29.04.2019
On Monday, 29 April, the shareholders of Coop Pank decided to allocate the profit in the amount of 4.75 million euros earned in the previous financial year to financing the bank’s further growth.
The shareholders of Coop Pank approved the bank’s consolidated statement for the financial year 2018 during the general meeting which was held on Monday. The shareholders decided to add 238,000 euros of the 4.75 million euros of profit earned to reserve capital and added the remaining 4.5 million euros to retained earnings. At the end of 2018, Coop Pank’s equity capital constituted 49.2 million euros.
Jaanus Vihand, Chairman of the Supervisory Board of Coop Pank, said that the bank would be using its retained earnings for financing further growth. “The events of the past year have resulted in Estonian residents placing more and more importance on whether the bank is a domestic one when they choose a bank, which implies opportunities for our faster growth than average as well as for expanding our customer base,” Vihandy noted.
Based on Estonian capital, Coop Pank was one of the fastest-growing financial institutions in Estonia in 2018 as far as absolute figures are concerned. During the year, Coop Pank’s loan portfolio increased by 37 per cent, reaching 335 by the end of December. The amount of deposits grew by 22 per cent, reaching 385 million euros. The bank earned a profit of 4.75 million euros in 2018, which, without extraordinary proceeds, is three times as much as the year before. The bank’s return on equity was 10 per cent, and the number of clients who use Coop Pank for their daily banking amounted to 48,000 at the end of March.
Coop Pank’s majority shareholder is Estonia’s only cooperative retail business group, Coop Eesti, which owns 60.4% of shares; the largest of minor shareholders are entrepreneur Andres Sonn with 19.9% and AS Inbank with 7.9%.