Company name Luminor Bank AS
Headline Luminor Bank AS: Full Year Results 2018


RNS Number : 3050U
Luminor Bank AS
28 March 2019
 

 

 

Luminor Bank AS: Full Year Results 2018

 

Luminor Bank AS has published an Annual Report 2018 on the Internet at Luminor's website: https://www.luminor.ee/en/investors#financial-reports. The annual reports of all Luminor Group entities are available on this website.

 

Luminor Group financial results improved in 2018 reaching a net profit of EUR 125 million.  Financial results remained stable in all three Baltic States and showed profitability throughout the year.  Overall Luminor Group deposit volumes in 2018 increased by 7,6%, and while customer lending volumes had a minor decrease of 1,7% compared to 2017, loan to deposit ratio improved.

 

"In 2018 we took the first steps on this journey by merging six legal entities into one pan-Baltic organization, by beginning the task of setting up one harmonized and independent IT infrastructure and by launching a number of operating initiatives to improve the viability, profitability, and agility of the bank," said Luminor`s CEO Erkki Raasuke.

 

According to Raasuke, Luminor Group financial results improved quite substantially in 2018 reaching a net profit of EUR 125 million, not least considering bank had extraordinary expenses for the transformation work of around  EUR 26 million.  "We will continue our activities to improve our profitability," emphasized Raasuke.

 

"I would also like to highlight another significant event during the year, namely that a consortium led by private equity funds managed by Blackstone - one of the world's largest private equity firms - in September 2018 agreed with Nordea and DNB to acquire 60% of Luminor, with an option to acquire Nordea's remaining 20% over the coming years," said Raasuke. "Ultimately, all our investments in building this bank are supporting our goal to create the modern, accessible, truly Baltic banking partner that our customers deserve."

 

For further information, please contact Luminor's Head of Treasury & ALM, Max Ehrengren: +46730818960, max.ehrengren@luminorgroup.com.

 

Luminor Investor Relations (ir@luminorgroup.com)

 

 

 

 


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