LHV Group results in January 2022In January, AS LHV Group earned EUR 4.9 million in consolidated net profit. AS LHV Pank earned EUR 5.4 million in net profit, of which EUR 1.2 million was from servicing clients related to the UK branch. AS LHV Varahaldus generated a net loss of EUR 32,000 and AS LHV Kindlustus a net loss of EUR 198,000. LHV UK Limited generated a net loss of EUR 0.3 million in January. The Group’s consolidated deposits grew by EUR 42 million and the loan portfolio by EUR 43 million in January. The volume of funds managed by LHV decreased by EUR 44 million over the month. In January, the number of payments processed in relation to clients who are financial intermediaries reached 2.2 million payments. Loan portfolios grew more than planned, but otherwise it was an average month. The January results were affected by volatility in the markets and lower client activity at the beginning of the year. The number of bank clients increased by 5,800. In January, LHV was named Estonia’s TOP 1 and the best employer in the financial sector in a survey carried out by CV-Online. The bank joined the Partnership for Carbon Accounting Financials (PCAF) and became the main sponsor of LHV Maijooks, a spring grassroots sports event. Crypto trading was also added to the internet bank in January, and clients can now see their agreements with LHV Kindlustus in the internet bank and mobile app. It has been one year since the launch of the LHV bank card charity standing donation option. During this time, clients have donated over EUR 60,000 to charity through card payments. The performance of Varahaldus was affected by the correction in the markets and the entry into force of the II pillar withdrawal statements submitted between April and June last year. The number of active clients of the II pillar decreased by 3,200. Among pension funds, active funds with a differentiated strategy outperformed the market, as M and L were the only positive performers in the whole market in January, increasing by 0.5% and 0.1%, respectively. XL ended the month with a decline of 0.6% and the pension fund index fell 3.5%. By the end of January, the number of LHV Kindlustus clients increased to 145,000. The incidence of loss events is seasonal and more affected by COVID-19. Satisfaction with claims handling remains high. LHV Group is the largest domestic financial group and capital provider in Estonia. LHV Group’s key subsidiaries are LHV Pank, LHV Varahaldus, and LHV Kindlustus. LHV employs over 670 people. As of January, LHV’s banking services are being used by 327,000 clients, the pension funds managed by LHV have 135,000 active clients, and LHV Kindlustus protects a total of 145,000 clients. LHV’s UK branch offers banking infrastructure to 180 international financial services companies, via which LHV’s payment services reach clients around the world.
Priit Rum
LHV Communication Manager
Phone: +372 502 0786
Email: priit.rum@lhv.ee
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