In October, AS LHV Group earned a consolidated net profit of EUR 2.0 million. AS LHV Pank earned a net profit of EUR 1.4 million and AS LHV Varahaldus EUR 0.7 million.
Comments by Madis Toomsalu, CEO of LHV Group:
"In October, we continued with a rapid growth of our loan portfolio. Amounting to EUR 38 million this result was best ever. The growth was derived from both loans to businesses as well as home loans and was in part due to already signed but not yet paid out loan agreements. Our portfolio remains strong; there have been no new additions to the list of customers under more thorough surveillance. Interest income is strong and growing.
Funds managed by LHV withstood the stock market correction reasonably well, the actively managed funds showed clearly better results than our competitors.
Regarding other significant developments, the Supervisory board of LHV Group decided to set new capital requirements: the total CAD target ratio was set at 15.5% and Tier 1 ratio at 12.1%.
We also announced the new LHV subordinated bonds issue. The subscription period of the bonds will start on 14 November.
The larger than ordinary costs, containing in our results, were balanced by lower credit costs; the net profit of EUR 2 million was as expected."
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 380 people and over 156,000 customers use LHV’s banking services. Pension funds managed by LHV have over 177,000 active customers.
Priit Rum
Communication Manager
Phone: +372 502 0786
Email: priit.rum@lhv.ee
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