Bigbank’s Financial Results for August 2023


August 2023 was again a month with solid growth and profit numbers for Bigbank. In the lending business, the corporate, home, and consumer loan portfolios continued to grow, with the home loan portfolio showing the greatest growth. Total receivables from customers exceeded the significant level of 1.5 billion euros for the first time.

In terms of offered deposit interest levels, Bigbank continues to be at the forefront of its home markets, which explains the customers’ persistent high interest in deposit products. The largest growth was in the savings deposit product, whose portfolio exceeded the EUR 800 million mark at the end of the month, while the term deposit portfolio, still larger in absolute terms, exceeded the EUR 900 million level at the end of August.

The quality of the loan portfolio continues to be stably strong. The volume of loan discounts made during the 8 months of 2023 has increased in percentage exactly as much as the claims to customers (+27%).


In August, Bigbank’s capital position strengthened again. There was a directed issue of notes qualifying as Additional Tier 1 (AT1) own funds of the bank, which turned out to be successful. The initial volume of 3 million euros was oversubscribed by 2.08 million euros, and the final issue volume was 5.08 million euros.

Bigbank’s financial results for August 2023:

• Customer deposits and received loans grew by 487 million euros to 1.75 billion euros (+38%) in the year.

• Receivables from customers grew by 325 million euros to 1.52 billion euros (+27%).

• Net interest income was 8.9 million euros in August, a total of 64.3 million euros in the first eight months of the year. Compared to the same period last year, the increase in the first eight months was 10.1 million euros (+19%).

• In the first eight months of the year, the volume of net loan claims and discounts on financial investments was 11.9 million euros, compared to a year ago, the increase was 2.6 million euros or 27%.

• August’s net profit was 3.3 million euros. The total profit of the first eight months was 24.0 million euros, the increase compared to 2022 was 5.0 million euros or 26%.

• Return on equity was 16.2% in the consolidated view of the first eight months.

Income statement, in thousands of euros Aug 2023 YTD 2023 YTD 2022 Difference YoY
Total net operating income, incl. 9,443 70,011 58,685 11,326 +19%
Net interest income 8,905 64,266 54,211 10,055 +19%
Net fee and commission income 425 5,407 4,867 541 +11%
Total expenses, incl. -4,083 -30,134 -27,929 -2,205 +8%
Salaries and associated charges -1,980 -15,632 -13,997 -1,635 +12%
Administrative expenses -1,454 -9,886 -11,154 1,268 -11%
Profit before loss allowances 5,360 39,876 30,756 9,120 +30%
Net loss allowances on loans and financial investments -1,603 -11,945 -9,384 -2,562 +27%
Income tax expense -482 -3,328 -2,385 -943 +40%
Profit for the period from continuing operations 3,275 24,602 18,987 5,615 +30%
Loss before tax from discounted operations 0 -617 0 -617  
Profit for the period 3,275 23,985 18,987 4,998 +26%
Business volumes, in thousands of euros Aug 2023 YTD 2023 YTD 2022 Difference YoY
Customer deposits and loans received 1,750,965 1,750,965 1,264,358 486,607 +38%
Loans to customers 1,522,992 1,522,992 1,197,629 325,362 +27%
Key figures Aug 2023 YTD 2023 YTD 2022 Difference YoY
ROE 17.1% 16.2% 15.0% +1.2pp  
Cost / income ratio (C/I) 43.2% 43.0% 47.6% -4.5pp  
Net promoter score (NPS) 60 58 51 +7  

Bigbank AS ( 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 1.9 billion euros.

Argo Kiltsmann
Member of the Management Board
Telephone: +372 5393 0833
Email: [email protected]

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