Coop Pank's financial results in January 2020:
* The bank's customer base increased by 1,900, reaching 65,700 by the end of
the month.
* In the same period, the bank's loan portfolio increased by EUR 15 million,
having reached EUR 476 million. Business loans and mortgages portfolio
showed the highest growth, but all other financing business lines
contributed to the growth as well.
* The amount of deposits in Coop Pank reached EUR 498 million by the end of
January, having slightly decreased by EUR 9 million. Demand deposits of
clients increased, while the term deposits, collected via international
deposit platforms decreased. This has been a conscious move as the public
offering of shares last November increased bank's liquidity.
* The bank earned a net profit of EUR 566 thousand in January.
Commentary by Margus Rink, Chairman of the Management Board of Coop Pank: ?The
start of the year has been good, we managed to significantly grow our loan
portfolio. We particularly welcome the fact that larger and larger companies
come round our table to discuss their growth plans or to seek yield to their
temporarily free funds in a low-interest economic environment. Upgrading the
bank's debit card customers to the highest level of Coop's loyalty programme in
last November, offering the best prices and 10% extra bonus points when paying
with bank's debit card at Coop stores, continues to support our private customer
growth."
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 65,700. 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 main shareholder of the bank is
the domestic retail chain Coop Eesti, comprising of 340 stores.
Additional information:
Kerli Lõhmus
CFO
Phone: +372 669 0902
E-mail: kerli.lohmus@cooppank.ee
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