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BIGBANK’s loan portfolio grew by 5.7% in the 3rd quarter (2013)
29 NOVEMBER, 2013

In the third quarter of 2013, the loan portfolio of BIGBANK – a bank based on Estonian capital and specialised on providing consumer loans – grew by a total of 14.5 million euros, i.e. 5.7%, and reached a total of 271 million euros as of the end of September.

In the third quarter, BIGBANK earned an interest income of 13.5 million euros, i.e. 17.1% more than during the same period last year. The interest expenses of the bank were 2.0 million euros, which is 1.8% more than last year. The volume of involved deposits grew by 7.7% during the quarter and reached 238.5 million euros. By the end of September, the number of active loan contracts reached 177 thousand.

In the third quarter, BIGBANK Group earned a profit of 2.3 million euros, which is more than double the profit earned a year before. The profit before impairment allowances was 7.4 million euros, i.e. 42.3% more than the year before.

According to Chairman of the Management Board of BIGBANK, Kaido Saar, BIGBANK continued to strengthen its position primarily on the foreign markets. “By today, almost 80% of BIGBANK’s business volume is outside Estonia and this year we have managed to increase profitability in the whole group,” Saar said.

In the third quarter, BIGBANK began to offer a new loan in Estonia that is aimed at the regular customers of full service banks and has the lowest interest among Estonian banks. The offered credit amount is between 500 and 6500 euros and the loan maturity is 1 to 5 years. The annual interest of the loan is 15.5% and annual percentage rate of charge, which depends on the amount and maturity of the loan, is 17-18% on the average. The loan applicant has to have a clean credit history and good solvency, at least 25 years old and with a salary of at least 500 euros.

At the end of the end of September, BIGBANK employed a total of 546 people: 233 in Estonia, 131 in Latvia, 85 in Lithuania, 39 in Finland, 36 in Spain and 22 in Sweden. At the end of the third quarter, the Group had 15 branch offices, of which 4 were located in Estonia, 3 in Latvia, 7 in Lithuania, 1 in Spain.

BIGBANK AS is a credit institution based on Estonian capital and having branches in Finland, Sweden, Latvia, Lithuania and Spain and offering its products as a cross-border service in Germany, Austria and the Netherlands.