Market announcement

Title

Coop Pank 2024. aasta I kvartali auditeerimata majandustulemused

Message

2024. aasta  I kvartali lõpu seisuga  oli Coop Pangal 189 000 klienti, klientide
arv  kasvas kvartaliga 7000 kliendi võrra  (+4%) ja aastaga 34 000 võrra (+22%).
Aktiivselt   arveldavaid   kliente   oli  84?400, kvartaliga  kasvas  aktiivselt
arveldavate klientide arv 2400 võrra (+3%) ja aastaga 14 300 (+20%).

Coop Panga hoiuste maht kahanes 2024. aasta I kvartalis 29 miljoni euro võrra (-
2%), ulatudes  1,69 miljardi  euroni.  Eraklientide  hoiuste portfell kasvas 11
miljoni  euro  võrra:  nõudmiseni  hoiused  kasvasid  8 miljoni  euro  võrra  ja
tähtajalised  hoiused kasvasid  3 miljoni euro  võrra. Äriklientide hoiuste maht
kahanes  15 miljoni euro võrra: nõudmiseni hoiused kasvasid 6 miljoni euro võrra
ja  tähtajalised hoiused kahanesid 21 miljoni euro võrra. Rahvusvahelise hoiuste
kaasamise  platvormi Raisin hoiused ja muu finantseering kahanes 24 miljoni euro
võrra.  Võrreldes 2023. aasta I  kvartaliga on Coop  Panga hoiuste maht kasvanud
181 miljoni  euro võrra (+12%). Aastases võrdluses on panga tähtajaliste hoiuste
osakaal  kõigist hoiustest kasvanud 59% pealt 70% peale. 2024. aasta I kvartalis
oli finantseerimiskulu 3,5%, eelmisel aastal samal ajal 1,5%.

2024. aasta  I kvartalis  kasvas Coop  Panga neto  laenuportfell 40 miljoni euro
võrra  (+3%),  ulatudes  1,53 miljardi  euroni.  Suurimat kasvu näitasid äri- ja
kodulaenude ning liisingu portfell.
Kodulaenude  portfell  kasvas  kvartaliga  20 miljonit  eurot  (+3%), ärilaenude
portfelli  11 miljonit eurot (+2%) ja  liisinguportfell 10 miljonit eurot (+7%).
Tarbimisfinantseerimise portfell kahanes 1 miljoni euro võrra (-1%). 2023. aasta
I kvartaliga võrreldes on laenuportfell kasvanud 184 miljoni euro võrra (+14%).

2024. aasta  I  kvartalis  kasvas  Coop  Panga  viivises  olev laenuportfell 2%
tasemelt  2,4% tasemele.  Aasta  tagasi  oli  viivises  olev laenuportfell 1,8%
tasemel.

Finantsvarade  allahindluse kulu oli 2024. aasta I kvartalis 0,6 miljonit eurot,
mida  on 0,6 miljonit eurot (-50%) vähem  kui eelmises kvartalis ja 1,1 miljonit
eurot (-65%) vähem kui oli 2023 I kvartalis.

Coop Panga netotulud olid 2024. aasta I kvartalis 20,2 miljonit eurot, kahanedes
kvartaalses   võrdluses   1% ja  kasvades  aastases  võrdluses  3%. Tegevuskulud
ulatusid  I kvartalis 9 miljoni  euroni - kahanedes  kvartaalses võrdluses 5% ja
kasvades aastases võrdluses 24%.

Coop  Pank teenis 2024. aasta I  kvartalis 9,1 miljonit eurot puhaskasumit, mida
on  9% rohkem kui eelmises kvartalis ja  3% vähem kui aasta tagasi. Panga kulude
ja tulude suhe oli I kvartalis 47% ning omakapitali tootlus 19,2%.

Coop Pangal on 31.03.2024 seisuga 37?100 aktsionäri.

Coop Panga juhatuse esimehe Margus Rinki kommentaar tulemustele:

?Tegutseme hetkel keskkonnas, kus kahe aasta pikkune majanduslangus on asendunud
seisakuga  ja loodetavasti näeme aastases  perspektiivis esimesi märke majanduse
pöördumisest   kasvufaasi.   Selles   kontekstis   tuleb   lugeda   Coop   Panga
laenuportfelli   kvartaalset  kasvu  40 miljoni  euro  võrra  igati  korralikuks
tulemuseks. Samuti oleme rahul jätkuva klientide arvu kasvuga.

Kui   veel  eelmise  aasta  lõpus  prevaleeris  turgudel  ootus  intressimäärade
järkjärguliseks   languseks   alates   sellest   aastast,   siis   nüüdseks   on
intressilanguse  algpunkt nihkunud suvekuudesse  ning turud ennustavad mõnevõrra
väiksemat  languse ulatust käesoleval aastal.  Pankade intressitulud on sellises
keskkonnas oma tipu saavutanud ning ettepoole vaatavalt langeva trendiga. Samuti
on   ka   intressikulud  oma  tipptaseme  saavutanud  ning  hoiustele  pakutavad
intressimäärad  on täna märksa väiksemad kui  veel mõned kuud tagasi. Siit edasi
saavad pankade netointressitulud kasvada vaid ärimahtude kasvatamise arvelt.

Laenuportfelli   kvaliteet   on  paariaastasele  majanduslangusele  hästi  vastu
pidanud.  Viimases kvartalis  oli meie  krediidikulu väga  madal, kuna lahenesid
probleemid  paari  ärikliendiga  ning  vabastasime  nimetatud  laenudele  tehtud
allahindlused.  Samas  kodulaenuportfellis  on  mõnevõrra  kasvanud lühiajaliste
võlglaste arv, kes küll enamasti leiavad lahenduse juba enne järgmise laenumakse
tähtaja saabumist.

Kokkuvõttes  tagas ärimahtude kasv, kõrgete  intressimäärade püsimine ning madal
krediidikulu meile käesoleva aasta esimeses kvartalis väga korraliku kasumi ning
tulemusnäitajad.  Oleme tugevalt kapitaliseeritud  ning omame piisavalt hoiuseid
selleks,  et finantseerida  ettevõtete ning  eraisikute laenusoove,  mis pööraks
Eesti  majanduskasvule.  Majanduskasv  kataks  otseselt  riigi  rahakotis olevat
puudujääki ning vähendaks survet maksutõusudele ning kulukärbetele."

 Kasumiaruanne, tuhandetes eurodes         2024 I kv 2023 IV kv 2023 I kv
-------------------------------------------------------------------------
 Neto intressitulud                           19 082     20 594    18 372

 Neto teenustasutulud                          1 014      1 489     1 028

 Muud tegevustulud, neto                         125     -1 666       261
-------------------------------------------------------------------------
 Netotulud kokku                              20 221     20 417    19 661
-------------------------------------------------------------------------
 Tööjõukulud                                  -5 409     -5 495    -4 542

 Turunduskulud                                  -533       -912      -412

 Rent, kontorikulud ja mat. põhivara kulum      -795       -678      -700

 IT kulud ja immat. põhivara kulum            -1 405     -1 363    -1 155

 Muud kulud                                   -1 286     -1 498      -788
-------------------------------------------------------------------------
 Tegevuskulud kokku                           -9 427     -9 948    -7 596
-------------------------------------------------------------------------
 Kasum enne allahindluste kulu                10 794     10 469    12 065

 Finantsvarade allahindlus                      -576     -1 148    -1 627

 Kasum enne tulumaksu                         10 218      9 322    10 438

 Tulumaksu kulu                               -1 080       -935    -1 063
-------------------------------------------------------------------------
 Aruandeperioodi puhaskasum                    9 138      8 386     9 375
-------------------------------------------------------------------------

-------------------------------------------------------------------------
 Puhaskasum aktsia kohta, eur                   0,09       0,08      0,09

 Lahustatud puhaskasum aktsia kohta, eur        0,09       0,08      0,09
-------------------------------------------------------------------------


 Finantsseisundi aruanne, tuhandetes eurodes 31.03.2024 31.12.2023 31.03.2023

 Raha ja raha ekvivalendid                      380 644    428 354    334 074

 Võlainstrumendid                                36 460     36 421     18 932

 Laenud klientidele                           1 531 038  1 490 873  1 346 822

 Muud varad                                      31 320     30 564     30 048
-----------------------------------------------------------------------------
 Varad kokku                                  1 979 461  1 986 212  1 729 876
-----------------------------------------------------------------------------
 Klientide hoiused ja saadud laenud           1 693 254  1 721 765  1 512 627

 Muud kohustised                                 27 698     28 436     20 599

 Allutatud laenud                                63 239     50 187     38 101
-----------------------------------------------------------------------------
 Kohustised kokku                             1 784 191  1 800 387  1 571 327
-----------------------------------------------------------------------------
 Omakapital                                     195 270    185 825    158 549
-----------------------------------------------------------------------------
 Kohustised ja omakapital kokku               1 979 461  1 986 212  1 729 876
-----------------------------------------------------------------------------

Coop Panga aruanded on leitavad aadressilt: https://www.cooppank.ee/aruandlus

Coop Pank korraldab 2024. aasta I kvartali majandustulemuste tutvustamiseks
veebiseminari 18. aprillil 2024 kell 9.00. Osalemiseks palume eelnevalt
registreeruda aadressil: https://bit.ly/CP-180424-registreerimine

Veebiseminar salvestatakse ning avalikustatakse Coop Panga kodulehel
www.cooppank.ee (http://www.cooppank.ee) ja YouTube'i kontol
(https://www.youtube.com/@cooppank).

Eesti   kapitalil   põhinev   Coop   Pank   on  üks  viiest  Eestis  tegutsevast
universaalpangast.  Pangal  on  189 000 igapäevapanganduse  klienti.  Coop  Pank
kasutab   jaekaubanduse   ja  panganduse  vahel  tekkivat  sünergiat  ning  toob
igapäevased   pangateenused   inimeste   kodu  lähedale.  Panga  strateegiliseks
aktsionäriks  on  kodumaine  kaubanduskett  Coop  Eesti,  mille müügivõrgustikku
kuulub 320 kauplust.

Lisainfo:
Paavo Truu
Finantsjuht
Telefon: +372 516 0231
E-post: paavo.truu@cooppank.ee (mailto:paavo.truu@cooppank.ee)

Title

Coop Pank unaudited financial results for Q1 2024

Message

By  the end of the Q1 2024, Coop Pank had 189,000 customers, increased by 7,000
customers  in the quarter (+4%)  and by 34,000 in the  year (+22%). The bank had
84,400 active  customers, increased by 2,400 (+3%) in the quarter and by 14,300
(+20%) in the year.

In  Q1 2024, volume of  deposits in Coop  Pank decreased by  29 million euros (-
2%), reaching  total  of  1.69 billion  euros.  Deposits  from  private  clients
increasing by 11 million euros: demand deposits increased by 8 million euros and
term  deposits  increased  by  3 million  euros. Deposits from domestic business
customers  decreased by 15 million euros: demand deposits increased by 6 million
euro   and   term   deposits   decreased  by  21 million  euros.  Deposits  from
international  deposit  platform  Raisin  and  other  financing decreased by 24
million euros. Compared to Q1 2023, volume of Coop Pank's deposits has increased
by  181 million euros (+12%). In an annual comparison, share of term deposits of
total  deposits has increased from 59% to  70%. In Q1 2024, the bank's financing
cost was 3.5%, at the same time last year the financing cost was 1.5%.

In Q1 2024, net loan portfolio of Coop Pank increased by 40 million euros (+3%),
reaching 1.53 billion euros. Business loans and home loans portfolio and leasing
showed  the biggest growth. The volumes of  home loan portfolio increased by 20
million  euros (+3%),  the volumes  of business  loan portfolio increased by 11
million  euros (+2%) and leasing portfolio  increased by 10 million euros (+7%).
Consumer  finance portfolio decreased  by 1 million euros  (-1%). Compared to Q1
2023, total loan portfolio of Coop Pank has grown by 184 million euros (+14%).

In Q1 2024, overdue loan portfolio of Coop Pank increased from the level of 2%
to the level of 2.4%. A year ago, overdue loan portfolio was at the level of
1.8%.

Impairment costs of financial assets in Q1 2024 were 0.6 million euros, which is
0.6 million  euros (-50%) less than in previous quarter and 1,1 million euros (-
65%) less than in Q1 2023.

Net income of Coop Pank in Q1 2024 was 20.2 million euros, decreasing by 1% in a
quarterly  comparison and  increasing by  3% in an  annual comparison. Operating
expenses  reached 9 million euros in Q1  - operating expenses decreased by 5% in
the quarterly comparison and increased 24% in the annual comparison.

In Q1 2024, net profit of Coop Pank was 9.1 million euros, which is 9% more than
in  the previous quarter and 3% less than a year ago. In Q1 2024, cost to income
ratio of the bank was 47% and return on equity was 19.2%.

As of 31 March 2024, Coop Pank has 37,100 shareholders.

Margus  Rink,  Chairman  of  the  Management  Board  of  Coop Pank, comments the
results:

"We are currently operating in an environment where two years of recession have
been replaced by stagnation, and hopefully, in the annual perspective, we will
see the first signs of the economy returning to the growth phase. In this
context, the quarterly growth of Coop Pank's loan portfolio by 40 million euros
must be considered a decent result. We are also pleased with the continued
growth in the number of customers.

At the end of last year, the expectation of a gradual decrease in interest rates
from this year prevailed in the markets, now the starting point of the interest
rate decrease has shifted to the summer months and this year markets are
predicting a somewhat smaller decline. Banks' interest income has reached its
peak in such an environment, with a downward trend looking forward. Interest
costs have also reached their peak and the interest rates offered for deposits
are much lower today than a few months ago. From here on, banks' net interest
income can grow only at the expense of increasing business volumes.

The quality of the loan portfolio has well withstood the few years recession. In
the  last quarter, our cost of credit was very low, as problems with a couple of
business  customers were resolved and we  released the discounts of these loans.
At  the same time, the  number of short-term debtors  in the home loan portfolio
has  somewhat increased, but  most of the  time they find  a solution before the
next loan payment is due.

In  summary, the  growth of  business volumes,  the persistence of high interest
rates  and low  credit costs  ensured us  a very  decent profit  and performance
indicators  in the first quarter  of this year. We  are strongly capitalized and
have  enough deposits to finance the loan requests by companies and individuals,
which  would  turn  Estonia's  economy  to  growth  track. Economic growth would
directly  cover the deficit  in the state  purse and reduce  the pressure on tax
increases and spending cuts."

 Income statement, in th. of euros                    Q1 2024 Q4 2023 Q1 2023
-----------------------------------------------------------------------------
 Net interest income                                   19 082  20 594  18 372

 Net fee and commission income                          1 014   1 489   1 028

 Net other income                                         125  -1 666     261
-----------------------------------------------------------------------------
 Total net income                                      20 221  20 417  19 661
-----------------------------------------------------------------------------
 Payroll expenses                                      -5 409  -5 495  -4 542

 Marketing expenses                                      -533    -912    -412

 Rental and office expenses, depr. of tangible assets    -795    -678    -700

 IT expenses and depr. of intangible assets            -1 405  -1 363  -1 155

 Other operating expenses                              -1 286  -1 498    -788
-----------------------------------------------------------------------------
 Total operating expenses                              -9 427  -9 948  -7 596
-----------------------------------------------------------------------------
 Net profit before impairment losses                   10 794  10 469  12 065

 Impairment costs on financial assets                    -576  -1 148  -1 627

 Net profit before income tax                          10 218   9 322  10 438

 Income tax expenses                                   -1 080    -935  -1 063
-----------------------------------------------------------------------------
 Net profit for the period                              9 138   8 386   9 375
-----------------------------------------------------------------------------

-----------------------------------------------------------------------------
 Earnings per share, eur                                 0,09    0,08    0,09

 Diluted earnings per share, eur                         0,09    0,08    0,09
-----------------------------------------------------------------------------


 Statement of financial position, in th. of
 euros                                         31.03.2024 31.12.2023 31.03.2023
-------------------------------------------------------------------------------
 Cash and cash equivalents                        380 644    428 354    334 074

 Debt securities                                   36 460     36 421     18 932

 Loans to customers                             1 531 038  1 490 873  1 346 822

 Other assets                                      31 320     30 564     30 048
-------------------------------------------------------------------------------
 Total assets                                   1 979 461  1 986 212  1 729 876
-------------------------------------------------------------------------------
 Customer deposits and loans received           1 693 254  1 721 765  1 512 627

 Other liabilities                                 27 698     28 436     20 599

 Subordinated debt                                 63 239     50 187     38 101
-------------------------------------------------------------------------------
 Total liabilities                              1 784 191  1 800 387  1 571 327
-------------------------------------------------------------------------------
 Equity                                           195 270    185 825    158 549
-------------------------------------------------------------------------------
 Total liabilities and equity                   1 979 461  1 986 212  1 729 876
-------------------------------------------------------------------------------

The reports of Coop Pank are available at: https://www.cooppank.ee/en/reporting

Coop Pank will organise a webinar on 18 April 2024 at 9:00 AM, to present the
financial results of Q1 2024. For participation, please register in advance at:
https://bit.ly/CP-180424-registreerimine

The webinar will be recorded and published on the company's website
www.cooppank.ee (http://www.cooppank.ee) and on the YouTube channel
(https://www.youtube.com/@cooppank).

Coop Pank, based on Estonian capital, is one of the five universal banks
operating in Estonia. The bank has 189,000 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 320 stores.

Additional information:
Paavo Truu
CFO
Phone: +372 516 0231
E-mail: paavo.truu@cooppank.ee (mailto:paavo.truu@cooppank.ee)