OREANDA-NEWS. On 12 May 2009 was announced, that 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.