In October, AS LHV Group made a consolidated net profit of EUR 2 million. AS LHV Pank earned EUR 1.8 million and AS LHV Varahaldus EUR 0.3 million.
"In October, our loan portfolio grew by EUR 24 million and deposits by EUR 31 million. The number of bank customers increased by a record 3,800. More important events included the addition of applying for home loans and small loans to LHV mobile app, as previously only student loans could be applied for using the app. Net profit amounted to EUR 2.0 million and that included the lower fee income from asset management’s pension funds. We are ahead of the Financial plan disclosed in July by EUR 2.0 million mainly due to lower loan impairments. In November, we are concluding the purchase of Danske bank’s private loan portfolio, after which the income from the portfolio will be added and the cost of deposits gathered for the transaction and held in European Central Bank will decrease," commented Madis Toomsalu, CEO of LHV Group.
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 and LHV Varahaldus. LHV employs over 420 people, and over 192,000 customers use LHV’s banking services. Pension funds managed by LHV have over 176,000 active clients.
Priit Rum
Communication Manager
Phone: +372 502 0786
Email: priit.rum@lhv.ee
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