Lunar Doubles Revenue, but Profitability Remains a Challenge
Nordic neobank Lunar experienced a significant boost in net interest and fee income during the first half of 2023, doubling its revenue compared to the same period last year. Despite this increase, Lunar has yet to achieve profitability, although its losses for the period have narrowed significantly. Lunar’s loss for the first six months of 2023 was DKK 213m, a sharp decrease from DKK 788m in the same period in 2022.
Continued Growth in Net Interest and Fee Income
Lunar’s net interest and fee income showed impressive growth, reaching DKK 184m in the first half of 2023, compared to DKK 90.1m in the same period last year. This significant increase highlights the bank’s strong performance and potential for future profitability.
Expansion and Customer Growth
Having obtained its banking license in Denmark in 2019, Lunar has been steadily expanding its customer base. With over 750,000 private and business customers across the Nordics, the bank witnessed the addition of more than 50,000 new customers in the first half of 2023 in Denmark, Norway, and Sweden.
Path to Profitability
Lunar aims to become the leading everyday bank for both private and business customers in the Nordic countries. While revenue growth is encouraging, the bank remains focused on increasing earnings and achieving profitability. Rie Ruby, Lunar’s chief financial officer, expressed confidence in the bank’s progress and reiterated their commitment to growth.
