Luminor Delivers Strong Financial Results for First Quarter of 2019
Today, Luminor Bank AS published its interim report for the first quarter of 2019 showing strong financial results despite ongoing transformation process.
Luminor delivered strong financial results for the first quarter of 2019, with net profit reaching 26.4 million euros. The results were achieved despite the ongoing transformation process and 17 million euros worth of extraordinary expenses from investments into IT and organization,
Deposits across all segments have grown more than 1 billion euros compared to the same period in 2018, and the loans to deposits ratio has improved to 120.1% this quarter.
As the legal merger was fully completed at the beginning of this year, it is the first time when Luminor publishes its interim quarter report as a merged pan-Baltic bank. Luminor is Estonian registered credit institution, with sizable branches in Lithuania and Latvia.
Luminor Bank CEO Erkki Raasuke said that economic backdrop of the Baltic countries has been very favorable and Luminor is taking full advantage of the possibilities it offers. “We are working towards becoming the best financial partner in the Baltics for the local way of life and doing business and I’m pleased to note that the transformation process is right on track,” Raasuke remarked.
Luminor unaudited Q1 2019 report can be found here.