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BIGBANK´s net profit of the first 9 months of 2010 amounted to 46,9 million kroons
30 NOVEMBER, 2010

BIGBANK´s net profit of the first 9 months of 2010 amounted to 46,9 million kroons; the bank continued to focus on expanding its activities outside the Baltic states.

In the third quarter, interest income amounted to 115.4 million kroons, decreasing by 34.8 million kroons compared to the same period of the previous year. During the same period interest expenses totalled 28.6 million kroons, compared to the 44.8 million kroons of the same period of the previous year. Reduction of the interest expenses is above all connected with the decrease in the deposit interest and the increase in the share of deposits and decrease in the share of bonds in the structure of liabilities.

As of the end of September BIGBANK´s loan portfolio amounted to 2 247,7 million kroons. Total assets increased by 240,5 million kroons during the third quarter and the loan portfolio grew by 64.6 million kroons, growing on quarterly basis for the first time since the second quarter of 2009.

Net profit of the third quarter amounted to 16.8 million kroons, compared to the 18.7 million kroons of the previous quarter. In the third quarter, profit before impairment allowances totalled 59.8 million kroons. BIGBANK´s net profit of the first 9 months of 2010 amounted to 46,9 million kroons.

According to Targo Raus, the Chairman of the Management Board of BIGBANK, the company continued to expand outside the Baltic states. “In the beginning of the year we started issuing loans in Finland and currently we are in schedule with our developments there,” said Raus. As a second important trend Raus pointed out that payment behavior of clients has improved compared to the same period of the previous year.

BIGBANK AS is a specialised credit institution based on Estonian capital, which has branches in Finland, Latvia and Lithuania and provides its services on cross-border basis also in Austria and Germany. As of the end of September 2010 BIGBANK had 452 employees and 28 offices, of which 10 offices were located in Estonia. As of the end of September BIGBANK had 108 000 loan customers.