This July, the Estonian capital-based Bigbank posted a record monthly net profit of €3.7 million, boosting its overall net profit for the first seven months of 2023 to €20.7 million, the bank said in a market announcement.
This seven-month profit marked an increase of €3.9 million, or 23 percent, on year, the bank reported on Friday.
This July, deposits from customers and loans raised grew by €423 million on year to total €1.66 billion, marking an increase of 35 percent on year.
Receivables from customers, meanwhile, were up 29 percent on year, increasing by €339 million to €1.49 billion.
Bigbank's net interest income totaled a record €8.7 million last month, and went up by €8.4 million — or 18 percent on year — to total €55.4 million for the first seven months of 2023.
In the first seven months of the year, Bigbank's volume of net loan claims and discounts on financial investments increased by €2.5 million, or 33 percent on year, to total €10.3 million.
Return on equity in the consolidated view of the same period, meanwhile, was 16.1 percent.
Summing up the results, Bigbank noted that July was characterized by continued strong growth and solid profit numbers.
In terms of loans, the bank's business, home and consumer loan portfolios, respectively, grew in equal volumes.
"On the side of deposits, growth was higher in savings deposits, where the volume of deposits grew the most among Dutch customers, but savings deposit in Finland, which entered the market at the end of May, has also picked up nicely," the bank noted.
While the Euribor remained stable in July, the increase in interest rates on deposits continued in the markets of Bigbank's operations. "As Bigbank continues to keep its deposit rates at the top of the market, it allows Bigbank's deposit customers to increasingly benefit from the rising interest rate environment," it said.
Also highlighted as positives were the fact that the credit quality of the bank's loan portfolio remains strong and that its loan customers haven't encountered significant difficulties in servicing their obligations.
Bigbank is an Estonian capital-based bank specializing in loans and deposits for private and business customers. In addition to operations in Estonia, the bank also has branches in Finland, Sweden, Latvia, Lithuania and Bulgaria, and offers its products on a cross-border basis in Austria, Germany and the Netherlands as well. Bigbank's total assets exceed €1.9 billion.
Editor: Aili Vahtla