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
This is a correction announcement.
Previous version
LHV Group’s unaudited financial results for Q3 and nine months of 2023
Categories
Management interim statement or quarterly financial report
Unique data record identifier
10675
Attachments
Submission date and time
24.10.2023 08:33:25
Content of announcement in Estonian
Title
Parandusteade: LHV Groupi 2023. aasta III kvartali ja 9 kuu auditeerimata majandustulemused
Message
--- Teates on parandatud Kasumiaruande tabeli III kv 2022 veeru sisu --- AS LHV Group teenis käesoleva aasta III kvartalis 39,5 miljonit eurot puhaskasumit. AS LHV Pank teenis puhaskasumit 36,0 miljonit eurot, LHV Bank Limited 3,2 miljonit eurot, AS LHV Varahaldus 0,6 miljonit eurot ja AS LHV Kindlustus 0,3 miljonit eurot. Grupi aktsionäridele kuuluva omakapitali tootlus oli III kvartalis 31,6%. Grupp teenis 2023. aasta III kvartalis konsolideeritult 81,5 miljonit eurot tulusid ehk 9% rohkem kui eelmises kvartalis. Tuludest 68,1 miljonit eurot moodustasid neto intressitulud ning 13,6 miljonit eurot neto teenustasutulud. Konsolideerimisgrupi tegevuskulud olid III kvartalis 32,8 miljonit eurot ehk 1% vähem kui II kvartalis. Kvartali puhaskasum oli 3,8 miljonit eurot suurem kui eelmisel kvartalil (+11%) ja ületas möödunud aasta sama perioodi tulemust 3,7 korda. Septembri lõpu seisuga oli LHV Groupi konsolideeritud varade maht 6,59 miljardit eurot. Kvartaliga suurenes varade maht 284 miljoni euro võrra ehk 5%. Grupi konsolideeritud hoiused kasvasid kvartaliga 254 miljoni euro võrra 5,32 miljardi euroni (+5%; +195 miljonit eurot II kvartalis). Konsolideeritud laenuportfell kasvas kvartaliga 122 miljoni euro võrra 3,38 miljardi euroni (+4%; +104 miljonit eurot II kv). LHV poolt juhitud fondide koondmaht vähenes III kvartalis 13 miljoni euro võrra 1,45 miljardi euroni (-1%; +14 miljonit eurot II kvartalis). Finantsvahendajatest klientidega seotud töödeldud maksete arv oli III kvartalis 13,2 miljonit makset (+18% võrreldes 11,2 miljoni maksega II kvartalis). AS-i LHV Group 2023. aasta 9 kuu konsolideeritud netotuludeks kogunes 224,8 miljonit eurot (+92% võrreldes 2022. aastaga) ning kulud kokku olid 96,5 miljonit eurot (+54%). Grupi 9 kuu konsolideeritud puhaskasum oli seega 108,2 miljonit eurot ehk 71,1 miljonit eurot (+191%) rohkem kui aasta tagasi. AS LHV Pank teenis 9 kuuga 107,8 miljonit eurot puhaskasumit, UK Bank Limited 2,2 miljonit eurot puhaskasumit, AS LHV Varahaldus 1,1 miljonit eurot puhaskasumit ja AS LHV Kindlustus 0,1 miljonit eurot puhaskahjumit. LHV Groupi omakapitali tootlus oli 9 kuuga 30,8%. Septembri alguses avalikustatud finantsplaani edestas LHV 9 kuu kokkuvõttes puhaskasumi osas 4,0 miljoni euro võrra. Kasumiaruanne, tuhandetes eurodes III kv 2023 III kv 2022 9 kuud 2023 9 kuud 2022 ------------------------------------------------------------------------------- Neto intressitulu 68 140 32 041 186 149 85 013 ------------------------------------------------------------------------------- Neto teenustasutulu 13 617 12 000 37 846 33 351 ------------------------------------------------------------------------------- Neto finantstulud -589 228 249 -1 430 ------------------------------------------------------------------------------- Muud tegevustulud 311 29 521 51 ------------------------------------------------------------------------------- Tulud kokku 81 479 44 298 224 765 116 985 ------------------------------------------------------------------------------- Personalikulu -16 308 -11 631 -47 827 -33 626 ------------------------------------------------------------------------------- Kontorikulud -1 085 -914 -3 077 -2 360 ------------------------------------------------------------------------------- IT kulud -3 379 -2 201 -10 263 -5 411 ------------------------------------------------------------------------------- Turunduskulud -845 -565 -2 741 -2 177 ------------------------------------------------------------------------------- Muud tegevuskulud -11 189 -7 502 -32 561 -19 184 ------------------------------------------------------------------------------- Kulud kokku -32 806 -22 813 -96 469 -62 759 ------------------------------------------------------------------------------- Ärikasum 48 673 21 485 128 296 54 227 ------------------------------------------------------------------------------- Kasum enne allahindlusi 48 673 21 485 128 296 54 227 ------------------------------------------------------------------------------- Laenude allahindlus -2 883 -7 407 -2 109 -7 801 ------------------------------------------------------------------------------- Tulumaksukulu -6 314 -3 331 -18 017 -9 309 ------------------------------------------------------------------------------- Puhaskasum 39 476 10 747 108 170 37 116 ------------------------------------------------------------------------------- Vähemusosaluse osa 419 441 1 105 1 387 ------------------------------------------------------------------------------- Emaettevõtte aktsionäride osa kasumist 39 058 10 307 107 064 35 729 Bilanss, tuhandetes eurodes sept.23 juuni.23 dets.22 sept.22 ----------------------------------------------------------------------- Raha ja raha ekvivalendid 2 857 964 2 604 108 2 482 288 2 735 080 ----------------------------------------------------------------------- Finantsvarad 269 828 369 289 373 584 373 749 ----------------------------------------------------------------------- Laenud klientidele 3 396 048 3 272 084 3 229 214 3 115 239 ----------------------------------------------------------------------- Laenude allahindlus -20 466 -18 588 -20 642 -20 537 ----------------------------------------------------------------------- Nõuded klientide vastu 36 873 28 199 21 019 12 785 ----------------------------------------------------------------------- Muud varad 50 924 52 223 49 539 46 099 ----------------------------------------------------------------------- Varad kokku 6 591 170 6 307 315 6 135 002 6 262 414 ----------------------------------------------------------------------- Nõudmiseni hoiused 3 813 924 4 005 191 4 644 843 5 053 834 ----------------------------------------------------------------------- Tähtajalised hoiused 1 502 280 1 057 177 255 672 114 319 ----------------------------------------------------------------------- Saadud laenud 461 635 510 934 586 254 496 239 ----------------------------------------------------------------------- Võlgnevused klientidele 5 777 839 5 573 302 5 486 768 5 664 393 ----------------------------------------------------------------------- Muud kohustused 124 237 120 896 96 541 91 626 ----------------------------------------------------------------------- Allutatud laenud 166 848 131 301 130 843 110 652 ----------------------------------------------------------------------- Kohustused kokku 6 068 924 5 825 499 5 714 152 5 866 671 ----------------------------------------------------------------------- Omakapital 522 246 481 816 420 850 395 743 ----------------------------------------------------------------------- sh vähemusosaluse osa 7 706 7 287 7 908 7 671 ----------------------------------------------------------------------- Kohustused ja omakapital kokku 6 591 170 6 307 315 6 135 002 6 262 414 Ootuspäraselt tugevat kvartalit LHV jaoks iseloomustas Eesti äride kasumlik tegevus, kapitalikaasamised ning äri arendamine Ühendkuningriigis. Kvartali jooksul uuendati LHV finantsplaani, suurendades kasumi eesmärki käesolevaks aastaks 29%. Septembris korraldas LHV Group allutatud võlakirjade avaliku pakkumise, millega kaasas 35 miljonit eurot teise taseme omavahendeid. Pakkumises osales rekordiliselt 16 255 investorit, pakkumine märgiti üle 16- kordselt. Endiselt ebaselges majanduskeskkonnas õnnestus klientide arvu kasvatada ja paranemas on ka klientide aktiivsus. Fookuses on olnud hoiused: klientide liikumine nõudmiseni hoiustamiselt tähtajalisele hoiustamisele jätkus. III kvartali jooksul vähenesid nõudmiseni hoiused 191 miljoni euro võrra, samal ajal kui tähtajalised hoiused kasvasid 445 miljoni euro võrra, sellest 142 miljonit kaasati hoiuseplatvormide kaudu. Tavaklientide hoiused kasvasid kvartaliga 79 miljoni euro võrra. Laenuportfelli kvaliteet on püsinud heal tasemel, vaatamata väikesest muutusest eraklientide väikelaenuportfellis, kus on märgata viivituste kasvu. Grupi laenuportfelli kasv on olnud ootuspärane. Kvartaliga suurenes LHV Panga pangaklientide arv 6600 võrra 407 tuhande kliendini. Klientide aktiivsus arveldusteenuste ja kaardikasutuse osas jäi heale tasemele. LHV Panga laenuportfell kasvas 176 miljoni euro võrra, millest 83 miljonit eurot väljastati LHV Bankile ning 95 miljonit eurot klientidele, mis omakorda jaotus võrdselt jae- ja ettevõtete panganduse vahel. Laenunõudluses on märgata mõningast kasvu stabiilsema perioodi järel. Algas uus õppelaenu periood, õppelaenu võeti eelmisest aastast aktiivsemalt. Septembris kuulutas tööandja brändingu agentuur Instar LHV Panga nii Eesti tudengite kui ka kogenud töötajate jaoks kõige atraktiivsemaks tööandjaks. Augustis viidi LHV Panga Ühendkuningriigi filiaali äritegevus edukalt üle LHV Banki. Sellega liikusid uude panka klientide naelamaksete teenindamine, liidestused naelamaksete süsteemidega ja nende maksete teenindamisega seotud lepingud. Senine ÜK filiaal on sulgemisel. LHV Bank võttis kasutusele uue IT- süsteemi ja vahetas välja laenusüsteemi. Lisaks laenuportfelli kasvatamisele 61 miljoni euroni, alustas LHV Bank hoiuste kaasamist Ühendkuningriigi turult Raisini hoiuseplatvormi kaudu. Käimas on liitumised teiste platvormidega. Finantsvahendajate (Banking Services) segmendi ärimahud olid III kvartalis rekordilised, uutes sektorites tegutsevate ettevõtete kasvu arvelt. Tugevad tulemused kajastuvad plaanitut edestavas kasumlikkuses. III kvartalis suurendas LHV Group LHV Banki aktsiakapitali 12 miljoni euro võrra. Pensionifondide turul olid III kvartalis LHV aktiivselt juhitud fondid kõige parema tootlusega. LHV fondide kasvu vedasid võlakirjad, erakapital ning energeetikale panustavad aktsiapositsioonid, samal ajal kui suuremad aktsiaturud olid miinuses. LHV Varahalduse hallatavate fondide mahu languse põhjus seisnes septembri alguses tehtud väljamaksetes ning loodetust tagasihoidlikumas tootluses. III samba varad kvartaliga kasvasid. Aktiivsete pensioniklientide arv vähenes kvartaliga 4000 võrra seoses septembris II pensionisambast lahkunud klientidega. Varahalduse kasumi kasvu on toetanud plaanitust madalam kulubaas. LHV Kindlustuse netotulud jätkasid kasvavas trendis, kulud jäid kooskõlla finantsplaaniga. III kvartalis brutopreemiad vähenesid. Kvartali jooksul registreeriti 15 300 uut kahjujuhtumit, käsitlus lõpetati 17 600 juhtumi puhul. Kvartali lõpu seisuga omasid kliendid 228 000 kehtivat kindlustuslepingut. Kindlustusega kaitstud klientide arv kasvas 160 tuhande kliendini. LHV Groupi juhatuse esimehe Madis Toomsalu kommentaar: "Kolmanda kvartali lõpus toimunud rekordiline võlakirjapakkumine andis tunnistust, et investorite usk meie tegemistesse on jätkunud. LHV kapitaliseeritus on hea ja see võimaldab meil jätkata laenutegevusega nii Eestis kui ka Ühendkuningriigis. Meie tulubaas Eestis on laiapõhjaline, kuid peamiselt on tulemusi aidanud kasvatada intressitulu. Järjest enam on ka kasvamas ka intressikulud, mistõttu grupi efektiivsus on tulevase finantsplaneerimise üks peamisi märksõnu. Heameelt teeb Ühendkuningriigi panga käekäik. Meie laenuportfell ja maksete mahud on taas kasvamas ning teeme ettevalmistusi hoiuste kaasamiseks." 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 24. oktoobril kell 9.00. Esitlus tehakse eesti keeles. Palume registreeruda aadressil: https://lhvbank.zoom.us/webinar/register/WN_fl0PsP3sTI65dEPE_4STEQ. LHV Group on suurim kodumaine finantskontsern ja kapitali pakkuja Eestis. LHV Groupi peamised tütarettevõtted on Eestis LHV Pank, LHV Varahaldus ja LHV Kindlustus ning LHV Bank Ühendkuningriigis. Grupi ettevõtetes töötab üle 1020 inimese. LHV pangateenuseid kasutab septembri lõpu seisuga üle 407 000 kliendi, LHV hallatavatel pensionifondidel on 125 000 aktiivset klienti ja LHV Kindlustusega on kaitstud 160 000 klienti. 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
Correction: LHV Group’s unaudited financial results for Q3 and nine months of 2023
Message
--- The Income statement table contents regarding Q3-2022 have been corrected --- In Q3 of this year, AS LHV Group earned EUR 39.5 million in net profit. AS LHV Pank earned EUR 36.0 million in net profit, LHV Bank Limited EUR 3.2 million, AS LHV Varahaldus EUR 0.6 million, and AS LHV Kindlustus EUR 0.3 million. The return on equity attributable to the Group's shareholders was 31.6% in Q3. In Q3 of 2023, the Group generated consolidated revenue of EUR 81.5 million, i.e., 9% more than in the previous quarter. Of the revenue, net interest income accounted for EUR 68.1 million, and net fee and commission income for EUR 13.6 million. The operating expenses of the consolidation group amounted to EUR 32.8 million in Q3, i.e., 1% less than in Q2. Net profit for the quarter was EUR 3.8 million more than in the previous quarter (+11%) and 3.7 times higher than in the same period last year. As at the end of September, LHV Group's consolidated assets stood at EUR 6.59 billion. Over the quarter, assets increased by EUR 284 million, i.e., 5%. The Group's consolidated deposits increased by EUR 254 million over the quarter to EUR 5.32 billion (+5%; EUR +195 million in Q2). The consolidated loan portfolio grew by EUR 122 million over the quarter to EUR 3.38 billion (+4%; EUR +104 million in Q2). The total volume of funds managed by LHV decreased by EUR 13 million to EUR 1.45 billion in Q3 (-1%; EUR +14 million in Q2). The number of processed payments related to clients who are financial intermediaries amounted to 13.2 million in Q3 (+18% compared to 11.2 million payments in Q2). Consolidated net revenue of AS LHV Group for the nine months of 2023 amounted to EUR 224.8 million (+92% compared to 2022) and total expenditure was EUR 96.5 million (+54%). The consolidated net profit of the Group for the nine months was consequently EUR 108.2 million, i.e., EUR 71.1 million more than a year ago (+191%). Over the nine months, AS LHV Pank earned EUR 107.8 million in net profit, UK Bank Limited EUR 2.2 million in net profit, AS LHV Varahaldus EUR 1.1 million in net profit, and AS LHV Kindlustus EUR 0.1 million in net loss. The return on equity of LHV Group was 30.8% over the nine months. LHV outperformed the financial plan disclosed at the beginning of September by EUR 4.0 million with regard to net profit for the nine months. Income statement, EUR thousand Q3-2023 Q3-2022 9 months 2023 9 months 2022 ------------------------------------------------------------------------------- Net interest income 68 140 32 041 186 149 85 013 ------------------------------------------------------------------------------- Net fee and commission income 13 617 12 000 37 846 33 351 ------------------------------------------------------------------------------- Net gains from financial assets -589 228 249 -1 430 ------------------------------------------------------------------------------- Other income 311 29 521 51 ------------------------------------------------------------------------------- Total revenue 81 479 44 298 224 765 116 985 ------------------------------------------------------------------------------- Staff costs -16 308 -11 631 -47 827 -33 626 ------------------------------------------------------------------------------- Office rent and expenses -1 085 -914 -3 077 -2 360 ------------------------------------------------------------------------------- IT expenses -3 379 -2 201 -10 263 -5 411 ------------------------------------------------------------------------------- Marketing expenses -845 -565 -2 741 -2 177 ------------------------------------------------------------------------------- Other operating expenses -11 189 -7 502 -32 561 -19 184 ------------------------------------------------------------------------------- Total operating expenses -32 806 -22 813 -96 469 -62 759 ------------------------------------------------------------------------------- EBIT 48 673 21 485 128 296 54 227 ------------------------------------------------------------------------------- Earnings before impairment losses 48 673 21 485 128 296 54 227 ------------------------------------------------------------------------------- Impairment losses on loans and advances -2 883 -7 407 -2 109 -7 801 ------------------------------------------------------------------------------- Income tax -6 314 -3 331 -18 017 -9 309 ------------------------------------------------------------------------------- Net profit 39 476 10 747 108 170 37 116 ------------------------------------------------------------------------------- Profit attributable to non- controlling interest 419 441 1 105 1 387 ------------------------------------------------------------------------------- Profit attributable to share holders of the parent 39 058 10 307 107 064 35 729 Balance sheet, EUR thousand Sept 2023 Jun 2023 Dec 2022 Sept 2022 ------------------------------------------------------------------------------- Cash and cash equivalents 2 857 964 2 604 108 2 482 288 2 735 080 ------------------------------------------------------------------------------- Financial assets 269 828 369 289 373 584 373 749 ------------------------------------------------------------------------------- Loans granted 3 396 048 3 272 084 3 229 214 3 115 239 ------------------------------------------------------------------------------- Loan impairments -20 466 -18 588 -20 642 -20 537 ------------------------------------------------------------------------------- Receivables from customers 36 873 28 199 21 019 12 785 ------------------------------------------------------------------------------- Other assets 50 924 52 223 49 539 46 099 ------------------------------------------------------------------------------- Total assets 6 591 170 6 307 315 6 135 002 6 262 414 ------------------------------------------------------------------------------- Demand deposits 3 813 924 4 005 191 4 644 843 5 053 834 ------------------------------------------------------------------------------- Term deposits 1 502 280 1 057 177 255 672 114 319 ------------------------------------------------------------------------------- Loans received 461 635 510 934 586 254 496 239 ------------------------------------------------------------------------------- Loans received and deposits from customers 5 777 839 5 573 302 5 486 768 5 664 393 ------------------------------------------------------------------------------- Other liabilities 124 237 120 896 96 541 91 626 ------------------------------------------------------------------------------- Subordinated loans 166 848 131 301 130 843 110 652 ------------------------------------------------------------------------------- Total liabilities 6 068 924 5 825 499 5 714 152 5 866 671 ------------------------------------------------------------------------------- Equity 522 246 481 816 420 850 395 743 ------------------------------------------------------------------------------- Minority interest 7 706 7 287 7 908 7 671 ------------------------------------------------------------------------------- Total liabilities and equity 6 591 170 6 307 315 6 135 002 6 262 414 A strong quarter for LHV, as previously expected, was characterised by the profitable performance of the Estonian enterprises, capital raising, and the development of business in the United Kingdom. Over the quarter, LHV updated its financial plan, increasing its profit target for the current year by 29%. In September, LHV Group organised a public offering of subordinated bonds, raising EUR 35 million in Tier II capital. A record 16,255 investors participated in the offering, which was oversubscribed 16 times. In a still uncertain economic environment, we managed to increase the number of clients and client activity is improving. The focus has been on deposits: the shift of clients from demand deposits to fixed-term deposits continued. During Q3, demand deposits decreased by EUR 191 million, while fixed-term deposits increased by EUR 445 million, of which EUR 142 million was raised through deposit platforms. Deposits from regular clients increased by EUR 79 million over the quarter. The quality of the loan portfolio has remained at a good level, despite a small change in the retail small loan portfolio, where an increase in delays has been observed. Growth in the Group's loan portfolio has been as expected. During the quarter, the number of LHV Pank's clients increased by 6,600 to 407 thousand. Client activity in terms of settlement services and card usage remained at a good level. The loan portfolio of LHV Pank increased by EUR 176 million, of which EUR 83 million was issued to LHV Bank and EUR 95 million to clients, which in turn was split equally between retail and corporate banking. Demand for credit is showing some signs of growth after a more stable period. The new student loan period started, with more activity than last year. In September, the employer branding agency Instar named LHV Pank the most attractive employer for both Estonian students and experienced employees. In August, the business of the UK branch of LHV Pank was successfully transferred to LHV Bank. As a result, servicing of clients' payments in pounds, interfacing with payment systems, and the contracts related to servicing these payments were transferred to the new bank. The current UK branch is in the closing process. LHV Bank introduced a new IT system and replaced its loan system. In addition to increasing its loan portfolio to EUR 61 million, LHV Bank started to attract deposits from the UK market through the Raisin deposit platform. Connections to other platforms are ongoing. Business volumes in the Banking Services segment were a record high in Q3, driven by growth in companies operating in new sectors. Strong results are reflected in better-than-planned profitability. In Q3, LHV Group increased the share capital of LHV Bank by EUR 12 million. In the pension fund market, LHV's actively managed funds had the best rate of return in Q3. Growth in LHV funds was led by bonds, private equity, and equity positions contributing to the energy sector, while the major equity markets were in the red. The reason for the decline in the volume of funds managed by LHV Varahaldus was due to the payouts made at the beginning of September and the lower-than- expected rate of return. Pillar III assets grew quarter on quarter. The number of active pension clients decreased by 4,000 over the quarter, due to clients leaving pension Pillar II in September. The increase in profit from asset management has been supported by a lower-than-planned cost base. The net revenue of LHV Kindlustus continued its upward trend, while expenses remained in line with the financial plan. In Q3, gross premiums fell. During the quarter, 15,300 new claims were registered and 17,600 were closed. As at the end of the quarter, clients had 228,000 valid insurance contracts. The number of clients covered by insurance increased to 160 thousand. Comment by Madis Toomsalu, Chairman of the Management Board at LHV Group: "The record braking bond offering that took place at the end of the third quarter proved that investors belief in what we do continuous. LHV's capitalisation is at a good level, enabling us to go on with active lending in Estonia as well as in the UK. Our revenue base in Estonia is broad, but the results have mainly grown with the help of interest income More and more interest costs are also increasing, which is why group efficiency is one of the main keywords for the upcoming financial planning. The performance of the UK bank is encouraging. Our loan portfolio and payment volumes are growing, and we are preparing for including deposits." AS LHV Group's reports 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 on 24 October at 9.00, before the market opens. The presentation will be in Estonian. We kindly ask you to register at the following address: https://lhvbank.zoom.us/webinar/register/WN_fl0PsP3sTI65dEPE_4STEQ. LHV Group is the largest domestic financial group and capital provider in Estonia. LHV Group's key subsidiaries are LHV Pank, LHV Varahaldus and LHV Kindlustus in Estonia, and LHV Bank in the United Kingdom. The Group employs over 1,020 people. As at the end of September, more than 407,000 clients were using LHV's banking services, LHV's pension funds had 125,000 active clients, and 160,000 clients were covered by LHV Kindlustus. LHV Bank holds a banking licence in the United Kingdom 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])