BIGBANK Group's net profit for the first quarter amounted to 11,4 million
kroons compared to 10,9 million kroons in previous quarter. The company
increased its deposit portfolio and total assets.
In the first quarter of 2010 interest income amounted to 122,3 million kroons,
reduction of 11,6 million kroons compared to the previous quarter. Decline in
interest income is related to reduction in loan portfolio. Total assets
increased by 204,9 million kroons and receivables from clients decreased by
44,4 million kroons in the 1st quarter of 2010. Profit before impairment
allowances totalled 57,9 million kroons in the 1st quarter.
At the end of the quarter the total amount of cash and equivalent reached 797,6
million kroons (26,7% of total assets), at the year-end the respective figure
was 551,1 (19,8% of total assets). In May 2010 BIGBANK prematurely redeemed
from investors all of its international bonds in total amount of 432,9 million
kroons.
The cost of impairment allowances amounted to 46,5 million kroons in the 1st
quarter. The total amount of impairment allowances as of the end of March
amounted to 477,2 million kroons.
The share of term deposits has increased and the share of bonds has decreased
in the structure of liabilities. As of the end of the 1st quarter term deposits
form the largest part of liabilities amounting to 1 723,6 million kroons,
increasing by 550,4 million kroons during the quarter. The total amount of
liabilities reached 2 314,9 million kroons, increasing by 207,3 million kroons
during the quarter.
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 383 people and the bank had in total 28 offices.
Additional information:
Targo Raus
Chairman of Management Board
targo.raus@bigbank.ee
Tel: +372 735 0923
