Coop Pank AS results for November 2024

Coop Pank's financial results in November 2024: In November, number of the bank's clients increased by 2,000 and number of active clients increased by 1,600. By the end of the month number of clients reached 206,000 and number of active clients reached 98,400. Over the year, customer base has grown by 14%.Volume of the bank's customer deposits decreased by 37 million euros, reaching 1.84 billion euros by the end of month. Deposits of corporate customers decreased by 43 million euros and...

Tallinn, 11/12/2024 (informazione.news - comunicati stampa - economia)

Coop Pank's financial results in November 2024:

"In November, the number of Coop Pank customers grew rapidly and an increasing number of local individuals and businesses actively using Coop Pank's services to manage their daily financial affairs.

In November, the relatively rapid decline in interest rates continued in the market. On one hand, this has led to a decrease in deposit interest rates, but on the other hand, it reduces clients' loan payments and also encourages borrowing. All Coop Pank's loan portfolios grew in November, with the fastest growth seen in home loans, business loans, and leasing portfolios.

As Coop Pank has consistently increased its market share in loans issued to Estonian households and businesses, as well as in deposits raised from them in recent years, in November Eesti Pank designated Coop Pank as a systemically important credit institution. This decision obligates Coop Pank to maintain an additional systemic importance buffer of 0.5 percent. The additional capital buffer further strengthens Coop Pank's capitalization and enhances the bank's resilience in potential crises.

In November, Coop Pank achieved a solid net profit of 2.0 million euros. Since the beginning of the year, Coop Pank's return on equity has been 16.7%, and the cost-to-income ratio has been 49%."

More detailed financial reports of Coop Pank are available at:  https://www.cooppank.ee/en/financial-reports

Additional information:
Paavo Truu
CFO
Phone: +372 5160 231
E-mail: paavo.truu@cooppank.ee

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