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Financial reports of BIGBANK Group

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BIGBANK’s net profit for Q1 amounted to 11.4 million kroons
31 MAY, 2010

This year, in the first quarter, the BIGBANK Group earned 11.4 million Estonian kroons of net profit in comparison to the 10.9 million kroons of the previous quarter. The company increased its deposit portfolio and the volume of total assets.

In the first quarter of 2010, interest income reached 122.3 million kroons, which is 11.6 million kroons less in comparison to the previous quarter. The decrease of the interest income is connected to the decrease of the loan portfolio.
In the I quarter of 2010, the volume of total assets increased by 204.9 Estonian kroons, while claims to clients decreased by 44.4 million kroons. In the I quarter, the profit before provisions constituted 57.9 million kroons.

As at the end of the quarter, the total volume of funds constituted 797.6 million kroons, i.e. 26.7% of total assets. At the end of the previous quarter, this indicator was 551.1, i.e. 19.8% of total assets. In May 2010, BIGBANK used the free funds to prematurely repurchase the whole international bond issue in the total volume of 432.9 kroons.

In the first quarter, the cost of discounts reached 46.5 million kroons. As at the end of March, the total volume of discounts reached 477.2 million kroons.

In the structure of obligations, the ratio of term deposits has increased and the ratio of bonds decreased. As at the end of the first quarter, the term deposits, the volume of which reached 1 723.6 million kroons, constitute the largest part of the obligations and have increased during the quarter by 550.4 million kroons. As at the end of the quarter, the total volume of obligations constituted 2 314.9 million kroons, and has grown during the quarter by 207.3 million kroons.

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 March, BIGBANK employed 383 people and the bank had a total of 28 branch offices.