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
Unique data record identifier
7944
Attachments
Submission date and time
21.04.2020 08:00:00
Content of announcement in Estonian
Title
LHV Groupi 2020. aasta I kvartali auditeerimata majandustulemused
Message
2020. aasta esimeses kvartalis teenis AS LHV Group kokku 7,5 miljonit eurot konsolideeritud puhaskasumit. Pank teenis I kvartalis 8,1 miljonit eurot puhaskasumit ja varahalduse kahjum oli 0,6 miljonit eurot. LHV Group maksis esimeses kvartalis 2,8 miljonit eurot tulumaksu. Grupi omakapitali tootluseks kujunes 14%. Konsolideerimisgrupi I kvartali puhaskasum oli 2,5 miljoni euro võrra suurem kui eelmisel aastal ning 1,1 miljoni euro võrra suurem, kui 2019. aasta IV kvartalis. Grupi konsolideeritud netolaenuportfell kasvas kvartaliga 52 miljoni euro võrra (+3%; +465 miljonit eurot 2019. aasta IV kvartalis) 1,74 miljardi euroni. Konsolideeritud hoiused kasvasid 252 miljoni euro võrra (+9%; +166 miljonit eurot IV kvartalis) 2,95 miljardi euroni. Seejuures kasvasid maksevahendajatega seotud hoiused 129 miljoni euro võrra, hoiuseplatvormidelt lisandus 45 miljonit eurot ja tavaklientide hoiused kasvasid 78 miljoni euro võrra. LHV poolt juhitud fondide koondmaht kahanes kvartaliga 30 miljonit eurot (-2%; +46 miljonit eurot IV kvartalis) 1,34 miljardi euroni. LHV Groupi juhataja Madis Toomsalu kommentaar: "LHV jaoks olid aasta esimesed kolm kuud tegused ning heade tulemustega, kuid koroonaviiruse mõjud sisalduvad selles ainult vähesel määral. Kvartali lõpus järsult halvenenud majanduskeskkonna tõttu on märksa olulisemaks muutunud vaade tulevikule. Majandustulemustega koos avalikustame ka uuendatud finantsplaani, milles on arvestatud eriolukorra mõju majandusele ja meie tegevusele. Panga vaates olid I kvartali märksõnadeks Apple Pay turuletoomine, Balti aktsiate tehingutasude kaotamine ja turgude volatiilsusest tingituna rekordiline aktiivsus väärtpaberivahenduses. Oluliseks sündmuseks oli riigivõlakirjade kaudu riigi abimeetmete finantseerimine summas 200 miljonit eurot, millelt LHV ei teeni intressi. Panga klientide arv kasvas 14 400 võrra. Tänaseks on kliendilepingu sõlminud ka 90% Danske laenuportfelli ülevõtmisega lisandunud klientidest. Laenudest kasvasid I kvartalil enim ettevõtluslaenud ja kodulaenud. Hoiuseid lisandus laiapõhjaliselt. Laenude allahindluse kulu ulatus I kvartalis 1,0 miljoni euroni. Samas suurendab majanduskeskkonna muutumine oluliselt II kvartali allahindlusi. LHV teatas juba märtsi esimeses pooles ettevõtetest klientidele maksepuhkuse andmisest, samuti alustasime eraisikute laenutoodetele lihtsustatud korras maksepuhkuste pakkumist. Me ei muuda maksepuhkuste ajal laenulepingute tingimusi ning eraklientidele pakutakse maksepuhkust lepingutasuta. Varahalduse esimese kvartali kahjumit mõjutas dividendidelt tasutud tulumaks, oluliselt on vähenenud teenustasutulu. Viimaste kuude finantsturgude langus on LHV aktiivselt juhitud pensionifonde mõjutanud kõige vähem. Pensionifondide juhtimisel oleme seni lähtunud loogikast, et pikaajaliselt on kõige olulisem kapitali säilitamine, mis tagab hea lähtekoha, et varade praegustelt hinnatasemetelt jõulisemalt investeerida. Aktiivsete pensioniklientide hulk kasvas kvartaliga enam kui 1100 võrra. I kvartalil teatasime ka plaanist siseneda kahjukindlustusturule ja koos partneriga luua kindlustusselts AS LHV Kindlustus. Ettevõtmisega planeerime keskenduda Eesti turule. Kindlustusseltsi kliendid saavad olema eelkõige LHV Panga ja Euronicsi kliendid, vähemal määral ka teised. Tänaseks oleme saanud loa koondumisele Konkurentsiametilt ja jätkame järgmiste sammudega, et aasta pärast juba aktiivselt kindlustusvallas tegutseda. LHV kapitaliseeritus ja likviidsus on tugeval tasemel. Võrreldes eelmise finantskriisiga on Euroopa pankade kapitalitasemed kasvanud kaks korda. LHV ei ole siin erand, meie esimese taseme omavahendid on tasemel 14% ning kogu kapitali adekvaatsus 18%. Likviidsuse osas ületavad hoiused laenusid üle kahe korra. Seejuures on LHV likviidsuse struktuur hajutatud, koosnedes Eesti klientide, finantsvahendajate ning mitme hoiuseplatvormi kaudu kaasatud hoiustest. Rahastamisvõimalusi veelgi hajutava ning kulusid alandava pandikirjade projektiga oleme graafikus, loodame neid emiteerida suve alguses. Halvenenud majanduskeskkonda arvestades mõjutavad meid välistest teguritest enim majanduse taastumise kiirus, riiklikud meetmed ettevõtete ja eraisikute finantssuutlikkuse tagamisel ning keskpankade otsused. Täpsema ülevaate meie tulevikuvaatest annab uuendatud finantsplaan." Kasumiaruanne, tuhandetes eurodes I kv 2020 IV kv 2019 3 kuud 2020 3 kuud 2019 ------------------------------------------------------------------------------- Neto intressitulu 16 324 13 270 16 323 10 945 ------------------------------------------------------------------------------- Neto teenustasutulu 6 508 6 427 6 507 6 225 ------------------------------------------------------------------------------- Neto finantstulud -389 170 -389 178 ------------------------------------------------------------------------------- Muud tegevustulud 36 58 36 -23 ------------------------------------------------------------------------------- Tulud kokku 22 478 19 925 22 477 17 324 ------------------------------------------------------------------------------- Personalikulu -5 769 -5 236 -5 770 -4 553 ------------------------------------------------------------------------------- Kontorikulud -278 -277 -278 -229 ------------------------------------------------------------------------------- IT kulud -729 -861 -729 -629 ------------------------------------------------------------------------------- Turunduskulud -475 -443 -475 -708 ------------------------------------------------------------------------------- Muud tegevuskulud -3 924 -4 543 -3 922 -2 987 ------------------------------------------------------------------------------- Kulud kokku -11 176 -11 361 -11 174 -9 105 ------------------------------------------------------------------------------- Ärikasum 11 303 8 564 11 303 8 219 ------------------------------------------------------------------------------- Kasum enne allahindlusi 11 303 8 564 11 303 8 219 ------------------------------------------------------------------------------- Laenude allahindlus -1 011 -1 546 -1 011 -951 ------------------------------------------------------------------------------- Tulumaksukulu -2 809 -586 -2 809 -2 265 ------------------------------------------------------------------------------- Aruandeperioodi puhaskasum 7 483 6 432 7 484 5 002 jätkuvatelt tegevustelt ------------------------------------------------------------------------------- Kasum/-kahjum lõpetatud 0 0 0 0 tegevustelt ------------------------------------------------------------------------------- Puhaskasum 7 483 6 432 7 484 5 002 ------------------------------------------------------------------------------- Vähemusosaluse osa 404 713 404 312 ------------------------------------------------------------------------------- Emaettevõtte aktsionäride osa 7 078 5 719 7 079 4 690 kasumist ------------------------------------------------------------------------------- Bilanss, tuhandetes eurodes märts.20 dets.19 märts.19 --------------------------------------------------------------------- Raha ja raha ekvivalendid 1 284 182 1 271 153 764 778 --------------------------------------------------------------------- Finantsvarad 231 321 40 962 26 205 --------------------------------------------------------------------- Laenud klientidele 1 746 205 1 693 138 1 001 963 --------------------------------------------------------------------- Laenude allahindlus -7 296 -6 104 -11 216 --------------------------------------------------------------------- Nõuded klientide vastu 2 780 3 551 7 275 --------------------------------------------------------------------- Muud varad 30 148 29 212 29 308 --------------------------------------------------------------------- Varad kokku 3 287 341 3 031 912 1 818 313 --------------------------------------------------------------------- Nõudmiseni hoiused 2 357 463 2 189 478 1 422 738 --------------------------------------------------------------------- Tähtajalised hoiused 595 948 511 437 144 266 --------------------------------------------------------------------- Saadud laenud 25 687 25 647 21 638 --------------------------------------------------------------------- Võlgnevused klientidele 2 979 098 2 726 562 1 588 642 --------------------------------------------------------------------- Muud kohustused 26 093 24 321 22 325 --------------------------------------------------------------------- Allutatud laenud 75 000 75 000 50 900 --------------------------------------------------------------------- Kohustused kokku 3 080 191 2 825 883 1 661 866 --------------------------------------------------------------------- Omakapital 207 150 206 028 156 447 --------------------------------------------------------------------- sh vähemusosaluse osa 4 190 5 218 3 234 --------------------------------------------------------------------- Kohustused ja omakapital kokku 3 287 341 3 031 912 1 818 313 --------------------------------------------------------------------- Kvartalitulemuste ja uuendatud finantsplaani tutvustamiseks korraldab LHV Group investorkohtumise, mis seekord viiakse läbi vebinari vormis veebiseminaride keskkonna Zoom kaudu. Virtuaalne investorkohtumine toimub 21. aprillil kell 9.00. Esitlus tehakse eesti keeles. Registreeruda saab aadressil https://lhvbank.zoom.us/webinar/register/WN_JzDz7iVZQ0eE0grJLBlX_g. LHV Group on suurim kodumaine finantskontsern ja kapitali pakkuja Eestis. LHV Groupi peamised tütarettevõtted on LHV Pank ja LHV Varahaldus. LHV-s töötab üle 450 inimese. LHV pangateenuseid kasutab ligi 217 000 klienti ja LHV hallatavatel pensionifondidel on ligi 178 000 aktiivset klienti. Priit Rum LHV kommunikatsioonijuht Telefon: 502 0786 E-post: [email protected] (mailto:[email protected])
Content of announcement in English
Title
LHV Group unaudited results for Q1 2020
Message
In the first quarter of 2020, AS LHV Group earned a total of EUR 7.5 million in consolidated profit. In Q1, the bank earned a net profit of EUR 8.1 million, and asset management recorded a loss of EUR 0.6 million. LHV Group paid EUR 2.8 million in income tax in Q1. The Group's return on equity was 14%. The Q1 net profit of the consolidation group was EUR 2.5 million higher year-on- year, and EUR 1.1 million higher than in Q4 2019. During the quarter, the Group's consolidated net loan portfolio increased by EUR 52 million (+3%; + EUR 465 million in Q4 2019), to EUR 1.74 billion. Consolidated deposits increased by EUR 252 million (+9%; + EUR 166 million in Q4), to EUR 2.95 billion. At the same time, the deposits related to payment intermediaries increased by EUR 129 million, deposit platforms added EUR 45 million, and the deposits of regular clients increased by EUR 78 million. The total volume of funds managed by LHV decreased by EUR 30 million over the quarter (-2%; + EUR 46 million in Q4), to EUR 1.34 billion. Comment by Madis Toomsalu, Managing Director of the LHV Group: "For LHV, the first three months of the year were active and yielded good results; however, the effects of the coronavirus are only included to a small extent. Due to the sharp decline of the economic environment at the end of the quarter, the outlook for the future has become much more important. Together with the economic results, we will also be publishing an updated financial plan, in which the effects of the emergency situation on the economy and on our activities will be taken into consideration. From the point of view of the bank, the keywords for Q1 were bringing Apple Pay to the market, abolition of transaction fees for Baltic shares, and record activity in securities brokerage as a result of the volatility of markets. An important event was the financing of state aid measures via government bonds in the amount of EUR 200 million, on which LHV earns no interest. The number of bank clients increased by 14,400. As of today, 90% of the clients that were added by taking over Danske's loan portfolio have also entered into a client agreement. Among loans, business loans and home loans grew the most in Q1. Deposits increased broadly. The cost of discounts on loans amounted to EUR 1 million in Q1. At the same time, changes in the economic environment will significantly increase the discounts in Q2. LHV already announced a grace period for its corporate clients in the first half of March; we also began offering grace periods in a simplified manner for private loan products. We will not amend loan agreement terms and conditions during grace periods, and the grace period will be offered to private clients without an agreement fee. The Q1 loss of Varahaldus was affected by the income tax paid on dividends, with fee and commission income having decreased significantly. The decline of financial markets over the past few months has affected LHV's actively managed pension funds the least. In terms of managing pension funds, we have thus far been guided by the reasoning that, in the long term, it is most important to maintain capital that provides a good starting position for investing more vigorously at the current price levels of assets. The number of active pension clients increased by more than 1100 during the quarter. In Q1 we also announced the plan to enter the non-life insurance market, and to create the insurance company AS LHV Kindlustus together with a partner. With this undertaking, we plan to focus on the Estonian market. Clients of the insurance undertaking will consist primarily of the clients of LHV Pank and Euronics, and others to a lesser extent. We have been granted permission to concentrate by the Estonian Competition Authority, and we will proceed with the next steps in order to be active within the insurance sector in a year's time. LHV's capitalisation and liquidity are at a strong level. Compared to the previous financial crisis, the capital levels of European banks have grown twice. LHV is not an exception here, our Tier 1 own funds are at 14%, and total capital adequacy is at 18%. In terms of liquidity, deposits surpass loans by more than twofold. At that, LHV's liquidity structure is diverse, consisting of the deposits of Estonian clients, financial intermediaries, and deposits raised via several deposit platforms. We are on schedule with the covered bonds project, which will further diversify financing opportunities and decrease costs, and the hope is to issue these at the beginning of summer. Considering the deteriorated economic environment, in terms of external factors we are most affected by the recovery speed of the economy, national measures for ensuring the financial capacity of companies and private persons, and the decisions of central banks. Our updated financial plan will provide a more detailed overview of our vision for the future." Income statement, EUR thousand Q1-2020 Q4-2019 3 months 2020 3 months 2019 ------------------------------------------------------------------------------- Net interest income 16 324 13 270 16 323 10 945 ------------------------------------------------------------------------------- Net fee and commission income 6 508 6 427 6 507 6 225 ------------------------------------------------------------------------------- Net gains from financial assets -389 170 -389 178 ------------------------------------------------------------------------------- Other income 36 58 36 -23 ------------------------------------------------------------------------------- Total revenue 22 478 19 925 22 477 17 324 ------------------------------------------------------------------------------- Staff costs -5 769 -5 236 -5 770 -4 553 ------------------------------------------------------------------------------- Office rent and expenses -278 -277 -278 -229 ------------------------------------------------------------------------------- IT expenses -729 -861 -729 -629 ------------------------------------------------------------------------------- Marketing expenses -475 -443 -475 -708 ------------------------------------------------------------------------------- Other operating expenses -3 924 -4 543 -3 922 -2 987 ------------------------------------------------------------------------------- Total operating expenses -11 176 -11 361 -11 174 -9 105 ------------------------------------------------------------------------------- EBIT 11 303 8 564 11 303 8 219 ------------------------------------------------------------------------------- Earnings before impairment losses 11 303 8 564 11 303 8 219 ------------------------------------------------------------------------------- Impairment losses on loans and -1 011 -1 546 -1 011 -951 advances ------------------------------------------------------------------------------- Income tax -2 809 -586 -2 809 -2 265 ------------------------------------------------------------------------------- Net profit for the reporting 7 483 6 432 7 484 5 002 period from continued operations ------------------------------------------------------------------------------- Profit/-loss from discontinued 0 0 0 0 operations ------------------------------------------------------------------------------- Net profit 7 483 6 432 7 484 5 002 ------------------------------------------------------------------------------- Profit attributable to non- 404 713 404 312 controlling interest ------------------------------------------------------------------------------- Profit attributable to share 7 078 5 719 7 079 4 690 holders of the parent ------------------------------------------------------------------------------- Balance sheet, EUR thousand Mar 2020 Dec 2019 Mar 2019 ---------------------------------------------------------------------------- Cash and cash equivalents 1 284 182 1 271 153 764 778 ---------------------------------------------------------------------------- Financial assets 231 321 40 962 26 205 ---------------------------------------------------------------------------- Loans granted 1 746 205 1 693 138 1 001 963 ---------------------------------------------------------------------------- Loan impairments -7 296 -6 104 -11 216 ---------------------------------------------------------------------------- Receivables from customers 2 780 3 551 7 275 ---------------------------------------------------------------------------- Other assets 30 148 29 212 29 308 ---------------------------------------------------------------------------- Total assets 3 287 341 3 031 912 1 818 313 ---------------------------------------------------------------------------- Demand deposits 2 357 463 2 189 478 1 422 738 ---------------------------------------------------------------------------- Term deposits 595 948 511 437 144 266 ---------------------------------------------------------------------------- Loans received 25 687 25 647 21 638 ---------------------------------------------------------------------------- Loans received and deposits from customers 2 979 098 2 726 562 1 588 642 ---------------------------------------------------------------------------- Other liabilities 26 093 24 321 22 325 ---------------------------------------------------------------------------- Subordinated loans 75 000 75 000 50 900 ---------------------------------------------------------------------------- Total liabilities 3 080 191 2 825 883 1 661 866 ---------------------------------------------------------------------------- Equity 207 150 206 028 156 447 ---------------------------------------------------------------------------- Minority interest 4 190 5 218 3 234 ---------------------------------------------------------------------------- Total liabilities and equity 3 287 341 3 031 912 1 818 313 ---------------------------------------------------------------------------- To introduce quarterly results and the financial plan LHV is organizing an investor meeting, which this time will be conducted in the form of a webinar via video communication platform Zoom. The virtual investor meeting will take place on 21 April at 9:00 a.m. Presentation will be made in Estonian. Registration is open via the link https://lhvbank.zoom.us/webinar/register/WN_JzDz7iVZQ0eE0grJLBlX_g. 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 over 450 people. LHV's banking services are used by nearly 217,000 clients, and pension funds managed by LHV have nearly 178,000 active clients. Priit Rum Communication Manager Phone: +372 502 0786 Email: [email protected] (mailto:[email protected])