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BIGBANK’s net profit for the first half-year of 2010 amounted to 30.1 million kroons
31 AUGUST, 2010

BIGBANK AS's net profit for the first half-year of 2010 amounted to 30.1 million kroons; the bank continued to focus on expanding its activities outside the Baltic states.

According to BIGBANK's consolidated Public Interim Report the bank's loan portfolio decreased by 22.2 million kroons during the second quarter amounting to 2.0 billion kroons as of the end of the first half-year. The bank's interest income amounted to 243.6 million kroons during the first half-year, interest costs amounted to 71.8 million kroons during the same period. Equity formed 693.7 million kroons as of the end of the II quarter, increasing by 18.6 million kroons during the quarter.

BIGBANK AS's net profit for the first half-year of 2010 amounted to 30.1 million kroons. Profit before impairment allowances and extraordinary income amounted to 109.7 million kroons in H1 2010 compared to 140.0 million kroons during the same period in 2009. In the second quarter impairment allowances cost totalled 33.0 million kroons (46.5 million kroons in Q1). The total amount of impairment allowances as of the end of June amounted to 496.6 million kroons.

According to Targo Raus, the Chairman of the Management Board of BIGBANK, the company's important focus is directed to expansion outside the Baltic states and diversification of product portfolio. „Finland's share of loan sales has increased, which shows that local customers have accepted BIGBANK's deposits and loans well. At the same time we are restarting to offer business loans to small companies and clients have shown strong interest in it," noted Raus.

BIGBANK also started to offer a consumer loan with unemployment insurance, which manages risks for both the credit receiver and credit provider. In addition, sales activities with retailers has been increased.

BIGBANK AS is a specialised bank based on Estonian capital that has branches in Finland, Latvia and Lithuania, and provides its products on cross-border basis in Austria and Germany. As of the end of June 2010 BIGBANK had 413 employees, including 201 in Estonia. The bank has 28 offices, including 10 in Estonia, 7 in Latvia, 10 in Lithuania and 1 in Finland.