Baltic, Banks, Financial Services

In the second quarter alone, the group posted a profit of 13.463 mln euros, twice as high as last year, according to its second-quarter performance report. 

The group ended the first quarter of 2020 with a loss of 26.4 mln euros as a result of loan loss provisions due the COVID-19 crisis. Its first-quarter net loss stood at 21.2 mln euros. 

Luminor CEO Erkki Raasuke said the bank had coped well with the challenges of the pandemic.

The bank's assets declined by 5.4% in the second quarter y-o-y to 13.357 bn euros. Q-o-q, the rate of decline was 1%

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The total loan portfolio shrank by 14.2% y-o-y and by 3.2% q-o-q to 9.616 bn euros. Deposits rose by an annual 10.3 and by a quarterly 3.9 % to 10.344 bn euros.  

In Lithuania alone, the bank held a loan portfolio of 4.263 bn euros and 5.816 bn euros in deposits as of late June. 

Luminor is the Baltics' third-largest financial services provider with a market share of 15.6% in deposits and 17.6% in lending as of late June, down from 16.7% and 19.6% a year ago, according to the report. 

The group had around 910,000 customers in late June, including about 558,000 in Lithuania, it said.