BIGBANK
BIGBANK’s net profit for the first half-year of 2010 amounted to 30.1 million kroons

BIGBANK / 

31.08.2010 15:05

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BIGBANK AS's net profit for the first half-year of 2010 amounted to 30.1
million kroons; the bank continued to focus on expanding its activities outside
the Baltic states. 

According to BIGBANK's consolidated Public Interim Report the bank's loan
portfolio decreased by 22.2 million kroons during the second quarter amounting
to 2.0 billion kroons as of the end of the first half-year. The bank's interest
income amounted to 243.6 million kroons during the first half-year, interest
costs amounted to 71.8 million kroons during the same period. Equity formed
693.7 million kroons as of the end of the II quarter, increasing by 18.6
million kroons during the quarter. 

BIGBANK AS's net profit for the first half-year of 2010 amounted to 30.1
million kroons. Profit before impairment allowances and extraordinary income
amounted to 109.7 million kroons in H1 2010 compared to 140.0 million kroons
during the same period in 2009. In the second quarter impairment allowances
cost totalled 33.0 million kroons (46.5 million kroons in Q1). The total amount
of impairment allowances as of the end of June amounted to 496.6 million
kroons. 

According to Targo Raus, the Chairman of the Management Board of BIGBANK, the
company's important focus is directed to expansion outside the Baltic states
and diversification of product portfolio. 'Finland's share of loan sales has
increased, which shows that local customers have accepted BIGBANK's deposits
and loans well. At the same time we are restarting to offer business loans to
small companies and clients have shown strong interest in it,' noted Raus. 

BIGBANK also started to offer a consumer loan with unemployment insurance,
which manages risks for both the credit receiver and credit provider. In
addition, sales activities with retailers has been increased. 

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

News Source: NASDAQ OMX



31.08.2010 Ad hoc announcement, Financial News and Press Release distributed by DGAP.
Media archive at www.dgap-medientreff.de and www.dgap.de

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Language:     English
Company:      BIGBANK
              
               
              Estonia
Phone:        
Fax:          
E-mail:       
Internet:     
ISIN:         EE3300082940
WKN:          
 
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