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BIGBANK’s loan portfolio increased by 6.4 million euros in a quarter
02 DECEMBER, 2014

In the third quarter, the loan portfolio of BIGBANK, a specialised credit institution based on Estonia capital, increased 2.2% or by 6.4 million euros. The biggest growth of the loan portfolio came from the Swedish affiliate office. The bank’s profit before impairments increased 35.7% in a year, totalling 10.1 million euros.

Net profit amounted to 3.8 million euros in the third quarter, having grown by 1.5 million euros or 63.5% from the year before. As at 30 September, the bank’s balance sheet volume was 316 million euros.

„BIGBANK is growing at a moderate speed and we continue to launch new products and services on the market in order to compete with universal banks,” said Kaido Saar, Chairman of the Management Board of BIGBANK.

„Recently, we have channelled significant resources to the Estonian market as it is our objective to contribute to improving the Estonian loan market. Loan interest rates can be cut further and both lender and borrower must carefully consider their decisions. This requires better possibilities than what there are today.”
“We recently made the proposal to implement in Estonia the positive credit register that is being widely used in Europe. Larger market operators did not like this proposal, but consumers found it worth considering,” said Kaido Saar.
„I believe that it simply takes time to do something like that in Estonia and that consumers need to get used to thinking that borrowing needs a lot of analysis and consideration. Banks and credit institutions must know details about people’s outstanding loans in order to make better loan decisions. If market operators know the loan applicant’s existing monthly loan repayments, total outstanding amount and credit behaviour, it would be very clear whether the applicant can service a new loan or not.“

“Shortly after the end of the reporting period, BIGBANK launched on the market a satisfaction guarantee that gives the customer a possibility to return a loan between EUR 300 to 10,000 within 60 calendar days without any additional costs. In November, we expanded our product range by adding a car loan that is targeted at the market of second-hand cars which has become notably more active,” said Kaido Saar.
Before impairments, BIGBANK earned 10.1 million euros in profit in the third quarter of 2014. This is 35.7% more than in the third quarter 2013 when the bank earned 7.4 million euros.

The net profit totalled 3.8 million euros in the third quarter, an increase from 2.3 million euros a year earlier.
Interest income for the quarter was 16 million euros, an increase by 2.5 million euros from a year earlier (growth 18.5%). Interest income has been increasing from the growth of loan portfolio. In the third quarter, interest expenses totaled 1.9 million euros, a year-on-year increase of 0.1 million euros (6.2%).

As at the end of September, the volume of assets of the Group totalled 316 million euros, having increased by 1.1 million euros in a quarter. At the end of the third quarter, the Group had 178 thousand loan contracts, of which 43 thousand were in Estonia, 70 thousand in Latvia, 33 thousand in Lithuania, 16 thousand in Finland, 10 thousand in Spain and 6 thousand in Sweden.

BIGBANK ( is a specialised 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 463 people: 201 in Estonia, 100 in Latvia, 71 in Lithuania, 31 in Finland, 37 in Spain and 23 in Sweden.