OREANDA-NEWS. December 14, 2012. In the third quarter of 2012, BIGBANK – based on Estonian capital and specialised in granting consumer loans – increased its loan portfolio by over 6%, showing growth on all markets where BIGBANK issues loans.

During the third quarter of 2012, the loan portfolio of BIGBANK Group grew by 13.0 million euros, i.e. 6.3%. The largest contribution to the growth of the loan portfolio was made by BIGBANK’s Finnish and Swedish branches. In the third quarter, the volume of BIGBANK Group’s total assets grew by 8.6 million euros i.e. 3.2%, reaching 272.2 million euros by the end of the quarter.

The volume of liabilities reached 215.1 million euros, having grown during the quarter by 7.5 million euros. The largest part of liabilities continues to be formed by term deposits involved from six different countries – Estonia, Latvia, Finland, Germany, Austria and the Netherlands.

Interest income in the third quarter reached 11.6 million euros, increasing in comparison to the same period of the previous year by 2.3 million euros, i.e. 25.1%.

According to the Chairman of the Management Board of BIGBANK, Targo Raus, the increase in interest income was affected by the growth of the loan portfolio on new markets. “We have invested in loan sales in Finland, Sweden and Spain and all new markets are showing first good results," Raus said.

In the third quarter, the BIGBANK Group earned a profit of a total of 1.0 million euros, which is 1.1 million euros less than the same period in 2011. The decrease in the net profit was primarily affected by increase in the impairment allowances of loan receivables. The profit before impairment allowances was 5.2 million euros, which is 24.5% more than last year.

At the end of the third quarter of 2012, equity totalled 57.1 million euros. The equity to assets ratio amounted to 21.0%.

As of the end of September, BIGBANK employed a total of 582 people, 228 of them in Estonia, 149 in Latvia, 89 in Lithuania, 47 in Spain, 47 in Finland and 22 in Sweden. At the end of the quarter, the Group had 30 branch offices, 10 of which were located in Estonia, 7 in Latvia, 10 in Lithuania, 1 in Finland and 2 in Spain.

BIGBANK AS is a credit institution based on Estonian capital and having branches in Finland, Sweden, Latvia, Lithuania and Spain and offering its products as a cross-border service in Germany, Austria and the Netherlands.