LHV Group results for May 2019
In May, the net profit of LHV Group was EUR 2.7 million: AS LHV Pank earned EUR 2.0 million net profit and AS LHV Varahaldus EUR 0.7 million.
"Considering the results as whole, May was one of the strongest months in the history of LHV. Increase of the volume of loans in the amount of EUR 60 million was fastest in history, at the same time deposits grew by EUR 271 million. The reason for deposit growth was the need for financing the acquisition of Danske Bank’s private loans portfolio, which is why increase in deposits is also to be expected for the coming months. 2,800 new customers opened accounts in the bank, the activity of existing customers reached record-levels. We announced new terms of pension funds, that foresee the easing of investment restrictions and allow us to enter presumably higher yield non-market investments, more than before," Madis Toomsalu, CEO of LHV Group commented.
AS LHV Group reports 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 LHV Pank and LHV Varahaldus. LHV employs over 400 people, and 177,000 customers use LHV’s banking services. Pension funds managed by LHV have 177,000 active clients.
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