Baltic: Luminor’s net profit more than doubles in M9/2023

The Baltic banking group, Luminor, reported a net profit of EUR 178.3mn in the first nine months of 2023, which was up more than double from EUR 84.4mn in the same period of 2022. Net income on interest amounted to EUR 399.1mn (EUR 202.4mn) and net income on fees and commissions to EUR 63.8mn (EUR 59.6mn). Total operating income stood at EUR 480.6mn (EUR 270.9mn) and operating profit at EUR 234.4mn (EUR 102.7mn). In the third quarter of 2023, the bank’s net profit amounted to EUR 65.1mn, which was up from EUR 40.0mn a year earlier. Net interest income stood at EUR 141.6mn (EUR 73.3mn) and net fee and commission income at EUR 21.0mn (EUR 20.7mn). Total operating income amounted to EUR 166.7mn (EUR 100.2mn) and operating profit to EUR 85.7mn (EUR 42.0mn). Demand for both new loans and deposits was limited. Loans to customers amounted to EUR 10.8bn and deposits from customers to EUR 11.0bn at the end of September 2023.