Coop Pank, which is based on local capital, increased the volumes of all of its most significant business lines in the first half of the year and made a profit of 2 million euros. 4,900 new clients joined the bank in six months.
The loan portfolio of Coop Pank increased by 19.4% and deposit portfolio by 17.1% in the first half of the year. The market share of Coop Pank was 2.1% in terms of deposits and 1.5% in terms of the loan portfolio. Coop Pank, which found itself local owners last year, had over 40,000 private and corporate customers by the end of June and its small financing subsidiary Coop Finants had approximately 99,000 customers.
CEO of Coop Pank Margus Rink said that the bank will continue with the active expansion of its operations in cooperation with the Coop retail business. “Coop Pank’s strategy is to integrate simpler banking services with retail trade, and we’ve taken several steps in this direction in the first half of the year,” explained Rink. “At present, it’s possible to open accounts, request bankcards and submit small loan applications at 28 Coop stores. In May, we also launched the Coop Sula service, which allows customers to get cashback from the checkouts of Coop stores and within the next six months, this service will be offered by all 350 Coop stores nationwide.” According to Margus Rink, the number of new clients gained in six months is a sign that Coop Pank’s offer is attractive and distinguishes the bank from its competitors.
Member of the Management Board of Coop Pank Hans Pajoma said the volumes of corporate customer financing grew by 29% and the volumes of leasing increased by 69% as a result of the favourable economic environment and active sales. “We’ve mostly focused on small and medium-sized companies in corporate financing,” said Pajoma. “We offer an effective and flexible credit process that proceeds from the specific features of our customers’ businesses. The good results of the first half of the year indicate that customers have received our approach well on the market. For example, Coop Liising strongly increased the market share of its new sales from 1.8% to almost 3%.”