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Loan portfolio of BIGBANK increased 2.3% during the quarter
30 AUGUST, 2013

Consolidated loan portfolio of BIGBANK, a bank based on Estonian capital and specialised in offers of consumer loans, increased total of EUR 5.8 million (by 2.3%) during the second quarter of 2013. As at the end of June, the loan portfolio amounted to EUR 256 million.

BIGBANK earned interest income of EUR 12.8 million during the second quarter that is 14.5% increase compared to the last year. Interest expense of the bank was EUR 2.0 million, which is 4.6% more compared with last year. The amount of received deposits increased 1.4% and amounted to EUR 221.5 million. The number of active loan agreements amounted to 172,000 at the end of six months.

BIGBANK Group earned profit EUR 2.4 million in the second quarter, which was almost twice as much as a year before. The profit before deductions was EUR 6.3 million, which is 36.9% more than last year.

According to Kaido Saar, Chairman of the Management Board of BIGBANK, slight increase continued in the Baltics, but the main focus of the company was targeted at new markets, primarily Finland and Sweden. „Our branch with the largest increase was located in Sweden but the economic situation in Scandinavia makes us careful and we have taken this into account. In June we started to offer time deposits as a new product in Sweden, which our clients have received very well during the first months of activity,” said Saar.

As from 5 July, BIGBANK started to offer a new consumer loan, targeted at ordinary clients of Estonian universal banks. The offered loan has the lowest interest rate among Estonian banks. The offered amount of loan remains in the range of EUR 500 to 6,500 and the length of the loan period is 1-5 years. Annual interest rate of the loan is 15.5% and annual percentage rate of charge, which depends on the amount of loan and period, is also on average 17-18%. A loan applicant should have a clean credit history and be with good solvency, and at least 25 years old with minimum met income of EUR 500.

As at the end of the second quarter of 2013, BIGBANK employed 560 people – 231 in Estonia, 140 in Latvia, 82 in Lithuania, 45 in Finland, 36 in Spain, and 26 in Sweden. At the end of the second quarter, there were 23 customer service offices, out of which 7 are located in Estonia.