According to the audited financial results of the 10th year of operation of AS Balti Investeeringute Grupp (BIG), the company earned 8.5 million kroons of net profit in 2002, which exceeds that of 2001 by 37%.
The total number of loans issued by AS Balti Investeeringute Grupp to its clients in 2002 was 1,817, which amounts to 91.5 million kroons. The figures exceed those of 2001 by 28.1 % and 33.7 %, respectively.
The assets of the company grew by 28% in 2002 to 131 mln kroons and the net loan portfolio grew by 29% to 107 mln kroons. As of the end of 2002, the shareholders' equity amounted to 29.3 mln kroons, while the ROA and ROE were 7.2% and 32.4%, respectively.
The volume of issued bonds grew by 40% last year totalling 60.4 mln kroons.
The total number of BIG's clients exceeded the threshold of 3,000, reaching 3,100 by the end of the year.
"Last financial year was the most successful of all times for BIG. The key objectives for 2002 were improvement of customer service, regional expansion and finding new market segments. The launch of BIG's national customer information number 1333 and moving the Tallinn branch to modern and customer-friendly office premises played a key role in achieving these objectives," admits Veiko Kandla, a member of the management board. "The first few months' economic results of the Viru County branch that was opened in Rakvere in November confirm that the decision to expand regionally has been the right one. Moreover, we can be happy about the popularity of our renewed loan product - Real Estate Loan - and a new loan product - Corporate Credit Line - which we introduced in 2002," comments Kandla.
AS Balti Investeeringute Grupp was founded in 1992 in Tartu and with its 3,100 customers it is the largest Baltic credit institution for private persons. In 1993, the company expanded to Tallinn, in 1994 to Pärnu and in November 2002 to Rakvere. In 1996, the company founded Baltijas Izaugsmes Grupa, a subsidiary in Latvia, the main activities of which are similar to those of the parent company.
Further information:
Targo Raus
AS Balti Investeeringute Grupp
Chairman of the Management Board
Veiko Kandla
AS Balti Investeeringute Grupp
Member of the Management Board
Phone: 07 377 570
Fax: 07 377 582
E-mail: veiko.kandla@big.ee
