LHV Group results for February 2020
In February 2020, AS LHV Group earned a net profit of EUR 3.0 million. AS LHV Pank earned EUR 3.0 million and AS LHV Varahaldus EUR 0.1 million as net profit.
February stood out with a record addition of new banking clients, as the number of bank clients increased by 5,300. Volatility in the markets and the loss of transaction fees on trading Baltic stocks boosted the activity of investment clients. Transactions were at record levels and 43% of Baltic stock market trades were made through LHV, which made LHV the clear market leader. In a month, deposits grew by EUR 50 million and reached EUR 2.85 billion. The consolidated loan portfolio of the Group increased by EUR 5 million, as private loans grew by EUR 11 million and business loan portfolio decreased by EUR 6 million, after rapid growth in January.
In February, LHV informed investors of the plan to establish a non-life insurance undertaking, which would focus on providing LHV bank customers with motor own damage insurance, motor third party liability insurance, home insurance, and property insurance for small and medium-sized enterprises, and other types of insurance to a lesser extent. The plan is to also offer additional warranty and purchase protection insurance to clients of Euronics. Prerequisites for commencing the operations of the insurance undertaking include receiving a permit from the Competition Authority, concluding an agreement between shareholders, establishing the company, and receiving an activity licence from the Financial Supervision Authority. The process is estimated to take up to one year.
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 450 people, and 212,000 customers use LHV’s banking services. Pension funds managed by LHV have 177,000 active clients.
Phone: +372 502 0786