Lunar’s Strong Financial Performance
Nordic neobank Lunar has reported impressive financial results for the first half of 2023. The company has managed to double its net interest and fee income compared to the same period last year. Despite not yet reaching profitability, Lunar has made significant progress in reducing its losses. The bank’s loss for the period has reduced by DKK 788 million, narrowing down to DKK 213 million.
Growth in Net Interest and Fee Income
Lunar’s net interest and fee income have also experienced remarkable growth. In the first six months of 2023, the bank’s income reached DKK 184 million, which is double the amount earned in the same period last year (DKK 90.1 million).
Expansion and Customer Base
Lunar, originally based in Denmark, obtained its banking license in 2019. Since then, it has expanded its operations to serve more than 750,000 private and business customers across the Nordics. In the first half of 2023, Lunar added over 50,000 new customers in Denmark, Norway, and Sweden. This signifies the bank’s growing popularity and success in attracting new users.
Focus on Profitability and Growth
Lunar’s Chief Financial Officer, Rie Ruby, expressed the bank’s goal to create the best everyday bank for customers in the Nordic countries. While pursuing this objective, the company also aims to increase earnings and achieve profitability at a faster pace. Ruby noted that the first half of the year demonstrates Lunar’s progress, and the bank remains focused on continuous growth.
