LHV Group results in November 2020
In November, AS LHV Group earned EUR 4.3 million in consolidated net profit. The bank earned EUR 4.4 million in net profit, at that, EUR 0.6 million in net profit from servicing clients related to the UK branch; Varahaldus earned EUR 0.3 million in net profit.
November was a strong month in terms of all business lines of LHV. In addition to the growth of business volumes and the high activity of clients, the revenues of November were also affected by the partial recognition in revenues of the previously acquired loan portfolio’s purchase discount. As a result, the Group’s Cost/Income Ratio was 38.9%.
LHV Pank gained a record number of 6,300 new banking clients in November. High activity was also shown by people interested in investing, when almost 6,600 players participated in the Börsihai stock game that was held in November. In November, we brought the Google Pay method of payment to the market, which means that now, almost all people who own a LHV bank card, are able to pay with their smart device.
November was also active for LHV Varahaldus. The number of clients continued to increase, and as a result of the exchange of units, in January, a record amount of EUR 38 million will transfer to LHV pension funds. In relation to the pension reform, the number of III pillar clients also increased by half. On the first days of December, LHV launched Estonia’s first green III pillar pension fund.
The volume of consolidated deposits at LHV increased in November by EUR 295 million, to EUR 3.63 billion; the growth mainly originated from the deposits of clients who are payment intermediaries. The consolidated loan portfolio increased by EUR 31 million, to EUR 2.17 billion. The volume of the funds managed by LHV increased by EUR 28 million, to EUR 1.52 billion. November’s strong profit evened out October’s underperformance regarding the financial plan, and the financial plan stands.
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 500 people. LHV’s banking services are used by 247,000 clients, and pension funds managed by LHV have more than 180,000 active clients. LHV’s UK branch offers banking infrastructure to 140 international financial services companies, via which LHV’s payment services reach clients around the world.
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