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Successful operation on foreign markets has increased BIGBANK’s loan portfolio and profit
03 MARCH, 2014

Successful expansion of operation on foreign markets has helped Estonian capital based BIGBANK to increase both the bank’s loan portfolio and profit last year.

The consolidated loan portfolio of BIGBANK, specialising in offering consumer loans, displayed a total growth of 44.5 million euros in 2013, which constitutes 18.8%, having reached a total of 218.4 million euros as at the end of December. The growth of the loan portfolio was the largest in the Swedish branch, where the growth rate of the year amounted to 142.2%. Sweden was followed by Spain with the growth of 54.7% and by Lithuania with 45.6%. The loan portfolio of the Latvian branch also showed a moderate growth of 8.4%. The volume of BIGBANK’s loan portfolio in Finland and Estonia stayed at the previous level.

Last year BIGBANK earned 53.4 million euros of interest income, which is 16.3% more than at the same time of the year before. The bank’s interest expense amounted to 8.0 million euros, which is 5.0% more compared to the year before. The volume of deposits used grew by 12.1% during the year and amounted to 238.6 million euros by the end of December. At the same time, the number of loan contracts reached 182 thousand.

In 2013, BIGBANK Group earned 10.8 million euros of profit, which is 53.6% more than the year before.

According to Kaido Saar, the Chairman of the Management Board of BIGBANK, by now more than 80% of BIGBANK’s business volume is located abroad. “Last year saw the growth of income and performance in all our branches, including our newest branch in Sweden, which showed us the first ever profitable month. The strategic goal of BIGBANK for this year, too, lies in strengthening its market position and developing its services, first and foremost, beyond the Baltic States,” Saar said.

As at the end of December, BIGBANK provided 496 jobs, including 218 in Estonia, 104 in Latvia, 78 in Lithuania, 36 in Finland, 37 in Spain and 23 in Sweden. As at the end of the year, the total number of customer service centres had reached 15, with 4 in Estonia, 3 in Latvia, 7 in Lithuania and 1 in Spain.

BIGBANK AS is a bank based on Estonian capital and specialising in offering consumer loans, which has branches in Finland, Sweden, Latvia, Lithuania and Spain and also offers its products as cross-border services in Austria, Germany and the Netherlands.