LHV Institutional Baltic Insight, August 11th, 2021
* In July 2021, Coop Pank (CPA1T ET) continued to expand its lending volumes, also attracting additional domestic deposits, mainly from corporate customers. However, as the expense growth has been catching up with the pace of the revenue increase over the recent months, the growth of operating profits before loan impairments has slowed down on a m-o-m basis. Nevertheless, mostly driven by surprisingly low net loan impairments, CPA managed to post another record in terms of monthly net profits, with a net profit of EUR 1.3m in July.* We consider CPA’s May 2021 growth and profitability figures as neutral. Given the continuous rapid loan portfolio growth, we see the recent tiny loan impairments as surprisingly low and not sustainable in the medium term.
* 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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