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
6479
Attachments
Submission date and time
06.02.2018 08:00:00
Content of announcement in Estonian
Title
LHV Groupi 2017. aasta IV kvartali ja 12 kuu auditeerimata majandustulemused
Message
IV kvartal oli LHV jaoks rekordiline
2017. aasta neljandas kvartalis teenis AS LHV Group 6,8 miljonit eurot
konsolideeritud puhaskasumit: panga kasum oli 3,9 miljonit eurot, varahalduse
kasum 1,8 miljonit eurot ja Leedu äriüksuse Mokilizingase kasum 1,4 miljonit
eurot. LHV Groupi aktsionäridele kuuluva omakapitali tootlus oli neljandas
kvartalis 19,4%.
Grupi konsolideeritud kasum oli 2017. aasta IV kvartalis 1,3 miljoni euro võrra
suurem kui III kvartalis ja 1,1 miljonit eurot suurem kui aasta tagasi. IV
kvartali kasumit mõjutasid positiivselt Mokilizingase mahakantud portfellide
müük, allahindluse vähendamine ja efektiivsele intressimäära arvestusele
üleminek ning negatiivselt valuutakursi muutustest tulenevad ümberhindlused.
Grupi konsolideeritud laenuportfell kasvas neljandas kvartalis 77 miljoni euro
võrra (+12%; +49 miljonit eurot III kvartalis) 732 miljoni euroni.
Konsolideeritud hoiused kasvasid rekordilised 269 miljonit eurot (+21%; +260
miljonit eurot III kvartalis) 1537 miljoni euroni. Seejuures kasvasid
maksevahendajatega seotud hoiused 152 miljoni euro võrra, olles tingitud
peamiselt paari suurema kliendi kontojäägist.
LHV poolt juhitud fondide maht kasvas kvartaliga 35 miljoni euro võrra (+3%;
+33 miljonit eurot III kvartalis), ulatudes 1103 miljoni euroni.
AS-i LHV Group 2017. aasta konsolideeritud kasum oli 22,2 miljonit eurot ehk
2,3 miljonit eurot rohkem kui 2016. aastal. Pank teenis kasumist 15,5 miljonit
eurot, varahaldus 5,8 miljonit eurot ja Leedu äriüksus 1,9 miljonit eurot. LHV
aktsionäridele kuuluva omakapitali tootlus 2017. aastal oli 17,6%.
LHV Groupi juhataja Madis Toomsalu kommentaar:
"LHV neljas kvartal oli läbi aegade kõige tugevam. Laiapõhjaline majanduskasv
ja LHV-s töötava enam kui 360 inimese hea töö on andnud hoogu tugevale
kasvutrendile, mille mõju on ulatumas ka järgmistesse kvartalitesse. Aasta
lõpuks on LHV kokku haldamas 3,8 miljardi euro väärtuses klientide varasid.
LHV tugevaid alustrende on toetamas ka Eesti majanduskeskkond. Pikaajalisest
potentsiaalile alla jäänud perioodist on Eesti välja jõudnud tugeva
majanduskasvu perioodi. Hea meel on tõdeda, et kõigi Eesti kaubanduspartnerite
väljavaated on paranemas. Ettevõtete jaoks on suurim mure tööjõu kättesaadavus
ning tööjõukulude kiire kasv, mistõttu efektiivsuse suurendamiseks on vaja
suurendada ka investeeringuid. Ajalooliselt madalal püsiv finantseerimiskulu ja
stabiilne krediiditurg loob selleks soodsa pinnase, mida ettevõtted järjest
enam ära kasutavad.
Panga kasum oli samal tasemel eelmise kvartaliga. Seejuures iseloomustas
neljandat kvartalit jätkuv tugev klientide aktiivsus ning laenude ja hoiuste
kasv. Kvartaliga kasvas uute klientide hulk 5600 võrra ja panga klientide
koguarv ületas 133 000.
Uued tasemed saavutati lisaks laenude ja hoiuste portfellile ka
privaatpanganduse varades, klientide aktiivsuses maksetes, kaarditehingutes ja
kaarditehingute vastuvõtmises. Laenudest kasvasid enim ettevõtluslaenud. Panga
laenude allahindluse kulu oli IV kvartalis 0,5 miljonit eurot. LHV fookus on
püsivalt kõrge kvaliteediga digitaalsete lahenduste pakkumisel, mida kvartali
jooksul iseloomustas mobiilipanka sisselogimiste arvu kiire kasv,
videotuvastuse abil sõlmitud kliendilepingute ning LHV Connecti liidestuste
kasv.
LHV Varahalduse juhitud pensionifondid jätkasid Eesti investeeringute tegemist
– aasta kokkuvõttes sai tehtud Eesti-suunalisi investeerimisotsuseid 170
miljoni euro mahus. See on taganud LHV fondidele suhteliselt suurema
stabiilsuse tulemustes. II samba pensionifondide aktiivsete klientide arv
vähenes kvartaliga 0,2 tuhande võrra ja jäi 177 000 kliendi tasemele.
Hea meel on ka Mokilizingase üle, kus viimase poole aasta jooksul tehtud
pingutused meeskonna tugevdamise, efektiivsuse suurendamise ja uute ärimahtude
leidmisel on hakanud vilja kandma. Mokilizingase finantseerimisportfell
suurenes kvartaliga 12 miljoni euro võrra (+31%) ja jõudis aasta lõpuks 49
miljoni euroni. Portfelli krediidikvaliteet püsib stabiilsena.
2017. aasta lõpuks edestasime finantsplaani konsolideeritud kasumiplaani osas
364 tuhande euro võrra tänu Mokilizingase oodatust parematele tulemustele, aga
jäime alla aktsionäridele kuuluva kasumi plaanile 146 tuhande euro võrra,
põhjuseks plaanitust madalam intressitulu peamiselt väikefinantseerimise
toodetest.
LHV väljavaade 2018. aastaks on tugev. Oleme jätkuvalt kasvamas, kuid teeme
seda riske arvestavalt ning kapitali efektiivselt kasutades. Uue valdkonnana
keskendume 2018. aastal finantstehnoloogia ettevõtete teenindamisele, selle
peamiseks eelduseks on Ühendkuningriigis filiaali tegevuse käivitamine."
Kasumiaruanne, EURt IV kv III kv 12 kuud 12 kuud
2017 2017 2017 2016
--------------------------------------------------------------------------------
Neto intressitulu 9 868 8 863 35 502 29 976
--------------------------------------------------------------------------------
Neto teenustasutulu 5 987 5 695 22 180 19 186
--------------------------------------------------------------------------------
Neto finantstulud -421 74 979 1 309
--------------------------------------------------------------------------------
Muud tegevustulud 5 -36 -138 86
--------------------------------------------------------------------------------
Tulud kokku 15 439 14 596 58 523 50 558
--------------------------------------------------------------------------------
Personalikulu -3 945 -3 508 -14 664 -12 976
--------------------------------------------------------------------------------
Kontorikulud -499 -406 -1 716 -1 511
--------------------------------------------------------------------------------
IT kulud -570 -466 -1 889 -1 783
--------------------------------------------------------------------------------
Turunduskulud -1 356 -1 281 -4 861 -4 554
--------------------------------------------------------------------------------
Muud tegevuskulud -2 117 -2 177 -8 815 -8 090
--------------------------------------------------------------------------------
Kulud kokku -8 486 -7 838 -31 945 -28 914
--------------------------------------------------------------------------------
Ärikasum 6 953 6 759 26 578 21 644
--------------------------------------------------------------------------------
Kasum enne allahindlusi 6 953 6 759 26 578 21 644
--------------------------------------------------------------------------------
Laenude allahindlus 40 -1 261 -3 154 -1 480
--------------------------------------------------------------------------------
Tulumaksukulu -201 -42 -1 248 -270
--------------------------------------------------------------------------------
Aruandeperioodi puhaskasum 6 791 5 456 22 176 19 894
jätkuvatelt tegevustelt
--------------------------------------------------------------------------------
Kasum/-kahjum lõpetatud tegevustelt 0 0 0 0
--------------------------------------------------------------------------------
Puhaskasum 6 791 5 456 22 176 19 894
--------------------------------------------------------------------------------
Vähemusosaluse osa 1 107 429 2 575 2 078
--------------------------------------------------------------------------------
Emaettevõtte aktsionäride osa 5 684 4 420 19 601 17 816
kasumist
--------------------------------------------------------------------------------
Bilanss, EURt dets.17 sept.17 dets.16
-------------------------------------------------------------
Raha ja raha ekvivalendid 961 212 696 392 306 500
-------------------------------------------------------------
Finantsvarad 56 634 61 583 76 140
-------------------------------------------------------------
Laenud klientidele 740 169 663 941 543 382
-------------------------------------------------------------
Laenude allahindlus -8 125 -8 409 -5 741
-------------------------------------------------------------
Nõuded klientide vastu 9 802 8 745 3 478
-------------------------------------------------------------
Muud varad 13 165 12 933 11 687
-------------------------------------------------------------
Varad kokku 1 772 856 1 435 184 935 447
-------------------------------------------------------------
Nõudmiseni hoiused 1 409 662 1 144 114 624 219
-------------------------------------------------------------
Tähtajalised hoiused 127 477 124 036 152 793
-------------------------------------------------------------
Saadud laenud 6 000 16 779
-------------------------------------------------------------
Võlgnevused klientidele 1 543 139 1 268 166 777 791
-------------------------------------------------------------
Muud kohustused 70 862 15 214 19 031
-------------------------------------------------------------
Allutatud laenud 30 900 30 900 30 900
-------------------------------------------------------------
Kohustused kokku 1 644 902 1 314 279 827 723
-------------------------------------------------------------
Omakapital 127 955 120 905 107 724
-------------------------------------------------------------
sh vähemusosaluse osa 7 894 6 787 5 319
-------------------------------------------------------------
Kohustused ja omakapital kokku 1 772 856 1 435 184 935 447
-------------------------------------------------------------
AS-i LHV Group aruanded on saadaval aadressil:
https://investor.lhv.ee/et/aruanded.
LHV Group korraldab IV kvartali majandustulemuste tutvustamiseks
investorkohtumise, mis leiab aset 6. veebruaril algusega kell 18 LHV Tallinna
kliendikontoris (Tartu mnt 2, I korrus). Osalemiseks palume registreeruda
aadressil https://fp.lhv.ee/academy/488.
13. veebruaril avaldab LHV 2018. aasta finantsplaani ning ka viieaastase
finantsprognoosi. Plaanide tutvustamiseks ajakirjanikele korraldab LHV Group
pressibriifingu 13. veebruaril kell 11 LHV Tallinna kontoris. Esitlusel
osalemiseks palume enda tulekust teatada aadressil [email protected].
LHV Group on suurim kodumaine finantskontsern ja kapitali pakkuja Eestis. LHV
Groupi peamised tütarettevõtted on LHV Pank ja LHV Varahaldus. LHV-s töötab
ligi 360 inimest ja LHV pangateenuseid kasutab üle 133 000 kliendi. LHV
hallatavatel pensionifondidel on üle 177 000 aktiivse kliendi.
Priit Rum
LHV kommunikatsioonijuht
Telefon: 502 0786
E-post: [email protected]
Content of announcement in English
Title
LHV Group's 2017 fourth quarter and 12 months unaudited financial results
Message
LHV's Q4 was record-breaking
AS LHV Group earned a consolidated net profit of EUR 6.8 million in the fourth
quarter of 2017. The profit of the bank was EUR 3.9 million, asset management’s
profit was 1.8 million and the Lithuanian business unit Mokilizingas earned EUR
1.4 million. LHV Group's return on equity belonging to the shareholders was
19.4% in Q4.
The consolidated profit of the group was EUR 1.3 million higher than in Q3 and
EUR 1.1 million more than a year ago in Q4 of 2016. The profit for Q4 was
positively influenced by the sales of the written-off portfolios of
Mokilizingas, a decrease in write-downs and the transition to effective
interest rate accounting, and negatively by revaluations arising from changes
in exchange rates.
During the quarter, the group’s consolidated loan portfolio grew by EUR 77
million (+12%; +EUR 49 million in Q3) and reached EUR 732 million. The
consolidated deposits grew by a record EUR 269 million (+21%; +EUR 260 million
in Q3) reaching EUR 1,537 million. Deposits related to payment intermediaries
grew by EUR 152 million, mainly due to the account balances of a few large
customers.
The volume of funds managed by LHV grew by EUR 35 million in Q4 (+3%; EUR 33
million in Q3) and reached EUR 1,103 million.
AS LHV Group posted yearly consolidated profit of EUR 22.2 million, which is
EUR 2.3 million more than in 2016. The bank earned a profit of EUR 15.5
million, asset management EUR 5.8 million and the Lithuanian business unit EUR
1.9 million. The return on equity belonging to the LHV Group’s shareholders was
17.6% in 2017.
Comments by Madis Toomsalu, CEO of LHV Group:
"LHV’s fourth quarter was the strongest throughout time. Broad-based economic
growth and the good work done by more than 360 people employed by LHV have
driven a strong growth trend, and its impact is also carrying over to the
coming quarters. By the end of the year, LHV is managing EUR 3.8 billion worth
of customers’ assets.
LHV’s strong underlying trends are also supported by the Estonian economic
environment. Estonia has reached out of a long period of below potential
performance and entered a period of strong economic growth. It is good to note
that the outlook is improving for all trade partners of Estonia. The biggest
concerns for Estonian enterprises are the labour availability and the rapid
increase of labour expenses, therefore investments need to be increased in
order to improve the efficiency. The continued record-low levels of financing
costs and a stabile credit market create favourable conditions for that and
enterprises are increasingly using the opportunity.
The bank posted a profit at par with the previous quarter. Q4 was characterised
by strong customer activity and a growth in loans and deposits. New customer
numbers grew by 5,600 during the quarter, with the total number of customers
exceeding 133,000.
In addition to loans and deposits, new levels were reached in the assets of
private banking, customer activity in payments, card transactions and
acceptance of card transactions. Regarding the loan portfolio, loans to
companies grew the most. The bank’s loan losses amounted to EUR 0.5 million in
Q4. LHV’s focus continues to be on offering high-quality digital solutions,
which during the quarter was characterized by rapid increase of the number of
mobile bank logins, as well as the growing on numbers of customer agreements
concluded by video identification and interfacing with LHV Connect.
The pension funds managed by LHV Asset Management continued to make investments
in Estonia – during the year the total volume of Estonia-oriented investment
decisions amounted to EUR 170 million. This has ensured a relatively stable
performance for LHV’s funds. The number of active 2nd-pillar customers
decreased by 0.2 thousand in the quarter and remained at the level of 177,000.
We are also happy with Mokilizingas, where the efforts made during the year to
strengthen the team, increase efficiency and find new business volumes have
started to bear fruit. The financing portfolio of Mokilizingas grew by EUR 12
million during the quarter (+31%), amounting to EUR 49 million at the end of
the quarter. The credit quality of the portfolio remains stable.
With regard to the 2017 financial plan, we surpassed the consolidated profit
plan by EUR 364 thousand thanks to Mokilizingas achieving better results than
expected, but remained below expectations by EUR 146 thousand with regard to
shareholders’ equity, due to lower than expected interest income mainly from
small financing products.
LHV’s outlook for 2018 is strong. We pursue growth, while taking into account
the risks and using capital efficiently. As a new area, we shall in 2018 focus
on providing services to financial technology enterprises, with the launch of
the UK branch being the main prerequisite thereof."
Income statement, EUR t Q4-201 Q3-201 12 months 12 months
7 7 2017 2016
--------------------------------------------------------------------------------
Net interest income 9 868 8 863 35 502 29 976
--------------------------------------------------------------------------------
Net fee and commission income 5 987 5 695 22 180 19 186
--------------------------------------------------------------------------------
Net gains from financial assets -421 74 979 1 309
--------------------------------------------------------------------------------
Other income 5 -36 -138 86
--------------------------------------------------------------------------------
Total revenue 15 439 14 596 58 523 50 558
--------------------------------------------------------------------------------
Staff costs -3 945 -3 508 -14 664 -12 976
--------------------------------------------------------------------------------
Office rent and expenses -499 -406 -1 716 -1 511
--------------------------------------------------------------------------------
IT expenses -570 -466 -1 889 -1 783
--------------------------------------------------------------------------------
Marketing expenses -1 356 -1 281 -4 861 -4 554
--------------------------------------------------------------------------------
Other operating expenses -2 117 -2 177 -8 815 -8 090
--------------------------------------------------------------------------------
Total operating expenses -8 486 -7 838 -31 945 -28 914
--------------------------------------------------------------------------------
EBIT 6 953 6 759 26 578 21 644
--------------------------------------------------------------------------------
Earnings before impairment losses 6 953 6 759 26 578 21 644
--------------------------------------------------------------------------------
Impairment losses on loans and advances 40 -1 261 -3 154 -1 480
--------------------------------------------------------------------------------
Income tax -201 -42 -1 248 -270
--------------------------------------------------------------------------------
Net profit for the reporting period from 6 791 5 456 22 176 19 894
continued operations
--------------------------------------------------------------------------------
Profit/-loss from discontinued 0 0 0 0
operations
--------------------------------------------------------------------------------
Net profit 6 791 5 456 22 176 19 894
--------------------------------------------------------------------------------
Profit attributable to non-controlling 1 107 429 2 575 2 078
interest
--------------------------------------------------------------------------------
Profit attributable to share holders of 5 684 4 420 19 601 17 816
the parent
--------------------------------------------------------------------------------
Balance sheet, EURt Dec 2017 Sept 2017 Dec 2016
--------------------------------------------------------------------------
Cash and cash equivalents 961 212 696 392 306 500
--------------------------------------------------------------------------
Financial assets 56 634 61 583 76 140
--------------------------------------------------------------------------
Loans granted 740 169 663 941 543 382
--------------------------------------------------------------------------
Loan impairments -8 125 -8 409 -5 741
--------------------------------------------------------------------------
Receivables from customers 9 802 8 745 3 478
--------------------------------------------------------------------------
Other assets 13 165 12 933 11 687
--------------------------------------------------------------------------
Total assets 1 772 856 1 435 184 935 447
--------------------------------------------------------------------------
Demand deposits 1 409 662 1 144 114 624 219
--------------------------------------------------------------------------
Term deposits 127 477 124 036 152 793
--------------------------------------------------------------------------
Loans received 6 000 16 779
--------------------------------------------------------------------------
Loans received and deposits from customers 1 543 139 1 268 166 777 791
--------------------------------------------------------------------------
Other liabilities 70 862 15 214 19 031
--------------------------------------------------------------------------
Subordinated loans 30 900 30 900 30 900
--------------------------------------------------------------------------
Total liabilities 1 644 902 1 314 279 827 723
--------------------------------------------------------------------------
Equity 127 955 120 905 107 724
--------------------------------------------------------------------------
Minority interest 7 894 6 787 5 319
--------------------------------------------------------------------------
Total liabilities and equity 1 772 856 1 435 184 935 447
--------------------------------------------------------------------------
Reports of AS LHV Group are available at https://investor.lhv.ee/en/reports.
To present the results in Q4 interim report LHV will hold an investor meeting,
that will take place on 6 February 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/488.
On 13 February LHV will disclose the 2018 Financial plan as well as a five year
financial forecast. In order to present the plans to media, LHV will hold a
press briefing on 13 February starting at 11 a.m at LHV Tallinn office. The
presentation will be made in Estonian. To participate please let us know at
[email protected].
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 360 people and over 133,000 customers use LHV’s banking
services. Pension funds managed by LHV have over 177,000 active customers.
Priit Rum
Communication Manager
Phone: +372 502 0786
Email: [email protected]