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
7219
Attachments
Submission date and time
16.04.2019 08:00:00
Content of announcement in Estonian
Title
LHV Groupi 2019. aasta I kvartali auditeerimata majandustulemused
Message
2019. aasta jaanuaris, veebruaris ja märtsis teenis AS LHV Group kokku 5,0 miljonit eurot konsolideeritud puhaskasumit. Pank teenis I kvartalis puhaskasumit 4,2 miljonit eurot ja varahaldus 1,2 miljonit eurot. LHV Group maksis esimeses kvartalis tulumaksu summas 2,3 miljonit eurot. Grupi omakapitali tootluseks kujunes 12,2%. Konsolideerimisgrupi I kvartali puhaskasum oli 1,7 miljoni euro võrra väiksem, kui 2018. aasta IV kvartalis, kuid kasvas võrreldes eelmise aasta I kvartaliga 0,7 miljoni euro võrra. Grupi konsolideeritud netolaenuportfell kasvas kvartaliga 72 miljoni euro võrra (+8%; +107 miljonit eurot 2018. aasta IV kvartalis) 991 miljoni euroni. Konsolideeritud hoiused kasvasid 145 miljoni euro võrra (+10%; -215 miljonit eurot IV kvartalis) 1567 miljoni euroni. Seejuures kasvasid maksevahendajatega seotud hoiused 33 miljoni ja tavaklientide hoiused 112 miljoni euro võrra. LHV poolt juhitud fondide koondmaht kasvas kvartaliga 43 miljonit eurot (+4%; +11 miljonit eurot IV kvartalis) ja jõudis 1257 miljoni euroni. LHV Groupi juhataja Madis Toomsalu kommentaar: "Esimeses kvartalis oli meie ärimahtude kasv laiapõhjaline ja rekordiliselt kiire. Panga klientide arv suurenes 9500 võrra, seejuures märtsis liitus meiega üle 3600 kliendi. Palgalaekumisi, varadega kliente, makseid, pangakaartide kasutamist, investeerimislepinguid on rohkem kui kunagi varem. LHV laenuportfell jõudis 1 miljardi euroni ja klientide hoiused kasvasid jõudsalt. LHV Panga klientide koguarv ületas 170 000 kliendi piiri. Kvartali olulisemateks sündmusteks olid ettevõtluskontoga ja väljuvate välkmaksetega alustamine ning Verso laenuportfelli omandamine summas 13,2 miljonit eurot. Märtsis laiendasime oma sularahaaautimaatide võrku, et järjest rohkem kõnetada kliente üle Eesti. Jaanuaris valiti LHV Group Nasdaq Balti börsidel parimate investorsuhetega ettevõtteks, lisaks tunnustati LHV Panka kui aasta parimat maaklerfirmat. Kõige parem meel on siiski hinnangu üle meie teeninduse kvaliteedile. Nimelt hindas uuringufirma Dive LHV Panka parimat teenindust pakkuvaks pangaks Eestis. LHV Groupi kasumit ja kapitali tootlikkust mõjutas oluliselt dividendidega seotud tulumaksu tasumine. Kokku maksis LHV tulumaksu 2,3 miljonit eurot ja seetõttu oli omakapitali tootlus 2019. aasta esimeses kvartalis 12,2%. I kvartali lõpuks ületas LHV Varahalduse poolt juhitud investeerimisfondide koondmaht 1,25 miljardi euro piiri, mahu kasvust suure osa moodustas väärtpaberiturgude taastumine IV kvartali langusest. LHV aktiivselt juhitud pensionifondides on jätkuvalt madalam börsidega seotud hinnarisk, kuna fookus on eeskätt börsiväliste investeeringute tegemisel. Veebruarist rakendus iga-aastane mahu kasvuga seotud II samba fondide haldustasumäärade alanemine, mistõttu äritulud vähenesid. II samba fondide uued haldustasumäärad on vahemikus 0,39% kuni 1,20%. Kvartali lõpus oli LHV II samba pensionifondides aktiivseid kliente üle 177 tuhande inimese LHV kasvutrende on toetamas Eesti majanduskeskkond. Majanduskasv on olnud hea, siseriiklike riske maandavad tasakaalus eelarve, avaliku sektori madal võlatase ning positiivne välistasakaal. Ootame aeglase majanduskasvu jätkumist, samas on muutunud ümberkaudsete majanduste prognoosimine järjest keerulisemaks. Ka krediiditurg on püsinud tugevana. Kasvamas on kõik peamised krediiditooted, sh ettevõtete laenud ja kodulaenud. Kodumajapidamiste finantstervis on pigem tugev, hoiuste ja laenude suhe on paranemas. Küll aga on sektorit üha enam mõjutamas regulatiivsed teemad, nagu mõne erakonna II pensionisamba lammutamise soov. Heites süsteemile ette ebapiisavat tootlust, ei tegeleta tootluse parandamisega, vaid soovitakse lammutada hoopis sõnumit säästmise vajalikkusest ja antakse tagasikäik Eesti kapitali ja kapitaliturgude arengule. Plaanitavad muudatused maksab kinni järgmine põlvkond koos maksutõusudega. See ei saa olla eesmärk. Loodame avalikkuse ja otsustajate vahel mõistliku dialoogi saavutamist." ? +-----------------------------------------------+---------+----------+---------+ |Kasumiaruanne, EURt |I kv 2019|IV kv 2018|I kv 2018| +-----------------------------------------------+---------+----------+---------+ | Neto intressitulu | 10 945| 10 289| 10 195| +-----------------------------------------------+---------+----------+---------+ | Neto teenustasutulu | 6 225| 6 094| 6 232| +-----------------------------------------------+---------+----------+---------+ | Neto finantstulud | 178| 104| -87| +-----------------------------------------------+---------+----------+---------+ | Muud tegevustulud | -23| 108| -4| +-----------------------------------------------+---------+----------+---------+ |Tulud kokku | 17 324| 16 595| 16 337| +-----------------------------------------------+---------+----------+---------+ | Personalikulu | -4 553| -4 293| -4 142| +-----------------------------------------------+---------+----------+---------+ | Kontorikulud | -229| -536| -494| +-----------------------------------------------+---------+----------+---------+ | IT kulud | -629| -735| -552| +-----------------------------------------------+---------+----------+---------+ | Turunduskulud | -708| -599| -890| +-----------------------------------------------+---------+----------+---------+ | Muud tegevuskulud | -2 987| -2 621| -2 802| +-----------------------------------------------+---------+----------+---------+ |Kulud kokku | -9 105| -8 783| -8 880| +-----------------------------------------------+---------+----------+---------+ |Ärikasum | 8 219| 7 811| 7 457| +-----------------------------------------------+---------+----------+---------+ |Kasum enne allahindlusi | 8 219| 7 811| 7 457| +-----------------------------------------------+---------+----------+---------+ | Laenude allahindlus | -951| -543| -1 186| +-----------------------------------------------+---------+----------+---------+ | Tulumaksukulu | -2 265| -544| -2 014| +-----------------------------------------------+---------+----------+---------+ |Aruandeperioodi puhaskasum jätkuvatelt | | | | |tegevustelt | 5 002| 6 725| 4 256| +-----------------------------------------------+---------+----------+---------+ |Kasum/-kahjum lõpetatud tegevustelt | 0| 0| 0| +-----------------------------------------------+---------+----------+---------+ |Puhaskasum | 5 002| 6 725| 4 256| +-----------------------------------------------+---------+----------+---------+ | Vähemusosaluse osa | 312| 676| 306| +-----------------------------------------------+---------+----------+---------+ | Emaettevõtte aktsionäride osa kasumist | 4 690| 6 049| 3 951| +-----------------------------------------------+---------+----------+---------+ +--------------------------------+------------+----------------+------------+ | Bilanss, EURt | märts 2019 | detsember 2018 | märts 2018 | +--------------------------------+------------+----------------+------------+ | Raha ja raha ekvivalendid | 764 778 | 682 658 | 1 071 822 | +--------------------------------+------------+----------------+------------+ | Finantsvarad | 26 205 | 47 153 | 57 091 | +--------------------------------+------------+----------------+------------+ | Laenud klientidele | 1 001 963 | 929 037 | 774 760 | +--------------------------------+------------+----------------+------------+ | Laenude allahindlus | -11 216 | -10 276 | -9 111 | +--------------------------------+------------+----------------+------------+ | Nõuded klientide vastu | 7 275 | 3 721 | 12 250 | +--------------------------------+------------+----------------+------------+ | Muud varad | 29 308 | 24 807 | 24 028 | +--------------------------------+------------+----------------+------------+ | Varad kokku | 1 818 313 | 1 677 100 | 1 930 839 | +--------------------------------+------------+----------------+------------+ | Nõudmiseni hoiused | 1 422 922 | 1 304 265 | 1 598 606 | +--------------------------------+------------+----------------+------------+ | Tähtajalised hoiused | 144 082 | 117 933 | 126 749 | +--------------------------------+------------+----------------+------------+ | Saadud laenud | 21 638 | 21 584 | 6 018 | +--------------------------------+------------+----------------+------------+ | Võlgnevused klientidele | 1 588 642 | 1 443 782 | 1 731 373 | +--------------------------------+------------+----------------+------------+ | Muud kohustused | 22 325 | 24 655 | 26 796 | +--------------------------------+------------+----------------+------------+ | Allutatud laenud | 50 900 | 50 900 | 30 900 | +--------------------------------+------------+----------------+------------+ | Kohustused kokku | 1 661 866 | 1 519 337 | 1 789 069 | +--------------------------------+------------+----------------+------------+ | Omakapital | 156 447 | 157 763 | 141 770 | +--------------------------------+------------+----------------+------------+ | sh vähemusosaluse osa | 3 234 | 4 123 | 7 027 | +--------------------------------+------------+----------------+------------+ | Kohustused ja omakapital kokku | 1 818 313 | 1 677 100 | 1 930 839 | +--------------------------------+------------+----------------+------------+ AS-i LHV Group aruanded on saadaval aadressil: https://investor.lhv.ee/et/aruanded. LHV Group korraldab I kvartali majandustulemuste tutvustamiseks investorkohtumise, mis leiab aset 16. aprillil algusega kell 18 LHV Tallinna kliendikontoris (Tartu mnt 2, I korrus). Osalemiseks palume registreeruda aadressil https://fp.lhv.ee/academy/558. Investorkohtumisest tehakse reaalajas videoülekanne LHV Facebooki lehel www.facebook.com/LHVPank (http://www.facebook.com/LHVPank). LHV Group on suurim kodumaine finantskontsern ja kapitali pakkuja Eestis. LHV Groupi peamised tütarettevõtted on LHV Pank ja LHV Varahaldus. LHV-s töötab ligi 400 inimest. LHV pangateenuseid kasutab 171 000 klienti ja 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 unaudited results for Q1 of 2019
Message
In January, February and March 2019, AS LHV Group altogether earnt EUR 5.0 million in consolidated profit. In Q1, the bank earnt EUR 4.2 million and Varahaldus EUR 1.2 million as net profit. LHV Group paid EUR 2.3 million as income tax in Q1. Group's equity ratio was 12.2%. The Q1 net profit of the consolidation group was EUR 1.7 million less than in Q4 of 2018, however it has increased by EUR 0.7 million y-o-y. During the quarter, the Group's consolidated net loan portfolio increased by EUR 72 million (+8%; +107 million in Q4 of 2018), to EUR 991 million. Consolidated deposits increased by EUR 145 million (+10%; -215 million in Q4), to EUR 1,567 million. At the same time, the deposits related to payment intermediaries increased by EUR 33 million and those of the regular customers by EUR 112 million. The volume of funds managed by LHV increased by EUR 43 million over the quarter (+4%; +11 million in Q4), to EUR 1,257 million. Comment of Madis Toomsalu, the CEO of LHV Group: "In the first quarter, the growth of our business volumes has been broad-based, while also showing an all-time rapid pace. The number of the bank's customers grew by 9,500, with more than 3,600 customers joining us in March. The number of salary receipts, customers with assets, payments, use of bankcards, investment contracts is higher than ever. LHV's loan portfolio reached EUR 1 billion and the customers' deposits thrived. The total number of LHV's customers exceeded the threshold of 170,000. The most important highlights of the quarter were the launch of the entrepreneur account and outgoing instant payments, as well as the acquisition of Verso's loan portfolio amounting to EUR 13.2 million. In March, we expanded our ATM network, to speak to a growing number of customers all over Estonia. In January, LHV Group was chosen as the company with the best investor relations on the Nasdaq Baltic Stock Exchange. We are still most happy about the assessment given to our service quality. To be specific, the survey company Dive rated LHV Pank as the bank offering the best service in Estonia. LHV Group's profit and profitability were notably influenced by the payment of income tax relating to dividends. All in all, LHV paid EUR 2.3 million as income tax and accordingly, the equity ratio was 12.2% in Q1 of 2019. By the end of Q1, the consolidated volume of investment funds managed by LHV Varahaldus exceeded the threshold of EUR 1.25 billion; a great part of the growth originated from the recovery of securities markets after the Q4 decline. LHV's actively managed pension funds still have the lowest price risk related to stock exchanges, as the focus is primarily on making OTC investments. From February, there was an annual decline of 2nd pillar pension fund management fees related to volume growth, as a result of which the operating income decreased. The new management fee rates of 2nd pillar funds range from 0.39% to 1.20%. By the end of the quarter, the number of LHV's active 2nd pillar customers exceeded 177 thousand. LHV's growth trends are supported by the Estonian business environment. The economic growth has been solid and the internal policy risks are managed by the balanced budget, low public sector debt and positive foreign balance. We expect the slow economic growth to continue; at the same time, forecasting of the surrounding economies has become increasingly complicated. Also, the credit market has remained strong. All of the main credit products, incl. corporate loans and home loans, are growing. The financial health of households is on the strong side, the loan-to-deposit ratio is improving. Yet, the sector is increasingly influenced by regulatory issues, such as the wish of certain parties to dismantle the 2nd pillar pension. By accusing it of having an insufficient rate of return, productivity is not being improved, but instead, the intention is to destroy the message that we need to save and thus, the development of Estonian capital and capital markets is reversed. The planned changes will be paid by the next generation together with tax increases. This cannot be a goal. We hope that a reasonable dialogue is achieved between the public and those making the decisions." +------------------------------------------------------+-------+-------+-------+ |Income statement, EUR t |Q1-2019|Q4-2018|Q1-2018| +------------------------------------------------------+-------+-------+-------+ | Net interest income | 10 945| 10 289| 10 195| +------------------------------------------------------+-------+-------+-------+ | Net fee and commission income | 6 225| 6 094| 6 232| +------------------------------------------------------+-------+-------+-------+ | Net gains from financial assets | 178| 104| -87| +------------------------------------------------------+-------+-------+-------+ | Other income | -23| 108| -4| +------------------------------------------------------+-------+-------+-------+ |Total revenue | 17 324| 16 595| 16 337| +------------------------------------------------------+-------+-------+-------+ | Staff costs | -4 553| -4 293| -4 142| +------------------------------------------------------+-------+-------+-------+ | Office rent and expenses | -229| -536| -494| +------------------------------------------------------+-------+-------+-------+ | IT expenses | -629| -735| -552| +------------------------------------------------------+-------+-------+-------+ | Marketing expenses | -708| -599| -890| +------------------------------------------------------+-------+-------+-------+ | Other operating expenses | -2 987| -2 621| -2 802| +------------------------------------------------------+-------+-------+-------+ |Total operating expenses | -9 105| -8 783| -8 880| +------------------------------------------------------+-------+-------+-------+ |EBIT | 8 219| 7 811| 7 457| +------------------------------------------------------+-------+-------+-------+ |Earnings before impairment losses | 8 219| 7 811| 7 457| +------------------------------------------------------+-------+-------+-------+ | Impairment losses on loans and advances | -951| -543| -1 186| +------------------------------------------------------+-------+-------+-------+ | Income tax | -2 265| -544| -2 014| +------------------------------------------------------+-------+-------+-------+ |Net profit for the reporting period from continued | | | | |operations | 5 002| 6 725| 4 256| +------------------------------------------------------+-------+-------+-------+ |Profit/-loss from discontinued operations | 0| 0| 0| +------------------------------------------------------+-------+-------+-------+ |Net profit | 5 002| 6 725| 4 256| +------------------------------------------------------+-------+-------+-------+ | Profit attributable to non-controlling interest | 312| 676| 306| +------------------------------------------------------+-------+-------+-------+ | Profit attributable to share holders of the parent | 4 690| 6 049| 3 951| +------------------------------------------------------+-------+-------+-------+ +---------------------------------------------+----------+---------+----------+ |Balance sheet, EURt |March 2019|Dec 2018 |March 2018| +---------------------------------------------+----------+---------+----------+ | Cash and cash equivalents | 764 778| 682 658| 1 071 822| +---------------------------------------------+----------+---------+----------+ | Financial assets | 26 205| 47 153| 57 091| +---------------------------------------------+----------+---------+----------+ | Loans granted | 1 001 963| 929 037| 774 760| +---------------------------------------------+----------+---------+----------+ | Loan impairments | -11 216| -10 276| -9 111| +---------------------------------------------+----------+---------+----------+ | Receivables from customers | 7 275| 3 721| 12 250| +---------------------------------------------+----------+---------+----------+ | Other assets | 29 308| 24 807| 24 028| +---------------------------------------------+----------+---------+----------+ |Total assets | 1 818 313|1 677 100| 1 930 839| +---------------------------------------------+----------+---------+----------+ | Demand deposits | 1 422 922|1 304 265| 1 598 606| +---------------------------------------------+----------+---------+----------+ | Term deposits | 144 082| 117 933| 126 749| +---------------------------------------------+----------+---------+----------+ | Loans received | 21 638| 21 584| 6 018| +---------------------------------------------+----------+---------+----------+ | Loans received and deposits from customers| 1 588 642|1 443 782| 1 731 373| +---------------------------------------------+----------+---------+----------+ | Other liabilities | 22 325| 24 655| 26 796| +---------------------------------------------+----------+---------+----------+ | Subordinated loans | 50 900| 50 900| 30 900| +---------------------------------------------+----------+---------+----------+ |Total liabilities | 1 661 866|1 519 337| 1 789 069| +---------------------------------------------+----------+---------+----------+ |Equity | 156 447| 157 763| 141 770| +---------------------------------------------+----------+---------+----------+ | Minority interest | 3 234| 4 123| 7 027| +---------------------------------------------+----------+---------+----------+ |Total liabilities and equity | 1 818 313|1 677 100| 1 930 839| +---------------------------------------------+----------+---------+----------+ AS LHV Group reports are available at https://investor.lhv.ee/en/reports/. LHV will organize an investor meeting to introduce the quarterly results, to be held on 16 April at 18.00 in LHV Tallinn office (Tartu mnt 2, I floor). The presentation will be made in Estonian. To participate, please register at https://fp.lhv.ee/academy/558. A real-time video broadcast is made of the investor meeting on LHV's Facebook page www.facebook.com/LHVPank (http://www.facebook.com/LHVPank). LHV Group is the largest domestic financial group and capital provider in Estonia. LHV Group's key subsidiaries are LHV Pank and LHV Varahaldus. LHV employs about 400 people. More than 171,000 customers use LHV's banking services. Pension funds managed by LHV have over 177,000 active clients. Priit Rum Communications Manager Phone: +372 502 0786 Email: [email protected] (mailto:[email protected])