Coop Pank AS results for February 2024

Coop Pank’s financial results in February 2024:

• In February, number of the bank's clients increased by 2,100 and number of active clients increased by 1,500. By the end of the month number of clients reached 187,100 and number of active clients reached 82,600. Over the year, customer base has grown by 23%.
• Volume of the bank's customer deposits decreased by 26 million euros, reaching 1.72 billion euros by the end of month. Deposits of corporate customers decreased by 14 million euros and deposits of private customers increased by 1 million euros. The volume of deposits attracted from international platforms decreased by 13 million euros. Over the year, volume of bank deposits has grown by 14%.
• The bank's loan portfolio increased by 7 million euros and reached 1.52 billion euros by the end of February. Business loans decreased by 4 million euros, home loans increased by 8 million euros, leasing increased by 3 million euros and consumer financing loan portfolio remained at the same level in February as it was in January. Over the year, loan portfolio has grown by 15%.  
• In February, the loan impairment cost was 0.3 million euros.     
• Compared to the first two months of last year, the bank's net income has increased by 8% and expenses by 25% during the same period this year.
• In February, the bank earned net profit of 2.6 million euros. In the first two months of the year, the bank has earned a net profit of 5,6 million euros, that is 4% less than in the same period last year.   
• In February, Coop Pank's return on equity was 17.5% and the cost-income ratio was 49%.
  
  

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

"The macroeconomic environment continues to remain fragile, and in this environment one can perceive the caution of entrepreneurs when making investments, which is why the demand for loans is also quite low. The good news is that, despite the recession and the decline in industrial production, unemployment has increased less than feared, and therefore the solvency of private individuals has been better than expected. Also, the demand for new loans by private individuals has remained stronger than that of companies.