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The number of Coop Pank’ clients increased by 2,600 in the first quarter

Coop Pank, which is based on Estonian capital, acquired 2,600 new clients in the first quarter of this year and increased the amount of business and profits in all its major business lines.

Over the first quarter, Coop Pank’s loan portfolio grew by 23 million euros, having reached 357 million euros by the end of the period. All the financing-related lines of business contributed to the growth: mortgages, consumer loans, business loans and leasing. The amount of deposits in the bank increased by 14 million euros over the same period and reached 399 million euros by the end of the quarter. Private clients’ deposits were the primary contributors to the growth. During the first quarter, Coop Pank earned a profit of 1.2 million euros, which is more than double the profit of the same period of the previous year. The greatest contributors to profit growth were interest income and minor provisions for loans. 

The number of clients who chose Coop Pank for their daily banking operations increased by 2,600 during the quarter, reaching 48,000 by the end of March. “What had a positive effect on the growth of the number of clients was their increased interest in financial institutions based on domestic capital and their readiness to distribute the financial services they use among various banks,” said the chairman of the board of Coop Pank, Margus Rink.

Coop Pank continued a number of its development projects which aim to make its services more user-friendly. Earlier this year, the bank commissioned a new information system, which made the process of applying for a small loan and its issuing much faster. At the same time, the development of electronic banking channels continued, including the addition of new functionalities to the online and mobile banking systems. Last week Coop Pank joined the pan-European instant payments system, which allows transfers under 15,000 euros between banks to be completed in seconds. Preparations for providing an option of depositing cash in Coop stores are in the home straight. 

Coop Pank, based on Estonian capital, is one of the five universal banks operating in Estonia, where customers can open a current account, directing their monthly income to it and using it for daily banking operations. The main shareholder of the bank is the domestic retail chain Coop Eesti.