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Financial reports of BIGBANK Group

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BIGBANK’s net profit amounted to 117.1 million Estonian kroons in 2009
26 FEBRUARY, 2010

According to the BIGBANK's audited consolidated annual report the bank's net profit amounted to 117.1 million Estonian kroons in 2009. During the year the bank focused on the international expansion of its operations. The bank opened a branch in the Finnish market and launched offering of cross-border deposit services in the German and Austrian markets.

At the end of 2009, the BIGBANK's loan portfolio was on the level of 2.053 billion kroons, a 10.3% decrease year-over-year. The loan portfolio showed a 17.0% growth in the Lithuanian market. Looking by countries, loans issued in Estonia constituted to 47.1%, in Latvia to 40.6% and in Lithuania to 12.3% of the total loan portfolio.

The BIGBANK's consolidated net profit in 2009 amounted to 117.1 million Estonian kroons compared with 144.7 million kroons in 2008. Profit before impairment allowances and one-off revenues totalled 298.3 million kroons compared with 287.1 million kroons in 2008. Profit was influenced mainly by a decrease in interest income, an increase in loan provisions and a decrease in operating expenses. Interest income of the year amounted to 583.3 million kroons and interest expense to 198.6 million kroons.

The amount of term deposits reached 1.173 billion kroons at the end of 2009 compared with 630.6 million kroons at the end of 2008.

During 2009 BIGBANK was continuing its conservative liquidity management policy, increasing the volume of liquid assets to 551.113 million kroons or 19.8% of total assets compared to 479.392 million kroons or 16.5% at the end of 2008.

The amount of impairment allowances increased. At the year-end, impairment allowances for loan and interest receivables totalled 409.015 million kroons compared with 210.781 million kroons at the end of 2008. However, enforcement income remained stable accounting for 124.9 million kroons compared with 129.0 million kroons in 2008.

Targo Raus, the Chairman of the Management Board at BIGBANK said that on the background of the tough macroeconomic developments BIGBANK was implementing a conservative management policy and at the same time managed to maintain proper profitability and enter into new markets. „Our goal in 2010 is to continue BIGBANK's geographic and service range expansion in foreign markets," said Raus.

BIGBANK AS is a specialised credit institution based on Estonian capital, which has branches in Finland, Latvia and Lithuania and provides its services on cross-border basis also in Austria and Germany. As of the end of 2009 BIGBANK employed 394 people and the bank had in total 28 offices. BIGBANK's bonds are listed on Stockholm Stock Exchange.