits of corporate customers increased by 26 million and deposits of private customers increased by 2 million euros. The volume of deposits attracted from international platforms increased by 19 million euros. Over the year, volume of bank deposits has grown by 45%.
  • The bank's loan portfolio increased by 33 million euros over the month and reached 1.16 billion euros by the end of month. Business loans increased by 17 million euros,
    home loans increased by 11 million euros, leasing by 2 million euros and consumer financing by 2 million euros. Over the year, loan portfolio has grown by 47%.
  • Compared to the first seven months of last year, the bank's net operating income has increased by 32% and expenses by 22% during the same period this year.
  • The bank earned net profit of 1.9 million euros in July. In the first seven months of the year, the bank earned a net profit of 10 million euros, that is 39% more than in the same period last year.
  • In July, Coop Pank's return on equity was 18.8% and the cost-income ratio was 53.4%.

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

'Despite the active holiday month, in July business volumes and net operating income of Coop Pank grew rapidly, while expenses remained under control. This enabled us to earn a record-breaking 1.9 million euros net profit in one month for the second time this year.

Coop Pank's strong performance indicators have been achieved due to the fact, that more and more Estonians prefer a domestic bank that invests its profits in Estonia and in improving the lives of Estonian people. We have said this before, and we confirm once again that Estonia is Coop Pank's home market, and we are here for people and the businesses in both good and difficult times.”

Coop Pank's financial reports are available at:

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 133,100. 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 5160 231
E-mail:


 

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