Coop Pank unaudited financial results for Q2 2026
By the end of Q2 2026, Coop Pank had 236,000 customers, an increase of 5,000 (+2.1%) during the quarter and 19,000 (+9%) over the year. The bank had 112,100 active customers, an increase of 2,000 (+1.8%) during the quarter and 9,000 (+8%) over the year.
In Q2 2026, the volume of deposits at Coop Pank increased by EUR 69 million (+3.3%) to reach EUR 2.19 billion. Deposits from private customers increased by EUR 14 million: demand deposits rose by EUR 7 million and term deposits increased by EUR 7 million. Deposits from domestic business customers increased by EUR 70 million: demand deposits decreased by EUR 19 million, while term deposits increased by EUR 89 million. Deposits raised through platforms decreased by EUR 15 million.
Compared with Q2 2025, the volume of Coop Pank's deposits increased by EUR 380 million (+21%). In Q2 2026, the bank's cost of funding was 2.1%, compared with 2.5% in the same period last year.
In Q2 2026, Coop Pank's net loan portfolio increased by EUR 82 million (+4%) to reach EUR 2.23 billion. During the quarter, the strongest growth was recorded in the business loan portfolio, which increased by EUR 49 million (+5%). The home loan portfolio increased by EUR 22 million (+3%), the leasing portfolio increased by EUR 7 million (+4%), and the consumer finance portfolio increased by EUR 4 million (+4%). Compared with Q2 2025, Coop Pank's total loan portfolio increased by EUR 290 million (+15%).
In Q2 2026, overdue loan portfolio of Coop Pank was at the level of 2.1%. A year ago, overdue loan portfolio was at the level of 2.8%.
Impairment costs of financial assets amounted to EUR 1.4 million in Q2 2026, EUR 1 million more than in the previous quarter and EUR 0.1 million more than in Q2 2025.
Coop Pank's net income amounted to EUR 22.3 million in Q2 2026, increasing by 7% compared with the previous quarter and by 14% compared with Q2 2025. Operating expenses amounted to EUR 11.1 million in Q2 2026, increasing by 1% compared with the previous quarter and by 10% compared with Q2 2025.
In Q2 2026, Coop Pank's net profit amounted to EUR 8.2 million, a decrease of 1% compared with the previous quarter and an increase of 24% compared with Q2 2025. In Q2 2026, the bank's cost-to-income ratio was 50% and its return on equity was 13.5%.
As of 30 June 2026, Coop Pank had 31 900 shareholders.
Comment by Arko Kurtmann, Chairman of the Management Board of Coop Pank:
"The Bank's second-quarter results for 2026 confirm that the strategy we established at the beginning of the year is proving effective. Over recent quarters, we have achieved consistent growth while creating value for our customers, shareholders and the Estonian economy. Our second-quarter performance demonstrates that we are able to combine rapid growth with strong financial results.
The Bank's loan portfolio continued to grow strongly, increasing by EUR 82 million during the quarter. Income rose by 7%, while operating expenses remained broadly unchanged compared with the previous quarter. Compared with the corresponding period last year, Coop Pank's net profit increased by almost a quarter. This performance demonstrates our ability to scale the business more efficiently while maintaining disciplined cost control and delivering greater value to shareholders.
Our growth and strong financial performance were also recognised by an international credit rating agency. In May, Moody's upgraded Coop Pank's long-term deposit rating to Baa1, and in June assigned our covered bonds the highest possible rating of Aaa. These decisions reaffirm Coop Pank's position as a trusted and financially resilient banking partner.
For us, customer trust is every bit as important as financial performance. We want choosing Coop Pank as a primary banking partner to create tangible value for customers every day. The continued growth in our customer base, coupled with the fact that our loan portfolio continues to outperform the market, demonstrates that an increasing number of individuals and businesses are choosing to entrust us with their financial affairs. This growing confidence motivates us to continue delivering even better products and services.
With this in mind, we launched our new Piirideta ("Unlimited") banking package during the second quarter. While the Kasulik ("Useful") package, introduced last year, focuses on customers' everyday banking needs, the Piirideta package is designed for customers who travel frequently and actively use banking services outside Estonia. Alongside everyday banking services, the package includes travel insurance, free cash withdrawals abroad, interest on current account balances, a 1% purchase reward on purchases made in Coop stores, and a range of other practical benefits. This enables customers to manage their finances conveniently, wherever they may be.
The second quarter was also highly active in corporate banking. We supported the completion of several significant corporate acquisition and disposal transactions, while financing investment and expansion projects for Estonian industrial companies. These projects strengthen the competitiveness of Estonian businesses, create jobs and contribute to the country's economic development.
To support the Bank's continued growth and further strengthen its capital position, Coop Pank entered into a synthetic securitisation agreement with the European Investment Bank Group, which became effective on 30 June 2026. The transaction will enable us to provide approximately EUR 250 million of additional financing on favourable terms to Estonian small and medium-sized enterprises. Under the agreement with the European Investment Bank, part of this financing will be allocated to women-led businesses and part to investments in energy efficiency.
We also place great importance on contributing to Estonian society. For the third consecutive year, Coop Pank received the Gold Level recognition as a supporter of Estonia's national defence. This reflects our continued commitment to those who contribute to the country's security. We support employees participating in military exercises, have together with our customers contributed more than EUR 45,000 to the Reserve Forces Fund through the Kaardivägi programme, and during the second quarter temporarily extended the preferential Home Defender Loan terms, originally developed for active service members, to reservists as well.
We are equally proud that, for the second consecutive year, Coop Pank ranked among Estonia's ten most reputable employers. The dedication and professionalism of our people have been one of the key reasons why we have been able to sustain rapid growth while maintaining high service standards and preserving our customers' trust.
In summary, the second quarter of 2026 was characterised by strong and profitable growth, increasing customer confidence and a steadily strengthening position in the Estonian banking market. We continued investing in solutions that make everyday banking simpler and more rewarding for our customers, while demonstrating that rapid growth and responsible banking can go hand in hand."
| Income statement, in th. of euros | Q2 2026 | Q1 2026 | Q2 2025 | 6M 2026 | 6M 2025 |
| Net interest income | 20 781 | 19 544 | 18 003 | 40 324 | 35 933 |
| Net fee and commission income | 1 141 | 1 085 | 1 166 | 2 226 | 2 321 |
| Net other income | 365 | 187 | 375 | 553 | 600 |
| Total net income | 22 287 | 20 816 | 19 544 | 43 103 | 38 854 |
| Payroll expenses | -6 188 | -6 396 | -5 917 | -12 585 | -11 496 |
| Marketing expenses | -465 | -446 | -453 | -911 | -811 |
| Rental and office expenses, depr. of tangible assets | -899 | -885 | -777 | -1 784 | -1 584 |
| IT expenses and depr. of intangible assets | -2 115 | -1 942 | -1 724 | -4 057 | -3 337 |
| Other operating expenses | -1 391 | -1 295 | -1 220 | -2 686 | -2 382 |
| Total operating expenses | -11 059 | -10 964 | -10 091 | -22 024 | -19 610 |
| Net profit before impairment losses | 11 227 | 9 852 | 9 452 | 21 079 | 19 244 |
| Impairment costs on financial assets | -1 419 | -376 | -1 367 | -1 795 | -1 594 |
| Net profit before income tax | 9 809 | 9 477 | 8 086 | 19 284 | 17 650 |
| Income tax expenses | -1 587 | -1 171 | -1 437 | -2 758 | -3 088 |
| Net profit for the period | 8 222 | 8 305 | 6 649 | 16 526 | 14 562 |
| Earnings per share, eur | 0,08 | 0,08 | 0,06 | 0,16 | 0,14 |
| Diluted earnings per share, eur | 0,08 | 0,08 | 0,06 | 0,16 | 0,14 |
| Statement of financial position, in th. of euros | 30.06.2026 | 31.03.2026 | 31.12.2025 | 30.06.2025 |
| Cash and cash equivalents | 474 292 | 450 950 | 488 717 | 356 473 |
| Debt securities | 96 299 | 96 173 | 63 023 | 47 832 |
| Loans to customers | 2 233 610 | 2 151 502 | 2 114 091 | 1 943 420 |
| Other assets | 33 354 | 34 326 | 37 163 | 36 090 |
| Total assets | 2 837 555 | 2 732 951 | 2 702 994 | 2 383 816 |
| Customer deposits and loans received | 2 247 677 | 2 154 538 | 2 124 520 | 1 816 313 |
| Debt securities issued | 249 609 | 246 589 | 255 203 | 253 537 |
| Other liabilities | 21 665 | 21 407 | 25 580 | 30 645 |
| Subordinated debt | 73 262 | 68 370 | 63 148 | 63 148 |
| Total liabilities | 2 592 213 | 2 490 905 | 2 468 451 | 2 163 642 |
| Equity | 245 342 | 242 046 | 234 543 | 220 174 |
| Total liabilities and equity | 2 837 555 | 2 732 951 | 2 702 994 | 2 383 816 |
The reports of Coop Pank are available at: https://www.cooppank.ee/en/investor/reporting.
Coop Pank will host a webinar to present its financial results for the second quarter of 2026 on 21 July 2026 at 9:30 a.m. The webinar can be viewed via the following link: https://youtube.com/live/RXnQC5FtCio.
During the webinar, participants will have the opportunity to submit questions via the Slido platform: https://app.sli.do/event/5XYmZSzz7GhuNd9QqciMMN.
The webinar will be recorded and published on the company's website www.cooppank.ee and YouTube account.
Coop Pank is one of the five universal banks operating in Estonia and is backed by Estonian capital. The Bank serves 236,000 daily banking customers. Coop Pank's strategy is to leverage the synergies between the retail business and banking to bring everyday banking services closer to where people live. The Bank's strategic shareholder is Coop Eesti, Estonia's domestic retail chain, comprising 320 stores.
Additional information:
Paavo Truu
CFO
Phone: +372 516 0231
E-mail: paavo.truu@cooppank.ee
