Coop Pank (CPA1T) Q3 2024 earnings summary

Executive summary

• Net operating income for September 2024 was €6.8m, with net profit at €2.8m, reflecting strong profitability and growth in business volumes.

• Customer base grew to 202,000, up 3% in Q3 and 15% year-over-year; active customers rose 16% year-over-year.

• Net loan portfolio increased 2% sequentially and 11% year-over-year to €1.66 billion.

• Net profit for Q3 2024 was €8.6 million, up 8% from Q2 but down 22% from Q3 2023.

• Cost-to-income ratio was 48% and return on equity reached 17.3% in Q3 2024.

Financial highlights

• Net operating income decreased 4% year-over-year to €61.9m for the year-to-date period.

• Net profit for the year-to-date was €29.3m, down 15% from €34.5m a year earlier.

• Net interest income for Q3 2024 was €20.0 million, up 4% sequentially but down 6% year-over-year.

• Operating expenses increased 2% sequentially and 14% year-over-year to €10.3 million.

• Owner's equity grew 5% sequentially and 16% year-over-year to €205 million.

Outlook and guidance

• Focus on increasing active service users, with new bonus programs for salary transfers.

• Continued investment in digital channels as branch usage declines.

• Monthly ROE of 16.5% and cost-income ratio of 50% align with long-term targets.

• Loan portfolio quality remains high, supporting continued growth.