LHV Group reports 53 percent earnings rise on year to Q1 2021

LHV building in Tallinn.
LHV building in Tallinn. Source: Siim Lõvi /ERR

Listed financial services group LHV Group saw a 53 percent (€3.9 million) growth in consolidated net profit on year to the first quarter of 2021 (Q1 2021), to €11.4 million.

The figure was, however, 37 percent (€6.6 million) down on the last quarter of 2020, when performance fees related to the management of pension funds was factored into profits reported.

The bank's net profits totaled €11.8 million during Q1 2021, LHV informed the stock exchange, and incorporated €2.2 million euros from servicing clients relating to the U.K. branch.

The company's asset management arm, LHV Varahaldus, finished up the period with a net loss of €0.6 million, while insurer LHV Kindlustus, part of the same group, reported a net loss of €0.3 million.

LHV was nonetheless ahead of its financial plan for 2021, published in February, to the tune of €0.9 million, at the end of the quarter, the bank says.

LHV quarterly report quick facts:

  • Return on equity for Q1 2021: 18.2 percent.
  • Consolidation group's assets volume rose to €5.68 billion.
  • Consolidated loan portfolio grew by €96 million (4 percent) to €2.3 billion.
  • Deposits rose by €614 million (15 percent) to €4.73 billion, the bulk of it from financial intermediaries.
  • Proportion of deposit platforms decreased by €35 million.
  • Total volume of funds managed by LHV increased by €50 million, or 3 percent, during the quarter, to €1.59 billion.
  • In the final quarter of 2020, the volume of funds rose by €41 million.


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Editor: Andrew Whyte

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