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BIG: BIGBANK's profit for the first quarter amounted to 23,6 million kroons.

Spekuliantai.lt | 2009-04-30 | NASDAQ OMX biržų naujienos | perskaitė: 1278
BIG: BIGBANK's profit for the first quarter amounted to 23,6 million kroons.

BIGBANK Company Announcement 30.04.2009

BIGBANK's profit for the first quarter amounted to 23,6 million kroons.

During the first three months of 2009 BIGBANK AS earned 23,6 million kroons of
profit; at the same time bank's loan portfolio decreased by 141 million kroons
to 2,1 billion kroons.

According to preliminary BIGBANK's unaudited consolidated results for the first
quarter of 2009 bank's assets reached 2,759 billion kroons and equity 582,4
million kroons. Interest income for the first quarter was 148 million kroons
and interest expenses 58,7 million kroons.

During the three months BIGBANK's profit amounted to 23,6 million kroons (48,7
million kroons during the same period in 2008). BIGBANK's profitability was
influenced by formation of reserves for potential loan losses, decrease of
interest income and income from acquisition of issued bonds before maturity. In
the first quarter provisions were formed in total amount of 82,6 million
kroons.

During the first quarter BIGBANK's deposit portfolio increased by 133 million
kroons reaching 763,7 million kroons.

Targo Raus, BIGBANK's Chairman of Management Board said that in relation to
decrease in issued loan volumes it is planned to review the efficiency of
bank's sales network. „Due to current economic situation volume of issuing
consumer loans is today at the level of year 2004 and we have decided to
decrease our cost base accordingly. According to plans by the end of summer we
will close 8 smaller and less efficient offices in Estonia rearranging their
work to bigger offices. In relation to that number of employees will also
decrease in offices as well as in support functions in total by approximately
15%,” said Raus.

BIGBANK will publish its first quarter interim report by the end of May.

BIGBANK AS is a specialised credit institution based on Estonian capital, which
has branches in Latvia and Lithuania and provides its services on cross-border
basis also in Finland. BIGBANK's bonds are listed in Stockholm Stock Exchange.

Targo Raus
Chairman of Management Board
Tel: +372 6309 938
targo.raus@bigbank.ee

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