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Estonia's Coop Pank turns record profit in 2023

Coop Pank CEO Margus Rink at a Coop Pank branch.
Coop Pank CEO Margus Rink at a Coop Pank branch. Source: Merilin Pärli/ERR

In 2023, Coop Pank increased its market share, as well as its loan and deposit portfolios, and earned the largest profit in its history, amounting to €39.2 million, thanks to growth and a favorable interest rate environment.

In 2023, Coop Pank's net revenues reached €85 million, increasing by €30.6 million or 56 percent from the previous year. The bank's operating expenses amounted to €35.1 million, rising by €8 million euros or 29 percent over the year.

According to the 12-month performance report published on the stock exchange on Friday, the bank's cost-income ratio dropped from 50 percent to 41 percent over the year, and the return on equity increased from 16.8 percent to 23 percent.

Over the year, the number of Coop Pank customers grew by 36,000 or 24 percent, reaching 182,000 by the end of the year, of which 82,000 were active transaction customers, the bank announced. This is the largest numerical increase in customer numbers in Coop Pank's operational history.

As of the end of 2023, the bank's deposit volume reached €1.7 billion, growing by €214 million euros or 14 percent over the year. Term deposits increased by 55 percent over the year, while demand deposits decreased by 31 percent. The market share of the bank's deposits grew from 5.5 percent to 6.0 percent on year.

By the end of 2023, Coop Pank's loan portfolio reached €1.5 billion euros, increasing by €190 million or 15 percent over the year. The largest contributions to the portfolio's growth were made by home loans and business loans, which grew by €94 million or 18 percent and €63 million or 11 percent, respectively.

According to Margus Rink, the chairman of the board of Coop Pank, the bank's business results in 2023 were most significantly influenced by increases in business volumes, including the number of customers and the loan portfolio, as well as the changed interest environment.

"Despite the overall economic downturn, we continued to implement our growth strategy and maximized our outcomes in this environment. This is best illustrated by the fact that while the loan market as a whole grew by 6 percent in Estonia in 2023, Coop Pank's loan portfolio grew by 15 percent, or 2.5 times faster than the market," Rink explained.

Based on Estonian capital, Coop Pank is one of the five universal banks operating in Estonia. The bank's strategic shareholder is the Coop Estonia retail chain, which includes a sales network of 320 stores.

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Editor: Marcus Turovski

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