The loan portfolio of Balti Investeeringute Grupi Pank AS (BIG) continued to grow in 3Q2006, and the group's assets exceeded one billion kroons.
The total assets of the BIG group increased 18% in 3Q2006, reaching BEEK 1.029 at the end of the quarter. Compared to 3Q2005, the total assets grew by 2.58 times. The assets of the BIG parent company amounted to MEEK 989 and those of the Latvian subsidiary were MEEK 200, having increased by MEEK 60 or 43% during 3Q.
The loan portfolio of the group's loan customers grew 19% during the quarter and 2.6 times compared to the same period last year. The loan portfolio of BIG customers totalled MEEK 907 at the end of September, which is 88% of the group's total assets. The group had more than 28,000 loan customers at the end of 3Q.
BIG's liabilities increased 16% in 3Q2006, and 2.8 times compared to the same period last year. Issued bonds formed the bulk of external funds: MEEK 443, accounting for 57% of total liabilities. Liabilities to credit institutions were MEEK 193 or 25% of total liabilities at the end of the quarter. The scope of deposits that BIG offers its customers has grown rapidly, increasing by MEEK 44.5 or 64% during the quarter. BIG will continue to actively participate in the bonds and deposits market, in order to ensure financing for its planned growth.
The owners' equity of the BIG group increased 23% in 3Q2006, reaching MEEK 257, which is twice as much as at the same time last year. The group's capital adequacy was 22.7% at the end of 3Q2006, while that of the parent company was 23.8%, exceeding the required level by more than two-fold.
The net profit of Balti Investeeringute Grupi Pank AS for 3Q2006 was MEEK 47.8 Interest income increased to MEEK 80.2 in 3Q, which is 2.8 times greater, compared to the same time last year, and interest expenditure increased two-fold. Interest expenditures formed 9.3% of interest income in 3Q2006. The group's administrative expenses increased 111% during the year and totalled MEEK 20.3 in 3Q.
No major changes occurred in the structure or conditions of the products offered to the customers in 3Q2006. Neither were there any changes in the group's composition or in the management structures of the group's companies. The organisation continued, as a result of rapid growth, to develop and adapt itself to customers' requirements.
The balance sheet and income statement are available here.
The full interim report for 3Q2006 is available at the website of the Tallinn Stock Exchange www.omxgroup.com/tallinn and the Balti Investeeringute Grupi Pank AS website www.big.ee.
Eero Varkki
Balti Investeeringute Grupi Pank AS
CFO
Tel. +372 737 7599
