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Financial reports of BIGBANK Group

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BIGBANK’s loan portfolio grew by nearly 5%
21 JUNE, 2011

As of the end of March BIGBANK’s loan portfolio reached 157.1 million euros. The largest contribution to the growth of the loan portfolio was made by BIGBANK’s Finnish branch.

According to Targo Raus, the Chairman of the Management Board of BIGBANK, the bank expects that the growth of loan portfolio will continue in the following months. „The growth of consumer loan portfolio is supported by improving economic confidence in the Baltic states, and BIGBANK’s geographic expansion. In addition to the Baltic states and Finland, in March we started offering consumer loans in Spanish market, where we see a great potential in consumer credit market,“ said Raus.

In the 1st quarter, the volume of total assets grew by 2.5 million euros, reaching 209.9 million euros as of the end of the quarter. The volume of liabilities reached 161.7 million euros, having increased during the quarter by 1.9 million euros. Term deposits continue to form the largest part of liabilities. As of the end of the 1st quarter of 2011, equity totalled 48.2 million euros. The share of equity in total assets amounted to 23.0%.

Net profit of the reporting period in the 1st quarter amounted to 1.4 million euros, compared to the 0.7 million euros of the same period of the previous year. In the 1st quarter, the profit before impairment allowances totalled to 3.8 million euros.

BIGBANK AS is a specialised credit institution based on Estonian capital, which has branches in Finland, Latvia, Lithuania and Spain, and provides its services on cross-border basis also in Austria and Germany. As of the end of March 2011 BIGBANK had 506 employees in five countries. As of the end of the quarter, the bank had 28 offices, of which 10 were located in Estonia, 7 in Latvia, 10 in Lithuania and 1 in Finland.