Luminor Bank AS
Issuer Profile Covered Bonds , 30. Jan.
Luminor Bank AS is the third largest bank in the Baltics. The bank is headquartered in Estonia and operates branches in Lithuania and Latvia. At year-end 2022, the bank had total assets of EUR 14.8bn. The bank's business focus is on retail customers and small and medium-sized enterprises.
The bank's pre-tax profit amounted to EUR 142.1mn in the 2022 financial year, an increase of 73% compared to the previous year. Net interest income rose by 26% to EUR 300.8mn, while net commission income increased by 2% to EUR 80.3mn. The positive trend continued in the first nine months of 2023 and the pre-tax result more than doubled compared to the same period of the previous year.
Senior unsecured liabilities are rated 'Baa1' by Moody's. On 13 September 2021, the rating was upgraded by one notch from 'Baa2'. The outlook is positive.
The bank's pre-tax profit amounted to EUR 142.1mn in the 2022 financial year, an increase of 73% compared to the previous year. Net interest income rose by 26% to EUR 300.8mn, while net commission income increased by 2% to EUR 80.3mn. The positive trend continued in the first nine months of 2023 and the pre-tax result more than doubled compared to the same period of the previous year.
Senior unsecured liabilities are rated 'Baa1' by Moody's. On 13 September 2021, the rating was upgraded by one notch from 'Baa2'. The outlook is positive.