Coop Pank financial results in July 2020:
* In July, the number of the bank's customers increased by 1,700 and reached
76,200 by the end of the month. Customer base has grown by 43% over the
year.
* The bank's net loan portfolio increased by 13 million euros over the month
and reached 572 million euros at the end of July. The loan portfolio has
grown by 44% over the year.
* The volume of the bank's deposits amounted to 651 million euros at the end
of July, having increased by 36 million euros during the month. Over the
year, the volume of bank deposits has grown by 51%.
* The loan impairment charge in July was 0.4 million euros.
* In July, the bank earned a net profit of 678 thousand euros.
Comment by Margus Rink, Chairman of the Management Board of Coop Pank: "Despite
the busiest vacations season, we continued rapid growth and the annual growth
rate of the bank's most important key indicators continues to exceed 40%. In
July, the volume of our deposits increased significantly, demand deposits
increased by 15 million euros and term deposits by 21 million euros. From
financing business lines, we can highlight the financing of real estate for
private customers, where we estimate our market share of new sales of home loans
to be 8% for several months in a row. At the beginning of June, Coop Pank
Leasing launched car e-shop with a Shkoda offer and by end of July 15 cars out of
20 have been sold. At the same time the volume of financing for other cars, both
new and used, has grown significantly as well."
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 76,200. 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:
Kerli Lõhmus
CFO
Phone: +372 669 0902
E-mail: kerli.lohmus@cooppank.ee
|