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Financial results

Financial reports of BIGBANK Group

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Bigbank’s loan portfolio increased the most in Lithuania
03 SEPTEMBER, 2015

The balance sheet total of the Estonian-owned Bigbank increased by 8.2 million euros during the last quarter and comprised 335.5 million. Loan portfolios increased by 0.8 million in Q2 with the biggest growth coming from the Lithuanian branch – 10.1% to 48.1 million. The specialised bank’s profit for the quarter was 2.8 million euros.

“We achieved relatively good financial results, but we cannot sit back and enjoy them for too long, as the economic environment that surrounds us is changing fast and we must keep up with the developments in order to remain competitive,” said Kaido Saar, CEO at Bigbank. “In addition to increasing our efficiency, we’ve continued updating the bank’s product portfolio, and we now also offer renovation and car loans, the latter of which has been very well received by customers. We also launched fully digital hire purchase, which allows our customers to enter into hire purchase contracts online in web stores and shops by using ID cards and Mobile ID – the number of customers who want to conduct financial transactions on the Internet keeps increasing.”

“In comparison to the same time a year ago, our quarterly profit increased by more than a million euros, that is from 1.8 million to 2.8 million, which is growth of more than 50 per cent,” added Saar. “The result for six months, however, was somewhat more modest than a year ago, dropping from 4.4 million euros to 4.1 million.”

“In the last six months, we have increased our focus on polishing the efficiency of the bank’s operations and the results for Q2 of this year indicate that we’re on the right track,” said Saar. “Our growth in Q2 was driven by an increase in interest income and a decrease in interest charges, +16.6% and -12.1%, respectively.”

The bank’s interest income reached 16.3 million in Q2, which is an increase of 2.3 million euros on a year on year basis. Interest charges comprised 1.7 million euros in Q2 of this year, which is a decrease of 0.2 million euros. The Q2 profit before write-downs was 9.2 million, which is 12.1% more than the 8.2 million of the same period last year.

The loan portfolio of Bigbank totalled 312.7 million euros at the end of Q2, 88.3% of which were loans secured with income. At the end of Q2, the group had 170 thousand loan agreements in total, 39 thousand of them in Estonia, 70 thousand in Latvia, 30 thousand in Lithuania, 13 thousand in Finland, 11 thousand in Spain and 7 thousand in Sweden. The geographic division of trade receivables is as follows: 23.5% Latvia, 18.0% Finland, 17.3% Estonia, 15.3% Lithuania, 15.2% Sweden, 10.7% Spain. The total number of Bigbank’s employees at the end of Q2 was 454 – 224 in Estonia, 85 in Latvia, 60 in Lithuania, 33 Finland, 29 in Spain and 23 in Sweden.

Public Interim Report 2nd Quarter 2015 (in English)