By the end of the Q1 2024,
In Q1 2024, volume of deposits in
In Q1 2024, net loan portfolio of
In Q1 2024, overdue loan portfolio of
Impairment costs of financial assets in Q1 2024 were
Net income of
In Q1 2024, net profit of
As of
“We are currently operating in an environment where two years of recession have been replaced by stagnation, and hopefully, in the annual perspective, we will see the first signs of the economy returning to the growth phase. In this context, the quarterly growth of
At the end of last year, the expectation of a gradual decrease in interest rates from this year prevailed in the markets, now the starting point of the interest rate decrease has shifted to the summer months and this year markets are predicting a somewhat smaller decline. Banks' interest income has reached its peak in such an environment, with a downward trend looking forward. Interest costs have also reached their peak and the interest rates offered for deposits are much lower today than a few months ago. From here on, banks' net interest income can grow only at the expense of increasing business volumes.
The quality of the loan portfolio has well withstood the few years recession. In the last quarter, our cost of credit was very low, as problems with a couple of business customers were resolved and we released the discounts of these loans. At the same time, the number of short-term debtors in the home loan portfolio has somewhat increased, but most of the time they find a solution before the next loan payment is due.
In summary, the growth of business volumes, the persistence of high interest rates and low credit costs ensured us a very decent profit and performance indicators in the first quarter of this year. We are strongly capitalized and have enough deposits to finance the loan requests by companies and individuals, which would turn
Income statement, in th. of euros | Q1 2024 | Q4 2023 | Q1 2023 |
Net interest income | 19 082 | 20 594 | 18 372 |
Net fee and commission income | 1 014 | 1 489 | 1 028 |
Net other income | 125 | -1 666 | 261 |
Total net income | 20 221 | 20 417 | 19 661 |
Payroll expenses | -5 409 | -5 495 | -4 542 |
Marketing expenses | -533 | -912 | -412 |
Rental and office expenses, depr. of tangible assets | -795 | -678 | -700 |
IT expenses and depr. of intangible assets | -1 405 | -1 363 | -1 155 |
Other operating expenses | -1 286 | -1 498 | -788 |
Total operating expenses | -9 427 | -9 948 | -7 596 |
Net profit before impairment losses | 10 794 | 10 469 | 12 065 |
Impairment costs on financial assets | -576 | -1 148 | -1 627 |
Net profit before income tax | 10 218 | 9 322 | 10 438 |
Income tax expenses | -1 080 | -935 | -1 063 |
Net profit for the period | 9 138 | 8 386 | 9 375 |
Earnings per share, eur | 0,09 | 0,08 | 0,09 |
Diluted earnings per share, eur | 0,09 | 0,08 | 0,09 |
Statement of financial position, in th. of euros | |||
Cash and cash equivalents | 380 644 | 428 354 | 334 074 |
Debt securities | 36 460 | 36 421 | 18 932 |
Loans to customers | 1 531 038 | 1 490 873 | 1 346 822 |
Other assets | 31 320 | 30 564 | 30 048 |
Total assets | 1 979 461 | 1 986 212 | 1 729 876 |
Customer deposits and loans received | 1 693 254 | 1 721 765 | 1 512 627 |
Other liabilities | 27 698 | 28 436 | 20 599 |
Subordinated debt | 63 239 | 50 187 | 38 101 |
Total liabilities | 1 784 191 | 1 800 387 | 1 571 327 |
Equity | 195 270 | 185 825 | 158 549 |
Total liabilities and equity | 1 979 461 | 1 986 212 | 1 729 876 |
The reports of
The webinar will be recorded and published on the company's website www.cooppank.ee and on the YouTube channel.
Additional information:
CFO
Phone: +372 516 0231
E-mail: paavo.truu@cooppank.ee
Attachments
Coop Pank 2024 Q1 results_ENCoop Pank 2024-03_EN- Interim report_3m 2024_EN
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