Banks, Estonia, Financial Services, Good for Business

In 2013, the company increased its profit from 7 million euros to 10.8 million. Earnings grew by almost 4 million, or 53.6%. The bank did not pay dividend in 2013.

Bigbank says that 2013 was a year of changes. "Last year, we changed the structure of the entire organization," said the bank's chief executive Kaido Saar, and confirmed that making changes will continue this year. At the beginning of last year the long-term head of Bigbank Targo Raus resigned and was succeeded by sales and marketing head Kaido Saar.

Bigbank grew last year both the loan portfolio as well as interest income. The group's assets totalled 311 million euros, an increase of 31 million euros in a year. One of the bank's loan growth locomotives was a new consumer credit product, which was tested last year. "Last year's summer we launched a loan product, which had 15.5% interest rate per annum. 70% of all loans issued were these loan products," said Saar.

The loan portfolio growth was highest in Sweden (142.2%), followed by Spain (54.7%) and Lithuania (45.6%). Latvia showed a moderate increase in the loan portfolio (8.4%) and Finland and Estonia remained essentially at the same level (annual growth rates of 1.9% and -1%). Depositing also has wider basis since in June 2013, Bigbank started including deposits in Sweden, which means that deposits are now being included in Estonia, Germany, Austria, the Netherlands, Finland, Sweden and Latvia.

The company aims to strengthen its market position and develop services outside the Baltic states. Nearly 80% of Bigbank's business volume is already abroad. Bigbank operates in Estonia, Latvia, Lithuania, Spain, Finland and Sweden.