Correction: LHV Group's May results 2018
CORRECTION: The announcement contains the presentation file with correct May data.
LHV’s results in May were at record level, as AS LHV Group earned a consolidated net profit of EUR 5.7 million. AS LHV Pank earned a net profit of EUR 2.1 million and AS LHV Varahaldus EUR 0.7 million.
Comments by Madis Toomsalu, CEO of LHV Group: "Our May results were characterised by high inflow and activity of customers and increase in loan volume. The number of banking customers rose by 2,300, which is the highest pace of last two years. Customers also actively opened new brokerage accounts. The EUR 10 million increase in consolidated loan portfolio (without Mokilizingas’ loans) was mainly derived from the growth of corporate loans and retail lending. Most important loan portfolios are all growing, reaching record high levels by the end of May. Deposits grew by EUR 213 million, out of which EUR 50 million were deposits of financial intermediaries. The high level of deposit growth was due to a couple of customers increasing their balances because of financial transactions. Record activity was reached in acquiring card payments as well as in the usage of bank cards and mobile bank app.
The results were extraordinarily influenced by the income from the sale of Mokilizingas and the revenue of institutional brokerage advisory services, the results were also affected by special provisions in the amount of EUR 0.9 million. Despite one customer under more thorough surveillance, the loan portfolio remains strong and we are making an effort to find a solution regarding the mentioned customer. Despite the provisions, the May profit exceeded our expectations and reached EUR 5.7 million. We are ahead of the financial plan by EUR 0.5 million."
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 380 people and over 143,000 customers use LHV’s banking services. Pension funds managed by LHV have over 178,000 active customers.
Phone: +372 502 0786