Bigbank reports 21 percent rise in profit for first half of 2023

Bigbank. Source: Martin Dremljuga/ERR

Lender Bigbank has reported a year-on-year net profit rise of 21 percent, to €17 million, for the first half of 2023.

On the other hand, Bigbank's second quarter 2023 profit fell by 4 percent on year, to €7.4 million.

The bank's loan portfolio grew to €1.5 billion, through the first half of this year.

Bigbank board chair Martin Länts, said the six month financials had been very strong, despite an uncertain external environment and the continued growth of interest rates.

"In addition to the sales success regarding business loans and leasing, a positive trend can also be observed in the field of home loans," he said, adding that the growth in the latter is evidence of better and more competitive terms than those offered by other lenders.

With regard to corporate banking, car and equipment leasing sales revealed an exceptionally fast growth in the first half of the year. Sales of commercial loans increased by 83 percent compared to the first quarter. "While a year ago the main part of the sale of commercial loans was the development of residential premises, this year the tone is set by production or warehouse buildings built for their own use and commercial real estate developments that generate long-term income," Länts said.

Bigbank financial report January-June 2023, quick facts

  • Loan portfolio increased by 6 percent to €1.5 billion in Q22023 and by 12 percent in the first half of the year.
  • Entire gross loan portfolio rose by €390 million on year to Q2 2023.
  • Housing loan portfolio grew by 9 percent to €269 million, business loan portfolio by 7 percent, to €550 million, and the consumer loan portfolio by 3 percent, to €693 million.
  • The quality of the bank's loan portfolio remained at a good level, the bank says. 1.3 percent of loan payment claims were more than 90 days late at th eend of Q2 2023.
  • The group's deposit portfolio grew by 7 percent in Q2 2023, and by 17 percent in January-June 2023, to €1.6 billion.
  • Compared with the first half of 2022, the bank's deposit portfolio grew by a total of 37 percent. 
  • In the first half of 2023, the term deposit portfolio rose by 18 percent to €877 million, while the savings deposit portfolio rose by 15 percent, to €721 million.


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Editor: Andrew Whyte, Barbara Oja

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