In the first quarter of 2006, the rapid growth of the loan portfolio of Balti Investeeringute Grupi Pank AS (BIG) continued; the growth entailed improvement in other important economic indicators of the company.
In the first quarter the company started providing the term deposit service to its clients. Currently the term deposit contracts with maturity of 1 to 3 years are provided, and the increase in the number of retail clients should contribute to determining long-term and stable financial basis.
The volume of the assets of the BIG group increased in the first quarter of 2006 by 21% and was 678.6 million kroons at the end of the quarter. Compared to the first quarter of 2005, the volume of assets increased by 120%.
The portfolio of loan clients increased by 29% in the quarter and by 151% compared to the same period of 2005. As of the end of the quarter, the loan portfolio of the clients of BIG was 609.5 million kroons, which was 90% of the total assets of the group.
The biggest part, i.e. 371.9 million kroons, which is 75% of total liabilities, of the leased assets was formed by the bonds issued. As of the end of the quarter, debts to credit institutions were 106.8 million kroons or 21% of the total liabilities. In the first quarter of 2006, the liabilities of BIG increased by 20%; compared to the previous year, by 138%.
In the first quarter of 2006, the equity capital of BIG increased by 26% and was 179.8 million kroons, which was 83% more when compared to the previous year. As of the end of the first quarter, the capital adequacy of the group was 24.5% and of the parent taking it was 24%, which exceeded the normative more than twice.
In the first quarter of 2006, the net profit of Balti Investeeringute Grupi Pank AS was 34.6 million kroons. The interest income increased by 142% in the year and was 50.9 million kroons; the interest expenses increased by 33%. In the first quarter, the interest expenses amounted to 8.8% of the interest income. The administrative expenses of the group increased by 94% in the year and were 14.1 million kroons in total in the first quarter.
The consolidated balance sheet and income statement are available here.
The total interim report of the first quarter of 2006 is available in the homepage of the Tallinn Stock Exchange (www.omxgroup.com/tallinn) and in the homepage of Balti Investeeringute Grupi Pank AS (www.big.ee).
Eero Varkki
Balti Investeeringute Grupi Pank AS
Financial Manager
Phone: +372 737 7599
