LHV Institutional Baltic Insight, April 22nd, 2020
* Despite the coronavirus outbreak and deteriorating economic conditions in Estonia, Coop Pank (CPA1T ET, ‘CPA’ or the ‘Group’) continued to vigorously expand its operating volumes in March and posted notable growth rates for Q1 2020 as a whole, along with relatively modest loan impairments.* Overall, Q1 2020 results came in somewhat stronger than predicted, but the outlook for the coming quarters is much gloomier as the Estonian economy is heading to a deep recession. CPA managed to increase its revenues more than its costs during Q1 2020, leading to considerable growth in operating profits compared to both Q1 2019 and the previous quarter.
* The Group attracted a decent number of new customers and expanded lending volumes across all business segments. Please also refer to the tables in the attachment.
LHV Bank is an independent pan-Baltic bank, based on Estonian capital. The company was founded in 1999 by two founders of Hansapank (today’s Swedbank in the Baltics) and has been offering a full range of investment services for 15 years. In May 2009, LHV received a credit institution licence allowing it to provide all banking services.
The head office is situated in Tallinn, Estonia. Cross-border services are offered in Vilnius, Lithuania and in Riga, Latvia. LHV provides brokerage (institutional and retail), asset management, banking and capital markets services. Compared to other banks, we are more innovative and have more solid experience in investment and entrepreneurship.
The Bank, together with the Group asset management company employs over 320 people. LHV Group shares are listed on Nasdaq Tallinn.
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