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Coop Pank AS results for August 2023

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Coop Pank's financial results in August 2023:

  * In August, number of the bank's customers increased by 2,600 and number of
    active customers decreased by 2,500. By the end of the month number of
    customers reached 172,400 and number of active customers reached 74,900.
    Over the year, customer base has grown by 27%.
  * Volume of the bank's customer deposits decreased by 54 million euros,
    reaching 1.72 billion euros by the end of month. Deposits of corporate
    customers decreased by 56 million euros and deposits of private customers
    increased by 1 million euros. The volume of deposits attracted from
    international platforms increased by 0,4 million euros. Over the year,
    volume of bank deposits has grown by 34%.
  * The bank's loan portfolio increased by 9 million euros over the month and
    reached 1.49 billion euros by the end of August. Business loans portfolio
    increased by 6 million euros, home loans portfolio increased by 4 million
    euros, leasing portfolio decreased by 1 million euros, consumer financing
    loan portfolio remained at the same level in August compared to July. Over
    the year, loan portfolio has grown by 26%.
  * In August, the loan impairment cost was 0.1 million euros.
  * Compared to the first eight month of last year, the bank's net income has
    increased by 72% and expenses by 28% during the same period this year.
  * In August, the bank earned net profit of 4.1 million euros. In the eight
    months of the year, the bank has earned a net profit of 27.2 million euros,
    that is 127% more than in the same period last year.
  * In August, Coop Pank's return on equity was 27.9% and the cost-income ratio
    was 39%.

Comment by Paavo Truu, Member of the Management Board and CFO of Coop Pank:

"In August Coop Pank's loan portfolio was increasing at a moderate pace. The
quality of the loan portfolio remains good, which confirms that Estonian
households and companies have adapted well to the changed interest rate
environment.

This year we have made good deposit offers and this has not gone unnoticed by
customers. Therefore, in the last three months, our deposit portfolio has
increased by 146 million euros, and the bank's liquidity indicators are very
strong. As a result, we did not extend some term deposits in August and the
total volume of deposits decreased.

We have made the best deposit offers on the market and that has brought us many
new customers during the summer, some of whom deliberately came only to make
deposits and not using everyday banking services. Therefore, the number of
active customers slightly decreased in August. We are working to ensure that all
our customers start using actively Coop Pank's everyday banking services.

The continued growth of business volumes and the consistently good quality of
the loan portfolio resulted in a record monthly profit of 4.1 million euros for
Coop Pank in August. Coop Pank's return on equity was 27.9% and the cost-income
ratio was 39%."

More detailed financial 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 172,400. 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 5160 231

E-mail: [email protected] (mailto:[email protected])