In the first quarter of 2002, AS Balti Investeeringute Grupp (BIG) posted a net profit of EEK 2.7 million, which is 92% more than the same period a year earlier.

The reason for the increase in net profit is the strong growth of the loan portfolio in 2001 and lower financial expenses as compared to the previous year. In the first quarter of the year, the net interest yield of the loan portfolio (interest yield - interest expenses / average loan portfolio of the period) was 18.9% a year, which is to some extent lower than 2001 (20.0%) mainly due to the greater share of lower-yield housing loans in the loan portfolio. The price of interest-bearing obligations (bonds and bank loans) has lowered by 14.7% in Q1 as compared to last year, now remaining at an annual 9.8%.

In the first three months of the year, BIG issued loans in the amount of EEK 20.4 million, 72.8% more than a year ago. The net loan portfolio grew by 4.3%, reaching EEK 90.9 million, and the bond portfolio increased 7.4%, amounting to EEK 46.1 million.

In Q1, the volume of assets grew 5.8% as compared to 2001, now reaching EEK 111.6 million. On 31.03.2002 the percentage of the loan portfolio in total assets was 81.4%.

BIG is the biggest lender of money to private persons in the Baltic States after banks and leasing companies. The company has approximately 2900 clients.

Further information:

Ingo Põder
Chairman of the management board of AS Balti Investeeringute Grupp
Tel. 07 441 950