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Coop Pank AS results for November 2024

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Coop Pank’s financial results in November 2024:

In November, number of the bank's clients increased by 2,000 and number of active clients increased by 1,600. By the end of the month number of clients reached 206,000 and number of active clients reached 98,400. Over the year, customer base has grown by 14%.
Volume of the bank's customer deposits decreased by 37 million euros, reaching 1.84 billion euros by the end of month. Deposits of corporate customers decreased by 43 million euros and deposits of private customers increased by 1 million euros. The volume of deposits attracted from international platforms increased by 5 million euros. Over the year, volume of bank deposits has grown by 4%.
The bank's loan portfolio increased by 18 million euros and reached 1.70 billion euros by the end of month. Home loans increased by 12 million euros, business loans increased by 3 million euros, leasing portfolio increased by 2 million euros and consumer financing loan portfolio increased by 1 million euros. Over the year, loan portfolio has grown by 13%.
In November, the loan impairment cost was 0.7 million euros.
Compared to the first eleven months of last year, the bank's net income decreased by 5% and expenses have increased by 16%.  
In November, the bank earned net profit of 2.0 million euros. In the first eleven months of the year, the bank has earned a net profit of 30.1 million euros, that is 20% less than in the same period last year.
In November, Coop Pank's return on equity was 11.6% and the cost-income ratio was 55%.

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

"In November, the number of Coop Pank customers grew rapidly and an increasing number of local individuals and businesses actively using Coop Pank's services to manage their daily financial affairs.

In November, the relatively rapid decline in interest rates continued in the market. On one hand, this has led to a decrease in deposit interest rates, but on the other hand, it reduces clients' loan payments and also encourages borrowing. All Coop Pank's loan portfolios grew in November, with the fastest growth seen in home loans, business loans, and leasing portfolios.

As Coop Pank has consistently increased its market share in loans issued to Estonian households and businesses, as well as in deposits raised from them in recent years, in November Eesti Pank designated Coop Pank as a systemically important credit institution. This decision obligates Coop Pank to maintain an additional systemic importance buffer of 0.5 percent. The additional capital buffer further strengthens Coop Pank's capitalization and enhances the bank's resilience in potential crises.

In November, Coop Pank achieved a solid net profit of 2.0 million euros. Since the beginning of the year, Coop Pank's return on equity has been 16.7%, and the cost-to-income ratio has been 49%."

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 206,000. 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]



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