In 2006, Balti Investeeringute Grupi Pank AS (BIG) continued expanding its activities resulting in an increase in all main economic indicators, according to the annual audited and consolidated annual report.
Total assets of BIG group amounted to BEEK 1,211 by the end of 2006, which is 2,16 times more than compared to the end of 2005. Parent company's assets formed BEEK 1,16 and the assets of Latvian subsidiary of BIG, AS Baltijas Izaugsmes Grupa, formed MEEK 254.
During the year, group's loan portfolio increased 2,1 times, amounting to BEEK 1,012. Clients' loan portfolio forms 84% of the total assets of the group. The number of active loan contracts increased to 44 000 by the end of 2006.
BIG's liabilities increased 2,2 times to 899 MEEK during the year. External financing was used mainly to finance increasing loan portfolio both in Estonia and Latvia. Issued bonds formed the bulk of external financing - MEEK 589 or 65%, in turn, subordinated bonds formed MEEK 108 of them. At the end of the year liabilities to credit institutions were MEEK 159 or 18% of all the liabilities.
Deposits offered to the clients by BIG amounted to MEEK 127 by the end of the year.
BIG started to offer term deposits in March 2006. BIG's term deposits are safe investments and BIG aims to always offer the best interest on term deposits.
Equity of BIG group amounted to MEEK 311 by the end of December, thus increasing 2,1 times during the year. Equity formed 25,7% of total assets of the group. The same indicator a year ago was 25,8%, showing that in spite of the more than two-fold increase of the total assets BIG has maintained above average share of equity to financing loan activities.
BIG group's net profit in 2006 was MEEK 173. Interest income amounted to MEEK 280,8 and interest expenses to MEEK 26,8.
The group's administrative expenses increased by 79% during the year and amounted to MEEK 72,5. During 2006 the group employed, on average, 172 people, i.e. the number of employees has more than doubled during this year. On average there were 123 employees working in Estonia and 49 employees in Latvia.
In 2006 BIG opened two new offices in Estonia and seven new offices in Latvia. As at the end of the year BIG had altogether 13 offices in Estonia and 11 offices in Latvia.
Targo Raus, Chairman of the Board of BIG, comments on the financial results:
"BIG's growth in 2006 was expected. We showed good results both in increasing our loan portfolio and number of clients as well as attracting financing for increasing loan activities. The group's enhanced results were driven by continuing expansion of our office network as well as external factors, mainly continuing economic growth and consumers' positive assessment to the developments of the economic environment.
In 2007 we plan to continue enhancing the corporate structure, expanding the sales network in Estonia and Latvia and improving BIG's image and brand recognition among potential customers."
The full version of the annual report of Balti Investeeringute Grupi Pank AS is available at BIG's homepage www.big.ee
Additional information:
Targo Raus
Chairman of the Board
Tel: 7350923
E-mail: targo.raus@big.ee
