BIGBANK
BIGBANK’s profit of the first half-year amounted to 69.6 million kroons

BIGBANK / 

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During the first half-year of 2009 BIGBANK AS earned 69.6 million kroons of
profit; the Group's total assets increased in the second quarter by 18.7
million kroons and amounted to 2.8 billion kroons. 

According to preliminary BIGBANK's unaudited results the Group's loan portfolio
decreased in the second quarter by 18.2 million kroons amounting to 2.1 billion
kroons at the end of the first half-year. BIGBANK's interest income in the
first half-year amounted to 299.3 million kroons, interest expense during the
same period amounted to 106.4 million kroons. As of the end of the second
quarter equity totalled 637.5 million kroons. 

BIGBANK's profit in the first half-year amounted to 69.6 million kroons, which
is 19.6 million kroons less than in the same period of the previous year.
BIGBANK's profit in Estonia amounted 35.1 million kroons, in Latvia 24.4
million kroons and in Lithuania 10.2 million kroons. 

BIGBANK's profit was influenced by formation of reserves for probable loan
losses and restructuring of sales network, as a result the number of employees
in the Baltic states decreased by 107 employees. In company's opinion the
positive effect of these changes to salaries and operating costs occur starting
from the third quarter of 2009. 

In the second quarter the volume of impairment allowances amounted to 54.4
million kroons (82.6 million kroos in the first quarter). As of 30 June 2009
the total amount of impairment allowances amounted to 329.4 million kroons,
including impairment allowances for loans 278.4 million kroons, impairment
allowances for interests 40.5 million kroons and impairment allowances for
other assets 10.5 million kroons. 

The volume of loans with payment delays over 90 days has decreased in the
second quarter of 2009 by 34.4 million kroons to 924.0 million kroons. 

Targo Raus, BIGBANK's Chairman of the Management Board said that BIGBANK was
able to accomplish goals set in the second quarter and to retain a decent
profitability despite of the complicated economic environment. „We do not see
significant changes in the economic environment of the Baltic states in the
second half-year of 2009 and we will continue to implement conservative credit
policy,” said Raus. 

Additional information:

Targo Raus
Chairman of the Management Board
targo.raus@bigbank.ee
Tel: +372 735 0923

News Source: NASDAQ OMX

07.08.2009  Financial News transmitted by DGAP
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Language:     English
Issuer:       BIGBANK
              
               
              Estonia
Phone:        
Fax:          
E-mail:       
Internet:     
ISIN:         EE3300082940
WKN:          
 
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