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
Annual financial report
Unique data record identifier
8560
Attachments
Submission date and time
11.02.2021 08:00:00
Content of announcement in Estonian
Title
Coop Pank 2020. aasta IV kvartali ja 12 kuu auditeerimata majandustulemused
Message
Coop Pank kasvatas 2020. aastal neljandat tegutsemisaastat järjest ärimahtusid 40%. Panga klientide arv ulatus 2020. aasta lõpu seisuga 86 700 kliendini, kasvades aastaga 23 000 võrra ehk 36%. Võrdluseks: 2017. aastal lisandus 5000, 2018. aastal 9000 ja 2019. aastal 19 000 uut klienti. 2020. aastal kasvas eraklientide arv 21 000 ja äriklientide arv 2000 kliendi võrra. Coop Panga laenuportfell kasvas 2020. aastal 671 miljoni euroni, kasvades aastaga 210 miljoni euro võrra ehk 46%. Äriliinidest näitasid suurimat kasvu ärilaen ja kodulaen, portfellide mahud kasvasid vastavalt 64% ja 47%. Liisingu portfell kasvas 30% ja tarbimisfinantseerimine 11%. Panga laenude turuosa oli 2020. aasta lõpus 3,4%, kasvades aastaga 1 protsendipunkt. Laenuportfelli kvaliteet püsis vaatamata koroonakriisile stabiilne ja maksepuhkust kasutanud klientide maksevõime on taastunud. Võimalike laenukahjumite katteks moodustati 2020. aastal 4,8 miljonit eurot provisjone. Krediidiriski kulumäär oli 0,8%, samas kui 2019. aastal oli see 0,5%. Allahindluskulude suurenemine tulenes nii märkimisväärsest portfelli kasvust kui ka majanduskeskkonna mõjudest. 2020. aasta lõpu seisuga ulatus Coop Panga hoiuste maht 758 miljoni euroni, kasvades aastaga 251 miljoni euro võrra ehk 50%. Nõudmiseni hoiused kasvasid aastaga 99% ja tähtajalised hoiused 29%. Kuna nõudmiseni hoiuste osakaal koguhoiustes kasvas aastaga 30% pealt 39%-ni, langes panga finantseerimiskulu 1,0% pealt 0,9% tasemele. Panga hoiuste turuosa kasvas 2,6% pealt 3,2%-ni. Coop Panga kasum ulatus 2020. aastal 7,3 miljoni euroni, kasvades aastaga 31%. Panga tulud kasvasid aastaga 31%. Suurima panuse tulude kasvu andsid netointressitulud, mis aastaga suurenesid 37%. Panga tegevuskulud kasvasid aastaga 16%. Suurimat mõju omas infotehnoloogiaga seotud kulude kasv, mis aasta varasemaga võrreldes tõusis 63% ning personalikulude kasv 12% võrra. Panga omakapitali tootlus oli 7,8% ja kulude-tulude suhe langes 69% pealt 60% tasemele. IV kvartali tulemused 2020. aasta IV kvartalis kasvas panga klientide arv 6800 kliendi võrra ehk 9%, neist 6200 olid erakliendid ja 600 ärikliendid. Aasta lõpu seisuga oli Coop Pangal 86 700 igapäevapanganduse klienti. Panga neto laenuportfell kasvas kvartaliga 71 miljoni euro võrra ehk 12%, jõudes aasta lõpuks 671 miljoni euroni. Ärilaenude maht kasvas 43 miljonit eurot, kodulaenude maht 24 miljonit eurot, liising 3 miljonit eurot ning tarbimisfinantseerimine 2 miljonit eurot. Hoiuste maht kasvas kvartaliga 70 miljoni euro võrra ehk 10% ja ulatus aasta lõpuks 758 miljoni euroni. Nõudmiseni hoiuste mahu kasvu 70 miljoni euro võrra võib pidada märkimisväärseks. Kohalikke tähtajalisi hoiuseid lisandus era- ja äriklientidelt 39 miljonit eurot, samavõrra vähenesid rahvusvahelistelt hoiuseplatvormidelt kaasatud hoiused. Pank teenis 2020. aasta IV kvartalis 2,4 miljonit eurot kasumit, mis on 20% enam, kui III kvartalis ja 53% võrra rohkem, kui eelmisel aastal samal perioodil. Coop Panga juhatuse esimehe Margus Rinki kommentaar tulemustele: ?Coop Pank on tänaseks Eesti pangandusturul tegutsenud neli aastat. Kõik need aastad oleme juurutanud kasvustrateegiat ja suurendanud ärimahte keskmiselt 40% aastas. Tunnetame, et meie jalajälg Eesti majandusruumis üha suureneb. Aasta alguses puhkenud kriis seadis hetkeks kahtluse alla meie kasvuvõimalused 2020. aastal. Meie ärimahtude kasv pidurdus siiski vaid märtsis ja aprillis ning taastus maikuuga. Kevadel ja suvel tõi meie kui kodumaise panga strateegia eriti häid tulemusi: sel perioodil ulatus meie kodulaenude ning ärikliendi finantseerimise uusmüügi turuosa 10%-ni. Hoolimata möödunud aasta erakordsusest olid kõik meie pangakontorid alati avatud ja me ei palunud klientidel kohtumisi eelnevalt registreerida. Meie kliendihaldurid jätkasid klientidega suhtlemist kodukontoritest kasutades digitaalseid kanaleid. Kokkuvõttes saame öelda - me tahame kasvada ja kasutasime selleks võimalust. Aasta suurimaks mureks oli hirm klientide töökohtade ja maksevõime säilimise pärast. Viimase ennetamiseks pakkusime klientidele maksepuhkuseid, mida paljud ka kasutasid. Kriisi algul tegime ka võimalike laenukahjumite tekke valguses täiendavaid provisjone. Õnneks osutus hirm suuremaks, kui tegelik elu kujunes. Aasta teises pooles hakkasid kliendid maksepuhkustelt naasma ning tegid seda kohati ka ennetähtaegselt. 2020. aasta lõpetasime madalama viivislaenude määraga kui see oli aasta tagasi. Iga aastaga liitub meiega üha rohkem kliente, kes hakkavad Coop Panka kasutama oma põhipangana, see tähendab, et nad suunavad meie juurde oma igakuised laekumised ja kasutavad meie makselahendusi. Selle trendiga kaasneb ka teine positiivne aspekt: kasvab kodumaise nõudmiseni ressursi osatähtsus, mis alandab panga finantseerimiskulu ning võimaldab pakkuda klientidele paremaid laenuintresse. Augustis kinnitas rahvusvaheline reitinguagentuur Moody´s Coop Pangale stabiilse väljavaatega investeerimisjärgu reitingu tasemel Baa2. See samm avas suurtele äriettevõtetele, riigile ja kohalikele omavalitsustele võimaluse tulla Coop Panga kliendiks ning hoida oma raha kodumaises finantsasutuses, kus maksame hoiustele turu parimat intressi. Pärast reitingu saamist suurenes äriklientide hoiuste sissevool oluliselt. Äriklientide hoiused kasvasid aastaga 131% ja eraklientide hoiused 26%. Kasvustrateegiat juurutades oleme alati pidanud oluliseks kasumlikku kasvu. 2020 oli esimene aasta, kui nägime, et hakkame oma ärimahtudes jõudma kriitilise tasemeni ehk mastaabiefektini, mis tagab efektiivsusnäitajate paranemise. Panga tulud kasvasid kaks korda kiiremini kui kulud ja kulu-tulu suhe langes märgatavalt. Coop Pangal oli 31.12.2020 seisuga ligi 13 000 aktsionäri. Võrreldes panga aktsiate esmases avalikus pakkumises osalenud aktsionäride arvuga on lisandunud ligi 2000 uut aktsionäri. Oleme selle usalduse eest tänulikud. 2021. aastal jätkame meile seni edu toonud strateegiaga. Me tahame kasvada, me oleme proaktiivsed, me otsime kliendile lahendusi, mis sobivad tema elu ja/või äriga. Oleme omanikele lubanud, et 2022. aasta lõpuks on Coop Pangal vähemalt 100 000 klienti, meie laenuportfell on vähemalt 1 miljard eurot, meie finantseerimiskulu alaneb 0,7%-le, kulu-tulu suhe langeb 50%-le ja omakapitali tootlus tõuseb 15%-le. Meie meeskond teeb kõik endast oleneva, et antud lubadust täita." Kasumiaruanne, tuhandetes eurodes IV kv 2020 III kv 2020 IV kv 2019 12k 2020 12k 2019 ------------------------------------------------------------------------------- Neto intressitulu 7 808 7 353 5 819 28 371 20 689 Neto teenustasutulu 540 558 675 2 097 2 372 Muud tulud, neto 171 77 262 621 658 ------------------------------------------------------------------------------- Netotulud kokku 8 519 7 988 6 756 31 089 23 719 ------------------------------------------------------------------------------- Tööjõukulud -2 976 -2 844 -2 710 -11 085 -9 880 Turunduskulud -350 -168 -317 -945 -1 006 Rendi- ja kontorikulud, materiaalse põhivara kulum -539 -557 -550 -2 211 -1 931 IT kulud ja immateriaalse põhivara kulum -767 -632 -444 -2 454 -1 501 Muud tegevuskulud -640 -525 -614 -2 101 -1 943 ------------------------------------------------------------------------------- Tegevuskulud kokku -5 272 -4 726 -4 635 -18 796 -16 261 ------------------------------------------------------------------------------- Kasum enne allahindluse kulu 3 247 3 262 2 121 12 293 7 458 Finantsvarade allahindluse kulu -715 -1 139 -538 -4 789 -1 931 Kasum/kahjum enne tulumaksu 2 532 2 123 1 583 7 504 5 527 Tulumaksu kulu -108 -111 0 -245 0 ------------------------------------------------------------------------------- Aruandeperioodi puhaskasum 2 424 2 012 1 583 7 259 5 527 ------------------------------------------------------------------------------- Tava puhaskasum aktsia kohta (eurodes) 0.03 0.02 0.02 0.08 0.09 Lahustatud puhaskasum aktsia kohta (eurodes) 0.03 0.02 0.03 0.08 0.09 Finantsseisundi aruanne, tuhandetes eurodes 31.12.2020 30.09.2020 31.12.2019 ----------------------------------------------------------------------------- Raha ja raha ekvivalendid 170 750 168 984 122 295 Võlainstrumendid 3 011 3 084 4 061 Laenud klientidele 670 593 599 213 460 460 Muud varad 25 555 26 179 24 486 ----------------------------------------------------------------------------- Varad kokku 869 909 797 460 611 302 ----------------------------------------------------------------------------- Klientide hoiused ja saadud laenud 757 835 688 116 506 531 Muud kohustised 7 443 7 978 8 356 Allutatud laenud 7 064 7 111 7 064 ----------------------------------------------------------------------------- Kohustised kokku 772 342 703 205 521 951 ----------------------------------------------------------------------------- Omakapital 97 567 94 255 89 351 ----------------------------------------------------------------------------- Kohustised ja omakapital kokku 869 909 797 460 611 302 ----------------------------------------------------------------------------- Coop Panga aruanded on saadaval aadressil: https://www.cooppank.ee/aruandlus Coop Pank korraldab majandustulemuste tutvustamiseks veebiseminari 11. veebruaril 2021. kell 10.00. Osalemiseks palume eelnevalt registreeruda aadressil: https://attendee.gotowebinar.com/register/5731544521527869710 Veebiseminar lindistatakse ja avalikustatakse nii ettevõtte kodulehel www.cooppank.ee (https://www.globenewswire.com/Tracker?data=ysaYE2aduEcKrKAVh7DYM6LiE28UTJqD7xkd SPeY2t-8glSNNf3zmGgGz59--m-ZGdW8mZfR_aEVv-L5dz38qQ==) kui ka Nasdaq Balti youtube.com kontol. Eesti kapitalil põhinev Coop Pank on üks viiest Eestis tegutsevast universaalpangast. Pangal on 86 700 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 330 kauplust. Lisainfo: Kerli Lõhmus Finantsjuht Telefon: +372 669 0902 E-post: [email protected] (mailto:[email protected])
Content of announcement in English
Title
Unaudited financial results of Coop Pank for Q4 and 12 months of 2020
Message
In 2020, Coop Pank increased its business volumes by 40% for the fourth consecutive year. Number of the bank's customers at the end of 2020 was 86,700 - an increase of 23,000 customers, i.e. 36% over the year. For comparison: 5,000 new customers were gained in 2017, 9,000 in 2018 and 19,000 in 2019. In 2020, the number of private customers increased by 21,000 and the number of corporate customers by 2,000. Loan portfolio of Coop Pank increased to 671 million euros in 2020 - an increase of 210 million euros, i.e. 46%, over the year. Business loan and home loan portfolios increased the most with 64% and 47%, respectively. Leasing portfolio increased by 30% and consumer finance by 11%. Market share of the bank's loans at the end of 2020 was 3.4%, an increase of 1 percentage point over the year. Quality of the loan portfolio remained stable irrespective of the corona crisis and the solvency of customers who used the grace period, has recovered. Provisions of 4.8 million euros were formed in 2020 as cover for potential loan losses. Credit risk cost ratio was 0.8%, compared to 0.5% in 2019. Increase in impairment costs derived from significant increase in portfolio as well as the impact of the economic environment. Deposits of Coop Pank amounted to 758 million euros as at the end of 2020 - an increase of 251 million euros, i.e. 50%, over the year. Demand deposits grew by 99% over the year and term deposits by 29%. As the share of demand deposits in total deposits increased from 30% to 39% over the year, the bank's financing costs decreased from 1.0% to 0.9%. Market share of the bank's deposits increased from 2.6% to 3.2%. Profit earned by Coop Pank in 2020 amounted to 7.3 million euros, an increase of 31% over the year. Annual increase in the bank's income was 31%. Largest contribution to revenue growth came from net interest income, which increased by 37% over the year. Annual increase in the bank's operating costs was 16%. Increase in IT expenses and personnel expenses had the biggest impact, as they grew by 63% and 12%, respectively, over the year. Return on equity of the bank was 7.8% and the cost-income ratio decreased from 69% to 60%. Results in Q4 Number of the bank's customers increased by 6,800, i.e. 9%, in Q4 2020. 6,200 of them were private customers and 600 were corporate customers. Coop Pank had 86,700 daily banking customers as at year end. The bank's net loan portfolio increased by 71 million euros, i.e. 12%, in the quarter and amounted to 671 million euros by year end. Business loans increased by 43 million euros, home loans by 24 million euros, leasing by 3 million euros and consumer finance by 2 million euros. Deposits increased by 70 million euros in the quarter, i.e. 10%, and amounted to 758 million euros by year end. 70 million euros increase in demand deposits can be considered significant. Local term deposits of private and corporate customers grew by 39 million euros whilst deposits raised from international platforms decreased by the same amount. Profit earned by the bank in Q4 2020 was 2.4 million euros, which is 20% more than in Q3 and 53% more than in the same period last year. Comments of the CEO of Coop Pank Margus Rink: "Coop Pank has been operating on Estonian banking market for four years. We've been implementing a growth strategy in these years and increased our business volumes by 40% a year on average. We feel that our footprint in Estonian economy is growing. The crisis that broke out in the beginning of the year cast doubt on our growth opportunities in 2020. However, increase in our business volumes slowed down only in March and April, and recovered in May. In spring and summer, our strategy as a local Estonian bank led to particularly good results: our market share of new home loans and corporate financing in this period was 10%. Despite extraordinary nature of last year our branches remained open and we didn't ask our customers to make appointments for visiting us. Our account managers continued communicating with customers from their home offices using digital channels. All in all, we can say that we want to grow and took advantage of the opportunity that presented itself. Our biggest concern in the year was fear for preservation of jobs and solvency of our customers. We offered our customers grace periods to prevent insolvency, which many of them used. At the start of the crisis we also formed additional provisions in light of possible loan losses. Fortunately, real life turned out to be better than we feared. In second half of the year grace periods given to customers started to end and occasionally customers ended these periods early. We ended 2020 with lower rate of overdue loans than the year before. Every year, increasingly more customers join us and start using Coop Pank as their main bank, which means that they have their monthly cash receipts paid into accounts in our bank and use our payment solutions. This trend has another positive aspect: the share of local demand resources increases, which reduces financing costs of the bank and makes it possible to offer better loan interest to customers. In August, international rating agency Moody's assigned Coop Pank investment- grade rating of Baa2 with a stable outlook. This step created opportunity for major businesses, state and local authorities to become customers of Coop Pank and keep their money in a local financial institution where interest paid on deposits is the best on the market. Inflow of deposits of corporate customers increased significantly after the rating was assigned. Deposits of corporate customers increased by 131% and deposits of private customers grew by 26% over the year. While implementing our growth strategy, it has always been important to have profitable growth. 2020 was the first year when we saw that we were getting close to the critical level, i.e. the economies of scale, in our business volumes, which guarantees improvement of efficiency indicators. The bank's income grew twice as fast as its expenses and cost-income ratio decreased significantly. Coop Pank had approximately 13,000 shareholders as at 31 December 2020. The bank has approximately 2,000 new shareholders in addition to the ones who participated in initial public offering of the bank's shares. We are grateful for their trust. In 2021, we will continue with the strategy that has brought us success so far. We want to grow, we are proactive and we are looking for solutions that fit into our customers lives and/or businesses. We have promised our owners that by the end of 2022, Coop Pank will have at least 100,000 customers, our loan portfolio will be at least 1 billion euros, our financing costs will decrease to 0.7%, our cost-income ratio will drop to 50% and return on equity will increase to 15%. Our team does everything in its power to keep this promise." Income statement, in thousands of euros Q4 2020 Q3 2020 Q4 2019 12M 2020 12M 2019 ------------------------------------------------------------------------------- Net interest income 7 808 7 353 5 819 28 371 20 689 Net fee and commission income 540 558 675 2 097 2 372 Net other income 171 77 262 621 658 ------------------------------------------------------------------------------- Total net income 8 519 7 988 6 756 31 089 23 719 ------------------------------------------------------------------------------- Payroll expenses -2 976 -2 844 -2 710 -11 085 -9 880 Marketing expenses -350 -168 -317 -945 -1 006 Rental and office expenses, depreciation of tangible assets -539 -557 -550 -2 211 -1 931 IT expenses and depreciation of intangible assets -767 -632 -444 -2 454 -1 501 Other operating expenses -640 -525 -614 -2 101 -1 943 ------------------------------------------------------------------------------- Total operating expenses -5 272 -4 726 -4 635 -18 796 -16 261 ------------------------------------------------------------------------------- Net profit before impairment losses 3 247 3 262 2 121 12 293 7 458 Impairment costs on financial assets -715 -1 139 -538 -4 789 -1 931 Net profit before income tax 2 532 2 123 1 583 7 504 5 527 Income tax expenses -108 -111 0 -245 0 ------------------------------------------------------------------------------- Net profit for the financial year 2 424 2 012 1 583 7 259 5 527 ------------------------------------------------------------------------------- Basic earnings per share (in euros) 0.03 0.02 0.02 0.08 0.09 Diluted earnings per share (in euros) 0.03 0.02 0.03 0.08 0.09 Statement of financial position, in thousands of euros 31.12.2020 30.09.2020 31.12.2019 ------------------------------------------------------------------------------- Cash and cash equivalents 170 750 168 984 122 295 Debt securities 3 011 3 084 4 061 Loans to customers 670 593 599 213 460 460 Other assets 25 555 26 179 24 486 ------------------------------------------------------------------------------- Total assets 869 909 797 460 611 302 ------------------------------------------------------------------------------- Customer deposits and loans received 757 835 688 116 506 531 Other liabilities 7 443 7 978 8 356 Subordinated debt 7 064 7 111 7 064 ------------------------------------------------------------------------------- Total liabilities 772 342 703 205 521 951 ------------------------------------------------------------------------------- Equity 97 567 94 255 89 351 ------------------------------------------------------------------------------- Total liabilities and equity 869 909 797 460 611 302 ------------------------------------------------------------------------------- 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 11 February 2021. In order to participate, please register in advance via the following link: https://attendee.gotowebinar.com/register/5731544521527869710. 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==) as well as on the youtube.com account of Nasdaq Baltic. Coop Pank, which is based on Estonian capital, is one of the five universal banks operating in Estonia. The bank has 86,700 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 330 stores. Further information: Kerli Lõhmus Chief Financial Officer Telephone: +372 669 0902 Email: [email protected] (mailto:[email protected])