Coop Pank unaudited financial results for Q1 2024

By the end of the Q1 2024, Coop Pank had 189,000 customers, increased by 7,000 customers in the quarter (+4%) and by 34,000 in the year (+22%). The bank had 84,400 active customers, increased by 2,400 (+3%) in the quarter and by 14,300 (+20%) in the year.

In Q1 2024, volume of deposits in Coop Pank decreased by 29 million euros (-2%), reaching total of 1.69 billion euros. Deposits from private clients increasing by 11 million euros: demand deposits increased by 8 million euros and term deposits increased by 3 million euros. Deposits from domestic business customers decreased by 15 million euros: demand deposits increased by 6 million euro and term deposits decreased by 21 million euros. Deposits from international deposit platform Raisin and other financing decreased by 24 million euros. Compared to Q1 2023, volume of Coop Pank's deposits has increased by 181 million euros (+12%). In an annual comparison, share of term deposits of total deposits has increased from 59% to 70%. In Q1 2024, the bank’s financing cost was 3.5%, at the same time last year the financing cost was 1.5%.

In Q1 2024, net loan portfolio of Coop Pank increased by 40 million euros (+3%), reaching 1.53 billion euros. Business loans and home loans portfolio and leasing showed the biggest growth. The volumes of home loan portfolio increased by 20 million euros (+3%), the volumes of business loan portfolio increased by 11 million euros (+2%) and leasing portfolio increased by 10 million euros (+7%). Consumer finance portfolio decreased by 1 million euros (-1%). Compared to Q1 2023, total loan portfolio of Coop Pank has grown by 184 million euros (+14%).

In Q1 2024, overdue loan portfolio of Coop Pank increased from the level of 2% to the level of 2.4%. A year ago, overdue loan portfolio was at the level of 1.8%.

Impairment costs of financial assets in Q1 2024 were 0.6 million euros, which is 0.6 million euros (-50%) less than in previous quarter and 1,1 million euros (-65%) less than in Q1 2023.

Net income of Coop Pank in Q1 2024 was 20.2 million euros, decreasing by 1% in a quarterly comparison and increasing by 3% in an annual comparison. Operating expenses reached 9 million euros in Q1 – operating expenses decreased by 5% in the quarterly comparison and increased 24% in the annual comparison.

In Q1 2024, net profit of Coop Pank was 9.1 million euros, which is 9% more than in the previous quarter and 3% less than a year ago. In Q1 2024, cost to income ratio of the bank was 47% and return on equity was 19.2%.