In the 3rd quarter of 2007, Balti Investeeringute Grupi Bank AS commenced
activity on Lithuanian market, the first branch of the company was opened in
Lithuania on August 27. The company's management board estimates the performance
of the first months successful; more detailed summaries of the developments on
Lithuanian market shall be made after the end of the first business year.
In the 3rd quarter, the loan portfolio of the group increased by 300 million
kroons, amounting to 1 915 million kroons at the end of the quarter. There was
no significant change in the balance sheet total - in parallel with the growth
of the loan portfolio, the proportion of liquid assets decreased, accounting for
12% of the balance sheet total at the end of the quarter. As of the end of the
period, the owner's equity amounted to 418 million kroons, thus increasing 9.4%
during the quarter (34% from the beginning of the year).
In the 3rd quarter the interest income totalled to 158.6 million kroons,
compared to 80.2 million kroons in the same period of the previous year. From
the beginning of the current year, the volume of interest income amounts to
395.5 million kroons, a growth of 103%, compared to same period of the previous
year.
Besides the above-mentioned opening of the Lithuanian branch there were no
changes in the composition of the group or in the management of the companies
belonging to the group during the quarter. Maksim Melamed was appointed as the
Head of the Lithuanian Branch, who previously worked as a Foreign Markets
Projects Manager in Balti Investeeringute Grupi Bank AS.
The network of offices of Balti Investeeringute Grupi Bank AS has increased to
37 offices, of which 20 offices are located in Estonia, 13 in Latvia and 4 in
Lithuania. As of 30 September 2007 there are 445 employees working in the group,
including 230 in Estonia, 182 in Latvia and 33 in Lithuania.
As of 30 September 2007 there were more than 90 thousand active loan contracts.
