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BIGBANK’s loan portfolio grew by almost 6% during the quarter
01 NOVEMBER, 2012

In the second quarter of 2012, BIGBANK – based on Estonian capital and specialised in granting consumer loans – increased its loan portfolio by nearly 6%; the volume of granted loans increased most at the Finnish and Spanish branches.

During the quarter, the loan portfolio of BIGBANK Group grew by 11.6 million euros, i.e. 5.9%, and reached 206.1 million euros as at the end of June.  The largest contribution to the growth of the loan portfolio was made by BIGBANK’s Finnish and Spanish branches, where the volume of granted loans grew during the quarter by 14.4% and 27.5% respectively. The quarterly growth of the Baltic loan portfolio was moderate, reaching 1.4%.

In the second quarter, the volume of BIGBANK Group’s total assets grew by 19.2 million euros (7.8%), reaching 263.6 million euros by the end of the quarter. The volume of liabilities reached 207.6 million euros, having grown during the quarter by 17.6 million euros, i.e. 9.2%. The largest part of liabilities continues to be formed by term deposits.

By the end of June, BIGBANK’s equity reached 56.0 million euros, whereas the equity to assets ratio amounted to 21.3%.

Interest income in the second quarter reached 11.2 million euros, increasing in comparison to the same period of the previous year by 2.4 million euros, i.e. 26.6%. The increase in interest income results from the growth of the loan portfolio on new markets.

In the second quarter, BIGBANK earned net profit of 1.3 million euros, which in comparison to the same period of 2011 is 0.3 million euros less.  Whereas profit before impairment allowances was 4.6 million euros, which is 19.2% more than in the second quarter of 2011.

According to the Chairman of the Management Board of BIGBANK, Targo Raus, the most important objective of BIGBANK Group also during the second half of the year will be to expand and enhance its activities on new markets, primarily in Spain, Sweden and Finland. “The competitive situation on the European markets is advantageous for newcomers and we wish to make use of this opportunity,” Raus noted.

There have been no significant changes in the settlement behaviour of customers in the second quarter. Both the number of customers making payments and the rate of receipts from the default portfolio have remained stable; the proportion of the non-performing portfolio to the total loan portfolio has somewhat decreased.

At the end of the second quarter of 2012, BIGBANK employed a total of 608 persons: 252 in Estonia, 151 in Latvia, 87 in Lithuania, 48 in Finland, 54 in Spain and 16 in Sweden. At the end of the quarter, the Group had 30 branch offices, 10 of which were located in Estonia, 7 in Latvia, 10 in Lithuania, 1 in Finland and 2 in Spain.

BIGBANK AS is a credit institution based on Estonian capital and having branches in Finland, Sweden, Latvia, Lithuania and Spain and offering its products as a cross-border service in Germany, Austria and the Netherlands.