Audited Annual Report 2016 of AS LHV Group
The management board of AS LHV Group sent to the Supervisory Board for approval the 2016 audited annual report of AS LHV Group. Financial results remained unchanged compared to the preliminary disclosure published on 7 February 2016.
The net profit of LHV Group amounted to EUR 19.9 million in 2015. This constitutes a EUR 5.1 million increase from last year. The bank contributed EUR 13.2 million, asset management EUR 6.1 million and the Lithuanian business unit EUR 1.9 million.
The net income of LHV Group in 2016 was EUR 50.5 million with EUR 38.3 million in the previous year. The net interest income grew by 29% and net fees by 31%, year-over year.
The management board of LHV Group proposed to the General Meeting of Shareholders distribution of the profit so that dividends in the amount of EUR 0.15 per share would be paid to shareholders, EUR 0.9 million would be transferred to statutory reserve capital and the amount of EUR 12 million of the reporting period profit attributable to shareholders of the parent would be retained.
"At last year’s general meeting LHV shareholders agreed on a dividend policy and based on that this year we will pay dividends for the first time. Our dividend policy states that a minimum of 25% of the earnings attributable to owners of the parent before taxes will be paid as dividends. LHV is continuously in a phase of fast growth and we are able to create value using the capital in our operating activities, which is why the management proposes to pay as dividends 25% of the earnings before taxes," commented Madis Toomsalu, CEO of LHV Group.
AS LHV Group Consolitated Annual Report 2016 is attached to this announcement and will be made available on LHV homepage https://www.lhv.ee/en/for-investors/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 over 110,000 customers use LHV’s banking services. Pension funds managed by LHV have about 180,000 customers.
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