Financial services provider AS LHV Group reported a consolidated profit of €1.9 million in April. Of the group’s largest business units, LHV Pank contributed €1.4 million, and asset management €0.6 million.
According to CEO Madis Toomsalu, the group’s loan portfolio increased by €24 million, and business loans as well as credit granted to private individuals were behind the growth in profits.
In addition the amount of business loans not paid out had reached a new record volume, Toomsalu said.
The bank’s number of customers increased by more than 2,000 in April, and the number of active customers increased noticeably, LHV reported.
The focus of LHV’s pension funds was on creating value through domestic investment and reinvigorating the Estonian economy, Toomsalu added. The financing of planes of National carrier Nordica met both of these objectives beautifully.
LHV Group’s most important subsidiaries are LHV Pank and LHV Varahaldus (the group’s asset management branch). The group employs some 300 people and currently some 119,000 customers. The pension funds of the group themselves have another 180,000 customers.
Editor: Dario Cavegn