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Financial reports of BIGBANK Group

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Bigbank’s loan portfolio increased by 31.6 million euros in nine months
02 JANUARY, 2017

The loan portfolio of Bigbank increased by 31.6 million euros or 9.7% in the first three quarters of this year, 23.7 million of which was the increase in Q3. The loan portfolio increased by 7.1% in Q3 and the biggest growth was achieved by the Lithuanian branch. The bank’s profit in Q3 was 1.7 million euros and the balance sheet total amounted to 360.5 million euros, an increase of 5.3 million euros.

“Loan volumes grew well, especially in Q3, but our profit remained more modest – the lending business is based on the volumes of loans issued and the toughening competition makes sudden increases in profit unlikely,” said the CEO of Bigbank Kaido Saar. “The state’s economic policy has a strong impact on lending and in Estonia, it is currently moving in new directions. The government’s tax reform is aimed at increasing consumption, which tends to have a negative undertone in the present day, but this is exactly what Estonia needs. The two best ways of promoting economic growth are to increase domestic consumption or to increase export.”

Kaido Saar said that increasing income also boosts lending, as people want to improve their quality of life when their salaries rise. “In Estonia, 86% of the people in paid employment will be earning more money and most of it is immediately put back in circulation, because people have been saving carefully until now – the deposits of private persons in Estonian banks amount to ca 6 billion euros.”

“We’ve been achieving good results on the Lithuanian market for a long time now and people's trust in the Estonian brand can be considered one of the reasons – they see us as hard-working and decent people,” said Kaido Saar. “The Lithuanian market is obviously much bigger than the Estonian market and they have used this as an advantage in boosting their economy.”

At the end of Q3 the group had 161,000 loan agreements in total, 38,000 of them in Estonia, 69,000 in Latvia, 27,000 in Lithuania, 11,000 in Finland, 9,000 in Spain and 7,000 in Sweden. The group had three customer service branched at the end of Q3, incl. one in Estonia, one in Latvia and one in Spain. Bigbank AS ( is an Estonian-owned credit institution which specialises in loans. It has subsidiaries in Finland, Sweden, Latvia, Lithuania and Spain. The bank also offers its products as cross-border services in Austria, Germany and the Netherlands. Bigbank employs 439 people in total: 217 in Estonia, 73 in Latvia, 71 in Lithuania, 34 in Finland, 30 in Spain and 14 in Sweden.

Public Interim Report 3rd Quarter 2016 (in English)