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Published: 2023-05-12 15:30:00 CEST
Bigbank AS
Company Announcement

Bigbank's Financial Results for April 2023

Bigbank’s growth story continued in April 2023. In the lending business, the corporate, home, and consumer loan portfolios continued growing with the corporate loan portfolio delivering the strongest growth figure. Although demand for home loans has weakened somewhat, the home loan portfolio increased, rising above the 250 million euro level by the end of April.

Growth in the loan portfolios is partly financed with the expanding deposit portfolio. Customers increasingly favour term deposits. Bigbank has consistently raised the interest rates for both term and savings deposits, keeping its deposit rates among the best in all the markets where it operates. Bigbank’s deposit customers thus also benefit from the uptrend in interest rates.

Bigbank’s financial results for April:

  • Deposits from customers and loans raised grew by 400 million euros year on year, rising to 1.52 billion euros (+36%).
  • Loans to customers grew by 387 million euros compared with a year earlier, rising to 1.42 billion euros (+37%).
  • Net interest income was 7.5 million euros for April and 30.0 million euros for the first four months of the year. Four-month net interest income grew by 4.2 million euros year on year (+16%).
  • Net loss allowances on loans and financial investments for the first four months were 6.0 million euros, 0.6 million euros (+10%) up on the same period last year.
  • Net profit for April was 2.3 million euros. Net profit for the first four months was 11.9 million euros, 3.8 million euros (+47%) higher than a year earlier.
  • Return on equity for the four-month period was 16.6%.
Income statement, in thousands of eurosApr 2023YTD23YTD22Difference YoY
Total net operating income, incl.8,17633,12328,1254,998+18%
Net interest income7,47529,99425,7694,224+16%
Net fee and commission income5082,6352,386248+10%
Total expenses, incl.-3,528-13,712-13,555-157+1%
Salaries and associated charges-2,011-7,664-7,031-632+9%
Administrative expenses-1,200-4,723-5,236513-10%
Profit before loss allowances4,64819,41114,5704,841+33%
Net loss allowances on loans and financial investments-2,091-6,000-5,447-552+10%
Income tax expense-286-1,399-989-410+41%
Profit for the period from continuing operations2,27112,0138,1343,879+48%
Profit or loss before tax from discounted operations50-710-71 
Profit for the period2,32111,9428,1343,808+47%
Business volumes, in thousands of eurosApr 2023YTD23YTD22Difference YoY
Customer deposits and loans received1,516,0011,516,0011,116,451399,549+36%
Loans to customers1,419,5771,419,5771,032,534387,043+37%
Key figuresApr 2023YTD23YTD22Difference YoY
Cost / income ratio (C/I)43.2%41.4%48.2%-6.8pp 
Net promoter score (NPS)565749+8 

Bigbank AS (www.bigbank.eu) is an Estonian capital-based bank specialising in loans and deposits for private and business customers. In addition to operations in Estonia, the bank has branches in Finland, Sweden, Latvia, Lithuania, and Bulgaria and offers its products on a cross-border basis in Austria, Germany, and the Netherlands. Bigbank’s total assets exceed 1.5 billion euros.

Argo Kiltsmann
Member of the Management Board
Telephone: +372 5393 0833
Email: argo.kiltsmann@bigbank.ee