Coop Pank’s amount of business has grown rapidly

Coop Pank, which is based on Estonian capital, increased the amount of loans issued as well as deposits received, acquired 6,000 new clients and earned a profit of 3.1 million euros over the course of 9 months this year.

According to Coop Pank’s third quarter interim report, the number of the bank’s clients increased by nearly 6,000, which is by 17%, compared to the beginning of the year and reached 42,582 by the beginning of October. In addition, Coop Finants, the bank’s subsidiary specializing in small-scale financing, has nearly 99,000 clients.

In comparison to the beginning of this year, the amount of deposits in Coop Pank increased by 16 per cent and reached 368 million euros while a 28% growth of the loan portfolio resulted in it reaching 312 million euros. Over the course of 9 months of 2018, Coop Pank earned a net profit of 3.1 million euros, which is 30 per cent higher than the net profit over the same period last year without extraordinary proceeds from real estate sale.

The market share of Coop Pank’s deposit among Estonian banks increased from 1.9 per cent to 2.2 per cent compared to the beginning of the year, and the loan portfolio market share grew from 1.3 per cent to 1.6 per cent.

According to chairman of the board of Coop Pank, Margus Rink, Coop Pank has managed to increase its business amount over it first year of operation faster than major banks that rule the market. “The numerous new approaches we have been using have stirred the banking market, which has been rather lack in the past decade. What is especially important about it, we are also making a healthy profit,” Rink said.

Coop Pank has 16 branch offices and 29 banking points all over Estonia; in addition, in the summer an opportunity was created for clients to use their Coop Pank cards to withdraw money in any of 350 Coop shops without a service fee.