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
Management interim statement or quarterly financial report
Unique data record identifier
6189
Attachments
Submission date and time
18.07.2017 08:00:00
Content of announcement in Estonian
Title
LHV Groupi 2017. aasta II kvartali ja 6 kuu auditeerimata majandustulemused
Message
LHV teenis poolaastaga 9,9 miljonit eurot puhaskasumit
Käesoleva aasta teises kvartalis teenis AS LHV Group 4,9 miljonit eurot
konsolideeritud puhaskasumit: panga kasum oli 3,4 miljonit eurot, varahalduse
kasum 1,6 miljonit eurot ja Leedu äriüksuse Mokilizingase kasum 0,2 miljonit
eurot. LHV Groupi aktsionäridele kuuluva omakapitali tootlus oli teises
kvartalis 16,4%.
Konsolideerimisgrupi kasum oli teises kvartali 0,2 miljoni euro võrra väiksem
kui I kvartalis ja täpselt sama kui aasta tagasi, II kvartalis 2016. Grupi
konsolideeritud laenuportfell kasvas teises kvartalis 60 miljoni euro võrra
(+11%; +8 miljonit eurot I kvartalis) 606 miljoni euroni. Konsolideeritud
hoiused kasvasid rekordilised 210 miljonit eurot (+26%; +22 miljonit eurot I
kvartalis) 1008 miljoni euroni. LHV poolt juhitud fondide maht kasvas
kvartaliga 14 miljoni euro võrra (+1%; +46 miljonit eurot I kvartalis),
ulatudes 1035 miljoni euroni. Laenude allahindluse kulu oli II kvartalis 1,8
miljonit eurot (0,1 miljonit eurot I kvartalis), olles mõjutatud panga kahe
kliendi allahindlustest summas 1,4 miljonit eurot.
AS-i LHV Group 2017. aasta esimese kuue kuu konsolideeritud kasum oli 9,9
miljonit eurot: pank teenis sellest 7,6 miljonit eurot, varahaldus 2,3 miljonit
eurot ja Leedu äriüksus 0,5 miljonit eurot. Esimese poolaasta kasum on 1,6
miljonit eurot suurem kui eelmisel aastal.
LHV Groupi juhataja Madis Toomsalu sõnul liikus LHV teise kvartali jooksul
edasi tugevas tempos:
"Hea meel on, et panga klientide arv suurenes kvartaliga ligikaudu 5000 võrra
ning laenuportfell 59 miljoni euro võrra, laenudest kasvasid enim
ettevõtluslaenud. Klientide hoiused ületasid kvartalis 1 miljardi euro piiri,
sh kasvas mitteresidentide hoiuste maht. Peamiselt sisaldab see
finantstehnoloogia ettevõtteid, kelle teenindamine on LHV uus strateegiline
ärisuund. Ühtlasi saavutati uued rekordtasemed klientide aktiivsuses maksetes,
kaarditehingutes ja kaarditehingute vastuvõtmises.
Kvartali teises pooles esitas pank ka Ühendkuningriigi filiaali asutamiseks
vajalikud dokumendid Finantsinspektsioonile, tegi kokkuleppe kontori asukoha
osas Londonis ning liitus UK Finance'ga. Ühendkuningriigi suunalised arengud on
plaanipärased.
II kvartali tulemused sisaldavad tavapärasest suuremaid laenude allahindlusi.
Oleme jätkuvalt tugevas krediiditsüklis, mis vähendab küll krediidikahju riski
portfelli tasemel, kuid ei välista maksevõime halvenemist konkreetsete
klientide lõikes. Eelarve mõttes olid allahindlused ootuspärased.
Muudest II kvartalis toimunud sündmustest saab esile tuua videotuvastusega
alustamise. Lisaks võtsime kasutajamugavuse täiustamiseks kasutusele Smart-ID
autentimislahenduse, laiendasime sularahaautomaatide võrgustikku Rakverre ja
Viljandisse ning arendasime LHV Facebooki kanalis vestlusroboti. Meie koostöös
Maksu- ja Tolliametiga turule toodud palgamakse lahendus pälvis tänavuse Eesti
Pangaliidu innovatsioonipreemia.
Finantsplaanist kiirema kasvu toetamiseks planeerib LHV Pank juulikuus
suurendada kapitali 3 miljoni euro võrra, kaasates vastava summa LHV Groupilt.
Toimuv tehing on kontsernisisene ning ei mõjuta grupi omavahendite seisu.
LHV pensionifondid jätkasid Eestiga seotud investeeringute tegemist. Esimese
poolaastaga kokku on meie pensionifondid teinud juba 100 miljoni euro väärtuses
investeerimisotsuseid, mis on seotud Eestiga. Kuna väärtpaberite hinnad
rahvusvahelistel börsidel on kõrged ja Tallinna börsi kauplemismahud on
tagasihoidlikud, oleme asunud ise kohalikku kapitaliturgu arendama ning otsima
uusi investeerimisvõimalusi. LHV pensionifondide eesmärk on aidata kohalikel
ettevõtetel kasvada ja seejuures loodame teenida sellest kasvust
pensionifondide klientidele tulu.
Mokilizingase kasum oli II kvartalis 0,2 miljonit eurot. Finantseerimisportfell
suurenes kvartaliga 0,3 miljonit eurot ja oli kvartali lõpuks 34 miljonit
eurot. Portfelli krediidikvaliteet püsib stabiilsena.
LHV väljavaade käesolevaks aastaks on hea. Soovime kasvada kõigis oma
ärisuundades. LHV tugevaid alustrende on toetamas ka Eesti majanduskeskkond,
mis viimaste näitajate alusel on paranemas.
Krediiditurg on püsinud tugevana, iseloomustavateks näitajateks on turu
laenumahtude kasv ning madal võlgnevuste tase. Samas on olemas märgid krediidi
kõrgemast hinnastamisest ning võlgadega seotud ettevõtete arvu kasvust.
Kuue kuu kokkuvõttes edestame 2017. aasta veebruaris avaldatud finantsplaani
puhaskasumi osa 1 miljoni euro võrra, prognoositavat 21,8 miljoni euro suurust
kasumit hetkel muutmas pole. Keskpikas plaanis on võimalik kasvada koos turu
üldise kasvuga, kuid läbi uute ja kaasaegsete finantsteenuste pakkumise näeme
võimalust suurendada ka oma turuosa. LHV strateegiline nurgakivi on kvaliteetne
kasv."
Kasumiaruanne, EURt II kv I kv 6 kuud 6 kuud
2017 2017 2017 2016
--------------------------------------------------------------------------------
Neto intressitulu 8 607 8 164 16 771 14 018
--------------------------------------------------------------------------------
Neto teenustasutulu 5 213 5 285 10 498 7 962
--------------------------------------------------------------------------------
Neto finantstulud 930 396 1 326 1 345
--------------------------------------------------------------------------------
Muud tegevustulud -84 -23 -108 113
--------------------------------------------------------------------------------
Tulud kokku 14 665 13 822 28 487 23 438
--------------------------------------------------------------------------------
Personalikulu -3 621 -3 590 -7 211 -6 729
--------------------------------------------------------------------------------
Kontorikulud -374 -437 -811 -758
--------------------------------------------------------------------------------
IT kulud -438 -416 -854 -866
--------------------------------------------------------------------------------
Turunduskulud -1 118 -1 107 -2 224 -1 841
--------------------------------------------------------------------------------
Muud tegevuskulud -2 376 -2 145 -4 521 -3 734
--------------------------------------------------------------------------------
Kulud kokku -7 926 -7 695 -15 622 -13 929
--------------------------------------------------------------------------------
Ärikasum 6 739 6 127 12 866 9 509
--------------------------------------------------------------------------------
Kasum enne allahindlusi 6 739 6 127 12 866 9 509
--------------------------------------------------------------------------------
Laenude allahindlus -1 839 -94 -1 933 -997
--------------------------------------------------------------------------------
Tulumaksukulu -21 -983 -1 004 -146
--------------------------------------------------------------------------------
Aruandeperioodi puhaskasum jätkuvatelt 4 878 5 050 9 929 8 367
tegevustelt
--------------------------------------------------------------------------------
Kasum/-kahjum lõpetatud tegevustelt 0 0 0 0
--------------------------------------------------------------------------------
Puhaskasum 4 878 5 050 9 929 8 367
--------------------------------------------------------------------------------
Vähemusosaluse osa 458 581 1 039 793
--------------------------------------------------------------------------------
Emaettevõtte aktsionäride osa kasumist 4 420 4 469 8 890 7 574
--------------------------------------------------------------------------------
Bilanss, EURt juuni.17 märts.17 juuni.16
-------------------------------------------------------------
Raha ja raha ekvivalendid 488 630 348 474 236 395
-------------------------------------------------------------
Finantsvarad 60 676 68 609 103 936
-------------------------------------------------------------
Laenud klientidele 613 366 551 233 474 452
-------------------------------------------------------------
Laenude allahindlus -7 314 -5 571 -5 152
-------------------------------------------------------------
Nõuded klientide vastu 4 352 2 587 2 022
-------------------------------------------------------------
Muud varad 11 551 11 952 11 529
-------------------------------------------------------------
Varad kokku 1 171 261 977 284 823 181
-------------------------------------------------------------
Nõudmiseni hoiused 868 348 668 350 482 075
-------------------------------------------------------------
Tähtajalised hoiused 139 706 129 863 189 928
-------------------------------------------------------------
Saadud laenud 190 90 914
-------------------------------------------------------------
Võlgnevused klientidele 1 008 244 798 303 672 918
-------------------------------------------------------------
Muud kohustused 17 749 35 081 23 521
-------------------------------------------------------------
Allutatud laenud 30 900 30 900 30 900
-------------------------------------------------------------
Kohustused kokku 1 056 893 864 284 727 339
-------------------------------------------------------------
Omakapital 114 368 113 000 95 842
-------------------------------------------------------------
sh vähemusosaluse osa 6 358 5 900 4 034
-------------------------------------------------------------
Kohustused ja omakapital kokku 1 171 261 977 284 823 181
-------------------------------------------------------------
AS-i LHV Group aruanded on saadaval aadressil:
https://investor.lhv.ee/et/aruanded/.
AS LHV Group tutvustab majandustulemusi investorkohtumisel, mis leiab aset 18.
juulil 2017 algusega kell 18 LHV Tallinna kliendikontoris (Tartu mnt 2, I
korrus). Osalemiseks palume registreeruda aadressil
https://fp.lhv.ee/academy/463.
LHV Group on suurim kodumaine finantskontsern ja kapitali pakkuja Eestis. LHV
Groupi peamised tütarettevõtted on LHV Pank ja LHV Varahaldus. LHV-s töötab
ligi 350 inimest ja LHV pangateenuseid kasutab üle 123 000 kliendi. LHV
hallatavatel pensionifondidel on rohkem kui 175 000 klienti.
Priit Rum
LHV kommunikatsioonijuht
Telefon: 502 0786
E-post: [email protected]
Content of announcement in English
Title
LHV Group's second quarter and 6 months unaudited financial results
Message
LHV's six-month net profit was EUR 9.9 million
AS LHV Group earned a consolidated profit of EUR 4.9 million in Q2 of 2017. The
bank earned a profit of EUR 3.4 million, asset management’s profit amounted to
1.6 million and the Lithuanian business unit Mokilizingas earned EUR 0.2
million. LHV Group's return on equity was 16.4% in Q2.
The group’s profit was EUR 0.2 million lower than in Q1 and equaled the profit
earned a year ago in Q2 of 2016. The group’s consolidated loan portfolio grew
by EUR 60 million (+11%; +EUR 8 million in Q1) and reached EUR 606 million. The
consolidated deposits grew by a record EUR 210 million (+26%; +EUR 22 million
in Q4) reaching EUR 1,008 million. During the quarter the volume of funds
managed by LHV rose by EUR 14 million (+1%; EUR 46 million in Q4) and reached
EUR 1,035 million. In Q2, the cost of the discount of loans was EUR 1.8 million
(EUR 0.1 million in Q1), having been impacted by the discount of two clients in
the sum of EUR 1.4 million.
AS LHV Group posted a consolidated profit of EUR 9.9 million for the first
half-year of 2017. The bank earned a profit of EUR 7.6 million, asset
management EUR 2.3 million and the Lithuanian business unit EUR 0.5 million.
The half-year profit constitutes an EUR 1.6 million increase from last year
According to Madis Toomsalu, CEO of LHV Group, LHV was moving forward in a
solid pace in the second quarter:
"We’re pleased to see, that the number of the bank’s clients grew by around
5,000 during the quarter and the loan portfolio by EUR 59 million. Among the
loans, loans to businesses grew the most. Client deposits surpassed EUR 1
billion, that includes the deposits of non-residents. This mainly includes
financial technology enterprises, as the provision of services to them is a new
business direction for LHV. At the same time, new records were achieved in the
clients’ payment activity, card transactions and acquiring.
In the second half of the quarter, the bank submitted the documents required to
open a branch in the United Kingdom to the Financial Supervision Authority,
made an agreement on the site of the office in London and joined UK Finance.
Developments regarding UK have been as expected.
The results of Q2 include loan discounts that are larger than usual. We are
still in a strong credit cycle which, while decreasing the credit loss risk on
the level of the portfolio, does not preclude a deterioration of solvency by
specific clients. As for the budget, the discounts were in an expected amount.
As for other events of Q2, the launch of video identification can be
highlighted. In addition to video identification, in order to improve
user-friendliness, we adopted the Smart-ID authentication solution, expanded
the network of ATMs to Rakvere and Viljandi and developed a chat robot on LHV’s
Facebook channel. The new salary payment solution, created in cooperation with
the Tax and Customs Board, earnt this year’s innovation award of the Estonian
Banking Association.
In order to sustain the growth that exceeds the financial plan, LHV Pank plans
to increase their capital by EUR 3 million in July, involving the respective
sum from LHV Group. This is the group’s internal transaction and does not
impact the group’s own resources.
LHV’s pension funds continued investments related to Estonia. In the first
half-year as a whole, pension funds have already made investment decisions
related to Estonia amounting to EUR 100 million. As the prices of
internationally traded securities are high and the trading volumes of the
Tallinn stock exchange are modest, we have started to develop the local capital
market ourselves, looking for new investment opportunities. The objective of
LHV’s pension funds is to help the local enterprises grow, while we hope to
earn a profit for the clients of our pension funds from this growth.
The profit of Mokilizingas in Q2 was EUR 0.2 million. The financing portfolio
increased by EUR 0.3 million over the quarter and reached EUR 34 million by the
end of the quarter. The portfolio’s credit quality remains stable.
LHV’s outlook for the current year is good. We are aiming for growth in all our
business directions. LHV’s strong basic trends are also supported by the
Estonian economic situation, which, according to the latest figures, is
improving.
The credit market has remained strong, with its characteristic figures being an
increase of loan volumes on the market and the low level of debt. There are
also signs of the higher pricing of credit and an increase of the number of
enterprises involved in debt.
Concluding six-month results, we have surpassed the financial plan published in
February 2017 by EUR 1 million and are not currently going to change the
estimated profit of EUR 21.8 million. In the medium term, we can grow with the
overall market growth, but we also see an opportunity for increasing our market
share by offering new and modern financial services. The cornerstone of LHV’s
strategy is quality growth."
Income statement, EUR t Q2-201 Q1-201 6 months 6 months
7 7 2017 2016
--------------------------------------------------------------------------------
Net interest income 8 607 8 164 16 771 14 018
--------------------------------------------------------------------------------
Net fee and commission income 5 213 5 285 10 498 7 962
--------------------------------------------------------------------------------
Net gains from financial assets 930 396 1 326 1 345
--------------------------------------------------------------------------------
Other income -84 -23 -108 113
--------------------------------------------------------------------------------
Total revenue 14 665 13 822 28 487 23 438
--------------------------------------------------------------------------------
Staff costs -3 621 -3 590 -7 211 -6 729
--------------------------------------------------------------------------------
Office rent and expenses -374 -437 -811 -758
--------------------------------------------------------------------------------
IT expenses -438 -416 -854 -866
--------------------------------------------------------------------------------
Marketing expenses -1 118 -1 107 -2 224 -1 841
--------------------------------------------------------------------------------
Other operating expenses -2 376 -2 145 -4 521 -3 734
--------------------------------------------------------------------------------
Total operating expenses -7 926 -7 695 -15 622 -13 929
--------------------------------------------------------------------------------
EBIT 6 739 6 127 12 866 9 509
--------------------------------------------------------------------------------
Earnings before impairment losses 6 739 6 127 12 866 9 509
--------------------------------------------------------------------------------
Impairment losses on loans and advances -1 839 -94 -1 933 -997
--------------------------------------------------------------------------------
Income tax -21 -983 -1 004 -146
--------------------------------------------------------------------------------
Net profit for the reporting period from 4 878 5 050 9 929 8 367
continued operations
--------------------------------------------------------------------------------
Profit/-loss from discontinued 0 0 0 0
operations
--------------------------------------------------------------------------------
Net profit 4 878 5 050 9 929 8 367
--------------------------------------------------------------------------------
Profit attributable to non-controlling 458 581 1 039 793
interest
--------------------------------------------------------------------------------
Profit attributable to share holders of 4 420 4 469 8 890 7 574
the parent
--------------------------------------------------------------------------------
Balance sheet, EURt June 2017 March 2017 June 2016
----------------------------------------------------------------------------
Cash and cash equivalents 488 630 348 474 236 395
----------------------------------------------------------------------------
Financial assets 60 676 68 609 103 936
----------------------------------------------------------------------------
Loans granted 613 366 551 233 474 452
----------------------------------------------------------------------------
Loan impairments -7 314 -5 571 -5 152
----------------------------------------------------------------------------
Receivables from customers 4 352 2 587 2 022
----------------------------------------------------------------------------
Other assets 11 551 11 952 11 529
----------------------------------------------------------------------------
Total assets 1 171 261 977 284 823 181
----------------------------------------------------------------------------
Demand deposits 868 348 668 350 482 075
----------------------------------------------------------------------------
Term deposits 139 706 129 863 189 928
----------------------------------------------------------------------------
Loans received 190 90 914
----------------------------------------------------------------------------
Loans received and deposits from customers 1 008 244 798 303 672 918
----------------------------------------------------------------------------
Other liabilities 17 749 35 081 23 521
----------------------------------------------------------------------------
Subordinated loans 30 900 30 900 30 900
----------------------------------------------------------------------------
Total liabilities 1 056 893 864 284 727 339
----------------------------------------------------------------------------
Equity 114 368 113 000 95 842
----------------------------------------------------------------------------
Minority interest 6 358 5 900 4 034
----------------------------------------------------------------------------
Total liabilities and equity 1 171 261 977 284 823 181
----------------------------------------------------------------------------
Reports of AS LHV Group are available at https://investor.lhv.ee/en/reports/.
To present the results in interim report LHV will hold an investor meeting,
that will take place on 18 July 2017 6.00 p.m. in LHV Tallinn client office
(Tartu mnt 2, CityPlaza building, 1st floor). The presentation will be made in
Estonian. All participants please register at https://fp.lhv.ee/academy/463.
LHV Group is the largest domestic financial group and capital provider in
Estonia. LHV Group's key subsidiaries are AS LHV Pank and AS LHV Varahaldus.
LHV employs about 350 people and over 123,000 customers use LHV’s banking
services. Pension funds managed by LHV have about 175,000 customers.
Priit Rum
Communication Manager
Phone: +372 502 0786
Email: [email protected]