Nina Kolyako - Riga
By the end of the 2nd quarter of 2008 the balance sheet total of Balti Investeeringute Grupi Pank AS (BIG), the parent company of Latvian consumer loans provider AS Baltijas Izaugsmes Grupa, reached 132.3 million lats (2 699.5 million Estonian kroons), thus exceeding the balance sheet total as of the beginning of the year by 3.9 million lats (79.4 million Estonian kroons), informs BC AS BIG Chairman of the Board Juris Puce.
There have not been any significant changes in the structure of assets ; receivables from customers form the majority of the total assets (82%). The growth of loan portfolio in the 2nd quarter was modest as planned, which is associated with the changes occurred in the macro environment and conservative loan policy and also liquidity management. As of the end of the period the number of loan contracts amounted to 128 000 (122 000 as of the end of the 1st half year). In terms of percentage the loan portfolio has increased the most in Lithuania, during the 1st quarter increase was 109%, i.e. 3.3 million lats (67.6 million Estonian kroons). In Estonia and Latvia the granting of loans and loan repayments are at the same level, thus the loan portfolio has not increased in these markets.
As of the end of the quarter the volume of monetary instruments amounted to 19.7 million lats (401.7 million Estonian kroons), forming 14.9% of the balance sheet total.
In Q2 2008 total liabilities decreased by 6.9 million lats (142.1 million Estonian kroons), whereas term deposits increased by 10 million lats (205.1 million Estonian kroons), bank loans decreased by 8.8 million lats (180.3 million Estonian kroons) and issued bonds decreased by 8.6 million lats (176.4 million Estonian kroons).
As of June 30 2008, the term deposits amount to 20.3 million lats (413.7 million Estonian kroons), increase of 98.3% during the quarter and form 19.1% of total liabilities (compared to 8.6% at the beginning of the year). Issued bonds represent 70.0% of total liabilities (75.5 million lats or 1 520.5 million Estonian kroons), bank loans 0.8% of total liabilities (813 thousands lats or 16.6 million Estonian kroons) and subordinated bonds 7.9% of total liabilities (8.4 million lats or 172.3 million Estonian kroons).
In the 2nd quarter the interest income amounted to 8.2 million lats (166.9 million Estonian kroons), total of 17.1 million lats (348.0 million Estonian kroons) during the first half-year. In the 2nd quarter of 2008 Balti Investeeringute Grupi Pank earned a profit of 1.9 million lats (40.5 million Estonian kroons), which is 24.1% more than in the same period of the previous year. The profit of the first half-year amounted to 4.4 million lats (89.2 million Estonian kroons).
The office network of Balti Investeeringute Grupi Pank AS consists of 43 offices, of which 21 offices are located in Estonia, 17 in Latvia and 5 in Lithuania.
As of 30 June 2008 there were 492 employees working in the Group, including 225 in Estonia, 217 in Latvia and 50 in Lithuania.
The Q2 Public Interim Report Q2 is available at the company’s web-site www.big.ee.