LHV Group results in July 2020
AS LHV Group’s net profit in July amounted to EUR 4.5 million, including AS LHV Pank earning EUR 4.4 million as net profit and AS LHV Varahaldus EUR 0.3 million.
For LHV July proved more active than usual. Profit numbers were affected positively by the better economic situation than anticipated in the Financial plan resulting in reduction of impairments by EUR 0.5 million; and also the partial repayment of deposits gathered via deposit platforms, that decreased financing cost. Regarding profit LHV outperforms the YTD financial plan by EUR 5.7 million. The decision on the need to change the financial plan will be made in autumn, when the first grace periods granted in spring will end.
Deposits decreased by EUR 17 million, at the same time regular deposits increased by EUR 25 million. LHV has continued on with open and active loan offering, during the month the loan portfolio grew by EUR 24 million. Volume of funds managed by Varahaldus increased by EUR 15 million.
The growth of client numbers picked up pace as more than 3,300 new banking clients and over 1,600 new active pension fund clients were added.
In July, the international business magazine Euromoney declared LHV the best bank in Estonia for the third time. The bank's continued rapid growth, innovation and good financial results brought success in the competition.
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 470 people. LHV’s banking services are used by more than 227,000 clients, and pension funds managed by LHV have about 181,000 active clients. Additionally, LHV’s UK branch offers banking infrastructure to more than 120 financial service providers, that in turn intermediate LHV’s payment services to their customers around the world.
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