Estonia’s Bigbank sees H1 profit soar 21% y/y

By bne IntelliNews August 21, 2023

Estonia's Bigbank posted profit of €17 million in H1, 2023, an increase of 21%, y/y, LETA, a Latvian newswire, reported on August 21.

In the second quarter of 2023, Bigbank's profit was €7.4 million, down 4% y/y.

In the reporting period Bigbank showed steady growth on the Latvian market, with turnover increasing in all segments and the bank continuing to lend actively.

By the end of June, Bigbank Group's loan portfolio grew to €1.5 billion. Over the quarter, it increased by €89 million, or 6%, and over the first half of 2023 the loan portfolio expanded by €162 million, or 12%.

The group's deposit portfolio grew by €100 million, or 7%, during the quarter. In the six months of this year deposits at Bigbank increased by €231 million, or 17%, to €1.6 billion. Compared to the first half of 2022, the group's deposit portfolio expanded by €430 million, or 37%.

In the first half of 2022, Bigbank earned €14.1 million in profit, including €7.7 million in the second quarter of the year.

Bigbank is an Estonian commercial bank that started operations back in 1992. Bigbank specialises in consumer lending to individuals in Estonia, Latvia, Lithuania, Finland, Spain and Sweden, and offers cross-border services in Germany, Austria and the Netherlands. Bigbank has a branch in Latvia, LETA said.

#Estonia #Latvia #Lithuania #finance

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