Coop bank customers and deposit grow, profits fall 14 percent in August
Estonian bank Coop Pank saw a 13.8 percent fall in profit between July and August, to €584,000. At the same time, the bank saw both its customer base and deposit volumes increase either over the same period, or over the year to date.
Coop's customers rose by 1,800 in August to 78,000 by month end, and the customer base has risen 43 percent through 2020, the bank says.
Customer deposits increased €34 million to €684 million by the end of August; bank deposits have grown 54 percent through the year, the bank told the Tallinn Stock Exchange.
"Coop Pank's business volumes continued to grow steadily. In August, 1,800 new customers joined us. The loan portfolio increased by €11 million," management board chair Margus Rink said.
"Customer deposits showed a record increase of €34 million, of which corporate deposits accounted for €27 million and retail deposits, €7 million," Rink added.
"We believe that the growth of new customers and deposits will be further enhanced by the fact that at the end of August, the international rating agency Moody's assigned us a stable investment grade rating of Baa2."
The bank's net loan portfolio also rose, by €11 million over the month of August, reaching €583 million. Loan portfolio grew by 44 percent over the course of the year, and impairment losses on loans and advances stood at €400,000 in August.
Coop Pank is based on Estonian capital and is one of the five customer banks operating in Estonia. Its major shareholder is the domestic retail chain of the same name, which has over 300 outlets. The other major banks are SEB, Swedbank, Luminor and LHV, the last being the largest Estonian-owned bank.
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Editor: Andrew Whyte
