By the end of Q1 2026, Coop Pank had 231,000 customers, increased by 4,000 customers in the quarter (+1,9%) and by 18,500 in the year (+9%). The bank had 110,000 active customers, increasing by 1,800 (+1,6%) in the quarter and by 8,000 (+8%) in the year.
In Q1 2026, volume of deposits in Coop Pank increased by 73 million euros (+4%), reaching total of 2.12 billion euros. Deposits from private clients increased by 17.5 million euros: demand deposits increased by 1.9 million euros and term deposits increased by 15.6 million euros. Deposits from domestic business customers increased by 25.0 million euros: demand deposits increased by 29.9 million euros and term deposits decreased by 4,9 million euros. Deposits raised from platforms increased by 30.2 million euros. Compared to Q1 2025, volume of Coop Pank's deposits has increased by 213 million euros (+11%). In Q1 2026, the bank’s financing cost was 2.1%, at the same time last year the financing cost was 2.8%.
In Q1 2026, net loan portfolio of Coop Pank increased by 37 million euros (+2%), reaching 2.15 billion euros. Over the quarter, the strongest growth was shown in the business loans portfolio, which increased by 23 million euros (+2%). Home loans increased by 17 million euros (+2%), leasing portfolio decreased by 2 million euros (-1%) and consumer finance portfolio remained at the same level. Compared to Q1 2025, total loan portfolio of Coop Pank has grown by 333 million euros (+18%).
In Q1 2026, overdue loan portfolio of Coop Pank was at the level of 1.9%. A year ago, overdue loan portfolio was at the level of 2.1%. Impairment costs of financial assets in Q1 2026 were 0.4 million euros, which is 0.6 million euros less than in previous quarter and 0.15 million euros more than in Q1 2025.
Net income of Coop Pank in Q1 2026 was 20.8 million euros, decreasing by 1% in the quarterly comparison and increasing by 8% in the annual comparison. Operating expenses reached 10.9 million euros in Q1, decreasing by 4% in the quarterly comparison and increasing by 15% in the annual comparison.
In Q1 2026, net profit of Coop Pank was 8.3 million euros, which is 15% more than in the previous quarter and 5% more than a year ago. In Q1 2026, cost to income ratio of the bank was 53% and return on equity was 13.9%.
As of 31 March 2026, Coop Pank has 32.2 thousand shareholders.
Arko Kurtmann, Chairman of the Management Board of Coop Pank, comments the results:
“It is pleasing to note that we have increased our profit for the fourth consecutive quarter. This confirms that we are moving in the right direction and that our business model remains robust, notwithstanding a volatile economic environment.
Interest rates, which had remained stable over the past nine months, have begun to rise once again. Despite this, demand for financing remains strong. Steady demand for home loans reflects a recovery in consumer confidence, while car sales, which had been subdued for over a year, showed an uptick towards the end of the first quarter, accompanied by growing demand for leasing. Corporate investment activity, supported by bank lending, was primarily directed towards manufacturing and residential real estate development.
At the beginning of the quarter, the Bank established its strategic objectives through to 2030. Over the next five years, we aim to double net profit, increase our loan portfolio market share to 10%, and deliver a return on equity of at least 15% to our investors. In addition, we have resolved to develop our investment products offering. In early April, Sander Pikkel assumed the role of Head of Investment Services, and under his leadership we will define a more detailed action plan. The appointment of Alvar Pihlapuu, the Bank’s Chief Information Officer, to the Management Board underlines the importance we place on strengthening our digital and technological capabilities.
The public bond offering conducted in March was oversubscribed by 5.7 times. Such strong demand reflects investor confidence in Coop Bank and belief in the sustainability of our growth. The bond issuance has strengthened our capital base, providing a solid foundation for further expansion of business volumes.
An improvement in the Estonian economy is anticipated in the near term, and we are well positioned to support this growth. We have built sufficient capital buffers to finance both corporate and retail clients in the execution of their plans. During the quarter, the Bank’s loan volumes increased by €37 million, while the quality of the loan portfolio remained strong.
In cooperation with the Coop retail network, we also made significant progress in developing our loyalty programme. The enhanced programme offers improved benefits to approximately 758,000 Coop customer card holders, and we launched the Coop Plus credit card, combining everyday retail advantages with flexible financing options.
The growth in Coop Bank’s business volumes, the high quality of the loan portfolio, and disciplined cost management resulted in a strong net profit of €8.3 million for the first quarter. The Bank’s cost-to-income ratio stood at 53% and return on equity was 13.9%.”
Income statement, in th. of euros | Q1 2026 | Q4 2025 | Q1 2025 |
Net interest income | 19 544 | 19 038 | 17 930 |
Net fee and commission income | 1 085 | 1 123 | 1 155 |
Net other income | 187 | 797 | 225 |
Total net income | 20 816 | 20 958 | 19 310 |
Payroll expenses | -6 396 | -6 438 | -5 578 |
Marketing expenses | -446 | -675 | -358 |
Rental and office expenses, depr. of tangible assets | -885 | -823 | -807 |
IT expenses and depr. of intangible assets | -1 942 | -1 995 | -1 613 |
Other operating expenses | -1 295 | -1 490 | -1 162 |
Total operating expenses | -10 964 | -11 422 | -9 519 |
Net profit before impairment losses | 9 852 | 9 537 | 9 792 |
Impairment costs on financial assets | -376 | -1 041 | -226 |
Net profit before income tax | 9 477 | 8 495 | 9 565 |
Income tax expenses | -1 171 | -1 305 | -1 652 |
Net profit for the period | 8 305 | 7 190 | 7 913 |
Earnings per share, eur | 0,08 | 0,07 | 0,08 |
Diluted earnings per share, eur | 0,08 | 0,07 | 0,08 |
Statement of financial position, in th. of euros | 31.03.2026 | 31.12.2025 | 31.03.2025 |
Cash and cash equivalents | 450 950 | 488 717 | 564 441 |
Debt securities | 96 173 | 63 023 | 49 536 |
Loans to customers | 2 151 502 | 2 114 091 | 1 818 109 |
Other assets | 34 326 | 37 163 | 34 711 |
Total assets | 2 732 951 | 2 702 994 | 2 466 796 |
Customer deposits and loans received | 2 154 538 | 2 124 520 | 1 914 527 |
Debt securities issued | 246 589 | 255 203 | 250 250 |
Other liabilities | 21 407 | 25 580 | 19 096 |
Subordinated debt | 68 370 | 63 148 | 63 363 |
Total liabilities | 2 490 905 | 2 468 451 | 2 247 236 |
Equity | 242 046 | 234 543 | 219 561 |
Total liabilities and equity | 2 732 951 | 2 702 994 | 2 466 796 |
The reports of Coop Pank are available at: https://www.cooppank.ee/aruandlus
Coop Pank will host a webinar to present its financial results for the first quarter of 2026 on 22 April 2026 at 9:30 a.m. The webinar can be followed at the following link: https://youtube.com/live/mohkdCfj1Ew.
During the webinar, participants will have the opportunity to submit questions via the Slido platform: https://app.sli.do/event/s3XN21fkhD83PAgQEKWLQd.
The webinar will be recorded and subsequently made available on Coop Pank’s website and on its YouTube channel.
Coop Pank, based on Estonian capital, is one of the five universal banks operating in Estonia. The bank has 231,000 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
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