Market announcement
AS LHV Group
LEI code
529900JG015JC10LED24
Size of the entity
Large group
Economic activities
Financial and Insurance Activities
Industry sector(s)
Credit institution
Country of registered office
Estonia
General information
Categories
Half-yearly financial report
Unique data record identifier
10482
Attachments
Submission date and time
18.07.2023 08:00:00
Content of announcement in Estonian
Title
LHV Groupi 2023. aasta II kvartali ja 6 kuu auditeerimata majandustulemused
Message
AS LHV Group teenis käesoleva aasta II kvartalis 35,6 miljonit eurot puhaskasumit ehk 2,6 miljonit eurot enam kui esimeses kvartalis (+8%) ja 21,6 miljonit eurot enam kui samal ajal aasta tagasi (+155%). LHV Groupi aktsionäridele kuuluva omakapitali tootlus oli II kvartalis 30,7%. Kvartali lõikes olid kasumlikud kõik ärisuunad. AS LHV Pank teenis II kvartalis 34,4 miljonit eurot ja AS LHV Varahaldus 0,4 miljonit eurot puhaskasumit. AS LHV Kindlustuse kvartali puhaskasumiks kujunes 33 tuhat eurot. Pangalitsentsi saanud LHV Bank Limitedi puhaskasum oli II kvartalis 1,6 miljonit eurot. Grupp teenis 2023. aasta II kvartalis konsolideeritult 74,9 miljonit eurot tulusid ehk 10% rohkem kui eelmises kvartalis. Tuludest 62,9 miljonit eurot moodustasid neto intressitulud ning 12,4 miljonit eurot neto teenustasutulud. Konsolideerimisgrupi tegevuskulud moodustasid II kvartalis 33 miljonit eurot ehk 8% enam kui I kvartalis. Juuni lõpuks oli LHV Groupi konsolideeritud varade maht 6,31 miljardit eurot. Kvartaliga suurenes varade maht 217 miljoni euro võrra ehk 4%. Grupi konsolideeritud hoiused kasvasid kvartaliga 195 miljoni euro võrra 5,06 miljardi euroni (+4%; -34 miljonit eurot I kvartalis). Konsolideeritud laenuportfell kasvas kvartaliga 104 miljoni euro võrra 3,25 miljardi euroni (+3%; -59 miljonit eurot I kv). LHV poolt juhitud fondide koondmaht suurenes II kvartalis 14 miljoni euro võrra 1,46 miljardi euroni (+1%; +119 miljonit eurot I kvartalis). Finantsvahendajatest klientidega seotud töödeldud maksete arv oli II kvartalis 11,2 miljonit makset (+23% võrreldes 9,1 miljoni maksega I kvartalis). AS-i LHV Group 2023. aasta 6 kuu konsolideeritud netotulud olid tugevate intressitulude toel 143,3 miljonit eurot (+97% võrreldes 2022. aastaga) ning kulud kokku ulatusid 63,7 miljoni euroni (+59% võrreldes 2022. aastaga). Grupi 6 kuu konsolideeritud puhaskasumiks kujunes 68,7 miljonit eurot, mis on aastatagusega võrreldes 42,3 miljoni euro võrra ehk 161% suurem. AS LHV Pank teenis 6 kuuga 71,8 miljonit eurot puhaskasumit. AS LHV Varahaldus teenis 6 kuuga 0,5 miljonit eurot puhaskasumit ja AS LHV Kindlustus 0,4 miljonit eurot puhaskahjumit. LHV Bank Limitedi kahjumiks kujunes poolaastas 0,9 miljonit eurot. LHV Groupi ROE oli esimesel poolaastal 30,7%. II kvartali lõpuks edestab LHV Group kehtivat finantsplaani puhaskasumi osas 22,9 miljoni euroga. LHV plaanib finantsplaani hiljemalt septembris uuendada. Kasumiaruanne, tuhandetes eurodes II kv 2023 II kv 2022 6 kuud 2023 6 kuud 2022 ------------------------------------------------------------------------------- Neto intressitulu 62 900 27 185 118 008 52 972 ------------------------------------------------------------------------------- Neto teenustasutulu 12 352 11 005 24 229 21 351 ------------------------------------------------------------------------------- Neto finantstulud -548 -345 837 -1 658 ------------------------------------------------------------------------------- Muud tegevustulud 197 57 210 22 ------------------------------------------------------------------------------- Tulud kokku 74 902 37 903 143 285 72 687 ------------------------------------------------------------------------------- Personalikulu -15 851 -11 746 -31 518 -21 995 ------------------------------------------------------------------------------- Kontorikulud -1 225 -923 -1 992 -1 446 ------------------------------------------------------------------------------- IT kulud -3 657 -1 561 -6 883 -3 210 ------------------------------------------------------------------------------- Turunduskulud -1 087 -655 -1 896 -1 612 ------------------------------------------------------------------------------- Muud tegevuskulud -11 220 -6 195 -21 373 -11 682 ------------------------------------------------------------------------------- Kulud kokku -33 040 -21 080 -63 662 -39 946 ------------------------------------------------------------------------------- Ärikasum 41 862 16 822 79 623 32 741 ------------------------------------------------------------------------------- Kasum enne allahindlusi 41 862 16 822 79 623 32 741 ------------------------------------------------------------------------------- Laenude allahindlus -809 341 774 -394 ------------------------------------------------------------------------------- Tulumaksukulu -5 422 -3 177 -11 703 -5 978 ------------------------------------------------------------------------------- Puhaskasum 35 631 13 986 68 694 26 369 ------------------------------------------------------------------------------- Vähemusosaluse osa 278 444 687 946 ------------------------------------------------------------------------------- Emaettevõtte aktsionäride osa kasumist 35 353 13 543 68 007 25 423 Bilanss, tuhandetes eurodes juuni.23 märts.23 juuni.22 --------------------------------------------------------------------- Raha ja raha ekvivalendid 2 604 108 2 574 177 3 054 953 --------------------------------------------------------------------- Finantsvarad 369 289 297 012 492 539 --------------------------------------------------------------------- Laenud klientidele 3 272 084 3 167 568 2 943 373 --------------------------------------------------------------------- Laenude allahindlus -18 588 -18 384 -18 838 --------------------------------------------------------------------- Nõuded klientide vastu 28 199 19 813 9 183 --------------------------------------------------------------------- Muud varad 52 223 50 353 49 646 --------------------------------------------------------------------- Varad kokku 6 307 315 6 090 540 6 530 857 --------------------------------------------------------------------- Nõudmiseni hoiused 4 005 191 4 339 971 5 218 411 --------------------------------------------------------------------- Tähtajalised hoiused 1 057 177 526 928 148 154 --------------------------------------------------------------------- Saadud laenud 510 934 539 807 497 048 --------------------------------------------------------------------- Võlgnevused klientidele 5 573 302 5 406 706 5 863 613 --------------------------------------------------------------------- Muud kohustused 120 896 98 876 172 082 --------------------------------------------------------------------- Allutatud laenud 131 301 131 070 110 368 --------------------------------------------------------------------- Kohustused kokku 5 825 499 5 636 652 6 146 064 --------------------------------------------------------------------- Omakapital 481 816 453 888 384 793 --------------------------------------------------------------------- sh vähemusosaluse osa 7 287 7 009 7 231 --------------------------------------------------------------------- Kohustused ja omakapital kokku 6 307 315 6 090 540 6 530 857 II kvartalit iseloomustas LHV jaoks aktiivne tegevus ja ka klientide kasvav aktiivsus. Kvartali tähtsündmuseks kujunes LHV Banki pangalitsentsi saamine Ühendkuningriigis. Keerukas majanduskeskkonnas kasvas laenuportfell ootuspäraselt. Suurenenud intressitulu koos krediidiportfelli hea kvaliteediga aitasid grupil kasumlikkuse eesmärki oluliselt edestada. Vaid eraisikute väikelaenuportfellis on märgata kvaliteedi mõningast muutust. Kulusid mõjutas hoiuste tagatisfondi osamakse suurenemine. Esimese poolaasta kulu/tulu suhe oli heal 44,4% tasemel. Terve esimese poolaasta tõusvate intresside keskkonnas on LHV jaoks olnud fookuses hoiused, selle tulemusena on hoogustunud klientide liikumine nõudmiseni hoiustamiselt tähtajalisele hoiusele. Nõudmiseni hoiused kahanesid II kvartaliga 333 miljoni euro võrra, samal ajal kui tähtajalised hoiused kasvasid 528 miljoni euro võrra. Finantsvahendajate hoiused vähenesid II kvartalis 174 miljoni euro võrra. Hoiuseplatvormide kaudu kaasati 277 miljonit eurot tähtajalisi hoiuseid. Tavaklientide hoiused suurenesid kvartaliga 92 miljoni euro võrra. Kvartaliga suurenes LHV pangaklientide arv ligi 10 000 kliendi võrra ja ületas esimest korda 400 000 piiri. Aastaga on pangaklientide arv suurenenud 50 000 võrra (+14%). Pank tõstis kvartali jooksul oluliselt tähtajalistele hoiustajatele pakutavaid intressimäärasid. Üheaastase hoiuse eest tasub LHV hoiustajale 4% intressi. Panga grupiväline laenuportfell kasvas II kvartalis 96 miljoni euro võrra: kasv jagunes võrdselt jae- ja ettevõtete panganduse vahel. Laenunõudluses on uuesti näha kasvu. Tulude osas oli tegemist esimese täieliku kvartaliga, kui finantsvahendajate ehk Banking service'i klientide tulud olid jagatud LHV Bankiga. Aktiivsel kvartalil uuendas pank Noortepanga pakkumist, alustas Finantsportaali uuendamist ja panga mobiiliäppi lisati valuutavahetuse võimalus. Kantar Emori analüüsis tunnistati LHV internetipank Eesti parimaks teeninduskanaliks veebis. Pärast LHV Banki pangalitsentsi saamist on hoogustunud ettevalmistused finantsvahendajate äri üleviimiseks Eesti pangafiliaalist Ühendkuningriigi panka. Kahe panga IT eraldamine ja äritegevuse üleviimine on planeeritud augustisse. Augustist on plaanis ka LHV Banki laenuportfelli kasvuks kaasata vajalikke hoiuseid Raisini hoiusteplatvormi kaudu. Seejärel on plaanis keskenduda oma hoiuste toodete tegemisele ja turule toomisele. Laenuturg Ühendkuningriigis on hetkel vähemaktiivne, kuid leidub tugevaid laenuprojekte. II kvartalil teenis LHV Bank finantsvahendajtest klientide hoiustelt planeeritust rohkem intressitulusid, kuigi hoiuste baas on vähenenud. Laenuportfell kasvas 8 miljoni euro võrra ning teenustasud kasvasid tulenevalt suurenenud maksete arvust. Panga kulud kujunesid suurema töömahu tõttu planeeritust suuremaks. LHV Varahalduse juhitavad fondid jätkasid kasvamist. Aktsiaturge vedasid samas suurimad tehnoloogiaaktsiad, millele avatus on LHV suurematel fondidel minimaalne. LHV pensionifondide M ja XL tootluseks kujunes kvartalis 0,3%, pensionifond L alanes 0,1%. Pensionifond Indeks tõusis kolme kuuga 4,2%. Pensionifond Roheline alanes volatiilse kolme kuu kokkuvõtteks 1,2%. Pensionifondide aktiivsete klientide arv vähenes kvartaliga 2000 võrra: langus on tingitud eelkõige mai alguses II sambast lahkunud klientidest. Äritulud ja ärikulud vastasid suuresti plaanile, kuid fondide maht ning varahalduse finantstulu jäid plaanist veidi maha, eelkõige tagasihoidlikumate II kvartali tootluste tõttu. II kvartal oli LHV Kindlustuse jaoks esimene kasumlik kvartal. Kindlustuse ärimahud jätkasid kasvamist, kõikide suuremate toodete lõikes finantsplaani edestades. Kvartali lõpu seisuga omasid kliendid 223 tuhat kindlustuslepingut. Kvartali jooksul käsitleti 12 500 kahjujuhtumit. Netotulusid ja tulemit mõjutasid negatiivselt ettenägematud ühekordsed kulud. Neto kahjusuhe on langevas trendis. LHV Groupi juhatuse esimehe Madis Toomsalu kommentaar: "Meie investeeringud äri arendamisse on olnud tulemuslikud. Saime Ühendkuningriigis pangalitsentsi ning esimest korda lõpetasid kõik LHV Groupi tütarettevõtted kvartaalse kasumiga. Hea meel on laenu- ja hoiusemahtude kasvu osas, seejuures ootame Ühendkuningriigis LHV Banki laenumahtude kasvu kiirenemist. Laenuportfell on püsinud hea kvaliteediga, mõningane võlgnevuste kasv on toimunud väikefinantseerimise portfellis. Finantsvahendajate äri üleviimine LHV Pangast LHV Banki on planeeritud augusti lõppu, peale seda keskendume ka klientide euromaksete LHV Pangast üleviimisele. Samuti oleme pikaajaliseks ärimahtude kasvatamiseks parandamas ja investeerimas oma riskikontrollisüsteemidesse. Tulenevalt headest tulemustest oleme finantsplaani uuendamas hiljemalt septembris." AS-i LHV Group aruanded on saadaval aadressil: https://investor.lhv.ee/aruanded. Kvartali tulemuste tutvustamiseks korraldab LHV Group veebiseminaride keskkonna Zoom kaudu investorkohtumise. Virtuaalne investorkohtumine toimub enne turu avanemist 18. juulil kell 9.00. Esitlus tehakse eesti keeles. Palume registreeruda aadressil: https://lhvbank.zoom.us/webinar/register/WN_MVhs8NkhRja5PRfxRmRSOQ#/registration. LHV Group on suurim kodumaine finantskontsern ja kapitali pakkuja Eestis. LHV Groupi peamised tütarettevõtted on LHV Pank, LHV Varahaldus ja LHV Kindlustus. Grupi ettevõtetes töötab üle 960 inimese. LHV pangateenuseid kasutab juuni lõpu seisuga üle 400 000 kliendi, LHV hallatavatel pensionifondidel on 128 000 aktiivset klienti ja LHV Kindlustusega on kaitstud 159 000 klienti. Groupi tütarettevõte LHV Bank omab Ühendkuningriigi pangalitsentsi ning pakub pangateenuseid rahvusvahelistele finantstehnoloogia ettevõtetele ja laenusid väike- ja keskmise suurusega ettevõtetele. Priit Rum LHV kommunikatsioonijuht Telefon: 502 0786 E-post: [email protected] (mailto:[email protected])
Content of announcement in English
Title
LHV Group’s unaudited financial results for Q2 and 6 months of 2023
Message
AS LHV Group generated a net profit of EUR 35.6 million in Q2 of this year, which is EUR 2.6 million more than in Q1 (+8%) and EUR 21.6 million more than in the same period a year ago (+155%). The return on equity attributable to LHV Group's shareholders was 30.7% in Q2. All business lines were profitable in the quarter. AS LHV Pank earned a net profit of EUR 34.4 million, and AS LHV Varahaldus a net profit of EUR 0.4 million in Q2. The quarterly net profit of AS LHV Kindlustus was EUR 33 thousand. Licensed bank LHV Bank Limited reported a net profit of EUR 1.6 million in Q2. In Q2 of 2023, the Group generated consolidated revenue of EUR 74.9 million, or 10% more than in the previous quarter. Of the revenue, net interest income accounted for EUR 62.9 million, and net fee and commission income for EUR 12.4 million. The Group's operating expenses amounted to EUR 33 million in Q2, or 8% more than in Q1. At the end of June, LHV Group's consolidated assets stood at EUR 6.31 billion. Over the quarter, assets increased by EUR 217 million euros, or 4%. The Group's consolidated deposits increased by EUR 195 million over the quarter to EUR 5.06 billion (+4%; EUR -34 million in Q1). The consolidated loan portfolio grew by EUR 104 million over the quarter to EUR 3.25 billion (+3%; EUR -59 million in Q1). The total volume of funds managed by LHV increased by EUR 14 million to EUR 1.46 billion in Q2 (+1%; EUR +119 million in Q1). The number of processed payments to financial intermediaries' clients amounted to 11.2 million in Q2 (+23% compared to 9.1 million in Q1). Consolidated net income of AS LHV Group for 6 months of 2023 amounted to EUR 143.3 million (+97% compared to 2022), supported by strong interest income, and total expenses amounted to EUR 63.7 million (+59% compared to 2022). The Group's 6-month consolidated net profit was EUR 68.7 million, an increase of EUR 42.3 million, or 161%, compared to the previous year. AS LHV Pank generated a net profit of EUR 71.8 million in 6 months. AS LHV Varahaldus made a net profit of EUR 0.5 million in the first 6 months and AS LHV Kindlustus made a net loss of EUR 0.4 million. LHV Bank Limited reported a loss of EUR 0.9 million for the half-year. LHV Group's ROE for the first half of the year was 30.7%. By the end of Q2, LHV Group exceeds the current financial plan in terms of net profit by EUR 22.9 million. LHV plans to update its financial plan in September, at the latest. Income statement, EUR thousand Q2-2023 Q2-2022 6 months 2023 6 months 2022 ------------------------------------------------------------------------------- Net interest income 62 900 27 185 118 008 52 972 ------------------------------------------------------------------------------- Net fee and commission income 12 352 11 005 24 229 21 351 ------------------------------------------------------------------------------- Net gains from financial assets -548 -345 837 -1 658 ------------------------------------------------------------------------------- Other income 197 57 210 22 ------------------------------------------------------------------------------- Total revenue 74 902 37 903 143 285 72 687 ------------------------------------------------------------------------------- Staff costs -15 851 -11 746 -31 518 -21 995 ------------------------------------------------------------------------------- Office rent and expenses -1 225 -923 -1 992 -1 446 ------------------------------------------------------------------------------- IT expenses -3 657 -1 561 -6 883 -3 210 ------------------------------------------------------------------------------- Marketing expenses -1 087 -655 -1 896 -1 612 ------------------------------------------------------------------------------- Other operating expenses -11 220 -6 195 -21 373 -11 682 ------------------------------------------------------------------------------- Total operating expenses -33 040 -21 080 -63 662 -39 946 ------------------------------------------------------------------------------- EBIT 41 862 16 822 79 623 32 741 ------------------------------------------------------------------------------- Earnings before impairment losses 41 862 16 822 79 623 32 741 ------------------------------------------------------------------------------- Impairment losses on loans and advances -809 341 774 -394 ------------------------------------------------------------------------------- Income tax -5 422 -3 177 -11 703 -5 978 ------------------------------------------------------------------------------- Net profit 35 631 13 986 68 694 26 369 ------------------------------------------------------------------------------- Profit attributable to non- controlling interest 278 444 687 946 ------------------------------------------------------------------------------- Profit attributable to shareholders of the parent 35 353 13 543 68 007 25 423 Balance sheet, EUR thousand Jun 2023 Mar 2023 Jun 2022 ---------------------------------------------------------------------------- Cash and cash equivalents 2 604 108 2 574 177 3 054 953 ---------------------------------------------------------------------------- Financial assets 369 289 297 012 492 539 ---------------------------------------------------------------------------- Loans granted 3 272 084 3 167 568 2 943 373 ---------------------------------------------------------------------------- Loan impairments -18 588 -18 384 -18 838 ---------------------------------------------------------------------------- Receivables from customers 28 199 19 813 9 183 ---------------------------------------------------------------------------- Other assets 52 223 50 353 49 646 ---------------------------------------------------------------------------- Total assets 6 307 315 6 090 540 6 530 857 ---------------------------------------------------------------------------- Demand deposits 4 005 191 4 339 971 5 218 411 ---------------------------------------------------------------------------- Term deposits 1 057 177 526 928 148 154 ---------------------------------------------------------------------------- Loans received 510 934 539 807 497 048 ---------------------------------------------------------------------------- Loans received and deposits from customers 5 573 302 5 406 706 5 863 613 ---------------------------------------------------------------------------- Other liabilities 120 896 98 876 172 082 ---------------------------------------------------------------------------- Subordinated loans 131 301 131 070 110 368 ---------------------------------------------------------------------------- Total liabilities 5 825 499 5 636 652 6 146 064 ---------------------------------------------------------------------------- Equity 481 816 453 888 384 793 ---------------------------------------------------------------------------- Minority interest 7 287 7 009 7 231 ---------------------------------------------------------------------------- Total liabilities and equity 6 307 315 6 090 540 6 530 857 Q2 was characterised by active business for LHV, as well as increasing client activity. The highlight of the quarter was LHV Bank Limited obtaining its banking licence in the UK. In a challenging economic environment, the loan portfolio grew as expected. Increased interest income, combined with the high quality of the loan portfolio, helped the Group to significantly exceed its profitability target. Only the consumer loan portfolio of private individuals shows some change in quality. Expenditure was affected by an increase in the contribution to the Deposit Guarantee Fund. The cost/income ratio for the first half of the year was a good 44.4%. Throughout the first half of the year, in an environment of rising interest rates, the focus for LHV has been on deposits, which has resulted in an accelerated shift of clients from demand deposits to fixed-term deposits. Demand deposits decreased by EUR 333 million in Q2, while fixed-term deposits increased by EUR 528 million. Deposits by financial intermediaries decreased by EUR 174 million in Q2. A total of EUR 277 million in fixed-term deposits was raised through deposit platforms. Deposits from regular clients increased by EUR 92 million over the quarter. During the quarter, the number of LHV's banking clients increased by nearly 10,000, exceeding the 400,000 mark for the first time. Over the year, the number of bank clients has increased by 50,000 (+14%). During the quarter, LHV Pank significantly increased the interest rates offered to fixed-term depositors. LHV pays the depositor 4% interest on the one-year deposit. The bank's non-Group loan portfolio grew by EUR 96 million in Q2: the increase was split equally between retail and corporate banking. Demand for credit is picking up speed again. In terms of revenues, this was the first full quarter when revenues from financial intermediaries, or the banking service clients, were shared with LHV Bank. During the active quarter, the bank renewed its Youth Bank offer, started the update of the Financial Portal, and added a currency exchange option to its mobile app. In the survey carried out by Kantar Emor, LHV internet bank was named the best online service channel in Estonia. Following the granting of a banking licence to LHV Bank, preparations for the transfer of financial intermediaries' business from the Estonian LHV Pank to the UK bank have gained momentum. The IT separation of the two banks and the transfer of business is planned for August. From August, LHV Bank also plans to attract the necessary deposits to grow its loan portfolio through Raisin's deposit platform. Thereafter, the plan is to focus on creating and launching own deposit products. The UK lending market is currently less active, but there are strong lending projects. In Q2, LHV Bank earned more interest income than planned from the deposits of its financial intermediary clients, although the deposit base has decreased. The loan portfolio grew by EUR 8 million and fees increased due to an increase in the number of payments. The bank's costs were higher than planned due to the increased workload. Funds managed by LHV Varahaldus continued to grow. At the same time, equity markets were driven by the largest technology stocks, with minimal exposure to the larger LHV funds. LHV pension funds M and XL returned 0.3% during the quarter, while pension fund L fell 0.1%. Pensionifond Indeks rose 4.2% in three months. To sum up, Pensionifond Roheline fell 1.2% during a volatile three months. The number of active pension fund clients decreased by 2,000 over the quarter, mainly due to clients leaving the II pillar at the beginning of May. Operating income and operating expenses were broadly in line with the plan, but fund volumes and financial income from asset management were slightly below the plan, mainly due to lower rates of return in Q2. Q2 was the first profitable quarter for LHV Kindlustus. Insurance volumes continued to grow, outperforming the financial plan across all major products. At the end of the quarter, clients held 223 thousand insurance agreements. During the quarter, a total of 12,500 claims were handled. Net revenue and the result were negatively affected by unforeseen one-off costs. The net loss ratio is on a downward trend. Comment by Madis Toomsalu, Chairman of the Management Board at LHV Group: "Our investments in developing our business have been effective. We received a banking license in the UK and for the first time all LHV Group subsidiaries ended the quarter earning a profit. We are pleased with the increase in loan and deposit volumes, while expecting an acceleration in the growth of LHV Bank's loan volumes in the UK. The loan portfolio has maintained a good quality, there has been some increase in arrears in the consumer financing portfolio. The transfer of financial intermediaries' business from Estonian LHV Pank to the LHV Bank in UK is planned for the end of August, after that we will also focus on the transfer of customers' euro payments from LHV Pank. Additionally for the long-term growth of business volumes we are improving and investing in our risk control systems. Due to the better-than-expected results, we are updating the financial plan in September at the latest." The reports of AS LHV Group are available at: https://investor.lhv.ee/en/reports/. In order to present the results of the quarter, LHV Group will organise an investor meeting via the Zoom webinar platform. The virtual investor meeting will take place before the market opens on 18 July at 9.00. The presentation will be in Estonian. Please register at the following address: https://lhvbank.zoom.us/webinar/register/WN_MVhs8NkhRja5PRfxRmRSOQ#/registration. LHV Group is the largest domestic financial group and capital provider in Estonia. LHV Group's main subsidiaries are LHV Pank, LHV Varahaldus, and LHV Kindlustus. The Group employs over 960 people. As at the end of June, more than 400,000 clients were using LHV's banking services, LHV's pension funds had 128,000 active clients, and 159,000 clients were covered by LHV Kindlustus. LHV Bank, a subsidiary of the Group, holds a banking licence in the UK and provides banking services to international financial technology companies, as well as loans to small and medium-sized enterprises. Priit Rum Communication Manager Phone: +372 502 0786 Email: [email protected] (mailto:[email protected])