In the first quarter of 2001, AS Balti Investeeringute Grupp (BIG) posted a net profit of EEK 1.4 million, which is 40% more than in the same period a year earlier.

According to Ingo Põder, chairman of the management board of BIG, the profit has been gained mainly owing to the growth in loan portfolio, which in the first quarter totalled more than EEK 64 million, having improved by 24%.

The year 2000 audited net profit of the company exceeded EEK 5 million, which is three times more than the 1.6 million profit earned in 1999.

Põder believes that the rise in net profit in 2001 Q1 as well as a year earlier has been achieved mainly on account of the loan portfolio growth and cost effectiveness. Compared to the year 1999, the financial costs of the company were cut by 10% and business expenses were reduced by 4% in the year 2000. Interest yield, on the other hand, rose by 22%.

Compared to 1999, the loan portfolio of the financing company was boosted by 29%, totalling EEK 63 million.

With about 2500 clients AS Balti Investeeringute Grupp is the greatest lender of money to private persons in the Baltic States after banks and leasing companies. BIG was founded in Tartu in 1992. In 1993 the company expanded to Tallinn and in 1994 to Pärnu. The first foreign branch was established in Riga in 1996. The name of the subsidiary is AS Vidzemes Kredits and its main areas of operation are similar to those of the parent company.

Further information:

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