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Coop Pank Earnings Release 2022
2213_iss_2022-12-12_2be1a081-e317-4fc0-a07f-1c49f0fc5b99.pdf
Earnings Release
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Coop Pank Group Unaudited financial results for November 2022
https://www.cooppank.ee/en/investor
Nov: Strong profit and successful share issue
- Y-o-Y growth of net operating income was +37%, expenses +21% and profit +48%. In October bank earned highest monthly profit 2,2 m€.
- YTD ROE was 17,0% and cost-income ratio 50%; last months' ROE was 21,5% and CIR 43%.
- Quality of loan portfolio remains very high and overdue amounts remained stable. Due to pessimistic macro economic outlook additional loan provisions were made.
- In November started subscription for new shares in bank which was very successful 4,2 times oversubscription and 20,3 m€ additional capital was raised. Issue was closed in December, therefore the results of it will be reflected in December statements.
- Net loan portfolio increased by 29 m€ M-o-M. Business loans +12 m€, home loans by almost +14 m€, leasing +2 m€ and consumer loans close to +2 m€. Portfolio has increased by 39% Y-o-Y.
- Deposits increased by 68 m€ M-o-M. Deposits from business clients increased by +2 m€, deposits from private clients increased by +21 m€. Volume of foreign deposits increased by +45 m€. Y-o-Y growth of deposits was +38%.
- Coop Pank customer base grew by 3 100, number of active clients grew by 1 900 clients.
* Coop Pank customer – a customer holding at least one opened bank account
| Coop Pank Group |
Month | Year-to-Date | ||||
|---|---|---|---|---|---|---|
| 11.22 | 10.22 | 11.22 | 11.21 | Difference | YoY | |
| Net operating income ('000 €) |
5 564 |
5 277 |
48 938 |
35 612 |
+13 326 |
+37% |
| Interest | 5 164 |
4 899 |
45 008 |
32 109 |
+12 900 |
+40% |
| Service fee and commissions |
366 | 334 | 3 377 |
2 829 |
+548 | +19% |
| Other | 34 | 44 | 553 | 674 | -121 | -18% |
| Operating expenses |
2 382 |
453 2 |
573 24 |
20 344 |
+4 229 |
+21% |
| Payroll expenses |
1 363 |
1 318 |
13 967 |
11 415 |
+2 552 |
+22% |
| Other expenses |
1 018 |
1 134 |
10 606 |
8 929 |
+1 677 |
+19% |
| Operating profit |
3 183 |
2 824 |
24 365 |
15 268 |
+9 097 |
+60% |
| Financial impairement losses assets |
677 | 225 | 4 248 |
2 043 |
+2 205 |
+108% |
| Profit before income tax |
2 506 |
2 599 |
20 117 |
13 225 |
+6 891 |
+52% |
| Income tax |
264 | 242 | 1 683 |
764 | +919 | |
| Net profit |
2 242 |
2 357 |
18 434 |
12 462 |
+5 972 |
+48% |
| Return on equity (ROE) |
21,5% | 22,3% | 17,0% | 13,1% | +3,9pp | |
| Cost / (CIR) income ratio |
43% | 46% | 50% | 57% | -6,9pp | |
| interest margin (NIM) Net |
3,9% | 3,7% | 3,4% | 3,4% | +0,0pp | |
| Cost of financing |
0,9% | 0,8% | 0,6% | 0,7% | -0,1pp | |
| Coop ('000) No. of in Pank customers |
144,7 | 141,6 | 144,7 | 112,4 | +32,3 | +29% |
| portfolio (m€) Net loan |
1267,0 | 1237,6 | 1267,0 | 914,3 | +352,7 | +39% |
| Deposits received and loans |
1461,7 | 1393,4 | 1461,7 | 1060,6 | +401,1 | +38% |
| Equity | 127,2 | 124,5 | 127,2 | 110,7 | +16,4 | +15% |
