Coop Pank’s financial results in April 2020:
- The number of bank’s customers increased by 1,700 in April and reached 71,100 by the end of the month. Customer base grew by 45% during the year.
- In April, the bank’s loan portfolio increased by EUR 13 million, having reached EUR 517 million. Compared to April of the previous year, the bank's loan portfolio has grown by 44%
- The volume of Coop Pank's deposits increased by 5 million euros during the month and reached 553 million euros at the end of April. Demand deposits increased by 10 million euros in April and term deposits decreased by 5 million euros. The total volume of deposits increased by 43% during the year.
- The loan impairment charge was 0.78 million euros in April, of which 0.4 million euros was an extraordinary provision due to coronavirus effect to economy
- The bank earned a net profit of EUR 289 thousand in April
Comment by Margus Rink, Chairman of the Management Board of Coop Pank: „The deterioration of the financial position of companies and individuals due to the restrictions imposed to prevent the spread of the coronavirus will start to affect the banking sector in the second half of the year. As a result, our April results were still very strong, we were able to maintain the growth rate and increase the volume of both the loan portfolio and deposits by more than 40% compared to the previous year. In the first four months of the year, our net income has increased by 36% and expenses by 18%, i.e. the growth rate of income clearly exceeds that of expenses. Coop Pank is strongly capitalized, which is why we continue to finance new projects for both private and business customers.
We have taken a conservative approach in assessing the quality of the loan portfolio, and therefore in the last two months, based on the impact of the coronavirus on the economy, we have made additional provisions on the loan portfolio in the amount of 0.8 million euros.”
More detailed quarterly 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 71,100. 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 340 stores.
Additional information:
Kerli Lõhmus
CFO
Phone: +372 669 0902
E-mail: kerli.lohmus@cooppank.ee
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