Market announcement

Bigbank AS

Category

Management interim statement or quarterly financial report

Date

27.10.2023 16:30:00

Title

Bigbanki 2023. aasta III kvartali ja 9 kuu auditeerimata majandustulemused

Message

Bigbanki   laenuportfell  kasvas  rekordilise  1,6 miljardi  euroni,  suurenedes
kvartaliga  97 miljoni euro võrra (+6%) ja esimese üheksa kuuga 259 miljoni euro
võrra  (+19%). Eluasemelaenude portfell kasvas  kvartaliga 38 miljoni euro võrra
(+14%)  307 miljoni euroni, ärilaenude portfell 29 miljoni euro võrra (+5%) 579
miljoni  euroni ning tarbimislaenude  portfell 27 miljoni euro  võrra (+4%) 720
miljoni  euroni.  2022. aasta  kolmanda  kvartali  lõpuga  võrreldes kasvas kogu
laenuportfell 360 miljoni euro võrra (+29%).

Kolmandas  kvartalis  püsis  laenuportfelli  kvaliteet  jätkuvalt  heal tasemel.
Kvartali lõpus oli vaid 1,6% laenunõuetest üle 90 päeva viivituses.

Kontserni  hoiuseportfell  kasvas  kvartaliga  184 miljoni  euro võrra (+12%) ja
esimese   üheksa  kuuga  415 miljoni  euro  võrra  (+30%)  1,8 miljardi  euroni.
Tähtajaliste  hoiuste portfell suurenes kvartaliga  42 miljonit eurot (+5%) 919
miljoni euroni. Säästuhoiuseportfell kasvas kvartaliga 142 miljonit eurot (+20%)
863 miljoni  euroni. 2022. aasta kolmanda kvartali lõpuga võrreldes ehk 12 kuuga
kasvas Kontserni hoiuseportfell kokku 538 miljoni euro võrra (+43%).

Bigbanki  2023. aasta  esimese  üheksa  kuu  puhaskasum oli 29,4 miljonit eurot,
2022. aasta samal perioodil oli see 21,3 miljonit eurot. Kasv ulatus 8,1 miljoni
euroni  (+38%). 2023. aasta  kolmanda kvartali  kasum 12,4 miljonit eurot ületas
73% eelmise aasta sama perioodi kasumit, mis oli 7,2 miljonit eurot.

2023. aasta  üheksa kuu kasum enne allahindlusi ja tulumaksu ulatus 48,1 miljoni
euroni,  kasvades  võrreldes  eelmise  aasta  sama  perioodiga 12,2 miljoni euro
võrra.  Laenude  allahindluse  kulu  oli  samal  perioodil  14,0 miljonit eurot.
Laenude allahindluse kulu kasvas oluliselt suurenenud portfelli juures võrreldes
2022. aasta esimese üheksa kuuga 3,3 miljoni euro võrra (+30%).

Kontserni 2023. aasta esimese üheksa kuu netointressitulud ulatusid 72,8 miljoni
euroni,  ületades 2022. aasta  sama perioodi  taset (61,1  miljonit eurot) 11,7
miljoni  euro  võrra  (+19%).  Kolmanda  kvartali  netointressitulud  olid 26,1
miljonit  eurot,  mis  on  4,8 miljonit  eurot  enam  kui  2022. aasta kolmandas
kvartalis.

Kontserni  kinnisvarainvesteeringute portfell, mis sisaldab nii põllumaid kui ka
äripindu,   ulatus   kvartali   lõpus   45,5 miljoni euroni.   Kvartali  jooksul
kinnisvaraobjektidega tehinguid ei tehtud.


 Kasumiaruanne, tuhandetes     III kvartal  III kvartal
 eurodes                              2023         2022 9 kuud 2023 9 kuud 2022
-------------------------------------------------------------------------------
 Neto intressitulu                  26 090       21 310      72 790      61 052

 Neto teenustasud                    2 097        1 891       6 116       5 511

 Netokasum finantsvaradelt           3 965          135       4 976        -185

 Neto tegevustulud                  -1 033         -344      -1 686        -523
-------------------------------------------------------------------------------
 Neto tegevustulud kokku            31 119       22 992      82 196      65 855
-------------------------------------------------------------------------------
 Palgakulud                         -6 072       -5 103     -17 687     -15 281

 Halduskulud                        -3 845       -4 564     -11 158     -12 624

 Põhivara kulum ja väärtuse
 langus                             -2 001         -944      -4 361      -2 740

 Muu kasum (kahjum)                     79          804        -882         673
-------------------------------------------------------------------------------
 Tegevuskulud kokku                -11 839       -9 807     -34 088     -29 972
-------------------------------------------------------------------------------
 Kasum enne allahindluste
 kulu                               19 280       13 185      48 108      35 883
-------------------------------------------------------------------------------
 Neto laenunõuete ja
 finantsinvesteeringute
 allahindlused                      -5 023       -4 186     -13 985     -10 744

 Kasum enne maksustamist            14 257        8 999      34 123      25 139

 Tulumaks                           -1 887       -1 946      -4 169      -3 708
-------------------------------------------------------------------------------
 Aruandeperioodi jätkuvate
 tegevuste kasum                    12 370        7 053      29 954      21 431
-------------------------------------------------------------------------------
 Kahjum lõppenud tegevustest            61          141        -557        -175
-------------------------------------------------------------------------------
 Aruandeperioodi kasum              12 431        7 194      29 397      21 256
-------------------------------------------------------------------------------


 Finantsseisundi aruanne,
 tuhandetes eurodes                 30.09.2023 30.06.2023 31.12.2022 30.09.2022
-------------------------------------------------------------------------------
 Raha ja raha ekvivalendid             406 837    297 194    173 447    141 163

 Võlaväärtpaberid                       14 942     14 877     19 213     45 171

 Nõuded klientidele                  1 608 720  1 512 110  1 349 811  1 248 194

 Muud varad                             88 709     91 116    103 918    103 357
-------------------------------------------------------------------------------
 Varad kokku                         2 119 208  1 915 297  1 646 389  1 537 885
-------------------------------------------------------------------------------
 Klientide hoiused ja saadud laenud  1 791 581  1 607 328  1 376 934  1 281 161

 Allutatud võlakirjad                   71 490     66 014     40 113     40 049

 Muud kohustised                        18 909     17 066     15 912     17 521
-------------------------------------------------------------------------------
 Kohustised kokku                    1 881 980  1 690 408  1 432 959  1 338 731
-------------------------------------------------------------------------------
 Omakapital                            237 228    224 889    213 430    199 154
-------------------------------------------------------------------------------
 Kohustised ja omakapital kokku      2 119 208  1 915 297  1 646 389  1 537 885
-------------------------------------------------------------------------------


Bigbank AS juhatuse esimehe Martin Läntsi kommentaar:

?Kolmanda  kvartali  ja  9 kuu  tulemused  tähendavad  Bigbanki jaoks kasvukursi
kindlat  jätkumist - kontserni  varade maht ületas  esmakordselt 2 miljardi euro
piiri.

Majanduskeskkonna  teguritest avaldas kolmandas  kvartalis kontserni tulemustele
suurimat   mõju   intresside  suhteline  stabiliseerumine  kõrgel  tasemel.  See
tähendab,  et  võrreldes  aastataguse  kolmanda  kvartaliga on euriboriga seotud
laenude  intressitulud  oluliselt  kasvanud,  kuid  kvartaalses  vaates  on kasv
pidurdunud.

Tugeva  tulemuse tegi kolmandas kvartalis  ettevõtete pangandus. Sellele aitasid
kaasa    laenuportfelli    hea    kvaliteet   ja   kasv   ning   eritingimustega
investeerimislaenude  alusvarade  väärtuste  ümberhindlusest tekkinud netokasum.
Segmendi  kolmanda kvartali maksustamiseelne kasum  ulatus 9,0 miljoni euroni ja
laenuportfell  kasvas kvartalis 29 miljoni euro  võrra 579 miljoni euroni (+5%).
Antud   kvartalikasum   sisaldab   3,7 miljoni   euro  ulatuses  eritingimustega
investeerimislaenude  alusvarade väärtuse  ümberhindlusest tekkinud netokasumit.
Ümberhindluse  kasum  arvutatakse  investeerimisriskiga  laenudelt  kord aastas,
lähtudes    klientide    kinnisvarainvesteeringute   turuväärtuse   kasvust   ja
kokkulepitud   kasumi   jagamise  määrast.  Sõltuvalt  kinnisvarainvesteeringute
turuväärtuse muutusest võib alusvara väärtus järgnevatel perioodidel ka langeda,
kuid pank ei hüvita klientidele alusvara väärtuse vähenemist suuremal määral kui
eelmistel perioodidel teenitud kasumi ulatuses.

Järjest   tihenenud   konkurents   klientide   hoiuste   pärast   ning   hoiuste
intressimäärade  kasv  jätkas  kolmandas  kvartalis  kiiremat tõusu kui euribor.
Bigbank  on traditsiooniliselt olnud  oma tegevusturgudel hoiustajaile  parimate
intresside  pakkuja, mida  kinnitab ka  meie hoiuseportfelli  30% kasv käesoleva
aasta  jooksul. Eesti  turul laiendasime  sel sügisel  tootevalikut lansseerides
edukalt  säästuhoiuse ning nüüd pakume nii säästuhoiust kui tähtajalisi hoiuseid
nii era- kui äriklientidele.

Lisaks  tavapärasele  äritegevusele  jätkasime  2023. aasta  kolmandas kvartalis
kapitali  kaasamist. Augustis emiteeris Bigbank taas esimese taseme omavahendite
hulka kuuluvaid AT1 võlakirju kogumahus 5,1 miljonit eurot. Kaasatud omavahendid
aitavad  ellu viia meie  kasvuplaane kodu- ja ärilaenude valdkonnas ning ühtlasi
katta  makromajanduslikust  olukorrast  tulenevaid  täiendavaid kapitalinõudeid.
Olen tänulik kõikidele investoritele usalduse eest.

Bigbank  AS (www.bigbank.ee)  on  Eesti  kapitalil  põhinev era- ja äriklientide
laenudele  ja  hoiustele  keskendunud  pank,  millel on lisaks tegevusele Eestis
filiaalid Soomes, Rootsis, Lätis, Leedus ja Bulgaarias ning mis pakub piiriülese
teenusena  oma tooteid ka Austrias, Saksamaal ja Hollandis. Bigbanki bilansimaht
ületab 2 miljardit eurot.

Argo Kiltsmann
Member of the Management Board
Telephone: +372 5393 0833
Email: argo.kiltsmann@bigbank.ee
www.bigbank.ee (http://www.bigbank.ee)

Title

Bigbank Unaudited Financial Results for 2023 Q3 and 9 Months

Message

Bigbank's  loan portfolio grew, expanding by 97 million euros (+6%) in Q3 and by
259 million  euros (+19%)  during the  nine months,  increasing to a record 1.6
billion  euros. The home loan portfolio grew  by 38 million euros (+14%) to 307
million  euros, the corporate loan portfolio increased by 29 million euros (+5%)
to  579 million euros and  the consumer loan  portfolio grew by 27 million euros
(+4%)  to 720 million euros during the quarter. Compared to the end of Q3 2022,
the gross loan portfolio increased by 360 million euros (+29%).

The  quality of the loan  portfolio remained high in  Q3 with just 1.6% of loans
over 90 days past due at the reporting date.

The deposit portfolio grew by 184 million euros (+12%) during the quarter and by
415 million euros (30%) during the nine months, increasing to 1.8 billion euros.
The  term deposit portfolio  increased by 42 million  euros (+5%) to 919 million
euros and the savings deposit portfolio grew by 142 million euros (+20%) to 863
million  euros during the nine months in  2023. Compared to the end of the third
quarter  of 2022, i.e., 12 months, the Group's deposit portfolio grew by a total
of 538 million euros (+43%).

The  net profit for the nine months of 2023 was 29.4 million euros, representing
a  year-on-year  growth  of  8.1 million  euros  (+38%). The net profit of 12.4
million euros in the third quarter of 2023 was 73% higher than the profit of the
same period last year, which was 7.2 million euros.

Profit  before loss allowances  and income tax  for the nine  months of 2023 was
48.1 million  euros,  up  by  12.2 million  euros  on the same period last year.
Expenses  on credit loss allowances in  the same period were 14.0 million euros.
Due  to  significant  growth  in  the  loan  portfolio,  expenses on credit loss
allowances  increased by  3.3 million euros  (+30%) compared  to the  first nine
months of 2022.

The  Group's net  interest income  for the  first nine  months of 2023 was 72.8
million euros, which is 11.7 million euros (+19%) more than a year earlier, when
the figure was 61.1 million euros. Net interest income for the third quarter was
26.1 million euros, 4.7 million euros higher than in the same period in 2022.

The Group's investment property portfolio, which includes both agricultural land
and  commercial real estate, stood at 45.5 million euros at the end of Q3. There
Group  did not  conduct any  transactions with  investment properties during the
quarter.


 Income statement, in thousands of euros        Q3 2023 Q3 2022 9M 2023 9M 2022
-------------------------------------------------------------------------------
 Net interest income                             26,090  21,310  72,790  61,052

 Net fee and commission income                    2,097   1,891   6,116   5,511

 Net income (loss) on financial assets            3,965     135   4,976    -185

 Net other operating income                      -1,033    -344  -1,686    -523
-------------------------------------------------------------------------------
 Total net operating income                      31,119  22,992  82,196  65,855
-------------------------------------------------------------------------------
 Salaries and associated charges                 -6,072  -5,103 -17,687 -15,281

 Administrative expenses                         -3,845  -4,564 -11,158 -12,624

 Depreciation, amortisation and impairment       -2,001    -944  -4,361  -2,740

 Other gains (losses)                                79     804    -882     673
-------------------------------------------------------------------------------
 Total expenses                                 -11,839  -9,807 -34,088 -29,972
-------------------------------------------------------------------------------
 Profit before loss allowances                   19,280  13,185  48,108  35,883
-------------------------------------------------------------------------------
 Net loss allowances on loans and financial
 investments                                     -5,023  -4,186 -13,985 -10,744

 Profit before income tax                        14,257   8,999  34,123  25,139

 Income tax expense                              -1,887  -1,946  -4,169  -3,708
-------------------------------------------------------------------------------
 Profit for the period from continuing
 operations                                      12,370   7,053  29,954  21,431
-------------------------------------------------------------------------------
 Loss from discontinued operations                   61     141    -557    -175
-------------------------------------------------------------------------------
 Profit for the period                           12,431   7,194  29,397  21,256
-------------------------------------------------------------------------------


 Statement of financial
 position, in thousands of
 euros                       30 Sept 2023 31 June 2023 31 Dec 2022 30 Sept 2022
-------------------------------------------------------------------------------
 Cash and cash equivalents        406,837      297,194     173,447      141,163

 Debt securities at FVOCI          14,942       14,877      19,213       45,171

 Loans to customers             1,608,720    1,512,110   1,349,811    1,248,194

 Other assets                      88,709       91,116     103,918      103,357
-------------------------------------------------------------------------------
 Total assets                   2,119,208    1,915,297   1,646,389    1,537,885
-------------------------------------------------------------------------------
 Customer deposits and loans
 received                       1,791,581    1,607,328   1,376,934    1,281,161

 Subordinated notes                71,490       66,014      40,113       40,049

 Other liabilities                 18,909       17,066      15,912       17,521
-------------------------------------------------------------------------------
 Total liabilities              1,881,980    1,690,408   1,432,959    1,338,731
-------------------------------------------------------------------------------
 Equity                           237,228      224,889     213,430      199,154
-------------------------------------------------------------------------------
 Total liabilities and
 equity                         2,119,208    1,915,297   1,646,389    1,537,885
-------------------------------------------------------------------------------


Comment by the Bigbank Chairman of the Management Board Martin Länts:

"The  results of the third quarter and 9 months mean a solid continuation of the
growth  rate for Bigbank -  the volume of the  Group's assets exceeded 2 billion
euros for the first time.

Among  the factors  of the  economic environment,  the relative stabilisation of
interest rates at a high level had the greatest impact on the Group's results in
the  third quarter. This means that compared to the third quarter of a year ago,
the interest income of Euribor-related loans has increased significantly, but in
a quarterly perspective, the growth has slowed down.

Corporate  banking posted strong performance in  the third quarter, supported by
the  high quality and  growth of the  loan portfolio as  well as net gain on the
revaluation  of the underlying assets of  investment loans with special features
(loans  with the features  of a hybrid  instrument). The segment's third-quarter
profit  before tax was  9.0 million euros and  loan portfolio grew by 29 million
euros  (+5%) to 579 million euros during the quarter. The profit figure includes
net  gain on the revaluation of the underlying assets of loans with the features
of  a hybrid instrument,  which amounted to  3.7 million euros. Net  gain on the
revaluation  of the  underlying assets  of loans  with the  features of a hybrid
instrument  is calculated once a year based on growth in the market value of the
customers'  investment properties and the  agreed profit-sharing rate. Depending
on  the changes in the  market value of the  investment properties, the value of
the underlying assets may also decrease in subsequent periods, but the bank does
not  compensate customers for the decrease in the value of the underlying assets
to an extent exceeding the gain recorded in previous periods.

Competition  for customer deposits intensified, and deposit interest rate growth
continued  to  rise  faster  than  Euribor  in  the  third  quarter. Bigbank has
traditionally been the provider of the best interest rates for depositors in its
operating  markets, which  is also  confirmed by  the 30% growth  of our deposit
portfolio  during  this  year.  We  successfully  expanded  our product range by
launching the savings deposit in the Estonian market this fall, and now we offer
both  savings  deposits  and  fixed-term  deposits  to both private and business
customers.

In  addition to  regular business,  we continued  to raise  capital in the third
quarter  of 2023. In August, Bigbank again issued bonds qualifying as additional
own  funds (AT1 capital) in  a private placement by  which we raised 5.1 million
euros  of additional  capital. The  included own  funds will  help implement our
growth   plans   in  home  and  business  loans  and  cover  additional  capital
requirements  arising from  the macroeconomic  situation. I  am grateful  to all
investors for their trust."

Bigbank  AS (www.bigbank.eu) is  an Estonian capital-based  bank specialising in
loans and deposits for private and business customers. In addition to operations
in  Estonia, the  bank has  branches in  Finland, Sweden, Latvia, Lithuania, and
Bulgaria  and offers its  products on a  cross-border basis in Austria, Germany,
and the Netherlands. Bigbank's total assets exceed 2 billion euros.

Argo Kiltsmann
Member of the Management Board
Telephone: +372 5393 0833
Email: argo.kiltsmann@bigbank.ee
www.bigbank.ee (http://www.bigbank.ee)