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The Q1 growth of Bigbank’s loans portfolio was lead by Finland and Sweden
04 JUNE, 2015

The loans portfolio of Bigbank, a specialised bank based on Estonian capital, grew 2.5% in Q1 of this year, increasing by 7.6 million euros. The most significant growth was contributed by the bank’s Finnish and Swedish branches. The bank’s profit before impairment allowances totalled 8.6 million euros. The bank’s balance sheet total grew by 2.6 million euros, reaching 327.4 million.

“The first quarter of the year delivered a satisfactory growth rate of the loans portfolio and an improvement of efficiency indicators,” commented Kaido Saar, Chairman of Bigbank’s Management Board. “In addition to increased efficiency, we have focused on the development of our services. From now on, we are the first in the Estonian instalment market to offer a completely paper-free option of concluding hire purchase agreements in stores through our subsidiary Kaupmehe Järelmaks.”
“In February, we launched the bank’s new brand, the implementation of which was driven by the bank’s renewed business model,” said Kaido Saar. “In addition to the brand and business model, our whole Tallinn headquarters operating on several floors went through a renovation process. Bigbank’s CTO Agur Jõgi, who has formerly been a board member at Elion and leader of a technological unit at Skype, became a new management board member.”
Compared with Q1 of the previous year, interest income of the same period increased 9.1%, growing from 14.6 million euros to 15.9 million euros. On the other hand, interest costs decreased 10.7%, falling from 2 million to 1.8 million euros.
The bank’s Q1/2015 profit before impairment allowances comprised 8.6 million euros compared with 8.5 million euros of the same period last year, yielding a 0.8% growth. Net profit decreased by nearly a half in comparison with Q1 of the previous year from 2.6 million to 1.3 million euros, mainly due to conservative loan loss provisions.
By the end of Q1, the Group had 175 ths. loan agreements, of which 41 ths. in Estonia, 70 ths. in Latvia, 31 ths. in Lithuania, 15 ths. in Finland, 11 ths. in Spain and 7 ths. in Sweden.
Bigbank AS (www.bigbank.eu) is a bank specialised in loans and based on Estonian capital with branches in Finland, Sweden, Latvia, Lithuania and Spain and offering its products as cross-border services also in Austria, Germany and the Netherlands. Bigbank employs 470 people, of which 215 in Estonia, 94 in Latvia, 68 in Lithuania, 35 in Finland, 35 in Spain and 23 in Sweden.