In August, AS LHV Group achieved 4.3 million euros in net profit, incl. 4.1 million euros in net profit by AS LHV Pank and 0.4 million euros by AS LHV Varahaldus.
LHV continued to actively develop its business volumes in August and this was most evident in the addition of a large number of new customers. Over 3,500 new clients have joined the bank and Varahaldus has secured nearly 1,300 new active retirement clients. In addition to customer activity, the monthly result was also influenced by the decrease in charges and provisions, but also by the operational performance of the funds. For example, over the past few months, LHV Pension FundGreen has been the most productive among actively managed funds in Estonia.
Due to the better-than-expected economic situation, LHV outperformed its spring financial plan in terms of deposit, loan and fund volumes. In terms of net profit, the company is ahead of its financial plan by 8.0 million euros. An update to the financial plan will be decided at the beginning of October, when the first grace periods granted in the spring end.
Deposits increased by € 65 million in the month, despite a € 39 million drop in the more expensive deposits involved through deposit platforms. In August, the loan portfolio increased by 11 million euros, a majority of which resulted from an increase in loans to individuals. The growth of the loan portfolio was influenced by more active loan repayments by clients. The volume of funds managed by Varahaldus increased by 27 million euros during the month. The volume of units transferred reached an all time high.
In August, we revealed our intention to involve € 2,535 million in new capital via subordinated bonds in September. LHV maintains its momentum and offers its customers value-added services. In August, we focused on introducing the brand through an advertising campaign. We are the first bank in Estonia to offer an ISIC virtual card to students and to offer a contactless payment option for users of Fitbit and Garmin devices.
AS LHV Group reports are available at https://investor.lhv.ee/en/reports/.
LHV Group is the largest domestic financial group and provider of capital in Estonia. The main subsidiaries of the LHV group are LHV Pank and LHV Varahaldus. LHV employs more than 480 people. LHV banking services are used by more than 231,000 clients and the pension funds managed by LHV have more than 182,000 active clients. LHV’s UK branch provides banking infrastructure to 120 international financial services companies, through which LHV’s payment services reach customers around the world.
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