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
Other corporate action
Does the information contain personal data?
Yes
Is the data provided voluntary or not?
No
Original language of the information to be provided
Estonian
Is information covering a period?
No
The date to which the information relates
20.10.2026
Version
1
Unique data record identifier
19098
Submission date and time
20.10.2026 08:00:00
Content of announcement in Estonian
Title
LHV Groupi 2026. aasta III kvartali ja 9 kuu auditeerimata majandustulemused
Message
2026. aasta III kvartalit iseloomustas LHV Groupi jaoks tulude ja kasumlikkuse kasv, mis tõusid nii kvartaalses kui aastases võrdluses. Tugevat tulemust vedasid neto intressitulud ja teenustasutulud ning suurem allahindluste vabanemine.
LHV Group teenis 2026. aasta III kvartalis 37,5 miljonit eurot puhaskasumit, mida on 52% rohkem kui eelmises kvartalis ja 43% rohkem kui aasta tagasi. LHV Pank teenis puhaskasumit 33,7 miljonit eurot ja LHV Bank Ltd 1,4 miljonit eurot. AS LHV Varahaldus teenis puhaskasumit 0,5 miljonit eurot ja AS LHV Kindlustus 0,3 miljonit eurot. Grupi aktsionäridele kuuluva omakapitali tootlus oli III kvartalis 19,3%.
Konsolideeritult teenis LHV Group 2026. aasta III kvartalis netotulusid 80,1 miljonit eurot, mida on 1% rohkem kui eelmises kvartalis ja 10% rohkem kui aasta tagasi. Neto intressitulu oli 68,8 miljonit eurot (+10% kvartaalses võrdluses ja +24% aastavõrdluses). Kasvu toetasid laenuportfelli kasv ja marginaalide paranemine, neto intressimarginaal oli 2,8% (II kvartalis 2,6%). Neto teenustasutulu oli 16,8 miljonit eurot (+15% kvartaalses võrdluses ja +10% aastavõrdluses). Muud tulud ulatusid -5,5 miljoni euroni, mis tulenes peamiselt likviidsusportfelli ümberhindluse mõjust. Portfelli keskmine tähtaeg on alla kahe aasta, mistõttu kahjum taastub võlakirjade lunastamisel. Samal ajal teenib portfell täiendavat intressitulu.
Kulud olid 43,4 miljonit eurot, mis on eelmise kvartaliga samal tasemel ja 12% rohkem kui aasta tagasi. Personalikulu vähenes kvartaliga 8% 24,1 miljoni euroni, IT-kulud kasvasid 12% 5,3 miljoni euroni. Kulude ja tulude suhe oli 54,2%. Kasum enne allahindlusi oli 36,7 miljonit eurot (+4% kvartaalses võrdluses ja +8% aastavõrdluses). III kvartalis kajastati allahindluste vabanemist 8,9 miljonit eurot. Vabanemine tuli LHV Pangast ning oli seotud peamiselt ühe suurema kliendi provisjoni vabastamisega.
Septembri lõpu seisuga oli LHV Groupi konsolideeritud varade maht 10,10 miljardit eurot, mis oli 5% suurem kui eelmise kvartali lõpus ja 6% suurem kui aasta tagasi. Konsolideeritud laenuportfell kasvas III kvartalis 183 miljoni euro võrra ehk 3% ja ulatus 5,95 miljardi euroni (aastavõrdluses +14%). Hoiused kasvasid kvartaliga 178 miljoni euro võrra ehk 2% ja ulatusid 7,74 miljardi euroni (aastavõrdluses +4%). LHV poolt juhitud fondide koondmaht kasvas kvartaliga 25 miljoni euro võrra 1,82 miljardi euroni (aastavõrdluses +12%). Finantsvahendajatest klientide maksete arv oli III kvartalis 24,2 miljonit makset, mida on 6% vähem kui eelmises kvartalis ja 18% rohkem kui aasta tagasi. Grupi klientide arv kasvas kvartaliga ligi 8 000 võrra 723 000-ni.
Üheksa kuu kokkuvõttes teenis LHV Group netotulusid 232,8 miljonit eurot (+3% aastavõrdluses), millest neto intressitulu oli 190,6 miljonit eurot (+9%) ja neto teenustasutulu 46,1 miljonit eurot (+3%). Kulud kasvasid 14% 132,6 miljoni euroni. Allahindlusi vabanes üheksa kuuga kokku 1,8 miljonit eurot. Puhaskasum oli 81,9 miljonit eurot, mida on 5% vähem kui aasta tagasi. Omakapitali tootlus oli üheksa kuu kokkuvõttes 14,0% (aasta tagasi 16,1%) ja kulude ja tulude suhe 57,0% (aasta tagasi 51,7%).
Grupi esimese taseme põhiomavahendite suhtarv (CET1) oli III kvartali lõpus 15,3%, esimese taseme omavahendite suhtarv (T1) 17,2% ja kapitali adekvaatsus kokku (CAD) 20,3%. Likviidsuse kattekordaja (LCR) oli 174% ja stabiilse netorahastamise määr (NSFR) 146%. LHV Group emiteeris augustis 200 miljoni euro ulatuses MREL-võlakirju ja 15 miljoni euro ulatuses AT1 võlakirju.
Üheksa kuu seisuga jäävad netotulud finantsplaanile alla 4,5 miljoni euro võrra ning puhaskasum edestab finantsplaani 3,6 miljoni euro võrra.
| Kasumiaruanne, tuhandetes eurodes | III kv-26 | II kv-26 | III kv-25 |
| Neto intressitulu | 68 811 | 62 480 | 55 532 |
| Neto teenustasutulu | 16 799 | 14 643 | 15 296 |
| Neto finantstulud | -5 765 | 1 170 | 1 167 |
| Kindlustusteenuse tulem | 219 | 744 | 627 |
| Muud tegevustulud ja -kulud | 60 | -26 | 39 |
| Netotulud kokku | 80 124 | 79 011 | 72 661 |
| Personalikulu | -24 072 | -26 089 | -22 351 |
| Kontorikulud | -807 | -713 | -730 |
| IT-kulud | -5 300 | -4 717 | -3 837 |
| Turunduskulud | -1 790 | -1 059 | -1 140 |
| Muud tegevuskulud | -11 461 | -11 013 | -10 705 |
| Kulud kokku | -43 429 | -43 591 | -38 763 |
| Kasum enne allahindlusi | 36 695 | 35 420 | 33 898 |
| Allahindlus | 8 892 | -5 770 | -1 673 |
| Tulumaksukulu | -8 053 | -4 963 | -5 916 |
| Puhaskasum | 37 534 | 24 687 | 26 309 |
| Vähemusosaluse osa | 450 | 574 | 606 |
| Emaettevõtte aktsionäride osa kasumist | 37 084 | 24 113 | 25 703 |
| Puhaskasum aktsia kohta, eurodes | 0,11 | 0,07 | 0,08 |
| Lahustatud puhaskasum aktsia kohta, eurodes | 0,11 | 0,07 | 0,08 |
| Bilanss, tuhandetes eurodes | sept.26 | juuni.26 | sept.25 |
| Raha ja nõuded pankadele | 3 001 723 | 2 760 278 | 3 837 093 |
| Finantsvarad | 1 065 486 | 1 058 984 | 402 971 |
| Laenud klientidele | 5 989 915 | 5 815 325 | 5 279 528 |
| Laenude allahindluse reserv | -38 875 | -47 449 | -45 277 |
| Nõuded klientide vastu | 41 782 | 29 241 | 12 403 |
| Muud varad | 40 907 | 35 667 | 42 980 |
| Varad kokku | 10 100 938 | 9 652 047 | 9 529 699 |
| Nõudmiseni hoiused | 5 149 077 | 5 130 731 | 4 862 458 |
| Tähtajalised hoiused | 2 586 258 | 2 426 535 | 2 590 440 |
| Saadud laenud | 1 232 577 | 1 021 079 | 1 048 556 |
| Võlgnevused klientidele ja saadud laenud | 8 967 911 | 8 578 345 | 8 501 454 |
| Viitvõlad ja muud kohustused | 117 143 | 106 273 | 84 143 |
| Allutatud laenud | 222 295 | 209 215 | 207 001 |
| Kohustised kokku | 9 307 350 | 8 893 833 | 8 792 598 |
| Omakapital | 793 588 | 758 214 | 737 101 |
sh vähemusosaluse osa | 7 976 | 7 526 | 8 456 |
| Kohustised ja omakapital kokku | 10 100 938 | 9 652 047 | 9 529 699 |
LHV Pank
LHV Panga puhaskasum ulatus III kvartalis 33,7 miljoni euroni (+39% kvartaalses võrdluses ja +38% aastavõrdluses) ja netotulud 57,7 miljoni euroni (-7% kvartaalses võrdluses ja +5% aastavõrdluses). Neto intressitulu kasvas kvartaliga 11% 59,5 miljoni euroni (+22% aastavõrdluses) ja neto teenustasutulu 14% 13,5 miljoni euroni (+15% aastavõrdluses). Kulud vähenesid kvartaliga 5% 26,9 miljoni euroni. III kvartalis kajastati allahindluste vabanemist 10,4 miljonit eurot, mida mõjutas olulises osas ühe suurema ettevõttelaenu provisjoni tagasikeeramine. Kulude ja tulude suhe oli 46,6% (II kvartalis 45,3%) ja omakapitali tootlus 21,6% (II kvartalis 16,6%).
Netotulu vähenemist kvartaliga mõjutas 10,1 miljoni euro suurune negatiivne neto finantstulu, mis sisaldab negatiivset likviidsusportfelli ja grupisisest intressiswapide ümberhindluse mõju. Likviidsusportfelli keskmine tähtaeg on alla kahe aasta, mistõttu ümberhindluse kahjum taastub võlakirjade lunastamisel ning portfell teenib samal ajal täiendavat neto intressitulu. Intressiswapide mõju elimineeritakse grupi tasandil. Ilma selle mõjuta olid panga netotulud 61,8 miljonit eurot ja puhaskasum 37,9 miljonit eurot.
LHV Panga klientide arv kasvas kvartaliga ligi 9 000 võrra 517 000-ni. Laenuportfell (neto) kasvas kvartaliga 92 miljoni euro võrra 4,91 miljardi euroni (aastavõrdluses +7%). Jaelaenud kasvasid 64 miljoni euro võrra ning ettevõtete laenud 28 miljoni euro võrra. Panga hoiused kasvasid kvartaliga 192 miljoni euro võrra 6,42 miljardi euroni (aastavõrdluses -3%), sealhulgas nõudmiseni hoiused kasvasid 148 miljonit eurot ja tähtajalised 44 miljonit eurot. Suurenemine tulenes peamiselt ettevõtete panganduse hoiuste kasvust 143 miljoni euro võrra, platvormihoiused jätkasid käesoleva aasta trendi järgi langemist.
Tehnoloogia vallas astus LHV Pank III kvartalis olulise sammu LHV.AI käivitamisel, tagades turvalise baasi tehisintellekti skaleerimiseks ja uue põlvkonna teenusteks enda klientidele. Tootearenduses lansseeriti klientide säästmisharjumustest ülevaadet andev ja toetav Rahaplaani funktsioon. Juulis tunnustas rahvusvaheline majandusajakiri Euromoney panka seitsmendat korda Eesti parima pangana. Septembris teatas pank otsusest sulgeda Tartu ja Pärnu kliendikontorid. Otsuse aluseks on klientide muutunud pangandusharjumused ja füüsiliste kontorite külastatavuse jätkuv vähenemine. Pank jätkab investeerimist digitaalsetesse teeninduskanalitesse, mille kaudu on võimalik kasutada kõiki peamisi pangateenuseid.
Üheksa kuu kokkuvõttes teenis LHV Pank netotulusid 174,0 miljonit eurot (+1% aastavõrdluses) ja puhaskasumit 78,2 miljonit eurot (-1% aastavõrdluses). Finantsplaaniga võrreldes jäävad netotulud 8,2 miljoni euro võrra alla (ilma intressiswapide ümberhindluse mõjuta 2,5 miljoni euro võrra), puhaskasum ületab plaani 2,3 miljoni euro võrra (ilma ümberhindluse mõjuta 8,1 miljoni euro võrra). Laenuportfell ületab plaani 88 miljoni euro võrra ning hoiused jäävad plaanile alla 340 miljoni euro võrra.
LHV Bank
Ühendkuningriigis tegutseva LHV Banki puhaskasum oli III kvartalis 1,4 miljonit eurot, mis on eelmise kvartaliga samal tasemel ja 38% rohkem kui aasta tagasi. Netotulud kasvasid kvartaliga 16% 17,1 miljoni euroni (+31% aastavõrdluses), neto intressitulu kasvas 10% 10,5 miljoni euroni (+64% aastavõrdluses). Allahindlusi tehti kvartalis 1,5 miljoni euro ulatuses. Kulude ja tulude suhe paranes 80,4%-ni (II kvartalis 85,2%).
LHV Banki laenuportfell kasvas kvartaliga 87 miljoni euro võrra ehk 9% 1,03 miljardi euroni (+56% aastavõrdluses). Heaks kiidetud, kuid väljastamata laenude maht ulatus 145 miljoni euroni. Hoiused kasvasid kvartaliga 119 miljoni euro võrra 1,51 miljardi euroni (+50% aastavõrdluses). Otsehoiuste maht ulatus kvartali lõpus 323 miljoni euroni.
Üheksa kuu kokkuvõttes kasvasid LHV Banki netotulud 17% 46,9 miljoni euroni, neto intressitulu 64% 29,3 miljoni euroni ja puhaskasum 24% 4,1 miljoni euroni. Finantsplaaniga võrreldes ületab neto intressitulu plaani 1,2 miljoni euro võrra. Netotulud jäävad plaanile alla 0,6 miljoni euro võrra ja puhaskasum 2,2 miljoni euro võrra, mida mõjutasid plaanist kõrgemad allahindlused ning 0,9 miljoni euro võrra plaanist kõrgemad kulud. Laenuportfell jääb plaanile alla 58 miljoni euro võrra ja hoiused 117 miljoni euro võrra.
LHV Varahaldus
LHV Varahalduse puhaskasum oli III kvartalis 0,5 miljonit eurot (II kvartalis 0,4 miljonit eurot ja III kvartalis 2025 0,8 miljonit eurot). Netotulud kasvasid kvartaliga 2% ja aastaga 8% 2,5 miljoni euroni.
Fondide koondmaht kasvas kvartaliga 25 miljoni euro võrra 1,82 miljardi euroni (+12% aastavõrdluses). III kvartali tootlused olid pensionifondidel Julge 1,3%, Ettevõtlik 2,2%, Rahulik 0,3%, Tasakaalukas 1,1% ja Indeks 1,6%. Aktiivseid igakuiseid sissemakseid tegevate II samba klientide arv oli kvartali lõpus 104 000.
Üheksa kuu kokkuvõttes kasvasid LHV Varahalduse netotulud 9% 7,3 miljoni euroni. Puhaskasum oli 0,3 miljonit eurot (aasta varem 1,4 miljonit eurot), mida mõjutas märtsis tehtud dividendimaksega kaasnenud 1,1 miljoni euro suurune tulumaksukulu. Puhaskasum ületab finantsplaani 0,1 miljoni euro võrra ja fondide maht jääb plaanile alla 14 miljoni euro võrra.
LHV Kindlustus
LHV Kindlustuse puhaskasum oli III kvartalis 0,3 miljonit eurot (II kvartalis 0,8 miljonit eurot ja III kvartalis 2025 0,7 miljonit eurot). Neto teenitud preemiad kasvasid kvartaliga 5% 11,7 miljoni euroni (+10% aastavõrdluses). Sõlmitud lepingute preemiate maht oli 11,0 miljonit eurot, mida on 6% vähem kui eelmises kvartalis ja 20% rohkem kui aasta tagasi.
Bruto tekkinud kahjud kasvasid kvartaliga 15% 8,2 miljoni euroni (+20% aastavõrdluses). Neto kahjusuhe oli 72,5% (II kvartalis 67,9%), neto kulusuhe 25,6% (II kvartalis 25,2%) ja kombineeritud suhe 98,1% (II kvartalis 93,1%). Klientide arv kasvas kvartaliga ligi 4 000 võrra 246 000-ni (+8% aastavõrdluses) ning kindlustuslepingute arv oli 337 000. Kvartalit mõjutasid mõningad suuremad kahjud kodukindlustuses.
Üheksa kuu kokkuvõttes kasvasid neto teenitud preemiad 9% 33,3 miljoni euroni ja bruto tekkinud kahjud 20% 23,6 miljoni euroni. Puhaskasum oli 0,4 miljonit eurot (aasta varem 2,4 miljonit eurot) ja neto kahjusuhe 74,0%. Puhaskasum jääb finantsplaanile alla 1,7 miljoni euro võrra, mis on peamiselt tingitud suurest kahjude hulgast aasta alguses. Sõlmitud lepingute preemiate maht ületab plaani 0,7 miljoni euro võrra.
LHV Groupi juhatuse esimehe Mihkel Torimi kommentaar:
“Kolmas kvartal oli LHV selle aasta tugevaim. Puhaskasum kasvas 37,5 miljoni euroni ja omakapitali tootlus 19,3%-ni. Põhiäri paranes: neto intressitulu suurenes aastaga 24% ja kulud püsisid eelmise kvartali tasemel. Kasumit toetas oluliselt ka see, et septembris vabanes ühe suurema ettevõttelaenu allahindlus ja laenuportfelli kvaliteet püsis tugevana.
Laenuportfell kasvas kvartaliga 183 miljoni euro võrra, millest ligi poole andis Ühendkuningriigi LHV Bank, kelle laenuportfell ületas miljardi euro piiri. Grupi kliendibaas kasvas 723 000-ni. Augustis kaasasime turult 200 miljonit eurot MREL-laenu, et mitmekesistada rahastamist.
Eestis tõime turule Rahaplaani, mis annab klientidele ülevaate kuludest ja säästmisest. Samuti käivitasime LHV.AI, millega klient saab ühendada oma pangakonto tehisintellekti tööriistadega. Klientide soe vastuvõtt kinnitab, et liigume õiges suunas.“
AS-i LHV Group aruanded on saadaval aadressil: https://investor.lhv.ee/aruanded.
Kvartali tulemuste tutvustamiseks korraldab LHV Group Teamsi kaudu investorkohtumise. Virtuaalne investorkohtumine toimub 20. oktoobril kell 9:00. Esitlus toimub eesti keeles ja kõnele on võimalik registreeruda läbi lingi siit.
LHV Group on suurim kodumaine finantskontsern ja kapitali pakkuja Eestis. LHV Groupi peamised tütarettevõtted on LHV Pank, LHV Varahaldus, LHV Kindlustus ja LHV Bank Limited. Grupi ettevõtetes töötab ligi 1 200 inimest. LHV Panga teenuseid kasutab üle 517 000 kliendi, LHV hallatavatel II samba pensionifondidel on 104 000 aktiivset klienti ja LHV Kindlustusega on kaitstud 246 000 klienti. Grupi tütarettevõte LHV Bank omab Ühendkuningriigi pangalitsentsi ning pakub pangateenuseid rahvusvahelistele finantstehnoloogia ettevõtetele ja laenusid väikese ja keskmise suurusega ettevõtetele.
Investorsuhted
Sten Hans Jakobsoo
Investorsuhete ja ettevõtte arenduse juht
E-post: [email protected]
Meedia ja kommunikatsioon
Paul Pihlak
Kommunikatsioonijuht
E-post: [email protected]
Attachments
Content of announcement in English
Title
Unaudited financial results of LHV Group for Q3 and 9 months of 2026
Message
For LHV Group, the third quarter of 2026 was characterised by growth in income and profitability, both quarter-on-quarter and year-on-year. The strong result was driven by net interest income and fee income, as well as a larger release of loan impairments.
AS LHV Group generated consolidated net profit of EUR 37.5 million in Q3 2026, which is 52% more than in the previous quarter and 43% more than in the same period last year. Of the subsidiaries, AS LHV Pank earned a net profit of EUR 33.7 million and LHV Bank Ltd EUR 1.4 million. AS LHV Varahaldus earned a net profit of EUR 0.5 million and AS LHV Kindlustus EUR 0.3 million. The return on equity attributable to the shareholders of the Group was 19.3% in Q3.
On a consolidated basis, LHV Group generated total net income of EUR 80.1 million in Q3 2026, which is 1% more than in the previous quarter and 10% more than in the same period last year. Net interest income amounted to EUR 68.8 million (+10% quarter-on-quarter and +24% year-on-year). Growth was supported by the expansion of the loan portfolio and improved margins, with the net interest margin reaching 2.8% (Q2: 2.6%). Net fee and commission income amounted to EUR 16.8 million (+15% quarter-on-quarter and +10% year-on-year). Other income amounted to EUR -5.5 million, mainly reflecting the revaluation of the liquidity portfolio. Portfolio duration is below two years, so the loss unwinds as positions mature and in parallel generates additional interest income booked under net interest income.
Total operating expenses amounted to EUR 43.4 million, remaining at the level of the previous quarter and increasing by 12% year-on-year. Staff costs decreased by 8% quarter-on-quarter to EUR 24.1 million, while IT costs increased by 12% to EUR 5.3 million. The cost/income ratio was 54.2%. Profit before loan impairment amounted to EUR 36.7 million (+4% quarter-on-quarter and +8% year-on-year). A net release of loan impairments of EUR 8.9 million was recognised in Q3. The release came from LHV Pank and was mainly related to the release of a provision for one larger client.
As at the end of September, LHV Group's consolidated total assets stood at EUR 10.10 billion, up 5% from the end of the previous quarter and 6% year-on-year. The consolidated loan portfolio grew by EUR 183 million, i.e. 3%, to EUR 5.95 billion in Q3 (+14% year-on-year). Deposits increased by EUR 178 million, i.e. 2%, during the quarter to EUR 7.74 billion (+4% year-on-year). The aggregate volume of funds managed by LHV grew by EUR 25 million during the quarter to EUR 1.82 billion (+12% year-on-year). Financial intermediary customers processed 24.2 million payments in Q3, a decrease of 6% compared to the previous quarter and an increase of 18% year-on-year. The number of Group customers increased by nearly 8,000 during the quarter to 723,000.
For the first nine months of the year, LHV Group generated total net income of EUR 232.8 million (+3% year-on-year), of which net interest income accounted for EUR 190.6 million (+9%) and net fee and commission income for EUR 46.1 million (+3%). Expenses grew by 14% to EUR 132.6 million. The net release of loan impairments totalled EUR 1.8 million over the nine months. Net profit amounted to EUR 81.9 million, which is 5% less than a year ago. The return on equity for the nine months was 14.0% (a year ago: 16.1%) and the cost/income ratio 57.0% (a year ago: 51.7%).
The Group's Common Equity Tier 1 (CET1) ratio stood at 15.3% at the end of Q3, the Tier 1 capital ratio at 17.2% and the total capital adequacy ratio (CAD) at 20.3%. The liquidity coverage ratio (LCR) was 174% and the net stable funding ratio (NSFR) 146%. In August, LHV Group issued EUR 200 million of MREL bonds and EUR 15 million of AT1 bonds.
As at the end of nine months, LHV Group's net income is falling short of the financial plan by EUR 4.5 million, while net profit exceeds the financial plan by EUR 3.6 million.
| Income statement, thousands of euros | Q3 2026 | Q2 2026 | Q3 2025 |
| Net interest income | 68,811 | 62,480 | 55,532 |
| Net fee and commission income | 16,799 | 14,643 | 15,296 |
| Net financial income | -5,765 | 1,170 | 1,167 |
| Result of the insurance service | 219 | 744 | 627 |
| Other operating income and expenses | 60 | -26 | 39 |
| Total net income | 80,124 | 79,011 | 72,661 |
| Staff costs | -24,072 | -26,089 | -22,351 |
| Office expenses | -807 | -713 | -730 |
| IT costs | -5,300 | -4,717 | -3,837 |
| Marketing expenses | -1,790 | -1,059 | -1,140 |
| Other operating expenses | -11,461 | -11,013 | -10,705 |
| Total expenses | -43,429 | -43,591 | -38,763 |
| Profit before loan impairment | 36,695 | 35,420 | 33,898 |
| Loan impairment | 8,892 | -5,770 | -1,673 |
| Income tax expense | -8,053 | -4,963 | -5,916 |
| Net profit | 37,534 | 24,687 | 26,309 |
| Minority holding | 450 | 574 | 606 |
| Profit attributable to shareholders of the parent company | 37,084 | 24,113 | 25,703 |
| Net profit per share, euros | 0.11 | 0.07 | 0.08 |
| Diluted net profit per share, euros | 0.11 | 0.07 | 0.08 |
| Balance sheet, thousands of euros | Sep 26 | Jun 26 | Sep 25 |
| Cash and due from banks | 3,001,723 | 2,760,278 | 3,837,093 |
| Financial assets | 1,065,486 | 1,058,984 | 402,971 |
| Loans to customers | 5,989,915 | 5,815,325 | 5,279,528 |
| Loan impairment reserve | -38,875 | -47,449 | -45,277 |
| Trade receivables | 41,782 | 29,241 | 12,403 |
| Other assets | 40,907 | 35,667 | 42,980 |
| Total assets | 10,100,938 | 9,652,047 | 9,529,699 |
| Demand deposits | 5,149,077 | 5,130,731 | 4,862,458 |
| Term deposits | 2,586,258 | 2,426,535 | 2,590,440 |
| Loans received | 1,232,577 | 1,021,079 | 1,048,556 |
| Trade payables and loans received | 8,967,911 | 8,578,345 | 8,501,454 |
| Accrued expenses and other liabilities | 117,143 | 106,273 | 84,143 |
| Subordinated debt | 222,295 | 209,215 | 207,001 |
| Total liabilities | 9,307,350 | 8,893,833 | 8,792,598 |
| Owners' equity | 793,588 | 758,214 | 737,101 |
incl. minority holding | 7,976 | 7,526 | 8,456 |
| Total liabilities and owners' equity | 10,100,938 | 9,652,047 | 9,529,699 |
LHV Pank
LHV Pank's net profit amounted to EUR 33.7 million in Q3 (+39% quarter-on-quarter and +38% year-on-year) and total net income to EUR 57.7 million (-7% quarter-on-quarter and +5% year-on-year). Net interest income grew by 11% quarter-on-quarter to EUR 59.5 million (+22% year-on-year) and net fee and commission income by 14% to EUR 13.5 million (+15% year-on-year). Expenses decreased by 5% quarter-on-quarter to EUR 26.9 million. A net release of loan impairments of EUR 10.4 million was recognised in Q3, significantly affected by the reversal of a provision on one larger corporate loan. The cost/income ratio was 46.6% (Q2: 45.3%) and return on equity 21.6% (Q2: 16.6%).
The quarter-on-quarter decrease in net income was driven by negative net financial income of EUR 10.1 million, which includes the negative effect of the liquidity portfolio and revaluation of intragroup interest rate swaps. The revaluation loss on the liquidity portfolio, which has a duration of less than two years, unwinds as the bonds mature, while the portfolio generates additional net interest income in parallel. The effect of the interest rate swaps is eliminated at the Group level. Excluding this effect, the bank's net income amounted to EUR 61.8 million and net profit to EUR 37.9 million.
The number of LHV Pank customers increased by nearly 9,000 during the quarter to 517,000. The net loan portfolio grew by EUR 92 million during the quarter to EUR 4.91 billion (+7% year-on-year). Retail loans grew by EUR 64 million and corporate loans by EUR 28 million. The bank's deposits increased by EUR 192 million during the quarter to EUR 6.42 billion (-3% year-on-year), of which demand deposits increased by EUR 148 million and term deposits by EUR 44 million. The increase was mainly driven by EUR 143 million growth in corporate banking deposits, while platform deposits continued to decline in line with the trend of this year.
In technology, LHV Pank took an important step in Q3 with the launch of LHV.AI, which provides a secure foundation for scaling artificial intelligence and for next-generation services for the bank's customers. In product development, the bank launched Moneyplan, a feature that gives customers an overview of their saving habits and supports them in building regular saving. In July, the international financial magazine Euromoney recognised the bank as the Best Bank in Estonia for the seventh time. In September, the bank announced its decision to close its customer offices in Tartu and Pärnu. The decision is based on customers' changing banking habits and the continued decline in visits to physical offices. The bank continues to invest in digital service channels, through which all main banking services are available.
For the first nine months of the year, LHV Pank generated total net income of EUR 174.0 million (+1% year-on-year) and a net profit of EUR 78.2 million (-1% year-on-year). Net income is falling short of the financial plan by EUR 8.2 million (by EUR 2.5 million excluding the revaluation effect of interest rate swaps), while net profit exceeds the plan by EUR 2.3 million (by EUR 8.1 million excluding the revaluation effect). The loan portfolio exceeds the financial plan by EUR 88 million, while deposits are EUR 340 million below plan.
LHV Bank
LHV Bank, operating in the United Kingdom, reported a net profit of EUR 1.4 million in Q3, remaining at the level of the previous quarter and up 38% year-on-year. Total net income grew by 16% quarter-on-quarter to EUR 17.1 million (+31% year-on-year) and net interest income by 10% to EUR 10.5 million (+64% year-on-year). Loan impairment charges of EUR 1.5 million were recognised in the quarter. The cost/income ratio improved to 80.4% (Q2: 85.2%).
The loan portfolio of LHV Bank grew by EUR 87 million, i.e. 9%, during the quarter to EUR 1.03 billion (+56% year-on-year). The pipeline of outstanding loan offers, approved but not yet disbursed, amounted to EUR 145 million. Deposits increased by EUR 119 million during the quarter to EUR 1.51 billion (+50% year-on-year). Direct customer deposits amounted to EUR 323 million at the end of the quarter.
For the first nine months of the year, LHV Bank's net income grew by 17% to EUR 46.9 million, net interest income by 64% to EUR 29.3 million and net profit by 24% to EUR 4.1 million. Net interest income exceeds the financial plan by EUR 1.2 million. Net income is falling short of the plan by EUR 0.6 million and net profit by EUR 2.2 million, reflecting higher than planned loan impairments and expenses EUR 0.9 million above plan. The loan portfolio is EUR 58 million below plan and deposits are EUR 117 million below plan.
LHV Varahaldus
LHV Varahaldus earned a net profit of EUR 0.5 million in Q3 (Q2: EUR 0.4 million, Q3 2025: EUR 0.8 million). Net income grew by 2% quarter-on-quarter and by 8% year-on-year to EUR 2.5 million.
The aggregate volume of funds grew by EUR 25 million during the quarter to EUR 1.82 billion (+12% year-on-year). In Q3, the pension funds Julge, Ettevõtlik, Rahulik, Tasakaalukas and Indeks returned 1.3%, 2.2%, 0.3%, 1.1% and 1.6% respectively. At the end of the quarter, the number of Pillar II customers making active monthly contributions stood at 104,000.
For the first nine months of the year, LHV Varahaldus's net income grew by 9% to EUR 7.3 million. Net profit amounted to EUR 0.3 million (a year earlier: EUR 1.4 million), affected by the EUR 1.1 million income tax expense associated with the dividend payment made in March. Net profit exceeds the financial plan by EUR 0.1 million, while fund volumes are EUR 14 million below plan.
LHV Kindlustus
LHV Kindlustus earned a net profit of EUR 0.3 million in Q3 (Q2: EUR 0.8 million, Q3 2025: EUR 0.7 million). Net earned premiums grew by 5% quarter-on-quarter to EUR 11.7 million (+10% year-on-year). The volume of contract premiums written amounted to EUR 11.0 million, which is 6% less than in the previous quarter and 20% more than a year ago.
Gross incurred losses increased by 15% quarter-on-quarter to EUR 8.2 million (+20% year-on-year). The net loss ratio was 72.5% (Q2: 67.9%), the net expense ratio 25.6% (Q2: 25.2%) and the combined ratio 98.1% (Q2: 93.1%). The number of customers increased by nearly 4,000 during the quarter to 246,000 (+8% year-on-year) and the number of insurance contracts stood at 337,000. The quarter was affected by several larger claims in home insurance.
For the first nine months of the year, LHV Kindlustus’s net earned premiums grew by 9% to EUR 33.3 million and gross incurred losses by 20% to EUR 23.6 million. Net profit amounted to EUR 0.4 million (a year earlier: EUR 2.4 million) and the net loss ratio was 74.0%. Net profit is falling short of the financial plan by EUR 1.7 million, mainly due to the high volume of claims at the beginning of the year. The volume of contract premiums written exceeds the financial plan by EUR 0.7 million.
Comment by Mihkel Torim, CEO of LHV Group:
“The third quarter was LHV's strongest of the year. Net profit rose to EUR 37.5 million and return on equity to 19.3%. Our core business improved: net interest income grew 24% year on year, while costs held at the previous quarter's level. Profit was also substantially supported by September's release of an impairment on one large corporate loan and portfolio quality remained strong.
The loan portfolio grew by EUR 183 million in the quarter, almost half of it from LHV Bank in the UK, whose loan book passed one billion euros. The Group's customer base reached 723,000. In August we raised EUR 200 million of MREL debt to further diversify our funding.
In Estonia we launched Moneyplan, which gives customers an overview of their spending and saving. We also went live with LHV.AI, which lets customers connect their bank account to AI tools. Positive reception of these new products confirms that we are moving in the right direction.”
AS LHV Group reports are available at: https://investor.lhv.ee/en/reports/.
To present the quarterly results, LHV Group will host a virtual investor meeting via Teams. The meeting will take place on 20 October at 11:00 AM EET. The presentation will be held in English. Please register in advance here.
LHV Group is the largest domestic financial group and capital provider in Estonia. LHV Group's key subsidiaries are LHV Pank, LHV Varahaldus, LHV Kindlustus and LHV Bank Limited. The Group employs approximately 1,200 people. The services of LHV Pank are used by over 517,000 customers, the II pillar pension funds managed by LHV have 104,000 active customers and LHV Kindlustus protects a total of 246,000 customers. LHV Bank Limited, a subsidiary of the Group, 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.
Investor Relations
Sten Hans Jakobsoo
Head of Investor Relations and Corporate Development
Email: [email protected]
Communications
Paul Pihlak
Head of Communications
Email: [email protected]