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    CPA1T   EE3100007857

COOP PANK AS

(CPA1T)
  Report
Delayed Nasdaq Tallinn  -  08:59 2022-09-23 am EDT
2.310 EUR   -0.26%
09/12Coop Pank AS results for August 2022
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09/12Coop Pank AS results for August 2022
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08/17Coop Pank AS entered into merger agreement with CP Varad AS
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Coop Pank unaudited financial results for Q2 2022

07/20/2022 | 01:01am EDT

By the end of the Q2 2022, Coop Pank had 130,700 customers, during the quarter the number of customers increased by 8,300 (+7%). The bank had 58,700 active customers, during the quarter the number of active customers increased by 4,500 (+8%).

In Q2 2022, volume of deposits in Coop Pank increased by 100 million euros (+9%), reaching total of 1.25 billion euros. Deposits from domestic companies showed the fastest growth, increasing by 87 million euros, of which 31 million were demand deposits and 57 million were term deposits. Deposits from private clients increased by 4 million euros, demand deposits increased by 11 million euros and term deposits decreased by 7 million euros. Deposits from international deposit platform Raisin and other financing increased by 9 million euros. Compared to Q2 2021, volume of Coop Pank's deposits has increased by 357 million euros (+40%). In an annual comparison, share of demand deposits to total deposits has increased from 44% to 49%.  In Q2 2022, the bank’s financing cost was 0.5%, at the same time last year the financing cost was 0.8%.

In Q2 2022, net loan portfolio of Coop Pank increased by 91 million euros (+9%), reaching 1.13 billion euros. Home mortgage loan portfolio showed the fastest growth, increasing the volume by 40 million euros (+10%). Business loans portfolio increased by 36 million euros (+8%), leasing portfolio increased by 10 million euros (+9%) and consumer finance portfolio increased by 6 million euros (+9%). Compared to Q2 2021, total loan portfolio of Coop Pank has grown by 359 million euros (+46%).

In Q2 2022, overdue loan portfolio of Coop Pank remained for the fourth consecutive quarter at the level of 2%. In an annual comparison, overdue loan portfolio decreased from the level of 3% to 2%.

Impairment costs of financial assets in Q2 2022 were 1.2 million euros, which is 0.4 million euros (+57%) more than in Q2 2021.

Net income of Coop Pank in Q2 2022 was 12.8 million euros, having grown 11% over the quarter and 37% over the year. Operating expenses reached 6.6 million euros in Q2 – operating expenses increased in the quarterly comparison by 7% and by 24% in the annual comparison.

In Q2 2022, net profit of Coop Pank was 4.6 million euros, which is 31% more than in the previous quarter and 51% more than a year ago. In Q2 2022, cost to income ratio of the bank was 52% and return on equity was 15.8%.

As of 30 June 2022, Coop Pank has ca 30 thousand shareholders, number of shareholders has been stable during the quarter.

Margus Rink, Chairman of the Management Board of Coop Pank, comments the results:

“In the second quarter of the year Coop Pank showed again decent growth. We continue to meet all the goals promised to investors: the bank's business volumes have increased by 40% over the year, the quarterly cost-income ratio has fallen to 52% and the return on equity has risen to 15.8%. The market share of Coop Pank's loan portfolio increased to 5% and the market share of the deposit portfolio to 4.4%. All this shows that the bank is operating with increasingly better performance indicators and our impact in the Estonian economy is increasing.

To support the growth strategy, Coop Pank successfully raised additional capital in the second quarter and carried out a target issue of bonds to professional investors. Despite the turbulent times in the financial markets, the issue of bonds succeeded and the bank brought 16.1 million euros of capital for growth.

In April, the general meeting of Coop Pank decided to pay investors dividends for 2021 in the net amount of 3 euro cents per share. This was the first time that the bank has paid dividends to its investors. A total of 2.74 million euros was paid out to almost 30,000 shareholders, of which 98% was received in the bank accounts of Estonian residents. In accordance with the dividend policy approved by the shareholders, Coop Pank will henceforth pay out 25% of its annual net profit as dividends.”

Income statement, in th. eurosQ2 2022Q1 2022Q2 20216M 20226M 2021
Net interest income11 62910 5958 32522 22416 368
Net fee and commission income9047957831 6991 431
Net other income224102233327435
Total net income12 75711 4929 34124 25018 234
Payroll expenses-3 780-3 449-3 065-7 229-5 944
Marketing expenses-399-391-314-790-619
Rental and office expenses, depr. of tangible assets-669-688-575-1 357-1 155
IT expenses and depr. of intangible assets-1 116-973-809-2 089-1 549
Other operating expenses-646-697-574-1 344-1 192
Total operating expenses-6 610-6 198-5 336-12 809-10 459
Net profit before impairment losses6 1475 2934 00511 4417 775
Impairment costs on financial assets-1 181-1 494-753-2 675-1 524
Net profit before income tax4 9663 8003 2528 7666 251
Income tax expenses-378-299-220-677-384
Net profit for the period4 5883 5003 0328 0895 867


Statement of financial position, in thousands of euros30.06.202231.03.202231.12.202130.06.2021
Cash and cash equivalents261 821230 938252 799221 666
Debt securities4 9694 9645 9323 678
Loans to customers1 131 3671 040 209953 396772 516
Other assets30 71129 57329 84926 513
Total assets1 428 8681 305 6831 241 9761 024 373
Customer deposits and loans received1 248 7111 148 5361 098 746891 397
Other liabilities19 70614 77614 42311 983
Subordinated debt43 16427 11117 06417 064
Total liabilities1 311 5811 190 4221 130 233920 443
Equity117 287115 261111 743103 930
Total liabilities and equity1 428 8681 305 6831 241 9761 024 373


The reports of Coop Pank are available at: https://www.cooppank.ee/en/reporting

Coop Pank will organise a webinar on 20 July 2022 at 10:00 AM, to present the financial results of Q2 2022. For participation, please register in advance at:
https://bit.ly/CP-veebiseminar-20-07-registreerimine


The webinar will be recorded and published on the company's website www.cooppank.ee and on the YouTube channel.

Coop Pank, based on Estonian capital, is one of the five universal banks operating in Estonia. The bank has 130,700 daily banking clients. 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: +372 516 0231
E-mail: paavo.truu@cooppank.ee

Attachments


All news about COOP PANK AS
09/12Coop Pank AS results for August 2022
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09/12Coop Pank AS results for August 2022
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08/17Coop Pank AS entered into merger agreement with CP Varad AS
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08/11Coop Pank AS results for July 2022
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08/11Coop Pank AS results for July 2022
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07/20Coop Pank held an investor webinar to introduce unaudited results of Q2 2022
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07/20Coop Pank held an investor webinar to introduce unaudited results of Q2 2022
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Financials
Sales 2022 42,2 M 41,0 M 41,0 M
Net income 2022 15,4 M 15,0 M 15,0 M
Net Debt 2022 - - -
P/E ratio 2022 13,6x
Yield 2022 1,30%
Capitalization 211 M 205 M 205 M
Capi. / Sales 2022 5,00x
Capi. / Sales 2023 4,58x
Nbr of Employees 300
Free-Float 66,3%
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Number of Analysts 0
Last Close Price 2,31 €
Average target price 1,50 €
Spread / Average Target -35,1%
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