Coop Pank’s financial results in February 2022:

  • In February, number of the bank's clients increased by 2100 and number of active clients increased by 1800. By the end of the month number of clients reached 119,700. Over the year, customer base has grown by 34%.
  • Volume of the bank's customer deposits increased by 30 million euros, reaching 1.16 billion euros by the end of month. Deposits of corporate customers increased by 39 million and deposits of private customers by 4 million euros. The volume of deposits attracted from international platforms decreased by 13 million euros. Over the year, volume of bank deposits has grown by 45%.
  • The bank's loan portfolio increased by 27 million euros over the month and reached 997 million euros by the end of February. Business loans increased by 15.9 million euros, home loans increased by 8.5 million euros, leasing by 2 million euros and consumer financing by 1 million euros. Over the year, loan portfolio has grown by 45%.
  • In February, the loan impairment cost was 0.1 million euros.
  • Compared to the first two months of last year, the bank's net income has increased by 29% and expenses by 22% during the same period this year.
  • The bank earned net profit of 1.3 million euros in February. In the first two months of the year, the bank earned a net profit of 2.8 million euros, that is 46% more than in the same period last year.
  • In February, Coop Pank's return on equity was 14.7% and the cost-income ratio was 58.2%.
      

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

"Coop Pank's business volumes have shown a good growth in the first two months of the year and a decent profit has been earned.

Coop Pank is focused on customers operating in Estonia, and therefore we can assume that the direct impact of the war in Europe on our business will be rather modest. However, the war and the accompanying sanctions will undoubtedly affect the Estonian economy, and we must consider the possible indirect effects on the customers’ financials and consumer confidence.

Coop Pank and Coop's cooperatives have supported those in need in Ukraine through the Red Cross with one million euros. Coop Pank allows free payments to Ukrainian banks and bank accounts are opened quickly and free of charge for Ukrainian residents.”

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 119,700. 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
E-mail: paavo.truu@cooppank.ee

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