Published: 2021-03-16 07:00:00 CET
LHV Group
Company Announcement

LHV Group results for February 2021

February was a busy month for LHV Group, with a high level of client activity. The consolidated net profit of the Group was EUR 3.1 million. LHV Pank earned EUR 3.3 million in net profit; at that, EUR 0.7 million from servicing clients related to the United Kingdom branch. The net profit of Varahaldus was EUR 0.1 million, and LHV Kindlustus recorded a loss of EUR 0.1 million.

Among more important events, survey company DIVE once again declared LHV the bank with the best service in Estonia. LHV’s result, 98%, was the best in the Baltics. Also, the possibility of permanent donation was added to the bank cards of clients, which enables clients who have turned it on to contribute to charity with every card payment. As the market leader for investment services, LHV reduced transaction fees for traders of foreign shares, facilitating investment primarily with smaller amounts. Nasdaq Baltic declared LHV Pank the best broker on the Baltic markets.

The number of bank clients increased by 5000 in February. LHV’s loan portfolio increased by EUR 19 million within the month. Deposits increased by a total of EUR 351 million; the largest increase arrived on behalf of financial intermediaries.

In February, LHV reduced the management fees of pension funds. The management fees of the largest actively managed LHV funds were reduced from the former 0.6% to 0.576%; the management fees of LHV index funds were reduced by almost two times. As a result of the pension reform, the number of II pillar active clients was decreased when people of early retirement age and pensionable age left the II pillar. At the same time, it can be considered a positive fact that the number of clients wishing to leave the II pillar has been lower than estimated.

February also saw the establishment of LHV Group’s new subsidiary, which is planned to be shaped into a standalone bank in the United Kingdom, provided that the supervisory authorities grant permission for it. LHV Kindlustus continued development activities to introduce new insurance products to the market; the first client agreements for testing have already been concluded. The company is actively hiring new team members.

The shorter than average month remained below average in terms of results, but the financial plan published in February stands.

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, LHV Varahaldus, and LHV Kindlustus. LHV employs over 540 people. LHV’s banking services are used by 269,000 clients, and pension funds managed by LHV have 179,000 active clients. LHV’s UK branch offers banking infrastructure to 140 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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LHV Group 2021-02 EN.pdf