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Financial reports of BIGBANK Group

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During the last year Bigbank earned 12.7 million euros of profit
10 MARCH, 2015

In 2014 Bigbank, a bank specialised in loans earned 12.7 million euros of profit, which is 17.4% more than in 2013. Loan portfolio of Bigbank has grown during the year by 23 million (from 281 to 304 million euros). By the end of the last year the total of inventories of the group reached 324.8 million euros, having increased by 12.8 million during a single year.

“Our loan portfolio has increased during the past year, thus resulting in more interest income,” explains Kaido Saar, the Chairman of the Management Board of Bigbank. “In the past year the interest income of Bigbank reached ca. 60 million euros, increasing by 11.8% in comparison with 2013. On the contrary, interest expenses were decreasing by 4.9%. In the past year our goal was to make bank operations simpler, faster and more efficient – operational processes of all branches were optimized and the work will continue this year”.
“The last year was challenging for the entire organization – we invested in knowledge and skills of our employees almost three times as much as during the previous years,” says Kaido Saar. “The largest project was to implement LEAN concept in all countries. This concept was first used in Japanese car industry and helped to make Toyota the world’s largest car manufacturer”.
“Today the business model of Bigbank has changed significantly. As the result we were able to decrease interest rates for small loans and to bring a new trademark to the market – this year we were more active as a universal bank,” describes Kaido Saar.
“In addition to very good economic results, time deposits offered by Bigbank were recognized by Germany’s leading business newspaper Handelsblatt and the country’s major news channel n-tv, who awarded us with “TOP time deposits 2014” and “TOP long-term deposit bank” titles,” adds Kaido Saar. “International reach is very important for Bigbank, and during the past year we were able to improve it significantly”.
In 2014 EBITDA of the group was 37.3 million euros (that is 6.9 million more than in 2013). Growth of loan portfolio was the largest in the Lithuanian branch. As of the end of the last year the bank had time deposits worth 239 million euros.

By the end of the last year the group had 176 thousand loan contracts in total: 41 thousand in Estonia, 70 thousand in Latvia, 32 thousand in Lithuania, 15 thousand in Finland, 11 thousand in Spain and 7 thousand in Sweden.