Baltic: Luminor Bank’s annual net profit up 56% in 2023

The Baltic banking group, Luminor Bank, posted a pre-tax profit of EUR 273.2mn in 2023, which was up 92% from EUR 142.4mn in 2022, The Baltic Times reported. The Estonia-based group’s annual net profit amounted to EUR 194.7mn, which was up 56% from EUR 124.7mn a year earlier. Luminor attributed the sharp rise in profit to an improvement in net interest income due to increased interest rates. In the fourth quarter of 2023, Luminor’s pre-tax profit amounted to EUR 51.7mn, which was up 10.7% over a year. Meanwhile, the quarterly net profit dropped by 59.3% to EUR 16.4mn due to the introduction of higher taxes in Latvia and Lithuania.