LHV Group results in February 2023
In February, against the background of an uncertain economic environment, the growth of LHV’s loan portfolio
Coop Pank’s financial results in February 2023:
Comment by Margus Rink, Chairman of the Management Board of Coop Pank:
"Despite the fact, that February was a shorter month than usual, the number and activity of our new customers increased rapidly. This shows that Coop Pank's customer offer appeals to both private and corporate customer and directs them to switch bank.
We can see that the increase in prices and Euribor has reduced the free money of consumers and companies, and the competition for deposits has grown strongly. Coop Pank has significantly raised deposit interest rates and currently offers up to 3.33% annual interest on local term deposits, in order to reduce the share of foreign deposits and offer the best price for Estonians' money.
Demand for new loans has clearly fallen in today's economic environment. Coop Pank's loan portfolio increased by 12 million euros in February, and home loans made up the largest part of this growth. The quality of Coop Pank's loan portfolio remains very good, and February's loan portfolio provisions were significantly below the long-term average level.
Coop Pank's net profit in February was 2.9 million euros, the return on equity was 24.6% and the cost-income ratio was 43%.”
More detailed quarterly reports of Coop Pank are available at: https://www.cooppank.ee/en/financial-reports
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 152,200. 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 320 stores.
Additional information:
Paavo Truu
CFO
Phone: +372 5160 231
E-mail: paavo.truu@cooppank.ee
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