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Financial reports of BIGBANK Group

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BIGBANK’s loan portfolio increased by 1.8 million euros in the second quarter of 2014
02 SEPTEMBER, 2014

The loan portfolio of BIGBANK, a specialized credit institution based on Estonian capital, increased 0.6% or by 1.8 million euros in the second quarter as compared to the first quarter. The bank’s profit before impairments was up approximately by 30% as compared to the year before, totalling 8.2 million euros.

In the second quarter, the net profit amounted to 1.8 million euros, having decreased by 0.6 million euros from the year before. As of June 30, the bank’s balance sheet volume totalled 315 million euros.

“BIGBANK continues to grow, driven by more favourable interest rates and new markets,” said Kaido Saar, CEO of BIGBANK. “In Estonia we have established a clear position in competition with universal banks – as a specialized bank we have won market share in consumer loans that has been our main objective. Outside Estonia, we have been successful with our reasonable interest rates on deposits – we have managed to connect creditors and borrowers even if they are located in different countries.”

“In Estonia, the interest rates of BIGBANK’s small loans are very competitive as compared to universal banks,” said Kaido Saar. “Depending on the borrower’s risk level, BIGBANK offers three fixed-rate loan products: Small Loan A with an interest rate of 15.5%, Small Loan B with an interest rate of 26.5% and Small Loan C with an interest rate of 36.5%. Small Loan A that has one of the most favourable interest rates in Estonia, flexibility and easy online application, has brought us many new customers from universal banks – this has also been our policy in attracting new customers,“ added Kaido Saar.

In the second quarter 2014, the profit of BIGBANK before impairments totalled 8.2 million euros, having increased in a year 29.8% from 6.3 million euros. In Q2 2014, the net profit was 1.8 million euros (Q2 2013: 2.4 million euros). The bank’s interest income in the second quarter totalled 14 million euros, an increase by 8.9% or 1.1 million euros from a year ago. Interest income increased due to the growth of the loan portfolio. Interest expenses remained at a level comparable to the year before.

At the end of June 2014, the asset volume of the BIGBANK Group stood at 315 million euros, having increased by 3.4 million euros in a quarter. By the end of the second quarter, the BIGBANK Group had a total of 180 thousand loan contracts: 43,000 in Estonia, 70,000 in Latvia, 35,000 in Lithuania, 16,000 in Finland, 10,000 in Spain and 6,000 in Sweden.

BIGBANK ( is a specialized credit institution based on Estonian capital that focuses on consumer loans, which has branches in Finland, Sweden, Latvia, Lithuania and Spain and that provides its services on cross-border basis also in Austria, Germany and Holland.  BIGBANK employs 477 people: 212 in Estonia, 97 in Latvia, 70 in Lithuania, 36 in Finland, 39 in Spain and 23 in Sweden.