Financial results: for the first time Bigbank assets exceed 1 billion
The volume of Bigbank assets reached 1,019 billion euros. The company earned 12 million euros in net profit in 2021 Q3, which is 94% more than 2020 Q3.
According to Bigbank Chairman of the Management Board Martin Länts, improved economic outlook, increasing interest in corporate loans and revaluation of investments all had a positive impact on the results.
„The year-on-year corporate lending portfolio in the third quarter grew by 28.5%. And the new sales of loans increased by a whopping 200%,“ Länts said.
„The volume of Bigbank business loans grew in all economic sectors both in Estonia, Latvia and Lithuania. The highest increase was in the volume of long-term commercial real estate and agricultural investment loans, with their share constituting almost half the total sales. These are sectors we have been focusing on the most and we are ready to offer the best terms of the market – longer loan periods and low interest margins, which are preconditions for continued rapid growth of our loan portfolio,“ Länts added.
In comparison with the third quarter of 2020 the Bigbank loan portfolio of private clients grew by 29% by the end of the third quarter of the current year. „We started offering home loans in the Baltic States, and there was an immediate demand for the loans – this was what boosted the growth,“ Länts explained.
The year-on-year new sales of consumer loans to private clients in the third quarter increased by 24%. „We promised our clients the best terms of the market and started offering them the best price guarantee,“ Länts enthused.