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Unaudited financial results of Coop Pank for Q4 and 12 months of 2023

Teade

Coop  Pank's  results  for  2023 were  primarily  affected by growth in business
volumes,  including  the  number  of  customers  and our loan portfolio, and the
changed interest rate environment.

Over  the year, the number of Coop Pank customers increased by 36,000 (+24%) and
the number of active customers increased by 15,000 (+23%). Of the new customers,
32,000 were  private customers and 4,000 were business  customers. By the end of
2023, the  number of Coop  Pank customers reached  182,000, of which 82,800 were
active  customers.  For  comparison:  5,000 new  customers  joined  Coop Pank in
2017; 9,000 in  2018; 19,000 in 2019, 23,000 in 2020; 28,000 in 2021 and 32,000
in 2022.

By  the end of 2023, deposits of  Coop Pank reached 1.7 billion euros, increased
by  214 million euros (+14%) over the  year. Term deposits increased by 55% over
the  year and demand  deposits by 31%. The  bank's financing cost increased over
the  year from the level  of 0.7% to the level  of 2,4%. The market share of the
bank's deposits increased from 5.5% to 6,0% over the year.

By  the  end  of  2023, loan  portfolio  of Coop Pank reached 1.5 billion euros,
increased  by 190 million  euros (+15%)  over the  year. Home loans and business
loans  made the  biggest contribution  to portfolio  growth. Home loan portfolio
increased  by 94 million euros (+18%) and  corporate loan portfolio increased by
63 million  euros (+11%). Leasing portfolio increased by 24 million euros (+18%)
and  consumer finance portfolio increased by  10 million euro (+11%). The market
share of the bank's loans increased from 5.5% to 6,0% over the year.

In 2023, the quality of the loan portfolio remained very good, despite of the
changes in the economic environment. To cover possible loan losses, 6.3 million
euros provisions were made in 2023 - that was +20% more than a year earlier due
to the increased loan portfolio and the change in the economic environment. The
cost ratio for credit risk remained the same in 2023 as it was in 2022.

The net income of Coop Pank reached 85 million euros, increased by 30.6 million
euros (+56%) over the year. The largest contribution to revenue growth was made
by net interest income, which increased by 30.6 million euros (+60%) over the
year. Net service fee revenues also showed strong growth, increasing by 1
million euros (+28%) over the year. The bank's operating cost reached 35.1
million euros, increased by 8.0 million euros (+29%) over the year. Personnel,
IT and marketing costs continued to make up the largest part of operating costs.

Net profit of Coop Pank in 2023 was 39.2 million euros, increased by 93% over
the year. The bank's cost / income ratio fell from 50% to 41% over the year and
the return on equity rose from the level of 16.8% to the level of 23%.

Coop Pank paid 14.4 million euros in taxes in 2023 (9.2 million euros in 2022;
growth over the year +64%), including 4.6 million euros of corporate income tax
(1.9 million euros in 2022, growth of 2.4 times), in the remaining amount,
primarily various labor-related taxes.

As  of 31 December  2023, Coop Pank  has 37,200 shareholders,  over the year the
number of shareholders increased by 1,200.

Results in Q4

In  Q4 2023, the  number of  the bank's  customers increased  by 7,300, of which
6,600 were private customers and 700 were corporate customers. By the end of the
year 2023, Coop Pank had 182,000 daily banking customers.

In  Q4  2023, the  volume  of  deposits  increased by 15 million euros (+1%) and
reached  1.7 billion euros by the end of  the year. Over the quarter, the volume
of demand deposits decreased by 37 million euros and the volume of term deposits
increased by 51 million euros.

The  bank's net  loan portfolio  decreased by  3 million euros  (-0.2%) over the
quarter,  reaching  1.5 billion  euros  by  the  end  of the year. The volume of
corporate  loans  decreased  by  21 million  euros  and consumer financing by 1
million  euros.  The  volume  of  home  loans  increased by 15 million euros and
leasing by 4 million euros.

In  Q4 2023, Coop Pank earned  a profit of 8.4 million  euros, which is 24% less
than  in  Q3  and  29% more  than  in  the  same  period  last  year.  Quarterly
profitability  was affected  by an  extraordinary discount  related to  the real
estate object in Latvia in the amount of 1.8 million euros.

Comments of the CEO of Coop Pank Margus Rink:

"Coop  Pank's results  for 2023 were  primarily affected  by growth  in business
volumes and the changed interest rate environment.

Despite of the general economic downturn, we continued to implement the growth
strategy and made the most of this environment. This is best illustrated by the
following fact: when the loan market in Estonia grew by 6% in 2023, the same
time Coop Pank's loan portfolio increased by 15%, or 2.5 times faster than the
market. In 2023, 36,000 new customers joined us, which is the best result in
years.

The high interest rate environment had multiple impacts on our results. From a
negative aspect, it inhibited new loan demand and the growth of business
volumes, especially in the financing of business customers. On the positive
side, high interest rates increased the bank's interest income. Also, the
interest costs paid by customers increased several times, taking the bank's
financing cost to 2.4% level (0.7% in 2022). Somewhat surprisingly, the quality
of the loan portfolio did not grow worse in this environment. However,
considering the negative macro perspective, we made additional provisions to
cover possible future loan losses.

Summarizing the above, in 2023 Coop Pank made the highest net profit of all time
and the best performance indicators in its seventh year of operation. We are
proud to say that Coop Pank's record results are not only due to the environment
of high interest rates. The increase in business volumes, that is our work,
affected the increase in net profit by a third. The remaining two-thirds of net
profit growth came from high interest rates.

In 2023 we significantly expanded our range of services for private customers
and started offering even more convenient ways of saving money. In addition to
term deposits, which are growing again in popularity, we added a flexible saving
service called the Cash Drawer to our mobile app and started giving our
customers the option of joining the Tuleva pension fund. In addition to savings,
our various insurance solutions, which we offer through Coop Kindlustusmaakler,
help people and businesses feel more secure.

We've continued to develop our digital banking channels. We've made applying for
a home loan on our website quicker and easier for everyone too: we're now the
only bank in Estonia that shows the applicant an indicative offer as soon as
their application has been submitted. Among other things, we introduced
biometric personal identification and Google Pay and Apple Pay payment
solutions. The most important product innovations for our business customers
have been the option to open an account electronically and the introduction of
Gateway, which helps companies quickly, securely and conveniently connect their
accounting to Coop Pank's services.

In summary: at the end of the seventh year of operation, we have all banking
services in place for the customer to switch banks and use Coop Pank as their
main bank. This is what we will put the most effort into in the coming years.

As our influence grows, we're ready to take on ever greater responsibility in
society. We're now on the list of critical service providers (CSPs). The
European Central Bank has also designated Coop Pank as a high impact less-
significant institution. We make a difference in the daily lives of people in
Estonia and we have a broad social impact. This was recognised last year by
Brand Capital, the largest brand and lifestyle research company in the Baltics,
which awarded Coop Pank the title of 'Most Human Brand in Estonia'.


Coop Pank's 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%).

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 th. of euros    Q4 2023 Q3 2023 Q4 2022 12M 2023 12M 2022
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 Net interest income                   20 594  21 257  15 765   81 265   50 709

 Net fee and commission income          1 489   1 147   1 107    4 847    3 784

 Net other income                      -1 666     334    -338     -908      137
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 Total net income                      20 415  22 738  16 534   85 205   54 631
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 Payroll expenses                      -5 495  -5 297  -4 216  -20 234  -15 502

 Marketing expenses                      -912    -630    -526   -2 587   -1 758

 Rental and office expenses, depr. of
 tangible assets                         -678    -673    -680   -2 776   -2 721

 IT expenses and depr. of intangible
 assets                                -1 365  -1 204  -1 203   -4 802   -4 378

 Other operating expenses              -1 498  -1 218    -814   -4 728   -2 817
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 Total operating expenses              -9 948  -9 022  -7 439  -35 128  -27 176
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 Net profit before impairment losses   10 469  13 716   9 095   50 076   27 454

 Impairment costs on financial assets  -1 148  -1 296  -1 898   -6 302   -5 245

 Net profit before income tax           9 321  12 420   7 197   43 774   22 209

 Income tax expenses                     -935  -1 344    -682   -4 569   -1 858
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 Net profit for the period              8 386  11 076   6 515   39 204   20 351
-------------------------------------------------------------------------------

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 Earnings per share, eur                 0,08    0,11    0,07     0,38     0,22

 Diluted earnings per share, eur         0,08    0,11    0,07     0,38     0,21
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 Statement of financial position, in th. of
 euros                                         31.12.2023 30.09.2023 31.12.2022
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 Cash and cash equivalents                        428 354    404 911    364 878

 Debt securities                                   36 421     31 765     18 747

 Loans to customers                             1 490 873  1 493 985  1 300 775

 Other assets                                      30 564     30 527     29 776
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 Total assets                                   1 986 212  1 961 188  1 714 176
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 Customer deposits and loans received           1 721 765  1 707 214  1 508 126

 Other liabilities                                 28 435     27 451     18 795

 Subordinated debt                                 50 187     50 148     38 139
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 Total liabilities                              1 800 387  1 784 813  1 565 060
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 Equity                                           185 825    176 375    149 116
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 Total liabilities and equity                   1 986 212  1 961 188  1 714 176
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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 09:00 on 9 February 2024. To participate, please
register in advance via the following link: https://bit.ly/CP-09-02-24-
veebiseminar-registreerimine

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
(https://www.youtube.com/@cooppank).

Coop  Pank, which  is based  on Estonian  capital, is  one of the five universal
banks  operating in  Estonia. The  bank has  182,000 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: margus.rink@cooppank.ee