Bigbank's loan portfolio and net interest income grew, but profit slightly decreased

From GlobeNewswire: 2024-10-25 01:00:00

Bigbank’s loan portfolio reached a record 2.1 billion euros at the end of the quarter, increasing by 158 million euros (+8%) in the quarter and 451 million euros (+28%) in a year. Profit for the first nine months of 2024 was 27.6 million euros, slightly lower than the same period in 2023.

The third quarter saw a strong growth in term deposits, increasing by 86 million euros to reach 1.25 billion euros (+7%). Despite this, savings deposits decreased to 1.01 billion euros, primarily due to clients switching to short-term savings products. Net interest income grew to 27.7 million euros in the third quarter.

Bigbank’s net profit was 11.8 million euros in the third quarter of 2024, a slight decrease from the same period in 2023 (-5%). The loan portfolio’s credit quality remained stable, with some deterioration in consumer and business loans due to quality issues in the first quarter of 2024.

The company’s gross investment portfolio amounted to 48.7 million euros at the end of the quarter, with a slight decrease in land investments. Bigbank’s CEO, Martin Länts, highlighted the 2.1 billion euro loan portfolio milestone and the growth in home and business loans in the third quarter. Net interest income also saw a significant increase.

Bigbank, an Estonian-owned commercial bank with over 30 years of history, had a balance sheet total of 2.6 billion euros and equity of 264.7 million euros at the end of September 2024. The bank operates in nine countries with over 150,000 clients and 500 employees. Moody’s has issued ratings for the bank in the Ba range.



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