OREANDA-NEWS. On 02 September 2008 was announced, that volume of term deposits of Balti Investeeringute Grupi Pank AS (BIG) increased by close to 100%, reaching 413.7 million kroons.

Targo Raus, the Chairman of Board of BIG, says that the increase in volume of term deposits in Q2 shows that in the current economic situation clients are more and more seeking for good saving possibilities. “Term deposits offered by BIG have been popular, which has increased our market share“, said Raus.

As of June 30 2008, the term deposits amount to 413.7 million kroons, increase of 98.3% during the quarter and form 19.1% of total liabilities (compared to 8.6% at the beginning of the year). Issued bonds represent 70.0% of total liabilities (1 520.5 million kroons), bank loans 0.8% of total liabilities (16.6 million kroons) and subordinated bonds 7.9% of total liabilities (172.3 million kroons).

By the end of the 2nd quarter of 2008 the balance sheet total of BIG reached 2 699.5 million kroons, thus exceeding the balance sheet total as of the beginning of the year by 79.4 million kroons.

There have not been any significant changes in the structure of assets; receivables from customers form the majority of the total assets (82%). The growth of loan portfolio in the 2nd quarter was modest as planned, which is associated with the changes occurred in the macro environment and conservative loan policy and also liquidity management. As of the end of the period the number of loan contracts amounted to 128 000 (122 000 as of the end of the 1st half year). In terms of percentage the loan portfolio has increased the most in Lithuania, during the 1st quarter increase was 109%, i.e. 67.6 million kroons. In Estonia and Latvia the granting of loans and loan repayments are at the same level, thus the loan portfolio has not increased in these markets.

As of the end of the quarter the volume of monetary instruments amounted to 401.7 million kroons, forming 14.9% of the balance sheet total.

In Q2 2008 total liabilities decreased by 142.1 million kroons, whereas term deposits increased by 205.1 million kroons, bank loans decreased by 180.3 million kroons and issued bonds decreased by 176.4 million kroons.

In the 2nd quarter the interest income amounted to 166.9 million kroons, total of 348.0 million kroons during the first half-year. In the 2nd quarter of 2008 Balti Investeeringute Grupi Pank earned a profit of 40.5 million kroons, which is 24.1% more than in the same period of the previous year. The profit of the first half-year amounted to 89.2 million kroons.

The office network of Balti Investeeringute Grupi Pank AS consists of 43 offices, of which 21 offices are located in Estonia, 17 in Latvia and 5 in Lithuania.

As of 30 June 2008 there were 492 employees working in the Group, including 225 in Estonia, 217 in Latvia and 50 in Lithuania. The Q2 Public Interim Report Q2 is available at the company’s web-site www.big.ee.