Market announcement
Bigbank AS
Category
Management interim statement or quarterly financial report
Attachments
Date
26.04.2024 21:30:00
Title
Bigbanki 2024. aasta I kvartali auditeerimata majandustulemused
Message
Bigbanki brutolaenuportfell kasvas esimese kvartali lõpuks rekordilise 1,75 miljardi euroni, suurenedes kvartaliga 86 miljoni euro võrra (+5%) ja aastaga 325 miljoni euro võrra (+23%). Ärilaenude portfell kasvas kvartaliga 22 miljoni euro võrra (+4%) 600 miljoni euroni, eluasemelaenude portfell kasvas kvartaliga 43 miljoni euro võrra (+12%) 394 miljoni euroni ja tarbimislaenude portfell 25 miljoni euro võrra (+3%) 762 miljoni euroni. Säästuhoiuseportfell ja tähtajalise hoiuse portfell kasvasid esimeses kvartalis üsna võrdselt. Kontserni hoiuseportfell kokku kasvas kvartaliga 215 miljoni euro võrra (+11%) ja aastaga 655 miljoni euro võrra (+44%) 2,15 miljardi euroni. Tähtajaliste hoiuste portfell kasvas kvartaliga 100 miljonit eurot (+11%) ja ületas esmakordselt 1 miljardi euro piiri (1,02 miljardit eurot). Säästuhoiuseportfell kasvas kvartaliga 116 miljonit eurot (+11%) 1,14 miljardi euroni. Oluline verstapost oli kvartali alguses tähtajalise hoiuse turule toomine Leedus, mis oli Bigbanki koduturgudest viimane, kus seda toodet varem ei pakutud. Alates jaanuarist 2024 pakub Bigbank tähtajalist hoiust kõigil oma tegevusturgudel. Bigbank teenis 2024. aasta esimeses kvartalis 6,4 miljonit eurot puhaskasumit. Võrreldes 2023. aasta esimese kvartali tulemustega oli puhaskasum 3,2 miljoni euro võrra väiksem. Võrreldes 2023. aasta esimese kvartaliga kontserni netointressitulud kasvasid. 2024. aasta esimese kvartali netointressitulud olid 26,4 miljonit eurot (1. kv 2023: 22,5 miljonit eurot), mis teeb kasvuks 3,9 miljonit eurot ehk 17%. Üldine majanduse stagneerumine ja tarbijate nõrk kindlustunne avaldas teist kvartalit järjest negatiivset mõju ka Bigbanki tarbimislaenuportfellile. Ajalooliste andmetega võrreldes ei ole veel tegemist olulise halvenemisega, kuid portfelli kvaliteet on viimase poole aasta jooksul langenud. Kodulaenude portfelli kvaliteedi nõrgenemisest rääkida ei saa, kuid mõningane kvaliteedi halvenemine on toimunud esimeses kvartalis ka ärilaenude portfellis. Suurenenud on nii makseviivituses olevate laenude osakaal, laenunõuete allahindluse kulu kui ka täiendavate eraldiste kulu. Laenunõuete allahindluse kulu suurenes esimeses kvartalis võrreldes 2023. aasta esimese kvartaliga 2,6 miljoni euro võrra. Võrreldes 2023. aasta lõpuga kasvas 3. etapi laenunõuete maht 2024. aasta esimese kvartali lõpuks 32,2 miljoni euro võrra ja ulatus 4,7%-ni laenunõuetest. Lisaks uuendas kontsern esimeses kvartalis laenunõuete allahindluse mudeli sisendeid: makseviivituse tõenäosuse (PD) ja makseviivitusest tingitud kahjumäära (LGD) arvutustesse kaasati uued ajaloolised andmed ning tulevikku vaatavaid mudeleid ajakohastati makromajanduslike näitajatega, kasutades keskpankade 2024. aasta märtsi prognoose. Mudeli uuenduse tulemusena moodustati täiendavaid eraldisi tuleviku laenunõuete allahindluste katteks summas 2,2 miljonit eurot. Eelmise aasta esimese kvartaliga võrreldes suurenes kontserni tulumaksukulu 0,2 miljoni euro võrra 1,3 miljoni euroni. Peamiseks põhjuseks oli 2023. aasta lõpus Lätis kehtestatud avansiline tulumaks, mis eelmisel aastal jõudis finantsnumbritesse alles neljandas kvartalis, aga 2024. aastal mõjutab vastav kulu kõiki kvartaleid. Kontserni kinnisvarainvesteeringute portfell, mis sisaldab nii põllumaid kui ka äripindu, ulatus kvartali lõpus 49 miljoni euroni. Kvartali jooksul kinnisvaraobjektidega olulises mahus tehinguid ei tehtud. 2024. aasta alguses tuvastas kontsern, et sisemise intressimäära meetodi rakendamise arvutustes tehti 2022. aastal laenude väljastamisega otseselt seotud tulude ja kulude arvestuses viga nende periodiseerimises, mis parandati käesoleva aasta esimeses kvartalis. Vea korrigeerimise tulemusena vähenes eelmiste perioodide jaotamata kasum 3,2 miljoni euro võrra. Samuti vähenesid seisuga 31. detsember 2023 nõuded klientidele 3,7 miljonit euro ja tulumaksu kohustised 0,5 miljoni euro võrra. Kasumiaruanne, tuhandetes I kvartal I kvartal eurodes 2024 2023 3 kuud 2024 3 kuud 2023 ------------------------------------------------------------------------------- Neto intressitulu 26 392 22 519 26 392 22 519 Neto teenustasud 2 164 1 973 2 164 1 973 Netokasum finantsvaradelt 1 071 572 1 071 572 Neto tegevustulud -849 -117 -849 -117 ------------------------------------------------------------------------------- Neto tegevustulud kokku 28 778 24 947 28 778 24 947 ------------------------------------------------------------------------------- Palgakulud -6 412 -5 652 -6 412 -5 652 Halduskulud -3 669 -3 523 -3 669 -3 523 Põhivara kulum ja väärtuse langus -2 052 -1 013 -2 052 -1 013 ------------------------------------------------------------------------------- Tegevuskulud kokku -12 133 -10 188 -12 133 -10 188 ------------------------------------------------------------------------------- Eraldiste kulu (tulu) -2 419 5 -2 419 5 ------------------------------------------------------------------------------- Kasum enne allahindluste kulu 14 226 14 764 14 226 14 764 ------------------------------------------------------------------------------- Neto laenunõuete ja finantsinvesteeringute allahindlused -6 555 -3 909 -6 555 -3 909 Kasum enne maksustamist 7 671 10 855 7 671 10 855 Tulumaks -1 275 -1 113 -1 275 -1 113 ------------------------------------------------------------------------------- Aruandeperioodi jätkuvate tegevuste kasum 6 396 9 742 6 396 9 742 ------------------------------------------------------------------------------- Kasum (kahjum) lõppenud tegevustest 21 -121 21 -121 ------------------------------------------------------------------------------- Aruandeperioodi kasum 6 417 9 621 6 417 9 621 ------------------------------------------------------------------------------- Finantsseisundi aruanne, tuhandetes eurodes 31.03.2024 31.12.2023 (korrigeeritud) 31.03.2023 ------------------------------------------------------------------------------- Raha ja raha ekvivalendid 652 065 518 672 258 316 Võlaväärtpaberid 13 586 15 400 18 531 Nõuded klientidele 1 747 606 1 662 002 1 422 702 Muud varad 89 823 91 324 104 985 ------------------------------------------------------------------------------- Varad kokku 2 503 080 2 287 398 1 804 534 ------------------------------------------------------------------------------- Klientide hoiused ja saadud laenud 2 161 463 1 946 314 1 507 115 Allutatud võlakirjad 76 476 76 109 62 908 Muud kohustised 21 688 20 182 17 310 ------------------------------------------------------------------------------- Kohustised kokku 2 259 627 2 042 605 1 587 333 ------------------------------------------------------------------------------- Omakapital 243 453 244 793 217 201 ------------------------------------------------------------------------------- Kohustised ja omakapital kokku 2 503 080 2 287 398 1 804 534 ------------------------------------------------------------------------------- Bigbank AS juhatuse esimehe Martin Läntsi kommentaar: Laenuportfelli maht on jätkanud tugevat kasvu kõigis kategooriates. Erilist rõõmu valmistab kodulaenude portfell, mis aasta esimeses kvartalis kasvas 43 miljoni euro võrra, ületades eelmise aasta sama perioodi kasvu 23 miljoni euro võrra. Kinnisvaraturgudel on elavnemise märke ning rõõm on näha, et üha enam kliente valib just Bigbanki oma koduostu finantseerijaks. Tugeval kasvukursil oli esimeses kvartalis ka ärilaenude ja liisingute müügimaht ulatudes 114,4 miljoni euroni, mis on 93% suurem kui mullu samal perioodil. Eriti kiire - ehk aasta võrdluses kolmekordne - oli seejuures ettevõtetele laenude ja liisingute müügi kasv Leedus. Meie rahastusbaas on endiselt tugev - esimeses kvartalis kasvas kontserni hoiuseportfell laenuportfellist kiiremini, suurenedes kvartaliga 215 miljoni euro võrra, mis ületab eelmise aasta esimese kvartali kasvu 85 miljoni euro võrra. Hoiuste osas on oluline märkida, et hakkasime hiljuti pakkuma hoiuseid ka Leedu turul. Uhkusega saame tõdeda, et nüüd saavad ka meie Leedu kliendid osa Bigbanki üldisest strateegiast pakkuda turu paremaid intresse kõigil koduturgudel. Bigbanki 2024. aasta esimese kvartali kasum oli aasta tagusega võrreldes väiksem. Suurimat mõju avaldasid suurenenud allahindlused, personali ja hoiuste tagamise osafondi kulu ning kasvanud põhivara kulum. Jätkame tööd ning kontserni strateegia plaanipärast elluviimist, mille osaks on jätkuv kasv ning tooteportfelli laiendamine igapäevapanganduse suunas. 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 Juhatuse liige Telefon: +372 5393 0833 E-mail: argo.kiltsmann@bigbank.ee www.bigbank.ee
Title
Bigbank's Unaudited Financial Results for Q1 2024
Message
Bigbank's total gross loan portfolio grew to a record 1.75 billion euros by the end of the first quarter, increasing by 86 million euros (+5%) over the quarter and by 325 million euros (+23%) year-on-year. During the quarter, the corporate loan portfolio grew by 22 million euros (+4%) to 600 million euros, the housing loan portfolio by 43 million euros (+12%) to 394 million euros and the consumer loan portfolio by 25 million euros (+3%) to 762 million euros. The savings deposit portfolio and the term deposit portfolio grew at fairly equal rates in the first quarter. The Group's total deposit portfolio increased by 215 million euros (+11%) over the quarter and by 655 million euros (+44%) year-on-year, expanding to 2.15 billion euros. The term deposit portfolio increased by 100 million euros (+11%) to 1.02 billion euros, exceeding the 1- billion-euro mark for the first time. The savings deposit portfolio increased by 116 million euros (+11%) to 1.14 billion euros over the quarter. An important milestone at the beginning of the quarter was the launch of term deposits in Lithuania, the last market where Bigbank did not offer this product. As of January 2024, Bigbank offers term deposits in all markets where it operates. Bigbank earned a net profit of 6.4 million euros in the first quarter of 2024. Compared to the first quarter of 2023, net profit decreased by 3.2 million euros. Compared to the first quarter of 2023, the Group's net interest income increased: in the first quarter of 2024, net interest income was 26.4 million euros (Q1 2023: 22.5 million euros), 3.9 million euros (+17%) higher than a year earlier. For the second quarter in a row, the overall economic stagnation and weak consumer confidence had a negative impact on Bigbank's consumer loan portfolio. Compared to historical data, there is still no significant deterioration, but the quality of the portfolio has declined over the past six months. While there was no sign of deterioration in the quality of the housing loan portfolio, the quality of the corporate loan portfolio also declined somewhat in the first quarter. The share of loans in default, credit loss allowances on loans and additional provisions have all increased. In the first quarter of 2024, credit loss allowances on loans increased by 2.6 million euros year-on-year. Compared with the end of 2023, Stage 3 loan receivables grew by 32.2 million euros and accounted for 4.7% of all loan receivables at the reporting date. In addition, the Group updated the inputs to the loan impairment model in the first quarter of 2024: new historical data were included in the probability of default (PD) and loss given default (LGD) calculations, and the forward-looking models were updated with macroeconomic indicators using central banks' March 2024 forecasts. As a result of the update, additional provisions for future loan impairment were recognised in the amount of 2.2 million euros. The Group's income tax expense increased by 0.2 million euros to 1.3 million euros compared to the same period last year. The increase was mainly driven by the introduction of the advance income tax in Latvia at the end of 2023, which in 2023 was only reflected in the figures for the fourth quarter but will affect all quarters in 2024. The Group's investment property portfolio, which includes both agricultural land and commercial real estate, stood at 49 million euros at the end of the quarter. The Group did not conduct any significant transactions with investment properties during the quarter. In 2024, the Group identified an error in the calculations for the application of the effective interest method. The error was made in periodisation of income and expenses directly related to the issuance of loans in 2022, which was corrected in the first quarter of this year. As a result of the correction of the error, the retained earnings of the previous periods decreased by 3.2 million euros. Also, as of December 31, 2023, receivables from customers decreased by 3.7 million euros and income tax liabilities by 0.5 million euros. Income statement, in thousands of euros Q1 2024 Q1 2023 3M 2024 3M 2023 ------------------------------------------------------------------------------- Net interest income 26,392 22,519 26,392 22,519 Net fee and commission income 2,164 1,973 2,164 1,973 Net income (loss) on financial assets 1,071 572 1,071 572 Net other operating income -849 -117 -849 -117 ------------------------------------------------------------------------------- Total net operating income 28,778 24,947 28,778 24,947 ------------------------------------------------------------------------------- Salaries and associated charges -6,412 -5,652 -6,412 -5,652 Administrative expenses -3,669 -3,523 -3,669 -3,523 Depreciation, amortisation and impairment -2,052 -1,013 -2,052 -1,013 ------------------------------------------------------------------------------- Total expenses -12,133 -10,188 -12,133 -10,188 ------------------------------------------------------------------------------- Provision expenses (income) -2,419 5 -2,419 5 ------------------------------------------------------------------------------- Profit before loss allowances 14,226 14,764 14,226 14,764 ------------------------------------------------------------------------------- Net loss allowances on loans and financial investments -6,555 -3,909 -6,555 -3,909 Profit before income tax 7,671 10,855 7,671 10,855 Income tax expense -1,275 -1,113 -1,275 -1,113 ------------------------------------------------------------------------------- Profit for the period from continuing operations 6,396 9,742 6,396 9,742 ------------------------------------------------------------------------------- Income (loss) from discontinued operations 21 -121 21 -121 ------------------------------------------------------------------------------- Profit for the period 6,417 9,621 6,417 9,621 ------------------------------------------------------------------------------- Statement of financial position, in thousands of euros 31 March 2024 31 Dec 2023 (restated) 31 March 2023 ------------------------------------------------------------------------------- Cash and cash equivalents 652,065 518,672 258,316 Debt securities at FVOCI 13,586 15,400 18,531 Loans to customers 1,747,606 1,662,002 1,422,702 Other assets 89,823 91,324 104,985 ------------------------------------------------------------------------------- Total assets 2,503,080 2,287,398 1,804,534 ------------------------------------------------------------------------------- Customer deposits and loans received 2,161,463 1,946,314 1,507,115 Subordinated notes 76,476 76,109 62,908 Other liabilities 21,688 20,182 17,310 ------------------------------------------------------------------------------- Total liabilities 2,259,627 2,042,605 1,587,333 ------------------------------------------------------------------------------- Equity 243,453 244,793 217,201 ------------------------------------------------------------------------------- Total liabilities and equity 2,503,080 2,287,398 1,804,534 ------------------------------------------------------------------------------- Commentary by Martin Länts, chairman of the management board of Bigbank AS: The loan portfolio has continued to grow strongly in all product categories. Particularly pleasing is the growth of the home loan portfolio, which increased by 43 million euros in the first quarter of the year, surpassing the growth of the same period last year by 23 million euros. There are signs of revitalisation in the real estate markets, and it's gratifying to see that an increasing number of clients are choosing Bigbank as their home purchase financier. The sales volume of business loans and leases also experienced strong growth in the first quarter, reaching 114.4 million euros, which is 93% higher than the same period last year. Particularly rapid - three times higher compared to last year - was the growth in sales of loans and leases to businesses in Lithuania. Our funding base remains strong - in the first quarter, the Group's deposit portfolio grew faster than the loan portfolio, increasing by 215 million euros, exceeding the growth of the first quarter of last year by 85 million euros. It is important to note regarding deposits that we recently started offering deposits in the Lithuanian market. We are proud to announce that now our Lithuanian clients can also be part of Bigbank's overall strategy to offer one of the highest market rates across all home markets. Bigbank's profit for the first quarter of 2024 was lower compared to the previous year. The largest impact was due to increased credit loss allowances on loans, personnel expenses, and the cost of the deposit guarantee fund, as well as increased amortisation of intangible assets. As for the outlook, we continue our work and the systematic implementation of the Group's strategy, which includes continued growth and expanding the product portfolio towards everyday banking. 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