In November, the consolidated net profit of LHV Group reached EUR 2,0 million: of the major units the Bank earned EUR 1.2 million and Asset Management EUR 0.4 million. Profit belonging to group’s shareholders was EUR 1.6 million.
Madis Toomsalu, CEO of AS LHV Group commented:
"November was mainly characterized by record reaching interest income, which is based on intense work in growing our loan volumes. In November the bank’s loan portfolio grew by EUR 26 million and for a third month in a row our Lithuanian business unit showed strong results, the loan portfolio there has increased about EUR 2 million per month. The volumes of client deposits, loans and funds reached new historical highs. LHV’s actively managed pension funds held up best in the context of falling financial markets, on the background of relatively high stock prices our funds’ focus is mainly set on local investments.
In November, we added purchase insurance to our LHV Gold card and started offering additional security to card payments over the internet, known as 3-D Secure. At the turn of the month, we launched the LHV Home insurance that has already been well received by customers. In November, the Estonian Financial Authority resolved to allow LHV Pank establishing a branch in the United Kingdom and forwarded necessary documents to British financial authority. We can establish and register the new branch after receiving a confirmation from the supervising authority in the UK.
The net profit in November was EUR 2.0 million, it was influence positively by the Lithuanian business units transition to an effective interest rate calculation in the amount of EUR 0.4 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 350 people and over 131,000 customers use LHV’s banking services. Pension funds managed by LHV have 178,000 active customers.
Priit Rum
Communication Manager
Phone: +372 502 0786
Email: priit.rum@lhv.ee
