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Coop Pank Investor Presentation 2021
2213_10-q_2021-04-21_2f6d2254-3782-4e21-832f-193b0b5b0c5f.pdf
Investor Presentation
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Coop Pank Group 2021 Q1 unaudited results
Business volumes in quarterly comparison
Results of Q1 2021 – compared to Q1 2020
-
- Net interest increased +1.7m€ due to higher loan portfolio by 192m€
- Service fees +0.1 m€
- Operating costs +15%
- IT costs
- Marketing costs
- Payroll expenses (number of full time employees increased)
- Impairment losses -36%
- One-off impairments due to corona pandemic totalled 0.4m€ in Q1 2020
- Net profit +94%
Key indicators in year on year comparison • Revenues +25% Q1 2021Q1 2020 Year on Year change Net operating income ('000 €) 8 893 7 117 +1 776 +25% Interest 8 043 6 358 +1 685 +27% Service fee and commissions 648 521 +127 +24% Other 202 238 -36 -15% Operating expenses -5 123 -4 442 -681 +15% Operating profit 3 770 2 675 +1 095 +41% Impairment losses -771 -1 214 +443 -36% Profit before income tax 2 999 1 461 +1 538 +105% Income tax -164 0 -164 - Net profit 2 835 1 461 +1 374 +94% Net loan portfolio (m€) 696 504 +192 +38% Deposits and loans received 849 547 +301 +55% Equity 100 90 +10 +11%
| ROE | 11.5% | 6.5% | +5.0% |
|---|---|---|---|
| Net interest margin (NIM) | 3.5% | 4.1% | -0.6% |
| Cost of financing | 0.8% | 1.0% | -0.2% |
| Cost / income ratio (CIR) | 58% | 62% | -4.8% |
| Capital adequacy ratio | 20.7% | 21.9% | -1.1% |
Results of Q1 2021 – compared to Q4 2020
Key indicators in quarterly comparison • Revenues +4%
-
- Net interest +0.2m€ (+3%)
- Service fees +0.1 m€ (+20%)
- Operating costs -3%
- Slightly lower payroll expenses, IT and marketing costs
- Impairment losses +8%
- Net profit +17%
| Q1 2021Q4 2020 | Quarterly change |
|||
|---|---|---|---|---|
| Net operating income ('000 €) | 8 893 | 8 519 | +374 | +4% |
| Interest | 8 043 | 7 808 | +235 | +3% |
| Service fee and commissions | 648 | 540 | +108 | +20% |
| Other | 202 | 171 | +31 | +18% |
| Operating expenses | -5 123 | -5 272 | +149 | -3% |
| Operating profit | 3 770 | 3 247 | +523 | +16% |
| Impairment losses | -771 | -715 | -56 | +8% |
| Profit before income tax | 2 999 | 2 532 | +467 | +18% |
| Income tax | -164 | -108 | -56 | +52% |
| Net profit | 2 835 | 2 424 | +411 | +17% |
| Net loan portfolio (m€) | 696 | 671 | +25 | +4% |
| Deposits and loans received | 849 | 758 | +91 | +12% |
| Equity | 100 | 98 | +3 | +3% |
| ROE | 11.5% | 10.1% | +1.3% | |
| Net interest margin (NIM) | 3.5% | 3.8% | -0.3% | |
| Cost of financing | 0.8% | 0.8% | -0.0% | |
| Cost / income ratio (CIR) | 58% | 62% | -4.3% | |
| Capital adequacy ratio | 20.7% | 19.5% | +1.2% |
Loan portfolio increase driven by private mortgage
- Net loan portfolio Quarterly growth of loan portfolio +25m€ (+4%)
- Private mortgage loans +17m€ (+6%)
- Business loans +8m€ (+3%)
- Leasing +1m€ (+1%)
- Consumer loans -0.4m€ (-1%)
- Gross interest of portfolio below 6%
- We are taking part in financing even bigger corporate/private clients which offer lower returns
- Decreased proportion of consumer loans portfolio in total group loans impacts interest margin (see next slide)
Loan portfolio interest by business lines
Quality of loan portfolio
- Amount of payment holidays (ca 12 m€ Q1 2021) at similar level as Q4 2020
- Credit risk cost ratio 0.5% in Q1 2021 (0.5% in Q4 2020)
Total residual of loan principal amounts past due; loss allowances in balance sheet; share of overdue contracts in total (gross) portfolio
Loan portfolio quality by business lines
Total residual of loan principal amounts past due; loss allowances in balance sheet; share of overdue contracts in total (gross) portfolio
Amount of deposits increased, cost decreased
- Deposits Deposits grew by 91m€ (+12%) compared to Q4 2020
- +20 m€ from private clients (+15.7 m€ demand deposits, +4.7 m€ term deposits)
- +45 m€ from business clients (+15.3 m€ demand deposits, +29.3 m€ term deposits)
- +26 m€ impact from Raisin platform and other financial institutions
- Proportion of demand deposits in total deposits at 39% (40% in Q4 2020)
- Total cost of financing (0.8%) has decreased as proportion of demand deposits in total deposits has increased and term deposits are replaced with new term deposits with lower interest
- Coop Pank raised 10 m€ of subordinated debt in Q1 2021 at 5.5% interest
We are growing client base and market share
- Market share and number of bank clients 6 500 new clients with bank account in Q1 2021 (Q4 2020 +6800)
- +5 900 private clients
- +600 business clients
- Bank's market share changed in Q1 2021
- Market share in loan portfolio 3.4% => 3.4%
- Market share in deposits 3.2% => 3.3%
No of customers (thousand)
Capital base supports growth plans
Performance indicators
-
- +3% revenue growth vs -3% decrease of costs
- Increased ROE
- Strong monthly net profits in Q1 2021
Brand awareness and preference as financial partner
Summary: Q1 2021 results
6500 new clients 2.8 m€ profit
- Loan portfolio grew by 25m€ in Q1 (+38% YoY)
- Deposits increased by 91m€ in Q1 (+55% YoY)
- 6500 new customers (+34% YoY) Bank has a total of 93 200 clients with bank account
- Net profit 2.8m€ (+94% YoY)
- Subordinated bonds (10m€) secure our growth strategy
Shareholders
No of Coop Pank shareholders TOP shareholders 1 0 806 1 1 227 1 1 910 1 2 358 1 2 443 1 2 820 1 5 831 45 46 48 43 43 47 44 10 851 11 273 11 958 12 401 12 486 12 867 15 875 09.12.19 31.12.19 31.03.20 30.06.20 30.09.20 31.12.20 31.03.21 Retail investor Institutional investor (min 100 000 shares) No of shareholders +422 +685 +443 +85 +381 +3008
Shareholder distribution of Coop Pank as at 31.03.2021
Share price
Share price (€) and trading volume (thousand shares)
Kerli Lõhmus Member of Board, CFO [email protected]
https://www.cooppank.ee/en/for-investors
Margus Rink Chairman of Board, CEO [email protected]