Market announcement
Coop Pank AS
LEI code
549300EHNXQVOI120S55
Size of the entity
Large group
Economic activities
Financial and Insurance Activities
Industry sector(s)
Credit institution
Country of registered office
Estonia
General information
Categories
Other corporate action
Unique data record identifier
10096
Attachments
Submission date and time
09.02.2023 08:00:00
Content of announcement in Estonian
Title
Coop Pank 2022. aasta IV kvartali ja 12 kuu auditeerimata majandustulemused
Message
Coop Pank kasvatas 2022. aastal kuuendat tegutsemisaastat järjest ärimahtusid ligi 40%. Aastaga kasvas Coop Panga klientide arv 32 400 võrra (+28%) ja aktiivselt arveldavate klientide arv 15 800 võrra (+31%). Uutest klientidest olid 29 400 erakliendid ja 3000 ärikliendid. 2022. aasta lõpuks ulatus Coop Panga klientide arv 147 000-ni, kellest 66 800 olid aktiivsed arveldajad. Võrdluseks: 2017. aastal liitus Coop Pangaga 5000, 2018. aastal 9000, 2019. aastal 19 000, 2020. aastal 23 000 ja 2021. aastal 27 900 uut klienti. 2022. aasta lõpu seisuga ulatus Coop Panga hoiuste maht 1,5 miljardi euroni, kasvades aastaga 409 miljoni euro võrra (+37%). Nõudmiseni hoiused kasvasid aastaga 39% ja tähtajalised hoiused 36%. Panga finantseerimiskulu püsis sarnaselt eelmisele aastale 0,7% tasemel. Panga hoiuste turuosa kasvas aastaga 4% pealt 5,5% peale. Coop Panga laenuportfell ulatus 2022. aasta lõpu seisuga 1,3 miljardi euroni, kasvades aastaga 347 miljoni euro võrra (+36%). Suurimat kasvu näitasid aastaga ärilaenu ja kodulaenu portfellid: ärilaenu portfell kasvas 154 miljonit eurot (+36%) ja kodulaenu portfell 143 miljonit eurot (+39%). Liisingu portfell kasvas aastaga 32 miljonit (+32%) ja tarbimisfinantseerimise portfell kasvas 19 miljon eurot (+28%). Panga laenude turuosa kasvas aastaga 4,5% pealt 5,5% peale. Laenuportfelli kvaliteet püsis 2022. aastal hoolimata muutustele majanduskeskkonnas väga hea. Võimalike laenukahjumite katteks moodustati 2022. aastal 5,2 miljonit eurot provisjone, mida oli kasvanud laenuportfellist ja majanduskeskkonna muutusest tingituna +110% enam kui aasta varem. Krediidiriski kulumäär tõusis võrreldes 2021. aastaga 0,3% tasemelt 0,5% tasemele. Panga netotulud ulatusid 2022. aastal 55 miljoni euroni, kasvades aastaga 15,4 miljonit eurot (+39%). Suurima panuse tulude kasvu andsid neto intressitulud, mis kasvasid aastaga 15,2 miljonit eurot (+43%). Väga head kasvu näitasid ka neto teenustasutulud, mis kasvasid aastaga 0,7 miljonit eurot (+23%). Panga tegevuskulud ulatusid 27 miljoni euroni, kasvades aastaga 4,7 miljonit eurot (+21%). Tegevuskuludest moodustasid suurima osa jätkuvalt personali-, IT- ja turunduskulud. Coop Panga puhaskasum oli 2022. aastal 20,4 miljoni eurot, kasvades aastaga 51%. Panga kulu-tulu suhe langes aastaga 57% pealt 50% tasemele ja omakapitali tootlus tõusis 12,9% pealt 16,8% tasemele. Coop Pangal on 31.12.2022 seisuga 36 045 aktsionäri, aastaga on lisandunud 8200 aktsionäri. IV kvartali tulemused 2022. aasta IV kvartalis kasvas panga klientide arv 8200 kliendi võrra, neist 7300 olid erakliendid ja 900 ärikliendid. Aasta lõpu seisuga oli Coop Pangal 147 000 igapäevapanganduse klienti. Hoiuste maht kasvas kvartaliga 154 miljoni euro võrra (+11%) ja ulatus aasta lõpuks 1,5 miljardi euroni. Kvartaliga kasvas nõudmiseni hoiuste maht 45 miljonit eurot ja tähtajaliste hoiuste maht 109 miljonit eurot. Panga neto laenuportfell kasvas kvartaliga 92 miljoni euro võrra (+8%), jõudes aasta lõpuks 1,3 miljardi euroni. Ärilaenude maht kasvas kvartaliga 45 miljonit eurot, kodulaenude maht 35 miljonit eurot, liising 7 miljonit eurot ning tarbimisfinantseerimine 5 miljonit eurot. Pank teenis 2022. aasta IV kvartalis 6,5 miljonit eurot kasumit, mis on 13% rohkem, kui oli III kvartalis ja 98% enam, kui oli eelmisel aastal samal perioodil. Kvartaalset kasumlikkust mõjutasid enim intressitulud, pangagrupi intressitulud kasvasid kvartaliga 3 miljonit eurot (+24%). Coop Panga juhatuse esimehe Margus Rinki kommentaar tulemustele: ?2022. aasta kujunes selliseks, millisena me aasta tagasi prognoose tehes teda kindlasti ette kujutada ei suutnud: aasta alguses olime seljatamas koroonakriisi, ootused majanduskeskkonnale olid mõõdukalt positiivsed, ent siis algas sõda Ukrainas, mis eskaleeris nii energia- kui ka toorainekriisi, mis omakorda kiirendas kaupade ja teenuste hinnatõusu. Inflatsioon kiirenes ja selle ohjamiseks hakkas Euroopa Keskpank tõstma baasintressimäärad. Sellest tulenevalt hakkas ka euribor järsult tõusma ning paljud eraisikute ja ettevõtete laenud muutusid varasemast kallimaks. Teisalt hakkasid hoiustajad teenima oma tähtajaliste hoiuste pealt senisest suuremat intressi. Kokkuvõttes defineerisid nimetatud muutused suuresti rõhuasetused pangajuhtide töölaual. Vaatamata väljakutseid pakkunud majanduskeskkonnale õnnestus Coop Pangal 2022. aastal juba kuuendal järjestikkusel tegutsemisaastal kasvatada oma ärimahte ligi 40% ning jätkata oma kasvustrateegia elluviimist. Aastaga kasvas panga klientide arv 32 400 võrra ja jõudis 147 000-ni. Aktiivselt arveldavate klientide arv kasvas 15 800 võrra ning jõudis 66 800-ni. Selleks, et Coop Pank oleks jätkuvalt kergesti ligipääsetav kõigile eestimaalastele, jätkasime klientide teenindamist 15 kontoris 12 erinevas Eesti linnas. Nii laia mehitatud müügi- ja teeninduskanali olemasolust on saamas üha enam meie konkurentsieelis. Samas jätkasime ka digitaalsete pangakanalite arendamist. Mobiilirakenduse uuenduse käigus paranes selle töökindlus, disain ja võimekus uute funktsioonide lisamiseks, samas säilitasime varasema kasutuslihtsuse. Coop Pank on panustanud keerulisel ajal inimeste kindlustunde suurendamisse. Selleks hakkasime lisaks juba edukalt juurutatud väikelaenu kindlustusele pakkuma ka liisingumakse kindlustust, mis kaitseb eraisikust autoliisijat töötuks jäämise ja töövõime kaotamise korral makseraskuste eest. Ka meie eraisikute deebetkaartidega kaasa tulev tasuta ostukindlustus ning kõiki pereliikmeid kaitsev kuumaksepõhine reisikindlustus on meie klientide poolt hästi vastu võetud. Selleks, et kodu rajamine oleks lihtsam ka neil, kes elavad tõmbekeskustest eemal, aktsepteerime ainsa Eestis tegutseva pangana KredExi käendust maapiirkonda eluaseme soetamiseks. Lisaks aktsepteerime omafinantseeringu nõude vähendamiseks ka kõiki teisi KredExi käendusi ja MES-i kaaslaenu, mis on samuti mõeldud kodu rajamiseks just maapiirkondadesse. 2022. aasta lõpus värskendasime oma kommunikatsioonikeelt kutsudes ellu panga mainekampaania, mille keskmesse tõstsime oma kliendid. Kampaanias jutustavad oma edulugusid Eesti inimesed ja ettevõtjad, kes kinnitavad isiklikule kogemusele tuginedes, et Coop Pank kuulab oma kliendid ära, arvestab kohalike oludega, on paindlik ning tegutseb kiiresti. Lisaks eestimaalaste olime eelmisel aastal populaarne valik ka Eestisse jõudnud Ukraina sõjapõgenikele. Aastaga võtsime oma kliendiks üle 4 000 Ukraina kodaniku, kellele pakume tasuta arveldamise võimalust. Coop Pank toetas koos Coopi piirkondlike ühistutega miljoni euroga ka Punase Risti tegevusi Ukrainas, et aidata sõjas kannatavaid inimesi kõige hädavajalikuga. 2022. aastat võib Coop Pangas pidada rohepöörde alguse aastaks. Pälvisime esimese pangana Eestis rahvusvaheliselt keskkonnamõju hindavalt organisatsioonilt Carbon Disclosure Project (CDP) reitingu B-, mis kinnitab, et oleme keskkonnamõjude valdkonnas head juhtimist üles näitav ettevõte. Lisaks astusime 2022. aastal ÜRO keskkonnaprogrammi finantsalgatuse (UNEP FI) liikmeks ja kinnitasime vastutustundliku panganduse põhimõtted, millega viime panga äristrateegia vastavusse ÜRO kestliku arengu ja Pariisi kliimaleppe eesmärkidega, et kasvatada positiivset mõju ühiskonnale. Astume kliimamõju juhtimisel julgeid samme ja soovime hiljemalt 2050. aastaks saada kliimaneutraalseks pangaks. Äritulemuste vallas pakkus läbi aasta suurt väljakutset hoiuste kaasamine. Kallinenud esmatarbekaupade, kütuste ning tõusvate laenuintresside keskkonnas võtsid kliendid kasutusele varasemaid sääste ja seetõttu pidurdus hoiuste kasv turul järsult. See omakorda põhjustas Eesti pangandusturul veelgi suurema konkurentsi hoiuste kaasamise nimel ning pankade finantseerimiskulu on kasvamas. 2022. aasta lõpu seisuga ulatus Coop Panga hoiuste maht 1,5 miljardi euroni, kasvades aastaga 409 miljoni euro võrra ehk 37%. Kuigi sõda, tarneraskused ja inflatsioon suurendasid aasta jooksul nii eraklientide kui ettevõtete ebakindlust tulevikus osas, püsis finantseerimistoodete nõudlus kõrge kuni sügiseni, mil hakkasime nägema uute laenutaotluste arvu vähenemist. Aastaga kasvas meie laenuportfell 347 miljoni euro võrra (+36%) ning jõudis 1,3 miljardi euroni. Üle mitmete aastate tekkis rahale positiivne hind ning see võimaldas pankadel teenida täiendavat intressitulu. Sarnase mõju jätkumist võib oodata pangandussektoris ka 2023. aastal. Portfelli kvaliteet püsis läbi aasta väga heal tasemel: võlas oleva portfelli osatähtsus oli aasta lõpus vaid 1,5%. Siiski näeme klientide finantsaruannetest peamiste tulemusnäitajate mõningast langust ning suurendasime seetõttu võimalike laenukahjumite katteks tehtavaid provisjone 5,2 miljoni euroni. Coop Panga ärimahtude jätkuv kasv on toonud kaasa oodatud mastaabiefekti, mis tähendab, et meie tulud kasvavad kiiremini kui kulud. 2022. aastal teenis pank 55 miljonit eurot tulusid, aastane kasv 39% ja tegevuskulud olid 27 miljonit eurot, aastane kasv 21%. Selle tulemusena paranesid aastaga meie olulisemad tulemusnäitajad: kasum kasvas 20,4 miljoni euroni ehk 51%, kulu-tulu suhe langes 50% peale ning omakapitali tootlus kasvas 16,8% tasemele. Vaatamata ebakindlatele oludele majanduskeskkonnas kaasasime 2022. aastal panga kasvu jätkamiseks kolmel korral kapitali: kevadel väljastasime tähtajalisi allutatud võlakirju, suvel tegime suunatud emisiooni tähtajatutele allutatud võlakirjadele ja sügisel emiteerisime uusi aktsiaid. Kõik kapitali kaasamised osutusid edukaks ja Coop Panga vastu kõrget usaldust üles näidanud investorid investeerisid nimetatud rahakaasamiste käigus panka kokku 46,4 miljonit eurot. Möödunud aastal maksis Coop Pank esimest korda aktsionäridele dividende. Täitsime sellega 2019. aastal IPO käigus aktsionäridele antud lubaduse: maksta alates 2021. aasta kasumist dividendideks 25%. 2022. aasta jooksul suurenes meie aktsionäride arv 8200 võrra ning aasta lõpu seisuga oli Coop Pangal 36 045 aktsionäri. Täitsime 2022. aastal kõik endale seatud eesmärgid ja investorile antud lubadused ning jätkame meile seni edu toonud strateegiaga. Meie strateegiline eesmärk on 2027. aasta alguseks kasvatada panga turuosa Eestis 10%-ni ja laenuportfell vähemalt 2 miljardi euroni ning jõuda seeläbi positsioonile, kus iga kümnes eestimaalane arveldab Coop Pangas - see tähendab vähemalt 150 000 arveldavat klienti. Ärimahtude kasvatamise tulemusena seab pank eesmärgiks tegutseda kasvava efektiivsusega (kulu-tulu suhe alla 50%) ning pakkuda aktsionäridele korralikku omakapitali tootlust (ROE vähemalt 15%). 2022. aastal me need tasemed juba ka saavutasime ning isegi ületasime. Tänan kõiki Coop Panga kliente, aktsionäre ja töötajad suurepärase aasta eest! Meie eesmärk on ehitada Coop Panka selliselt, et see oleks igaühe edulugu. Edulugu kliendile. Edulugu aktsionärile. Edulugu töötajale." Kasumiaruanne, tuhandetes 2022 2021 eurodes 2022 IV kv 2022 III kv 2021 IV kv 12 kuud 12 kuud ------------------------------------------------------------------------------- Neto intressitulu 15 765 12 721 9 824 50 709 35 538 Neto teenustasutulu 1 107 978 903 3 785 3 085 Muud tulud, neto -338 148 -50 137 615 ------------------------------------------------------------------------------- Netotulud kokku 16 535 13 847 10 677 54 631 39 238 ------------------------------------------------------------------------------- Tööjõukulud -4 216 -4 057 -3 182 -15 502 -12 490 Turunduskulud -526 -442 -332 -1 758 -1 247 Rendi- ja kontorikulud, materiaalse põhivara kulum -680 -684 -980 -2 721 -2 802 IT kulud ja immateriaalse põhivara kulum -1 203 -1 088 -1 013 -4 379 -3 455 Muud tegevuskulud -814 -660 -698 -2 817 -2 459 ------------------------------------------------------------------------------- Tegevuskulud kokku -7 439 -6 931 -6 205 -27 177 -22 453 ------------------------------------------------------------------------------- Kasum enne allahindluse kulu 9 095 6 918 4 471 27 454 16 785 Finantsvarade allahindluse kulu -1 898 -672 -963 -5 245 -2 497 Kasum/kahjum enne tulumaksu 7 197 6 246 3 508 22 209 14 288 Tulumaksu kulu -682 -499 -213 -1 859 -825 ------------------------------------------------------------------------------- Aruandeperioodi puhaskasum 6 515 5 747 3 295 20 350 13 463 ------------------------------------------------------------------------------- Finantsseisundi aruanne, tuhandetes eurodes 31.12.2022 30.09.2022 31.12.2021 ---------------------------------------------------------------- Raha ja raha ekvivalendid 364 878 287 158 252 799 Võlainstrumendid 18 747 14 540 5 932 Laenud klientidele 1 300 775 1 208 457 953 396 Muud varad 29 776 29 880 29 849 ---------------------------------------------------------------- Varad kokku 1 714 176 1 540 035 1 241 976 ---------------------------------------------------------------- Klientide hoiused ja saadud laenud 1 508 126 1 354 345 1 098 746 Muud kohustised 18 795 19 659 14 423 Allutatud laenud 38 139 43 211 17 064 ---------------------------------------------------------------- Kohustised kokku 1 565 060 1 417 215 1 130 233 ---------------------------------------------------------------- Omakapital 149 116 122 820 111 743 ---------------------------------------------------------------- Kohustised ja omakapital kokku 1 714 176 1 540 035 1 241 976 ---------------------------------------------------------------- Coop Panga aruanded on saadaval aadressil: https://www.cooppank.ee/aruandlus Coop Pank korraldab majandustulemuste tutvustamiseks veebiseminari 9. veebruaril 2023 kell 10.00. Osalemiseks palume eelnevalt registreeruda aadressil: https://forms.office.com/e/AUPiAED8zN Veebiseminar salvestatakse ja avalikustatakse Coop Panga kodulehel www.cooppank.ee (https://www.globenewswire.com/Tracker?data=ysaYE2aduEcKrKAVh7DYM6LiE28UTJqD7xkd SPeY2t-8glSNNf3zmGgGz59--m-ZGdW8mZfR_aEVv-L5dz38qQ==) ja YouTube'i kontol. Eesti kapitalil põhinev Coop Pank on üks viiest Eestis tegutsevast universaalpangast. Pangal on 147 000 igapäevapanganduse klienti. Coop Pank kasutab jaekaubanduse ja panganduse vahel tekkivat sünergiat ning toob igapäevased pangateenused kodule lähemale. Panga strateegiline omanik on kodumaine kaubanduskett Coop Eesti, mille müügivõrgustikku kuulub 320 kauplust. Lisainfo: Margus Rink Juhatuse esimees E-post: [email protected]
Content of announcement in English
Title
Unaudited financial results of Coop Pank for Q4 and 12 months of 2022
Message
In 2022, Coop Pank increased its business volumes by about 40% for the sixth consecutive year. Over the year, the number of Coop Pank customers increased by 32,400 (+28%) and the number of active clients increased by 15,800 (+31%). Of the new customers, 29,400 were private customers and 3,000 were business customers. By the end of 2022, the number of Coop Pank customers reached 147,000, of which 66,800 were active clients. For comparison: 5,000 new customers joined Coop Pank in 2017, 9,000 in 2018, 19,000 in 2019, 23,000 in 2020 and 27,900 in 2021. By the end of 2022, deposits of Coop Pank reached 1.5 billion euros, increased by 409 million euros (+37%) over the year. Demand deposits grew by 39% over the year and term deposits by 36%. The bank's financing cost remained at the level of 0.7%, alike to the last year. The market share of the bank's deposits increased from 4% to 5.5% over the year. Loan portfolio of Coop Pank reached 1.3 billion euros by the end of 2022, increased by 347 million euros (+36%) over the year. The greatest growth was shown by corporate loan portfolio and home loan portfolio: the corporate loan portfolio increased by 154 million euros (+36%) and the home loan portfolio by 143 million euros (39%). The leasing portfolio increased by 32 million (+32%) and the consumer finance portfolio increased by 19 million euro (+28%). The market share of the bank's loans increased from 4.5% to 5.5% over the year. In 2022, the quality of the loan portfolio remained very good, despite of the changes in the economic environment. To cover possible loan losses, 5.2 million euros provisions were made in 2022 - that was +110% more than a year earlier due to the increased loan portfolio and the change in the economic environment. The cost ratio for credit risk increased from 0.3% to 0.5% compared to 2021. The net income of Coop Pank reached 55 million euros, increased by 15.4 million euros (+39%) over the year. The largest contribution to revenue growth was made by net interest income, which increased by 15.2 million euros (+43%) over the year. Also, very good growth showed net service fee revenues, which increased by 0.7 million euros (+23%) over the year. The bank's operating cost reached 27 million euros, increased by 4.7 million euros (+21%) over the year. Personnel, IT and marketing costs continued to make up the largest part of operating costs. Net profit of Coop Pank in 2022 was 20.4 million euros, increased by 51% over the year. The bank's cost / income ratio fell from 57% to 50% over the year and the return on equity rose from 12.9% to 16.8%. As of 31 December 2022, Coop Pank has 36,045 shareholders, over the year the number of shareholders increased by 8,200. Results in Q4 In Q4 2022, the number of the bank's customers increased by 8,200, of which 7,300 were private customers and 900 were corporate customers. By the end of the year 2022, Coop Pank had 147,000 daily banking customers. The volume of deposits increased by 154 million euros (+11%), in Q4 2022 and reached 1.5 billion euros by the end of the year. Over the quarter, the volume of demand deposits increased by 45 million euros and the volume of term deposits by 109 million euros. The bank's net loan portfolio grew by 92 million euros (+8%) over the quarter, reaching 1.3 billion euros by the end of the year. The volume of corporate loans increased by 45 million euros, the volume of home loans by 35 million euros, leasing by 7 million euros and consumer financing by 5 million euros. In Q4 2022, Coop Pank earned a profit of 6.5 million euros, which is 13% more than in Q3 and 98% more than in the same period last year. Quarterly profitability was most affected by interest income, the bank group's interest income increased by 3 million euros (+24%) in the quarter. Comments of the CEO of Coop Pank Margus Rink: "The year 2022 turned out to be what we certainly could not imagine it to be like when we made forecasts a year ago: at the beginning of the year we were on the back of the corona crisis, expectations for the economic environment were moderately positive, but then the war in Ukraine started, which escalated the energy and commodity crisis, which in its turn accelerated the increase in the prices of goods and services. Inflation accelerated, and the European Central Bank began to raise base interest rates to control it. As a result, the euribor also started to rise sharply, and many private and corporate loans became more expensive than they were before. On the other hand, savers started to earn higher interest on their term deposits. All in all, these changes largely defined the priorities on the desks of bank managers. Despite the challenging economic environment, Coop Pank managed to grow its business volumes by almost 40% in 2022, its sixth consecutive year of operations, and continue to execute its growth strategy. Over the year, the number of the bank's clients increased by 32,400 to 147,00. The number of active clients increased by 15,800 to 66,800. In order to ensure that Coop Pank continues to be easily accessible to all Estonians, we continued to serve our clients at 15 branches in 12 different Estonian cities. Having such a wide manned service channel is becoming an increasingly bigger competitive advantage for us. At the same time, we continued to develop our digital banking channels. The update of the mobile app improved its reliability, design and capability for the addition of new functions, whilst retaining its previous ease of use. Coop Pank has contributed to increasing people's confidence during a difficult time. In order to do this, in addition to the already successfully introduced small loan insurance, we started offering lease payment insurance, which protects private car leasing clients from payment difficulties if they lose their job or capacity for work. Also our private debit cards come with free purchase insurance, and the monthly payment-based travel insurance that protects all family members is also well received by our customers. We strive to make getting a home easier for people who live outside bigger centres and we're therefore the only bank operating in Estonia that accepts the guarantee of KredEx for acquiring a home in a rural area. In order to reduce the self-financing requirement, we also accept all other KredEx guarantees and co- financing from the Rural Development Foundation, which is also meant for people setting up their homes in rural areas. In late 2022, we refreshed our communication language by launching the bank's image campaign, which focused on our clients. The campaign features Estonian people and entrepreneurs telling their success stories, who also confirm, based on their personal experience, that Coop Pank listens to its clients, takes local conditions into account, is flexible and acts quickly. In addition to Estonians, we were also a popular choice for Ukrainian war refugees who arrived in Estonia last year. Over the year, we accepted more than 4,000 Ukrainian citizens as our clients, to whom we offer free settlement options. Coop Pank and the regional cooperatives of Coop supported the operations of the Red Cross in Ukraine with a million euros to help people affected by the war with basic necessities. 2022 can be considered the year when the green transition started at Coop Pank. We became the first bank in Estonia to receive a B- rating from the Carbon Disclosure Project (CDP), an international environmental impact assessment organisation, which confirms that we're a well-managed company in terms of environmental impact. In 2022, we also became a member of the United Nations Environment Programme Finance Initiative (UNEP FI) and approved the Responsible Banking Principles, which make the bank's business strategy comply with the UN Sustainable Development Goals and the objectives of the Paris Climate Agreement to increase our positive impact on society. We take bold steps to manage our climate impact and strive to become a climate neutral bank by 2050 at the latest. In terms of business performance, raising deposits was a major challenge throughout the year. In an environment of higher prices for essential goods and fuels as well as rising borrowing rates, customers tapped into earlier savings and the growth of deposits on the market slowed down sharply. This, in its turn, led to even more competition for deposits on the Estonian banking market and the financing costs of banks increased. The deposit portfolio of Coop Pank amounted to 1.5 billion euros as at the end of 2022 - an increase of 409 million euros, i.e. 37%, over the year. Although the war, supply difficulties and inflation increased uncertainty about the future for both private clients and businesses during the year, demand for financial products remained high until autumn, when we started to see a decline in new loan applications. Over the year, our loan portfolio grew by 347 million euros (+36%) to 1.3 billion euros. Over the number of years, the price of money turned positive, allowing banks to earn additional interest income. We expect a similar impact to continue in the banking sector in 2023. The quality of the portfolio remained at a very good level throughout the year: the share of the portfolio in debt at the end of the year was only 1.5%. However, we are seeing a deterioration in key performance indicators in the financial statements of our clients and have therefore increased provisions for potential loan losses to 5.2 million euros. The continuing growth in the business volumes of Coop Pank has led to the expected scale effect, which means that our revenues are growing faster than our costs. In 2022, the bank earned revenues of 55 million euros, an annual increase of 39%, and its operating expenses amounted to 27 million euros, an annual increase of 21%. As a result of this, our key performance indicators improved over the year: profit increased to 20.4 million euros, or 51%, the cost/income ratio fell to 50% and the return on equity increased to 16,8%. Despite the uncertain economic environment, we raised capital to continue the bank's growth in 2022 on three occasions: in spring we issued fixed-term subordinated bonds, in summer we organised a private placement of perpetual subordinated bonds and in autumn we issued new shares. All instances of raising capital proved to be successful and the investors who showed high levels of trust in Coop Pank invested 46.4 million euros in the bank. Last year, Coop Pank paid dividends to shareholders for the first time. By doing this, we kept the promise made to the shareholders during the IPO: to pay 25% of the profit as dividends from 2021. In 2022, the number of our shareholders increased by 8200 and at the end of the year Coop Pank had 36,045 shareholders. In 2022, we delivered on all the targets we had set ourselves and kept the promises we made to investors, and we'll continue with the strategy that has brought us success so far. Our strategic goal is to increase the bank's market share in Estonia to 10% and the loan portfolio to at least 2 billion euros by the beginning of 2027, and thereby reach a position where one in ten Estonians settles with Coop Pank - this means at least 150,000 active clients. As a result of the growth in business volumes, the bank aims to operate with increasing efficiency (cost/income ratio below 50%) and to offer shareholders a decent return on equity (ROE of at least 15%). We already achieved and even exceeded these levels in 2022. I would like to thank all the clients, shareholders and employees of Coop Pank for a great year! Our goal is to build Coop Pank to be everyone's success story. A success story for clients. A success story for shareholders. A success story for employees." Income statement, in thousands of euros Q4 2022 Q3 2022 Q4 2021 12M 2022 12M 2021 ------------------------------------------------------------------------------- Net interest income 15 765 12 721 9 824 50 709 35 538 Net fee and commission income 1 107 978 903 3 785 3 085 Net other income -338 148 -50 137 615 ------------------------------------------------------------------------------- Total net income 16 535 13 847 10 677 54 631 39 238 ------------------------------------------------------------------------------- Payroll expenses -4 216 -4 057 -3 182 -15 502 -12 490 Marketing expenses -526 -442 -332 -1 758 -1 247 Rental and office expenses, depreciation of tangible assets -680 -684 -980 -2 721 -2 802 IT expenses and depreciation of intangible assets -1 203 -1 088 -1 013 -4 379 -3 455 Other operating expenses -814 -660 -698 -2 817 -2 459 ------------------------------------------------------------------------------- Total operating expenses -7 439 -6 931 -6 205 -27 177 -22 453 ------------------------------------------------------------------------------- Net profit before impairment losses 9 095 6 918 4 471 27 454 16 785 Impairment costs on financial assets -1 898 -672 -963 -5 245 -2 497 Net profit before income tax 7 197 6 246 3 508 22 209 14 288 Income tax expenses -682 -499 -213 -1 859 -825 ------------------------------------------------------------------------------- Net profit for the financial year 6 515 5 747 3 295 20 350 13 463 ------------------------------------------------------------------------------- Statement of financial position, in thousands of euros 31.12.2022 30.09.2022 31.12.2021 -------------------------------------------------------------- Cash and cash equivalents 364 878 287 158 252 799 Debt securities 18 747 14 540 5 932 Loans to customers 1 300 775 1 208 457 953 396 Other assets 29 776 29 880 29 849 -------------------------------------------------------------- Total assets 1 714 176 1 540 035 1 241 976 -------------------------------------------------------------- Customer deposits and loans received 1 508 126 1 354 345 1 098 746 Other liabilities 18 795 19 659 14 423 Subordinated debt 38 139 43 211 17 064 -------------------------------------------------------------- Total liabilities 1 565 060 1 417 215 1 130 233 -------------------------------------------------------------- Equity 149 116 122 820 111 743 -------------------------------------------------------------- Total liabilities and equity 1 714 176 1 540 035 1 241 976 -------------------------------------------------------------- The reports of Coop Pank are accessible at: https://www.cooppank.ee/aruandlus. Coop Pank will hold an Investor Webinar for the introduction of its financial results, which is scheduled at 10:00 on 9 February 2023. To participate, please register in advance via the following link: https://forms.office.com/e/AUPiAED8zN The webinar will be recorded and posted on the company's website www.cooppank.ee (https://www.globenewswire.com/Tracker?data=ysaYE2aduEcKrKAVh7DYM6LiE28UTJqD7xkd SPeY2t-8glSNNf3zmGgGz59--m-ZGdW8mZfR_aEVv-L5dz38qQ==) and YouTube account. Coop Pank, which is based on Estonian capital, is one of the five universal banks operating in Estonia. The bank has 147,000 everyday banking customers. 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 owner of the bank is the local retail chain Coop Estonia, which has a sales network of 320 stores. Further information: Margus Rink Chief Executive Office Email: [email protected]