Coop Pank AS results for April 2024
13 Mayo 2024 - 12:00AM
Coop Pank AS results for April 2024
Coop Pank’s financial results in April 2024:
- In April, number of the bank's clients increased by 2,400 and
number of active clients increased by 1,500. By the end of the
month number of clients reached 191,800 and number of active
clients reached 85,900. Over the year, customer base has grown by
22%.
- Volume of the bank's customer deposits increased by 45 million
euros, reaching 1.74 billion euros by the end of month. Deposits of
corporate customers increased by 33 million euros and deposits of
private customers increased by 1 million euros. The volume of
deposits attracted from international platforms increased by 11
million euros. Over the year, volume of bank deposits has grown by
15%.
- The bank's loan portfolio increased by 29 million euros and
reached 1.56 billion euros by the end of month. Business loans
increased by 13 million euros, home loans increased by 11 million
euros, leasing increased by 2 million euros and consumer financing
loan portfolio increased by 2 million euros. Over the year, loan
portfolio has grown by 14%.
- In April, the loan impairment cost was 0.3 million euros.
- Compared to the first four months of last year, the bank's net
income has remained at the same level this year and expenses have
increased by 23%.
- In April, the bank earned net profit of 2.8 million euros. In
the first four months of the year, the bank has earned a net profit
of 12 million euros, that is 8% less than in the same period last
year.
- In April, Coop Pank's return on equity was 18% and the
cost-income ratio was 48%.
Comment by Paavo Truu, Member of the Management Board and CFO
of Coop Pank:
"Coop Pank continues to increase business volumes and showed
strong growth in all financing business lines in April. The
portfolio growth was fastest in business and home loans. In
addition to the loan portfolios, the deposit portfolios also showed
decent growth. All this reflects the good performance of both
entrepreneurs and individuals and the recovery of optimism and
confidence.
In April, the bank’s shareholders approved the record payment of
dividends for this year at a general meeting held and in May the
bank transferred a dividend of 8.7 cents per share, or a total of
8.9 million euros, to the bank accounts of its 37,200 shareholders.
98% of the dividend payment went to the accounts of private
individuals and companies in Estonia. With this, the income earned
by Coop Pank helps improve the life and economy of Estonians in
general. The bank also invites all its shareholders to contribute
to the growth of the bank themselves and to choose Coop Pank as
their home bank.
At the end of April, together with its customers, the bank
started contributing to Estonia's defense capability, which fits
well with the bank's goal of making life better in Estonia. For
this purpose, a new customer program called Kaardivägi was created,
in which those who join donate 1 cent with each card payment to the
reservist fund created to support Estonian national defense, and
the bank adds another 1 cent to it."
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 191,800. 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 TruuCFOPhone: +372 5160 231E-mail:
paavo.truu@cooppank.ee