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LHV Group announces €19.9 million profit for 2016

LHV Group will announce its 2016 business results in detail in a press conference today Tuesday. Preliminary information by the bank states that it earned a profit of €19.9 million last year, €5.1 million more than it did in 2015.

For the last quarter of 2016 the group reported a consolidated profit of €5.7 million, of which €3.2 million were generated by LHV Pank, €1.8 million by LHV’s asset management, and €1 million by its Lithuanian business unit.

The group’s 2016 annual profit totalled €19.9 million. Of its business units, the bank earned €13.2 million, the asset management division €6.1 million, and the Lithuanian branch turned a profit of €1.9 million.

Across LHV Group, the bank’s consolidated loan share grew by 31 percent, client deposits by 26 percent, and the volume of its various funds by 71%.

The substantial increase in the group’s funds is due to its purchase of Danske Capital, and the company’s pension funds it is now integrating into its own portfolio.

The group’s consolidated loan portfolio grew to €538 million, its consolidated deposits to €777 million. The funds managed by LHV grew to €974 million.

At the end of 2016, LHV Pank had more than 112,000 customers.

Editor: Editor: Dario Cavegn

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