CORRECTION: LHV Group’s results for May 2017
LHV Group's monthly net profit rose to EUR 2.3 million in May
[With a correction to the comment by Madis Toomsalu in Estonian]
In May, the consolidated net profit of LHV Group was EUR 2.3 million; of the major units the Bank earned EUR 1.9 million and Asset Management EUR 0.5 million. Profit belonging to parent company shareholders was EUR 2.2 million.
Madis Toomsalu, CEO of AS LHV Group commented: "Additionally to the usual income, the strong May results of LHV were supported by growth in brokerage income. Total assets of the bank exceeded EUR 1 billion with the volume of non-group deposits increasing by EUR 51 million during the month. Regarding the credit portfolio, both business loans and private loans were issued at a record pace, however the net growth of the portfolio stood at EUR 7 million, lower than usual, because of sizable one-time repayments of loans. The growth story of LHV was illustrated by the addition of 800 new customers with salary receipts in LHV. In the future our newly installed ATM-s in Viimsi, Rakvere and Viljandi together with opening accounts via video identification will boost the ongoing growth of client numbers. LHV pension funds have put the emphasis on investments in Estonia and as of now this year’s Estonian investments amount to EUR 82 million. With the current results we are ahead of the financial plan, but this is due to very low impairment losses, we are not forecasting such low level for the whole year. Based on five months we are able to fulfill the financial plan."
Reports of AS LHV Group are available at https://investor.lhv.ee/en/reports/.
LHV Group is the largest domestic financial group and capital provider in Estonia. LHV Group's key subsidiaries are AS LHV Pank and AS LHV Varahaldus. LHV employs about 300 people and 121,000 customers use LHV’s banking services. Pension funds managed by LHV have 177,000 customers.
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