Estonia’s Coop Pank nets €2.8mn in April

By bne IntelliNews May 13, 2024

Estonia’s Coop Pank net €2.8mn in April, the number of the bank's clients increased by 2,400 and the number of active clients increased by 1,500, BNS, a Baltic newswire, reported on May 13.

 By the end of the month, the number of clients reached 191,800 and the number of active clients was 85,900. The customer base has grown by 22% over the year, the bank told the stock exchange.

Coop Pank, based on Estonian capital, is one of the five universal banks operating in Estonia.

The volume of the bank's customer deposits increased by €45mn, reaching €1.74bn by the end of month. Deposits of corporate customers increased by €33mn, and deposits of private customers increased by €1mn. The volume of deposits attracted from international platforms increased by €11mn. The volume of bank deposits has grown by 15% during the year.

The bank's loan portfolio grew by €29mn and reached €1.56bn by the end of month. Business loans rose by €13mn, home loans increased by €11mn, leasing grew by €2mn and consumer financing loan portfolio increased by €2mn. The loan portfolio has expanded by 14% over the year.  

In April, the loan impairment cost was €0.3mn.     

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 a net profit of €2.8mn. In the first four months of the year, the bank has earned a net profit of €12mn, which 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%.

"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," Paavo Truu, member of the management board and CFO of Coop Pank, said, BNS reported.

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