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Thursday, 25.04.2024, 17:30
Luminor earns EUR 13.2 mln net profit in first quarter of operation
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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.
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