Luminor published its 2019 annual report
Luminor Bank AS today published its 2019 Annual Report. The bank ended 2019 with a significantly improved funding position. Luminor is ready to support customers in the current extraordinary times and to foster future growth.
At the close of 2019, Luminor's loan-to-deposit ratio stood at 99.9 %, down from 126.5% in 2018. The deposit portfolio increased by 12.9%. Our focused efforts towards asset quality resulted in a 37% reduction in the non-performing loan portfolio over the year. Pension assets under management increased by 20%. In light of significant investments and one-off costs related to the group transformation, combined with a reduction in net loans following efforts to close the funding gap, and the review of lending portfolios, net profit for 2019 was EUR 54 million.
The annual report is published here:
This announcement has been issued through the Companies Announcement Service of Euronext Dublin.