Volume of Bigbank’s assets exceeds half a billion euros for the first time

The volume of assets of Bigbank, which is based on Estonian capital, reached 528.5 million euros as at the end of last year, increasing by 15.1% over the year. The bank’s loan portfolio increased by 12.5% or 49.5 million euros last year. The group’s profit increased by 1,9% in 2018 and comprised 17.5 million euros.

“For the first time in the group’s history, the assets of Bigbank exceed half a billion euros and the quality of the loan portfolio has also improved significantly – the share of loans more than 90 days overdue decreased from 6.8% to 3.3% in 2018,” said CEO of Bigbank Sven Raba.

“Consistent reduction of the interest rates of loan products, the resulting stable increase in the loan portfolio and considerably improved loan quality, especially in the Baltic States, have had a remarkable positive impact on our business results. The good performance was also supported by the good economic status of the countries where we operate and successful work in the areas of automation, modelling, assessment of creditworthiness and fraud detection,” noted Raba.

“Irrespective of the forecast slowdown in the economic growth of European countries, we find that the present economic environment remains favourable and the future prospects of Bigbank are positive. We are using the bank’s new information system Nest to find new clients, segments and partners. Our focus is on the improvement of service quality and customer satisfaction, using the technical advantages and fast automated processes provided by Nest. We have created notable capital buffers and considerably improved our risk management policies and practices as well as our corporate governance principles,” added Sven Raba.

At the end of the last year the group had ca 125 thousand loan agreements, including 31 thousand in Estonia, 44 thousand in Latvia, 27 thousand in Lithuania, 10 thousand in Finland, 10 thousand in Sweden and 3 thousand in Spain. Bigbank had 436 employees at the end of last year.

Bigbank AS (www.bigbank.ee) is an Estonian-owned credit institution which specialises in consumer loans and term deposits, which in addition to its operations in Estonia has subsidiaries in Finland, Sweden, Latvia, Lithuania and Spain and which also offers its products as cross-border services in Austria, Germany and the Netherlands.

For further information please contact:

Sven Raba, CEO of Bigbank AS

E-mail: [email protected]