Estonia: Luminor Bank’s net profit up 81% in Q2/2023

The Baltic banking group, Luminor Bank, made a net profit of EUR 53.2mn in the second quarter of 2023, which was up 81% from the same period of 2022, ERR reports. The group attributed the sharp rise in profit to an improvement in net interest income. Meanwhile, operating expenses increased by 72% amid investments in IT systems. Luminor Bank is headquartered in Estonia with branches in Latvia and Lithuania. The bank’s majority shareholder is US-based investment management company Blackstone Group.