Artea Bank's result for the second quarter of this year was almost half of what it was a year earlier. Net profit amounted to €7.8M, compared with €14.2M in the same period last year. However, this decline was primarily driven not by cash expenses but by the impairment of fund rights and goodwill, which amounted to approximately €10M.

Net profit

Profit before impairment expenses in the second quarter of 2026 was 12% higher than a year earlier, remained broadly in line with the first quarter of this year, and reached €20.6M. For comparison, LHV Group's profit before impairment expenses grew at a slower pace, increasing by 6% YoY, while Coop Pank reported faster growth of 19% YoY.

Profit before impairment expenses

Artea Bank's results supported from slightly higher interest income, with net interest income rising by 8% YoY this quarter, matching the growth rate reported by LHV Group. Coop Pank's net interest income increased even faster, up 15% YoY. Artea Bank also delivered an improved result from fees and commissions, which increased by 14% YoY.

Net interest income

As Artea Bank's net profit declined, its P/E ratio increased, placing it slightly above LHV Group, while the gap compared with Coop Pank is even wider. Based on the P/BV ratio, Artea Bank has the lowest valuation, although it remains broadly similar to Coop Pank, whereas LHV Group continues to trade at a significantly higher P/BV multiple. LHV Group's valuation premium is partly supported by its higher ROE, although Coop Pank's ROE is now close behind despite trading at lower valuation multiples. Meanwhile, Artea Bank's ROE remains significantly lower than that of both LHV Group and Coop Pank.

Comparison of bank metrics