April 2024 Results for Coop Pank AS

Coop Pank, an Estonian universal bank, has reported impressive financial results for the month of April 2024. The bank saw a significant increase in the number of clients, with 2,400 new clients and 1,500 new active clients. This brought the total number of clients to 191,800 and active clients to 85,900, marking a 22% growth in the customer base over the year.

In terms of deposits, Coop Pank saw a substantial increase of 45 million euros, reaching a total of 1.74 billion euros by the end of the month. The bank’s loan portfolio also grew by 29 million euros, reaching 1.56 billion euros. Business loans, home loans, leasing, and consumer financing all saw increases, contributing to a 14% growth in the loan portfolio over the year.

Despite a 23% increase in expenses, the bank managed to earn a net profit of 2.8 million euros in April. However, the net profit for the first four months of the year was 12 million euros, which is 8% less than the same period last year.

Paavo Truu, Member of the Management Board and CFO of Coop Pank, commented on the strong growth in business volumes and financing lines in April. The bank’s shareholders also approved a record dividend payment for the year, with 8.9 million euros distributed to shareholders.

Coop Pank’s commitment to supporting Estonia’s defense capability through the Kaardivägi customer program demonstrates the bank’s dedication to improving the lives of Estonians. With a focus on retail banking and close collaboration with Coop Eesti, the bank continues to provide essential banking services to its growing customer base.