AS LHV Group’s unaudited results for 2018

29.01.2019

AS LHV Group’s unaudited results for 2018

AS LHV Group posted a strong performance in Q4 2018. In the last quarter of 2018, the Group earned a consolidated net profit of EUR 6.7 million: the bank’s net profit reached EUR 5.3 million while profit earned from asset management stood at EUR 1.9 million. Pre-tax return on equity, owned by the shareholders of LHV Group was 17.5% in Q4.

LHV Group’s consolidated net profit in Q4 2018 was EUR 0.6 million higher compared to Q3 and EUR 0.1 million lower year-on-year. Impairment of loans in Q4 amounted to EUR 0.5 million and advance corporation tax was paid in the amount of EUR 0.5 million.

In Q4, the Group’s consolidated loan portfolio increased by EUR 107 million to EUR919 million – an increase of EUR35 million which equates to a 13% increase on Q3. Consolidated deposits decreased by EUR 215 million (-13%; +95 million in Q3), to EUR 1,422 million while deposits related to payment intermediaries decreased by EUR 318 million over the quarter. The deposits of the rest of our clients, however, showed a strong growth of EUR 114 million.

The volume of funds managed by LHV increased by EUR 11 million during the quarter (+1%; +37 million in Q3), to EUR 1,214 million.

AS LHV Group’s consolidated net profit in 2018 was EUR 27.2 million - EUR 5.0 million more than in 2017 which equates to a 23% increase. The bank earnt a profit of EUR 18.4 million, asset management EUR 6.8 million and the sale of the Lithuanian business unit increased the profit by EUR 3 million. Pre-tax return on equity owned by the shareholders of LHV Group was 20.9% and the return on equity based on net profit reached 18.4% in 2018.

LHV Group’s loan portfolio increased by EUR 187 million year-on-year (+26%) and deposits decreased by EUR 115 million (-7%). The volume of funds managed by LHV grew by EUR 112 million (+10%) year-on-year.

AS LHV Group interim report 4th quarter of 2018

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