By the end of the first quarter, loans to customers stood at a record high of 2.8 billion euros, having increased by 126 million euros (+5%) over the quarter and by 536 million euros (+23%) year on year. Compared to the end of the previous quarter, the business loan portfolio grew by 109 million euros (+11%) to 1.1 billion euros, the home loan portfolio by 25 million euros (+3%) to 844 million euros and the consumer loan portfolio by 2 million euros (+0.3%) to 856 million euros.
The group’s total deposit portfolio grew by 127 million euros (+4%) quarter on quarter and by 454 million euros (+18%) year on year, reaching 3.0 billion euros. Compared to the end of the previous quarter, the term deposit portfolio grew by 61 million euros (+4%) to 1.48 billion euros, while the savings deposit portfolio increased by 46 million euros (+3%), also reaching 1.48 billion euros.
The volume of current accounts also continued to grow, more than doubling to 40 million euros over the quarter. Bigbank continues to offer its retail customers in the Baltic countries the best current account service in the market. Features such as 2% interest on an unlimited account balance, free payments and no associated costs have made the Bigbank current account a popular choice.
Bigbank earned a net profit of 7.5 million euros in the first quarter of 2026, 2.3 million euros less than in the same period in 2025. The reduction was driven by a loss on changes in the fair value of investment properties. The group’s agricultural land was written down by 2.6 million euros in the first quarter, while no change in the value of investment properties was recorded in the same period last year. Excluding this impact, Bigbank’s profit for the first quarter of 2026 would have been higher than a year ago.
Interest income for the first quarter amounted to 49.4 million euros, an increase of 3.2 million euros (+7%) year on year. Interest expense was 20.2 million euros, a decrease of 0.4 million euros ( 2%) compared to the same period last year. As a result, Bigbank’s net interest income increased by 3.6 million euros (+14%) compared to the first quarter of 2025, reaching 29.2 million euros.
In the first quarter, the quality of the loan portfolio remained stable and there were no signs of weakening payment behaviour. Net expected credit loss allowances decreased by 1.6 million euros year on year, reaching 3.0 million euros. The credit quality of consumer loans continues to improve, while that of home loans is very high and that of business loans is stable. At the end of the period, stage 3 loans totalled 123 million euros, accounting for 4.3% of the total loan portfolio – a figure similar to that at the end of the previous quarter.
Bigbank’s strong and expanding team has played a key role in boosting the group’s business volumes. The number of employees grew by 33 (+5%) during the quarter and by 98 (+17%) year on year, rising to 672. The main growth drivers were the launch of everyday banking products and the commitment to providing high-quality customer service in the context of growing loan and deposit portfolios. Salary expenses and associated charges increased to 9.5 million euros in the first quarter, exceeding the figure for the same period in 2025 by 2.0 million euros (+27%).
During the quarter, the value of the group’s investment property portfolio decreased by 2.8 million euros to 81.9 million euros. This was mainly due to the write-down of the group’s agricultural land in Estonia by 2.6 million euros (5% of the portfolio value), prompted by a fall in transaction prices in the market. Cash inflows from leasing out agricultural land remained stable.
Bigbank issued Additional Tier 1 (AT1) bonds in the amount of 3 million euros in the first quarter, increasing its common equity Tier 1 capital by the same amount. A total of 30 bonds with a nominal value of 100,000 euros each were issued to two investors.
On 25 February 2026, Bigbank signed its first synthetic securitisation transaction with the EIB Group, consisting of the European Investment Bank (EIB) and the European Investment Fund (EIF). The transaction aims to support new lending to small and medium-sized enterprises and mid-caps in Estonia, Latvia and Lithuania, with a particular focus on micro-enterprises, early-stage companies and environmental sustainability. Under the transaction, the EIF provides Bigbank with a financial guarantee covering a reference portfolio of over 210 million euros, consisting of loans, credit lines and leases originated in the three Baltic States and Finland. More specifically, the guarantee offers credit risk protection for the senior tranche of 184 million euros and the mezzanine tranche of 23 million euros. The EIF’s exposure to the mezzanine tranche, as well as part of its exposure to the senior tranche, is in turn counter-guaranteed by the EIB. The junior tranche of the reference portfolio, amounting to approximately 3 million euros, is fully retained by Bigbank. The transaction will result in a reduction in Bigbank’s regulatory capital requirements. In accordance with the terms of the transaction, Bigbank plans to redeploy the released capital by originating approximately 254 million euros of additional financing to small and medium-sized enterprises and mid-caps over the next three years.
On 26 March 2026, Bigbank’s supervisory board decided to terminate the activities of the Swedish branch with effect from 31 May 2026, after which the process of closing the branch will begin. Bigbank ceased accepting deposits at the Swedish branch on 27 March 2026 and will only continue to service the existing deposit portfolio. As the branch's loan portfolio was transferred in the fourth quarter of 2025, the termination of its operations will have a marginal impact on Bigbank’s financial performance.
| Income statement, in thousands of euros | Q1 2026 | Q1 2025 | 3M 2026 | 3M 2025 |
| Net interest income | 29,209 | 25,574 | 29,209 | 25,574 |
| Net fee and commission income | 2,618 | 2,523 | 2,618 | 2,523 |
| Net income (loss) on financial assets | -73 | 1,950 | -73 | 1,950 |
| Net other operating income | -1,165 | -895 | -1,165 | -895 |
| Total net operating income | 30,589 | 29,152 | 30,589 | 29,152 |
| Salaries and associated charges | -9,525 | -7,477 | -9,525 | -7,477 |
| Administrative expenses | -3,158 | -2,752 | -3,158 | -2,752 |
| Depreciation, amortisation and impairment | -2,399 | -2,137 | -2,399 | -2,137 |
| Other gains (losses) | -2,599 | 14 | -2,599 | 14 |
| Total expenses | -17,681 | -12,352 | -17,681 | -12,352 |
| Profit before loss allowances | 12,908 | 16,800 | 12,908 | 16,800 |
| Net expected credit loss allowances | -2,991 | -4,635 | -2,991 | -4,635 |
| Profit before income tax | 9,917 | 12,165 | 9,917 | 12,165 |
| Income tax expense | -2,385 | -2,301 | -2,385 | -2,301 |
| Profit for the period from continuing operations | 7,532 | 9,864 | 7,532 | 9,864 |
| Profit from discontinued operations | 0 | 0 | 0 | 0 |
| Profit for the period | 7,532 | 9,864 | 7,532 | 9,864 |
| Statement of financial position, in thousands of euros | 31 Mar 2026 | 31 Dec 2025 | 31 Mar 2025 |
| Cash and cash equivalents | 446,030 | 448,876 | 487,160 |
| Debt securities at FVOCI | 43,913 | 37,226 | 49,431 |
| Loans to customers | 2,833,915 | 2,707,537 | 2,297,987 |
| Other assets | 119,811 | 123,084 | 109,603 |
| Total assets | 3,443,669 | 3,316,723 | 2,944,181 |
| Customer deposits and loans received | 3,014,460 | 2,887,687 | 2,560,513 |
| Subordinated notes | 110,040 | 106,744 | 95,943 |
| Other liabilities | 20,685 | 22,891 | 16,885 |
| Total liabilities | 3,145,185 | 3,017,322 | 2,673,341 |
| Equity | 298,484 | 299,401 | 270,840 |
| Total liabilities and equity | 3,443,669 | 3,316,723 | 2,944,181 |
Commentary by Martin Länts, chairman of the management board of Bigbank AS:
“The first quarter of 2026 was a strong start for Bigbank. Both the loan and deposit portfolios grew in line with expectations, while the quality of the loan portfolio remained stable. Compared to the same period last year, the Bank’s net interest income increased.
Alongside solid financial results, we continued to advance our everyday banking strategy and expand our product offering. In the Baltics, we offer retail customers a clearly differentiated current account with 2% interest on account balance, free payments, and no associated fees. As a result, the Bigbank current account has gained strong traction. During the first quarter alone, the number of current account customers grew by 46%, reaching nearly 28,000 by quarter end.
The launch of current accounts for Estonian corporate customers in December 2025 further supported our strategic expansion into everyday banking. Corporate demand developed steadily during the first quarter, supported by market‑leading terms that mirror the strength of our retail offering.
Looking ahead to the second quarter of 2026, Bigbank will focus on continued growth of the loan portfolio, the introduction of debit cards for retail customers in the Baltics, and the expansion of current account services for business customers in Latvia and Lithuania.”
Bigbank AS (www.bigbank.eu), with over 30 years of operating history, is a commercial bank owned by Estonian capital. As of 31 March 2026, the bank's total assets amounted to 3.4 billion euros, with equity of 298 million euros. Operating in nine countries, the bank serves more than 196,000 active customers and employs over 650 people. The credit rating agency Moody's has assigned Bigbank a long-term bank deposit rating of Ba1, along with a baseline credit assessment (BCA) and an adjusted BCA of Ba2.
Argo Kiltsmann
Member of the Management Board
Telephone: +372 5393 0833
Email: argo.kiltsmann@bigbank.ee
www.bigbank.ee
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