LHV Group’s January results 2018
January brought a strong start to the year
In January, the consolidated net profit of LHV Group amounted to EUR 2.5 million: of the major units the Bank earned EUR 1.8 million and Asset Management EUR 0.7 million. Net profit belonging to the group’s shareholders was EUR 2.2 million.
Comments by Madis Toomsalu, CEO of LHV Group:
"January was a strong start to the year, we are seeing all the positive trends of last year carrying over to this year. Growth continued in every business volume indicator. During the month, the group’s deposits grew by EUR 220 million, loans increased by EUR 8 million and the volume of II pillar pension funds grew by EUR 9 million. The rapid increase in deposits was mainly due to deposits of one payment intermediary in the amount of EUR 184 million.
The number of bank customers grew by 2,100 in January. One of the reasons adding new customers has become easier is the removing of transaction amount restrictions regarding video identification, as video identification was equated with in-person identification in the end of last year. The number of asset management’s active customers declined by 400, this was caused primarily by our fund yields being lower than competitors’ in 2017. Taking into account the nervousness on the markets this year, our strategy, aimed at capital protection and Estonian OTC investments, is justifying itself.
In January, Euromoney voted LHV Bank the best private banking service provider in Estonia. At the end of the month, the Financial Conduct Authority in the United Kingdom granted LHV Bank an approval to open a branch in the UK. LHV plans to register the branch in the coming weeks and start London operations in March. Another highlight of January was the appointment of Kadri Kiisel as the new CEO of AS LHV Finance."
Reports of AS LHV Group are available at https://investor.lhv.ee/en/reports.
Today, LHV will also disclose the 2018 Financial plan and a five-year financial forecast. LHV will present the plans to the media at a press briefing at 11 a.m at LHV Tallinn client office. The presentation will be broadcasted live (in Estonian) on LHV Facebook page https://www.facebook.com/LHVPank/.
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 over 360 people and over 135,000 customers use LHV’s banking services. Pension funds managed by LHV have over 176,000 active customers.
Phone: +372 502 0786