LHV Group results for November 2019
In November, AS LHV Group earned a consolidated net profit of EUR 0.7 million. AS LHV Pank earned EUR 0.4 million and AS LHV Varahaldus EUR 0.3 million. In the second half of the month the integration of Danske’s Estonian private loans portfolio was finalised and as a result LHV’s consolidated loan portfolio grew to EUR 1.65 billion; the volume of deposits was EUR 2.63 billion.
“November was an extraordinarily good month in terms of growth of business volumes and customer numbers. Even more, many actions were carried out during the month, that will ensure the continuation of growth for LHV. 5,100 new customers joined the bank in November, 1,100 of these customers joined us in connection with the movement of clients from the adoption of Danske’s private loans portfolio. Thereat connected to the portfolio and taking into account also co-applicants for home loan agreements, opening a bank account is still ahead for approx. 7,000 customers. The loan portfolio grew by EUR 408 million in November and EUR 393 million of this was Danske’s private loans portfolio. The remaining increase was due to retail loans. The financial results were influenced by extraordinary expenses from the Danske transaction, that contained one-off transaction costs and impairments against the portfolio. At that, it’s important to note that because of pre-financing of the portfolio the associated running expenses, above all financing costs, have already been reflected in results of previous months. That means that the approx. EUR 0.75 million monthly interest income from the portfolio will largely reach our profits starting from December.
In November, we also received several recognitions. During an award ceremony in London, The Banker magazine recognized LHV Bank for its ambitions growth, good financial performance and technological innovation by rewarding us with the title of Bank of the Year in Estonia in 2019. In recognition of the best investor relations in the Baltics, LHV was also invited to attend the Closing Bell Ceremony of the Nasdaq Stock Exchange in New York,“ commented Madis Toomsalu, CEO of LHV Group.
AS LHV Group reports are available at .
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 430 people, and about 198,000 customers use LHV’s banking services. Pension funds managed by LHV have about 177,000 active clients.
Priit Rum
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