Coop Pank AS results for October 2024

Coop Pank's financial results in October 2024: In October, number of the bank's clients increased by 2,400 and number of active clients increased by 1,100. By the end of the month number of clients reached 203,900 and number of active clients reached 91,200. Over the year, customer base has grown by 15%.Volume of the bank's customer deposits increased by 47 million euros, reaching 1.88 billion euros by the end of month. Deposits of corporate customers increased by 14 million euros and...

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

Coop Pank's financial results in October 2024:

"In October, the number of customers, deposits and loan portfolio of Coop Pank increased.

Increasing the number of customers and actively transacting customers is currently one of the main focuses of the domestic Coop Pank. Other market participants have also reacted to this by lowering their price lists and actively running campaigns in order to retain their customers. The competition between banks benefits customers who are now more motivated to calculate their daily banking costs, and the benefits offered and looking for the best home bank in the market.


In October, the euribor fell sharply, which eases the financial burden to many, but at the same time it has impeding effect on the bank's interest income. Along with this, the interest rates on deposits of most banks operating in Estonia also fell significantly, which is a logical trend in the context of the decline in the base interest rates of the capital markets, and with a delay it will also start to reduce the bank's interest costs.

Recently, the growth of the loan portfolio has mostly been driven by private persons, but now that interest rates are on a downward trend, local companies are also gaining investment courage. In addition, the car tax that will be implemented next year is also boosting the leasing business now.

In conclusion, Coop Pank achieved a decent profit of 2.4 million euros in October. Since the beginning of the year, Coop Pank's return on equity has been 17.3%, and the cost-income ratio has been 48%."

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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