Coop Pank’s profit over the third quarter increased by 31 per cent compared to a year ago, reaching 1.52 million euros
17.10.2019
Coop Pank, which is based on Estonian capital, earned a profit of 1.52 million euros within the third quarter of this year, which is 31 per cent more than over the same period of last year. In the third quarter, the bank significantly increased the amount of loans issued and deposits made and acquired a record number of clients.
The number of Coop Pank’s clients increased by 4600 over the quarter. As at the end of September, Coop Pank had 56,300 clients, which displays a growth of 33% compared to the same period of last year.
Coop Pank’s loan portfolio grew by 39 million euros. All the financing-related lines of business contributed to the growth: mortgages, consumer loans, business loans and leasing. By the end of the third quarter, the bank’s loan portfolio reached 418 million euros, which is an increase of 37 per cent compared to the figures of a year ago.
The bank’s amount of deposits in the same period grew by 69 million euros and reached 478 million euros by the end of the third quarter, having grown by 30 per cent over a year.
In the third quarter, Coop Pank earned a profit of 1.52 million euros. The bank’s nine-month profit was 3.9 million euros, which is an increase of by 27 per cent compared to the figures for the same period of last year. The greatest contributor to profit growth was greater interest income resulting from the growth of the loan portfolio.
Margus Rink, the chairman of the board of Coop Pank, said that the bank was steadily displaying rapid growth for the third year in a row. “Coop Pank continues to strengthen its position on the Estonian banking market. The factors behind our growth the ever-increasing brand recognition of the bank and the general trend for giving preference to domestic banks, which is becoming more and more popular with clients. We can also see companies becoming increasingly more interested because, as a local bank, ours can process their expansion plans and make financing decisions faster. What also draws the attention of business clients to us is the interest paid on the clients’ temporarily available funds,” Mr Rink noted.
At the end of May, Coop Pank’s Supervisory Board commissioned the Management Board to start preparations for the public listing of the bank’s shares. “The preparation for the public listing of our shares are under way as scheduled, and we are currently working to bring Coop Pank’s shares to Tallinn stock exchange before the end of the year. Still, the specific issue date could be affected by the global economy situation and how stock markets respond to it,” Mr Rink said.