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Financial results

Financial reports of BIGBANK Group

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BIGBANK´s net profit for the year 2010 amounted to 5.3 million euros
28 FEBRUARY, 2011

BIGBANK´s net profit for the year 2010 amounted to 5.3 million euros. The bank continued to focus on international expansion of its activities and after a period of recession the company´s loan portfolio started to increase again.

According to the BIGBANK's audited consolidated annual report the bank´s loan portfolio amounted to 137.8 million euros as of the end of 2010, increasing by 5% year-over-year. Of the total loan portfolio loans given in Estonia formed 43.7%, Latvia 35.3%, Lithuania 12.0% and Finland 9.0%. BIGBANK´s deposit portfolio amounted to 153.8 million euros as of the end of the year.

BIGBANK Group´s net profit for the year 2010 amounted to 5.3 million euros. The bank´s interest income amounted to 31.2 million euros, interest expense amounted to 8.1 million euros.

According to Targo Raus, the Chairman of the Management Board of BIGBANK, the key theme of 2010 was expansion of foreign operations, both in the area of loans and deposits. “We have been well welcomed in all the new markets. For example, BIGBANK started offering loans in Finland at the beginning of 2010 and by the year-end the Finnish loan portfolio had grown to 12.4 million euros. Raising deposits from foreign markets, particularly Germany but also Finland and Austria, also developed at a rapid pace,” said Raus.

In 2010 BIGBANK renewed its product portfolio, supplementing its offering with consumer loans with involuntary unemployment insurance and credit products offered via retailers. In addition, the Group renewed the products aimed at its business customers, which currently comprise credit lines, operating loans and bank guarantees.

In 2010, BIGBANK maintained a conservative liquidity management policy. At the year-end, the Group’s liquid funds (amounts due from banks and held-to-maturity financial assets) totalled 56.8 million euros i.e. 27.4% of total assets. During the year, BIGBANK used its free funds for reducing its debt – in May the Group recalled early an entire international bond issue whose nominal value at the date of early redemption was 27.7 million euros and in August BIGBANK redeemed before maturity a subordinated bond issue of 4.0 million euros.

Settlement behaviour has been improving since the second quarter of 2010 in Estonia as well as in Latvia and Lithuania. The portfolio of receivables overdue for more than 90 days decreased by 1.8 million euros i.e. 3.2%. At the year-end, impairment allowances for loan and interest receivables totalled 32.7 million euros compared with 26.1 million euros at the end of 2009.

At the end of 2010 BIGBANK employed 477 people: 241 in Estonia, 149 in Latvia, 77 in Lithuania and 10 in Finland (at the end of 2009: 394 people). During the year the headcount rose by 83, new people were hired mainly for developing operations in new markets. At the year-end the Group had 28 branch offices of which 10 were in Estonia, 7 in Latvia, 10 in Lithuania and 1 was in Finland.

BIGBANK AS is a specialised credit institution based on Estonian capital, which has branches in Finland, Latvia and Lithuania and provides its services on cross-border basis also in Austria and Germany.