Luminor Bank announced that its first-half net profit in the three Baltic states surged by 2.6 times y/y to €113.4mn, BNS, a Baltic newswire, reported on August 11.
The bank's second-quarter profit came in at €53.2mn, a rise of 81% from a year earlier.
Luminor attributed the net profit growth in the second quarter to a sharp increase in net interest income due to rising base interest rates.
Total operating income grew by a factor of 1.9 to €315mn in the first half and by a factor of 1.9 to €166.2mn in the second quarter alone.
"The second quarter saw limited demand for new loans and a marginal decrease in deposits as customers responded to the prevailing economic environment and higher reference interest rates," the bank said in its report.
The non-performing loans ratio stayed at 1.2%, it said, BNS reported.
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