COOP PANK AS

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Update: Coop Pank 2021 audited Annual Report

03/16/2022 | 08:31am

The independent auditor’s report has been added to the annual report in ESEF format.

Management Board of Coop Pank has compiled 2021 audited Annual Report. There are no differences in the audited accounts as regards the financial results, compared to the unaudited financial results published on 10 February.

The consolidated annual report 2021 of Coop Pank AS has been enclosed to the announcement and will be made available on the bank’s homepage https://www.cooppank.ee/en/financial-reports

Annual report will be presented for approval to general meeting of shareholders.

In 2021, Coop Pank increased its business volumes by 40% for the fifth consecutive year.

  • By the end of 2021, the number of Coop Pank's customers reached 114,600, over the year the number of customers increased by 27,000 (+32%).
  • Deposits of Coop Pank reached 1.1 billion euros by the end of 2021, increased by 341 million euros (+45%) over the year. The market share of the bank's deposits increased from 3.2% to 4% over the year.
  • Loan portfolio of Coop Pank reached 953 million euros by the end of 2021, increased by 283 million euros (+42%) over the year. The market share of the bank's loans increased from 3,4% to 4,4% over the year.
  • Net profit of Coop Pank in 2021 was 13.5 million euros, increased by 85% over the year.
  • The bank's cost / income ratio fell from 60% to 57% over the year and the return on equity rose from 7.8% to 12.9%.

Coop Pank, based on Estonian capital, is one of the five universal banks operating in Estonia. The number of clients using Coop Pank for their daily banking reached 119,700. Coop Pank aims to put the synergy generated by the interaction of retail business and banking to good use and to bring everyday banking services closer to people’s homes. The strategic shareholder of the bank is the domestic retail chain Coop Eesti, comprising of 330 stores. 

Additional information:
Paavo Truu
CFO
Phone: +372 5160 231
E-mail: paavo.truu@cooppank.ee


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