In August, the consolidated net profit of LHV Group was EUR 1.3 million: of the major units the Bank earned EUR 0.6 million and Asset Management EUR 0.7 million. Profit belonging to group’s shareholders was EUR 1.2 million.
Madis Toomsalu, CEO of AS LHV Group commented: "August was a good month regarding all important underlying trends. Our main business volume indicators like deposits, loans and fund volumes have continued to increase. During the month, the bank received 1700 new customers. New record highs were achieved in card transaction acquiring and in the payments with bankcards. Continually we improved our electronic service channels, clients can now see the data and schedules of all their loan obligations in both internet and mobile bank. It is a pleasure that in August out of all passive pension funds on the market our pension fund LHV Pensionifond Indeks performed best.
The results contain larger than usual expenses due to marketing and discount of loans. Credit quality of the portfolio is nevertheless good, there are a couple of clients under closer supervision. In August it was decided to set total CAD minimum target ratio at 15.06% (previously 16.19%). With eight months of the year we can fulfill the financial plan, we expect to show rather stronger results in the coming months. We are not currently changing the estimated profit of EUR 21.8 million, as at end of August we are with EUR 0.4 million ahead of the financial plan."
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 350 people and over 125,000 customers use LHV’s banking services. Pension funds managed by LHV have over 177,000 customers.
Priit Rum
Communication Manager
Email: priit.rum@lhv.ee
Phone: +372 502 0786
