Baltic, Banks, Estonia, Financial Services, Good for Business, Latvia

International Internet Magazine. Baltic States news & analytics Sunday, 17.01.2021, 17:01

Luminor earns EUR 13.2 mln net profit in first quarter of operation

BC, Tallinn, 02.03.2018.Print version
Estonia: Luminor earns EUR 13.2 mln net profit in first quarter of operation Luminor Bank AS, the joint bank of Nordea and DNB which was created in October 2017, earned a revenue of 29.9 mln euros and a net profit of 13.2 mln euros in the fourth quarter of last year, which was also the bank's first quarter of operation, reports LETA.

The bank's net interest income was 24.4 mln euros and operating costs 17.2 mln euros in the fourth quarter. The costs include one-time costs connected to the merger, it can be seen in the bank's interim report.

The indicators of the bank's first operational quarter cannot be compared with the previous periods because as of Oct. 1, 2017 the financial indicators include results of both banks that merged and therefore have changed substantially.

The net loan volume of Luminor totaled 3.23 bln euros during the quarter.

The volume of customers' deposits amounted to 1.65 bln euros at the end of the year.

The ration of loans and deposits grew by 31 %age points due to the merger to 196 %. The bank's goal is to reduce the ration by increasing the volume of deposits and growing the ratio of private customers' deposits. The market share of Luminor's deposits is around 10 % in Estonia.

Luminor Bank started operation under the common brand at the beginning of last October. CEO of the new bank is Erkki Raasuke and head of the bank's operations in Estonia is Gunnar Toomemets.

Search site