In Q2 2021, volume of deposits in
In Q2 2021, net loan portfolio of
In Q2 2021, overdue loan portfolio of
Impairment costs of financial assets in Q2 2021 were
Net income of
In Q2 2021, net profit of
As of
“The most significant result of the last quarter for
The growth of the customer base has led to a significant increase in the volume of domestic deposits and enabled us to reduce the share of more expensive deposits attracted from the
international deposit platform. The increase in the share of demand deposits also contributes to the decrease in financing costs.
The growth of the loan portfolio, which slowed down in the first quarter due to the market cool down, picked up again and showed a good result in the second quarter of the year. This was mainly driven by business loans and home loans. Although competition in the loan market has increased over the year, we see that our positioning allows us to increase our market share. We are also glad to see that, with rapid growth, the quality of our loan portfolio remains at a very high level.
An increase in the number of customers, a decrease in financing costs and an increase in the loan portfolio is improving our performance from month to month. In the second quarter, we earned a decent profit and return on equity (ROE) continued to grow. At the end of the second quarter,
Income statement, in thousands of euros | Q2 2021 | Q1 2021 | Q2 2020 | 6M 2021 | 6M 2020 |
Net interest income | 8 325 | 8 043 | 6 852 | 16 368 | 13 210 |
Net fee and commission income | 783 | 648 | 477 | 1 431 | 998 |
Net other income | 233 | 202 | 135 | 435 | 373 |
Total net income | 9 341 | 8 893 | 7 464 | 18 234 | 14 581 |
Payroll expenses | -3 065 | -2 879 | -2 603 | -5 944 | -5 265 |
Marketing expenses | -313 | -306 | -201 | -619 | -427 |
Rental and office expenses, depreciation of tangible assets | -576 | -579 | -552 | -1 155 | -1 115 |
IT expenses and depreciation of intangible assets | -809 | -740 | -565 | -1 549 | -1 055 |
Other operating expenses | -573 | -619 | -434 | -1 192 | -935 |
Total operating expenses | -5 336 | -5 123 | -4 355 | -10 459 | -8 797 |
Net profit before impairment losses | 4 005 | 3 770 | 3 109 | 7 775 | 5 784 |
Impairment costs on financial assets | -753 | -771 | -1 721 | -1 524 | -2 935 |
Net profit before income tax | 3 252 | 2 999 | 1 388 | 6 251 | 2 849 |
Income tax expenses | -220 | -164 | -26 | -384 | -26 |
Net profit for the financial year | 3 032 | 2 835 | 1 362 | 5 867 | 2 823 |
Basic earnings per share (in euros) | 0.03 | 0.03 | 0.01 | 0.06 | 0.03 |
Diluted earnings per share (in euros) | 0.03 | 0.03 | 0.01 | 0.06 | 0.03 |
Statement of financial position, in thousands of euros | |||||
Cash and cash equivalents | 221 666 | 249 416 | 170 750 | 133 905 | |
Debt securities | 3 678 | 3 074 | 3 011 | 3 682 | |
Loans to customers | 772 516 | 695 721 | 670 593 | 559 295 | |
Other assets | 26 513 | 26 700 | 25 555 | 24 948 | |
Total assets | 1 024 373 | 974 911 | 869 909 | 721 830 | |
Customer deposits and loans received | 891 397 | 848 755 | 757 835 | 615 153 | |
Other liabilities | 11 982 | 8 626 | 7 443 | 7 381 | |
Subordinated debt | 17 064 | 17 111 | 7 064 | 7 064 | |
Total liabilities | 920 443 | 874 492 | 772 342 | 629 598 | |
Equity | 103 930 | 100 419 | 97 567 | 92 232 | |
Total liabilities and equity | 1 024 373 | 974 911 | 869 909 | 721 830 |
The reports of
https://register.gotowebinar.com/register/3348165054750841360
The webinar will be recorded and published on the company's website www.cooppank.ee as well as on the Nasdaq Baltic youtube.com channel.
Additional information:
Kerli Lõhmus
CFO
Phone: +372 669 0902
E-mail: kerli.lohmus@cooppank.ee
Attachments
Coop Pank 2021 Q2 results_ENCoop Pank 2021-06_EN- Interim report_6m 2021_EN
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