Coop Pank has 100,200 clients by the end of Q2 2021, the number of clients has
increased by 7,000 over the quarter (8%). Number of private clients with current
account in the bank increased by 6,500 and number of business clients by 500
over the quarter. Over the year, client base of Coop Pank increased 34%, i.e. by
25,500 clients.
In Q2 2021, volume of deposits in Coop Pank increased by 43 million euros (+5%),
reaching total of 891 million euros. Deposits from domestic companies showed the
fastest growth, increasing by 79 million euros, of which 46 million were demand
deposits and 33 million were term deposits. Deposits from private clients grew
by 18 million euros, of which 16 million were demand deposits and 2 million were
term deposits. Deposits from international deposit platform Raisin and other
financing decreased by 54 million euros. Compared to Q2 2020, volume of Coop
Pank's deposits has increased by 276 million euros (+45%). In an annual
comparison, share of demand deposits to total deposits has increased from 32% to
44% and the bank's financing cost decreased from 1% to 0.8%.
In Q2 2021, net loan portfolio of Coop Pank grew by 77 million euros (+11%),
reaching 773 million euros. Business loans portfolio showed the fastest growth,
increasing the volume by 36 million euros (+14%). Home loans portfolio increased
by 29 million euros (+10%), leasing portfolio by 10 million euros (+11%) and
consumer finance portfolio increased by 2 million euros (+3%). Compared to Q2
2020, total loan portfolio of Coop Pank has grown by 213 million euros, i.e.
38%.
In Q2 2021, overdue loan portfolio of Coop Pank was at the level of 3%, which
has remained at the same level since Q4 2020. In an annual comparison, overdue
loan portfolio decreased from the level of 7% to 3%, which is the lowest level
in last four years.
Impairment costs of financial assets in Q2 2021 were 0.8 million euros, which is
at same level as in Q1 2021, but 56% lower than a year ago, when extraordinary
loan provisions were made due to the health crisis.
Net income of Coop Pank in Q2 2021 was 9.3 million euros, having grown 5% over
the quarter and 25% over the year. Operating expenses reached 5.3 million euros
in Q2, having increased by 4% over the quarter and 23% over the year.
In Q2 2021, net profit of Coop Pank was 3 million euros, which is 7% more than
in Q1 2021 and 123% more than a year ago. In Q2 2021, cost to income ratio of
the bank was 57% and return on equity was 11.9%.
As of 30 June 2021, Coop Pank has 18,462 shareholders, 2577 shareholders have
been added over the quarter.
Margus Rink, Chairman of the Management Board of Coop Pank, comments the
results:
"The most significant result of the last quarter for Coop Pank was crossing the
milestone of 100,000 customers. This was one of the five strategic goals we
promised investors when we came to the stock market, and we fulfilled it a lot
faster than expected. Over the past year, our customer base has grown more than
by one third and there are more and more customers who name Coop Pank as their
home bank.
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, Coop Pank was on Tallinn
Stock Exchange with more than 18,000 shareholders on the second place."
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 30.06.2021 31.03.2021 31.12.2020 30.06.2020
------------------------------------------------------------------------
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 Coop Pank are available at: https://www.cooppank.ee/en/reporting
Coop Pank will organise a webinar on 21 July 2021 at 09:00 AM, to present the
financial results of Q2 2021. For participation, please register in advance at:
https://register.gotowebinar.com/register/3348165054750841360
The webinar will be recorded and published on the company's website
www.cooppank.ee (http://www.cooppank.ee) as well as on the Nasdaq Baltic
youtube.com channel.
Coop Pank, based on Estonian capital, is one of the five universal banks
operating in Estonia. The bank has 100,200 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:
Kerli Lõhmus
CFO
Phone: +372 669 0902
E-mail: kerli.lohmus@cooppank.ee (mailto:kerli.lohmus@cooppank.ee)
|