Börsiteade

Pealkiri

Correction: Bigbank Financial Results for January 2024

Teade

Bigbank AS revises the headings of the comparison periods in the tables 'Income
statement,' 'Business volumes,' and 'Key figures' in the previously published
stock exchange notice 'Bigbank Financial Results for January 2024
(https://view.news.eu.nasdaq.com/view?id=b3043f9650003ab38154130b9c4d85b31&lang=
en).'

The year 2024 started with strong results for Bigbank. Business volumes
increased in January, which was also reflected in the revenues.

In a changing interest rate environment, where deposit interest rates have
peaked and are expected to decline during 2024, many depositors are actively
seeking opportunities to place their available funds under reasonable
conditions. Bigbank continues to offer attractive interest rates in the market,
and therefore, the deposit portfolio showed significant growth in January,
reaching the level of 2.0 billion euros. Both the savings deposit portfolio and
the term deposit portfolio showed growth individually. A significant milestone
was the introduction of term deposits in Lithuania, marking the coverage of
Bigbank's last domestic market where this product was not previously offered.
Since January 2024, Bigbank offers term deposits on all its operating markets.

The growth in the loan portfolio was driven by the home loan portfolio, although
there was also slight growth in the business loan and consumer loan portfolios.
There has been some revitalisation in the home loan market, partly due to
changes in the interest rate environment and expectations of further declines in
Euribor, as well as increased competition, ultimately resulting in more
favorable interest rates for clients.

The increased loan portfolio and the declining yet still high-interest rate
environment have ultimately enabled Bigbank to increase net interest income in
January compared to the previous year by 2 million euros or 27%.

There is evidence of a certain continuation of the quality decline in the
consumer loan portfolio that began in the last quarter of the previous year.
This is confirmed by the increased volume of net loss allowances on loans and
financial investments, which amounted to 2.5 million euros in January. However,
the level of non-performing loan portfolio remains low, and the overall quality
of the loan portfolio is good.

A net profit of 3.2 million euros in January is a positive indicator. It is also
gratifying that the cost-to-income ratio has decreased below the 40% level, with
the January figure at 38.5%.

Bigbank's January 2024 Financial Results:

  * Customer deposits and loans increased by 557 million euros to 2.0 billion
    euros (+39%) compared to the previous year.
  * Receivables from customers increased by 317 million euros to 1.69 billion
    euros (+23%) compared to the previous year.
  * Net interest income was 9.3 million euros in January. Compared to January of
    the previous year, there was an increase of 2.0 million euros (+27%).
  * The volume of net loss allowances on loans and financial investments
    amounted to 2.5 million euros in January; compared to the same period last
    year, there was an increase of 1.0 million euros or 62%.
  * The net profit for January was 3.2 million euros; compared to the same
    period in 2023, there was an increase of 0.2 million euros or 8%.
  * Return on equity was 15.5% in January.


 Income statement, in thousands of                                  Difference
 euros                                Jan 2024     YTD24     YTD23     YoY
-------------------------------------------------------------------------------
 Total net operating income, incl.       9,935     9,935     8,116   1,819 +22%

 Net interest income                     9,347     9,347     7,349   1,998 +27%

 Net fee and commission income             722       722       662      60  +9%

 Total expenses, incl.                  -3,821    -3,821    -3,288    -533 +16%

 Salaries and associated charges        -2,214    -2,214    -1,898    -317 +17%

 Administrative expenses                -1,025    -1,025    -1,054      29  -3%

 Profit before loss allowances           6,114     6,114     4,828   1,285 +27%

 Net loss allowances on loans and
 financial investments                  -2,507    -2,507    -1,550    -957 +62%

 Income tax expense                       -358      -358      -275     -83 +30%

 Profit for the period from
 continuing operations                   3,248     3,248     3,003     245  +8%

 Loss before tax from discounted
 operations                                  0         0         0       0
-------------------------------------------------------------------------------
 Profit for the period                   3,248     3,248     3,003     245  +8%
-------------------------------------------------------------------------------




 Business volumes, in thousands of                                  Difference
 euros                                Jan 2024     YTD24     YTD23     YoY
-------------------------------------------------------------------------------
 Customer deposits and loans
 received                            2,002,513 2,002,513 1,445,100 557,413 +39%

 Loans to customers                  1,687,528 1,687,528 1,370,264 317,264 +23%



 Key figures                                                        Difference
                                      Jan 2024     YTD24     YTD23     YoY
-------------------------------------------------------------------------------
 ROE                                     15.5%     15.5%     16.8%  -1.3pp

 Cost / income ratio (C/I)               38.5%     38.5%     40.5%  -2.0pp

 Net promoter score (NPS)                   57        57        56      +1


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