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2021/09/13 / Erste Group Research

Luminor Bank AS

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 2020, the bank had total assets of EUR 14.9bn. The bank's business focus is on retail customers and small and medium-sized enterprises.

Lower net interest income and net fee and commission income as well as extraordinary expenses in connection with the fulfilment of regulatory requirements and the business restructuring caused pre-tax profit to decrease by 39.6% in 2020. In the first six months of the current fiscal year, the bank achieved a pre-tax result of EUR 29.6mn, which represents a significant improvement compared to the first half of 2020 (EUR -7.6mn).

Senior unsecured debt of Luminor Bank is rated 'Baa1' by Moody's. On 13 September 2021, the rating was upgraded by one notch from 'Baa2'. The outlook is stable.

Luminor Bank issues mortgage covered bonds under the Estonian Covered Bond Act. The covered bonds have an 'Aa1' rating from Moody's since January 2020. Since February 2021, the covered bond rating has a positive outlook.

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General information

AuthorErste Group Research
Product nameCredit News
Topic in focusCredits/ Corporate bonds
Economy in focus-
Currency in focus-
Sector in focus-


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