From GlobeNewswire: 2024-04-26 14:30:00

Bigbank’s loan portfolio grew to a record 1.75 billion euros by the end of the first quarter, increasing by 86 million euros (+5%) in the quarter and 325 million euros (+23%) annually. Business loan portfolio grew by 4% to 600 million euros, housing loans by 12% to 394 million euros, and consumer loans by 3% to 762 million euros.

In the first quarter, Bigbank saw a balanced growth in savings and time deposit portfolios. Total deposit portfolio increased by 215 million euros (+11%) in the quarter and 655 million euros (+44%) annually to 2.15 billion euros. Time deposit portfolio crossed 1 billion euros for the first time, reaching 1.02 billion euros, and savings deposit portfolio grew to 1.14 billion euros.

Bigbank reported a net profit of 6.4 million euros in the first quarter of 2024, which was 3.2 million euros lower compared to the same period in 2023. Net interest income increased by 17% to 26.4 million euros in the first quarter of 2024.

The overall economic slowdown and weak consumer confidence negatively affected Bigbank’s consumer loan portfolio for the second consecutive quarter. Although asset quality deteriorated slightly in the first quarter, the quality of mortgage loan portfolio remained stable.

In the first quarter, Bigbank’s loan loss provision increased by 2.6 million euros compared to the first quarter of 2023. Additional provisions were made in anticipation of future loan losses based on updated data.

Compared to the first quarter of the previous year, the group’s income tax expense increased by 0.2 million euros to 1.3 million euros. The implementation of an advance income tax in Latvia was a key factor.

Bigbank’s real estate investment portfolio reached 49 million euros at the end of the quarter, with no significant transactions during the quarter.

The CEO of Bigbank, Martin Länts, noted the strong growth in loan portfolios across all categories, particularly in mortgages. Business and leasing sales volume also increased significantly to 114.4 million euros, with a threefold growth for business loans and leases in Lithuania.

Bigbank’s funding base remained robust, with the deposit portfolio growing faster than the loan portfolio in the first quarter. The company also expanded its deposit offerings to the Lithuanian market.

Bigbank reported a smaller profit in the first quarter of 2024 compared to the previous year, mainly due to increased provisions, personnel costs, and depreciation expenses.

The company reaffirmed its commitment to ongoing growth and expanding its product portfolio towards everyday banking services.



Read more at GlobeNewswire:: Bigbanki 2024. aasta I kvartali auditeerimata