Coop Pank unaudited financial results for Q1 2025

By the end of the Q1 2025, Coop Pank had 213,000 customers, increased by 5,000 customers in the quarter (+2%) and by 23,000 in the year (+12%). The bank had 101,800 active customers, increased by 2,400 (+3%) in the quarter and by 17,400 (+21%) in the year.

In Q1 2025, volume of deposits in Coop Pank decreased by 29 million euros (+2%), reaching total of 1.91 billion euros. Deposits from private clients increasing by 15 million euros: demand deposits increased by 9 million euros and term deposits increased by 6 million euros. Deposits from domestic business customers increased by 39 million euros: demand deposits increased by 36 million euro and term deposits increased by 3 million euros. Deposits from international deposit platform Raisin and other financing decreased by 24 million euros. Compared to Q1 2024, volume of Coop Pank's deposits has increased by 221 million euros (+13%). In an annual comparison, share of demand deposits of total deposits has increased from 30% to 32%. In Q1 2025, the bank’s financing cost was 2.8%, at the same time last year the financing cost was 3.5%.

In Q1 2025, net loan portfolio of Coop Pank increased by 44 million euros (+3%), reaching 1.81 billion euros. Business loans and home loans portfolio showed the biggest growth, both increased by 22 million euros (+3%). The volumes of leasing portfolio and consumer finance portfolio remained at the same level compared to the previous quarter. Compared to Q1 2024, total loan portfolio of Coop Pank has grown by 287 million euros (+19%).

In Q1 2025, overdue loan portfolio of Coop Pank remained steady at the level 2.1%. A year ago, overdue loan portfolio was at the level of 2.4%.

Impairment costs of financial assets in Q1 2025 were 0.2 million euros, which is 1.6 million euros (-88%) less than in previous quarter and 0.4 million euros (-61%) less than in Q1 2024.

Net income of Coop Pank in Q1 2025 was 19.3 million euros, decreasing by 3% in a quarterly comparison and by 5% in an annual comparison. Operating expenses reached 9.5 million euros in Q1 – operating expenses decreased by 12% in the quarterly comparison and increased by 1% in the annual comparison.

In Q1 2025, net profit of Coop Pank was 7.9 million euros, which is 24% more than in the previous quarter and 13% less than a year ago. In Q1 2025, cost to income ratio of the bank was 49% and return on equity was 14.7%.

As of 31 March 2025, Coop Pank has 35,200 shareholders.

Margus Rink, Chairman of the Management Board of Coop Pank, comments the results:

"In recent quarters, we have seen positive signs in the economic environment – a slowdown in inflation, declining interest rates, and stable energy prices. Unfortunately, the past few months have also brought news of trade wars, which mainly affect the global economy, but they have also caused concern among local businesses. At the end of last year, we saw that, after a long wait, entrepreneurs had dusted off their investment plans and started to take action again, now, however, we can once again sense a decline in their confidence.

Despite this, the declining interest rate environment offers good opportunities for investment and reduces financing costs for both legal entities and private individuals. For the bank, it means a drop in interest income, which can only be compensated by growing business volumes.

In the first quarter, Coop Pank grew its business volumes at twice the rate of market growth – with solid increases in the number of clients, as well as in deposits and the loan portfolio. By the end of the quarter, Coop Pank held a 6.3% market share in deposits and a 6.6% share in loans.

Growth in business volumes, the high quality of the loan portfolio, and effective cost control resulted in a strong net profit for Coop Pank in the first quarter: 7.9 million euros. The bank’s cost-to-income ratio for Q1 was 49% and return on equity was 14.7%.

According to recent research by Kantar Emor on the Net Promoter Score (NPS) of Estonia’s largest service companies, Coop Pank is the most recommended bank in Estonia.

In March, Coop Pank issued covered bonds for the first time on the Irish Stock Exchange, in the amount of 250 million euros with a maturity of four years. This was the initial tranche of a 750 million euros covered bond program. The bank’s first international covered bond issuance provides Coop Pank with an additional long-term and stable funding source, which will be used to support the growth of businesses operating in Estonia."

Income statement, in th. of euros	Q1 2025	Q4 2024	Q1 2024
Net interest income	17 930	19 149	19 082
Net fee and commission income	1 155	1 303	1 014
Net other income	225	-483	125
Total net income	19 310	19 969	20 221
Payroll expenses	-5 578	-6 007	-5 409
Marketing expenses	-358	-788	-533
Rental and office expenses, depr. of tangible assets	-807	-798	-795
IT expenses and depr. of intangible assets	-1 613	-1 731	-1 405
Other operating expenses	-1 162	-1 473	-1 286
Total operating expenses	-9 519	-10 798	-9 427
Net profit before impairment losses	9 791	9 171	10 794
Impairment costs on financial assets	-226	-1 821	-576
Net profit before income tax	9 565	7 351	10 218
Income tax expenses	-1 652	-957	-1 080
Net profit for the period	7 913	6 393	9 138
Earnings per share, eur	0,08	0,06	0,09
Diluted earnings per share, eur	0,08	0,06	0,09

Statement of financial position, in th. of euros	31.03.2025	31.12.2024	31.03.2024
Cash and cash equivalents	564 441	343 678	380 644
Debt securities	49 536	37 751	36 460
Loans to customers	1 818 109	1 774 118	1 531 038
Other assets	34 711	33 066	31 320
Total assets	2 466 796	2 188 614	1 979 461
Customer deposits and loans received	1 914 526	1 886 145	1 693 254
Debt securities issued	250 250	0	0
Other liabilities	19 096	27 683	27 698
Subordinated debt	63 363	63 148	63 239
Total liabilities	2 247 235	1 976 977	1 784 191
Equity	219 561	211 637	195 270
Total liabilities and equity	2 466 796	2 188 614	1 979 461

The reports of Coop Pank are available at: https://www.cooppank.ee/en/reporting

Coop Pank will organise a webinar on 23 April 2025 at 9:00 AM, to present the financial results of Q1 2025. For participation, please register in advance at: https://bit.ly/CP-veebiseminar-osalemine-23042025

The webinar will be recorded and published on the company's website www.cooppank.ee and on the YouTube channel.

Coop Pank, based on Estonian capital, is one of the five universal banks operating in Estonia. The bank has 213,000 daily banking clients. 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: +372 516 0231
E-mail: paavo.truu@cooppank.ee

Attachments

• Coop Pank 2025 Q1 results_EN
• Coop Pank 2025-03_EN
• Interim report_3m 2025_EN