Lunar’s Revenue Doubles, but Profitability Remains Elusive
Nordic neobank Lunar has reported a significant increase in net interest and fee income for the first half of 2023 compared to the same period last year. Despite this revenue growth, Lunar has not yet achieved profitability. However, its loss for the period has narrowed to DKK 213m, down from DKK 788m in 2022.
Growth in Net Interest and Fee Income
Lunar experienced a doubling of its net interest and fee income, reaching DKK 184m in the first six months of 2023, compared to DKK 90.1m in the same period last year. This growth indicates the neobank’s increasing popularity and customer base.
Lunar’s Expansion and Customer Base
Lunar, which obtained its banking license in Denmark in 2019, currently serves over 750,000 private and business customers across the Nordic region. The neobank added more than 50,000 new customers in the first half of 2023, focusing on Denmark, Norway, and Sweden.
Focus on Profitability and Growth
Lunar’s chief financial officer, Rie Ruby, expressed the bank’s commitment to become the leading everyday bank for customers in the Nordic countries. While prioritizing growth, Lunar aims to increase earnings and achieve profitability. The positive performance in the first half of 2023 demonstrates that the bank is on track to realizing its goals.