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BIGBANK’s loan portfolio grew on all markets
05 SEPTEMBER, 2011

BIGBANK, which is specialised on consumer loans, increased its loan portfolio on all markets of activity, as is clear from BIGBANK’s Public Interim Report for 2nd Quarter.

During the quarter, the loan portfolio of the BIGBANK Group grew by a total of 10.0 million euros, i.e. 6.4%. The largest contribution to the growth of the loan portfolio was made by BIGBANK’s Finnish branch, but the portfolio also increased in the Baltic States and Spain.

In the 2nd quarter, the volume of BIGBANK’s total assets grew by 0.3 million euros, reaching 210.2 million euros as of the end of the quarter. The volume of liabilities reached 160.5 million euros, having decreased during the quarter by 1.2 million euros. Term deposits continue to form the largest part of liabilities.

BIGBANK’s net profit in the 2nd quarter amounted to 1.5 million euros, compared to the 1.2 million euros of the same period of the previous year. In the 2nd quarter, the profit before impairment allowances totalled to 3.9 million euros (in the same period of the previous year, the corresponding figure was 3.3 million euros)

According to the Chairman of the Management Board of BIGBANK, Targo Raus, the growth of the loan portfolio was caused by, on the one hand, the improvement of the economic situation in the Baltic States and, on the other hand, the efficient launching of the bank’s activities in Finland and Spain. “Loan sales are currently going well in Finland, but we see a growth potential in the following quarters at our Spanish branch,” Raus noted.

Interest income in the 2nd quarter reached 8.9 million euros, increasing in comparison to the same period of the previous year by 1.1 million euros. The increase in interest income results from the growth of the loan portfolio. The payment behaviour of customers has stabilised and the share of the non-performing loan portfolio to the whole loan portfolio has decreased by 2.1%.

BIGBANK AS is a bank specialised on consumer loans and 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 June 2011, BIGBANK employed 534 persons in five countries. As of the end of the quarter, the bank had a total of 30 branch offices, of which 10 offices were located in Estonia, 7 in Latvia, 10 in Latvia, 2 in Spain and 1 in Finland.