Estonia: Coop Pank’s net profit soars in H1/2023

The Estonian retail bank, Coop Pank, made a net profit of EUR 19.741mn in the first half of 2023, which was up 144% from EUR 8.089mn in the same period of 2022, GlobeNewswire reports. Net interest income amounted to EUR 39.416mn (EUR 22.224mn) and net fee and commission income to EUR 2.211mn (EUR 1.699mn). In 2022, Coop Pank’s annual net profit amounted to EUR 20.4mn, ERR reported. In the second quarter of 2023, the bank’s net profit stood at EUR 10.366mn, which was up 11% from 4.588mn a year earlier. The bank’s deposits rose by 41% over a year to EUR 1.76bn and net loan portfolio by 29% to EUR 1.46bn at the end of June 2023. Coop Pank has 37,000 shareholders and 167,000 regular customers. Coop Pank’s strategic owner is Estonian supermarket chain Coop Eesti.