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Bigbank’s loan portfolio growth in first quarter led by Lithuania once again
07 JUNE, 2016

The loan portfolio of Bigbank increased by 4 million euros or 1.3% in the first quarter of 2016, with the biggest growth once again coming from our Lithuanian branch. The bank’s profit in the first quarter was 3.2 million euros and the balance sheet total at the end of the first quarter was 356.9 million euros.

“The increase in Lithuania can be explained by their average wage, which is the lowest in the Baltic States but growing at a fast rate,” said Kaido Saar, Chairman of the Management Board of Bigbank. “The growth potential of the economic environment and the average wage in Lithuania, which is close to 750 euros, is definitely far greater that in Estonia or Latvia, because both Lithuania’s population and its market diversity favour stronger developments.”

Saar said the bank is pleased with its results in the first quarter as they correspond with the potential and conditions on all markets. “We are an international bank operating within Europe and we act with ambition, but despite the fact that the EU market seems stable, we are trying to take into account hardships related to a more tightly packed and more competitive banking market,” he said.

Interest income increased by 8.9% in the first quarter year on year, growing from 15.9 million euros to 17.3 million euros. Interest costs decreased by 11%, dropping to 1.6 million euros from 1.7 million euros.

The bank’s profit before discounts was 10 million euros in the first quarter of 2016, which is 16.3% more than last year (8.6 million euros in the first quarter of 2015). Net profit grew by 145%, reaching 3.2 million euros from 1.3 million last year.

By the end of the first quarter the group held a total of 161,000 loan agreements, of which 37,000 were in Estonia, 70,000 in Latvia, 28,000 in Lithuania, 11,000 in Finland, 9000 in Spain and 6000 in Sweden.

Bigbank AS (www.bigbank.ee) is a specialised credit bank based on Estonian capital that has branches in Finland, Sweden, Latvia, Lithuania and Spain, and also operates as a cross-border service provider in Austria, Germany and the Netherlands. It has 407 employees, 193 of whom work in Estonia, 78 in Latvia, 64 in Lithuania, 31 in Finland, 25 in Spain and 16 in Sweden.

Public Interim Report 1st Quarter 2016 (in English)