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
8315
Attachments
Submission date and time
20.10.2020 08:00:00
Content of announcement in Estonian
Title
LHV Groupi 2020. aasta III kvartali ja 9 kuu auditeerimata majandustulemused
Message
2020. aasta III kvartalis teenis AS LHV Group 10,8 miljonit eurot konsolideeritud puhaskasumit. AS LHV Pank teenis 10,7 miljonit eurot puhaskasumit, sealjuures 1,2 miljonit eurot puhaskasumit Ühendkuningriigi filiaaliga seotud klientide teenindamisest. AS LHV Varahaldus teenis 0,8 miljonit eurot puhaskasumit. Võrreldes käesoleva aasta II kvartaliga kasvas konsolideerimisgrupi puhaskasum 7,2 miljoni euro võrra ehk kolmekordistus. Võrreldes 2019. aasta III kvartaliga kasvas puhaskasum 2,8 miljoni euro võrra ehk 35%. Grupi omakapitali tootluseks kujunes 18,9%. Osaliselt vähendati varasemalt moodustatud laenude allahindlusi. LHV Groupi varade maht suurenes III kvartalis 4,1 miljardi euroni ehk 10%. Grupi konsolideeritud laenuportfell kasvas kvartaliga 52 miljoni euro võrra 1,86 miljardi euroni (+3%; +65 miljonit eurot II kvartalis) ning konsolideeritud hoiused suurenesid 129 miljoni euro võrra 3,22 miljardi euroni (+4%; +134 miljonit eurot II kvartalis). Seejuures kasvasid maksevahendajatega seotud hoiused 57 miljoni euro võrra ning hoiuseplatvormidega kaasatud hoiused vähenesid 137 võrra. LHV poolt juhitud fondide koondmaht kasvas III kvartalis 56 miljoni euro võrra 1,5 miljardi euroni (+4%; +96 miljonit eurot II kvartalis). Kvartaliga kasvas LHV pangaklientide hulk rohkem kui 11 000 võrra ja panga klientide koguarv ületas 235 000 kliendi piiri. II pensionisamba aktiivsete klientide arv suurenes kvartaliga enam kui 4000 võrra. III kvartalis olid positiivse tootlusega kõik LHV Varahalduse hallatavad pensionifondid, seejuures parimat tootlust näitasid suurema aktsiariskiga fondid. Turu parima tootlusega fond kolmandas kvartalis oli LHV Pensionifond Roheline, mille kolme kuu tootlus oli 20,4%. AS-i LHV Group 2020. aasta 9 kuu konsolideeritud puhaskasum oli 21,8 miljonit eurot, mis oli 1,1 miljoni võrra suurem 2019. aasta 9 kuu tulemusest. AS LHV Pank teenis 9 kuuga puhaskasumit 21,6 miljonit eurot ja AS LHV Varahaldus 1,3 miljonit eurot. Kuivõrd LHV edestab kehtivat finantsplaani konsolideeritud kasumi osas 8,3 miljoni euro võrra, avaldab ettevõte uuendatud 2020. aasta oktoobris finantsplaani. LHV Groupi juhataja Madis Toomsalu kommentaar: "LHV jaoks oli kolmas kvartal tegus ja tulemuslik. Oleme jätkanud avatud krediidipoliitika ja tulevikku suunatud tegevustega. Meie krediidiportfell püsib kvaliteetne. Meie kliendid on antud maksepuhkuseid suuresti kasutanud ettevaatusabinõuna likviidsuse tagamiseks. Selle heaks tõestuseks oli septembrikuu, kui maksepuhkustega seotud 54 miljonist eurost lõppema pidanud laenudest lükati makseid edasi ainult 6 miljoni euro ulatuses. Meie laenuportfelli 52 miljoni eurost kasvu iseloomustas pigem nõudluse, mitte pakkumise langus. Vaadates aga prognoositavale majanduslangusele poliitilise vastusena pakutavate miljardite eurode mahtu, peaksid Eesti ettevõtted valmistuma järgmiseks majandustõusuks. Reaalne maailm on küll keerulisem, sest majanduslangus viib võimendatud mõjuga investeeringute vähenemiseni, samuti tuleb erinevad toetused ja saadud laenud kasu saamiseks kõigepealt tootlikult paigutada. Kuid siiski, poliitilisi ja keskpankade meetmeid arvestades jõuab arvestatav osa vahenditest rahaturgude kaudu ka reaalmajandusse. Kas see kõik on hea või mõistlik, jäägu majandusteooria aruteludesse, aga tänaste investeerimisotsuste puhul matemaatikat ignoreerida ei tohiks. Lühiajaliselt on peamine voorus endiselt likviidsus ning taoline investeeringute tegemise soovitus on suunatud ettevõtetele, kelle rahavarud on piisavad või juurdepääs finantseeringule hea. Samamoodi tasuks vastavate investeeringute puhul läbi mõelda jätkusuutlikkus ja sobivus tulevikku. Olulisematest sündmustest nimetas rahvusvaheline majandusajakiri Euromoney LHV juba kolmandat aastat järjest Eesti parimaks pangaks. Augustis tutvustasime esimese pangana õppuritele mõeldud virtuaalset ISIC-kaarti, lisasime kontaktivaba makse võimaluse Fitbiti ja Garmini seadmete kasutajatele ning tõime koos Alexelaga turule kodukrediitkaardi. Septembrist hakkasime pakkuma maksete kogumise täisteenust, mis on lihtne ja kasu toov võimalus kaupmeestele pakkuda oma klientidele vajalikke makseviise. Septembris viisime lõpule LHV allutatud võlakirjade avaliku pakkumise. Kuna emissiooni esialgne maht 25 miljonit eurot märgiti 3,4-kordselt üle, suurendasime emissiooni mahtu maksimaalses lubatud ulatuses 35 miljoni euroni. Kvartalijärgselt, oktoobri alguses viisime lõpule tehingu, mille käigus omandasime Danske Eesti ettevõtete, korteriühistutega ja avaliku sektoriga seotud krediidiportfelli. Tehingu lõplikuks mahuks kujunes 273 miljonit eurot. LHV Panga laenuportfell kasvas tehingu tulemusena 254 miljoni euro võrra ja ületas esimest korda 2 miljardi euro piiri. Jätkuvalt oleme taotlemas LHV Kindlustuse tegevusluba. Loodame Finantsinspektsioonilt tegevusloa saada aastavahetuse paiku. Paralleelselt tegeleme infosüsteemide ettevalmistamise, inimeste värbamise ja teenuste turuletoomise ettevalmistamisega. Aprillis avaldatud kehtivat finantsplaani edestame kasumi osas 8,3 miljoni euro võrra. Ennustatud kriis on olnud senisest kergem ning otsustatud maksepuhkused andsid klientidele võimaluse vajalikke reserve koguda. Moodustatud provisjonid on olnud planeeritust 6,4 miljoni euro võrra madalamad. Seetõttu oleme uuendamas LHV Groupi käesoleva aasta finantsplaani." +-------------------------------+-----------+----------+-----------+-----------+ |Kasumiaruanne, tuhandetes | | | | | |eurodes |III kv 2020|II kv 2020|9 kuud 2020|9 kuud 2019| +-------------------------------+-----------+----------+-----------+-----------+ | Neto intressitulu | 16 731| 15 545| 48 599| 34 119| +-------------------------------+-----------+----------+-----------+-----------+ | Neto teenustasutulu | 6 472| 6 188| 19 168| 19 250| +-------------------------------+-----------+----------+-----------+-----------+ | Neto finantstulud | 335| 322| 268| 500| +-------------------------------+-----------+----------+-----------+-----------+ | Muud tegevustulud | 44| -16| 64| 26| +-------------------------------+-----------+----------+-----------+-----------+ |Tulud kokku | 23 582| 22 039| 68 098| 53 895| +-------------------------------+-----------+----------+-----------+-----------+ | Personalikulu | -5 630| -6 146| -17 546| -14 029| +-------------------------------+-----------+----------+-----------+-----------+ | Kontorikulud | -45| -236| -559| -682| +-------------------------------+-----------+----------+-----------+-----------+ | IT kulud | -868| -782| -2 379| -1 909| +-------------------------------+-----------+----------+-----------+-----------+ | Turunduskulud | -557| -315| -1 347| -1 646| +-------------------------------+-----------+----------+-----------+-----------+ | Muud tegevuskulud | -3 613| -3 183| -10 717| -9 641| +-------------------------------+-----------+----------+-----------+-----------+ |Kulud kokku | -10 713| -10 661| -32 548| -27 908| +-------------------------------+-----------+----------+-----------+-----------+ |Ärikasum | 12 869| 11 378| 35 550| 25 987| +-------------------------------+-----------+----------+-----------+-----------+ |Kasum enne allahindlusi | 12 869| 11 378| 35 550| 25 987| +-------------------------------+-----------+----------+-----------+-----------+ | Laenude allahindlus | 27| -7 672| -8 655| -1 663| +-------------------------------+-----------+----------+-----------+-----------+ | Tulumaksukulu | -2 122| -156| -5 086| -3 664| +-------------------------------+-----------+----------+-----------+-----------+ |Puhaskasum | 10 774| 3 550| 21 808| 20 660| +-------------------------------+-----------+----------+-----------+-----------+ | Vähemusosaluse osa | 677| 615| 1 697| 1 583| +-------------------------------+-----------+----------+-----------+-----------+ | Emaettevõtte aktsionäride | | | | | |osa kasumist | 10 096| 2 935| 20 111| 19 078| +-------------------------------+-----------+----------+-----------+-----------+ +--------------------------------+-----------+-----------+-----------+ | Bilanss, tuhandetes eurodes | sept.20 | juuni.20 | sept.19 | +--------------------------------+-----------+-----------+-----------+ | Raha ja raha ekvivalendid | 1 753 730 | 1 438 793 | 1 468 510 | +--------------------------------+-----------+-----------+-----------+ | Finantsvarad | 430 661 | 423 117 | 124 035 | +--------------------------------+-----------+-----------+-----------+ | Laenud klientidele | 1 870 335 | 1 818 644 | 1 233 626 | +--------------------------------+-----------+-----------+-----------+ | Laenude allahindlus | -14 512 | -14 608 | -11 561 | +--------------------------------+-----------+-----------+-----------+ | Nõuded klientide vastu | 2 443 | 3 039 | 33 491 | +--------------------------------+-----------+-----------+-----------+ | Muud varad | 29 216 | 28 527 | 28 700 | +--------------------------------+-----------+-----------+-----------+ | Varad kokku | 4 071 872 | 3 697 512 | 2 374 714 | +--------------------------------+-----------+-----------+-----------+ | Nõudmiseni hoiused | 2 756 352 | 2 512 196 | 2 005 227 | +--------------------------------+-----------+-----------+-----------+ | Tähtajalised hoiused | 459 132 | 574 739 | 529 442 | +--------------------------------+-----------+-----------+-----------+ | Saadud laenud | 471 554 | 271 553 | 28 640 | +--------------------------------+-----------+-----------+-----------+ | Võlgnevused klientidele | 3 687 038 | 3 358 488 | 2 563 309 | +--------------------------------+-----------+-----------+-----------+ | Muud kohustused | 35 252 | 35 702 | 39 524 | +--------------------------------+-----------+-----------+-----------+ | Allutatud laenud | 125 000 | 90 000 | 75 000 | +--------------------------------+-----------+-----------+-----------+ | Kohustused kokku | 3 847 290 | 3 484 190 | 2 677 833 | +--------------------------------+-----------+-----------+-----------+ | Omakapital | 224 582 | 213 322 | 198 967 | +--------------------------------+-----------+-----------+-----------+ | sh vähemusosaluse osa | 5 921 | 5 243 | 4 505 | +--------------------------------+-----------+-----------+-----------+ | Kohustused ja omakapital kokku | 4 071 872 | 3 697 512 | 2 374 714 | +--------------------------------+-----------+-----------+-----------+ AS-i LHV Group aruanded on saadaval aadressil: https://investor.lhv.ee/aruanded/ (https://www.globenewswire.com/Tracker?data=NMr9Bg8SALcRy4d- w2h650gTgJzZ5B_DvbqsKHT9djPd_47pfG9pDuEtd0Rp0YKpJVlmThp6RYqUxGBZr8sVaIqjtr2O- GZJcHySPpWBBe7B1NHpphvN- PIsFOrOJXFvv38GLlaUXbYLgVX6vhkKa3lqHNdEA_hzLr6UxpsyThtwT_X78NfpKG1BE_sFwcs- K9JxRM3XgyL2b9ASo9v952svtUpLWq- flZEL1I_lgb21WnxFGasbOD02yB7rl3UapqBHZNvhGxjPW2XVnlX4SqJAH7C- hjmdwbGikfns25NXLuwt-KmY4HA9x4dUpQOi). Kvartalitulemuste tutvustamiseks korraldab LHV Group investorkohtumise, mis viiakse läbi vebinari vormis veebiseminaride keskkonna Zoom kaudu. Virtuaalne investorkohtumine toimub 20. oktoobril kell 18.00. Esitlus tehakse eesti keeles. Registreeruda saab aadressil https://lhvbank.zoom.us/meeting/register/tJAvcOqrrTMqG9HWPYShAMC3PcuZA XYksDS2. LHV Group on suurim kodumaine finantskontsern ja kapitali pakkuja Eestis. LHV Groupi peamised tütarettevõtted on LHV Pank ja LHV Varahaldus. LHV-s töötab üle 490 inimest. LHV pangateenuseid kasutab üle 235 000 kliendi ja LHV hallatavatel pensionifondidel on üle 183 000 aktiivse kliendi. LHV Ühendkuningriigi filiaal pakub panganduse taristut enam kui 130 rahvusvahelisele finantsteenuste ettevõttele, mille kaudu jõuavad LHV makseteenused klientideni üle terve maailma. 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 Q3 and 9 months of 2020
Message
In Q3 of 2020, AS LHV Group earned EUR 10.8 million in consolidated net profit. AS LHV Pank earned EUR 10.7 million in net profit, at that, EUR 1.2 million in net profit from servicing clients related to the United Kingdom branch. AS LHV Varahaldus earned EUR 0.8 million in net profit. Compared to Q2 of this year, the net profit of the consolidation group grew by EUR 7.2 million, i.e., it tripled. Compared to Q3 of 2019, net profit grew by EUR 2.8 million, i.e. 35%. The Group's return on equity was 18.9%. Previously formed discounts on loans were partially reduced. In Q3, LHV Group's volume of assets increased to EUR 4.1 billion, i.e. by 10%. Within the quarter, the Group's consolidated loan portfolio grew by EUR 52 million to EUR 1.86 billion (+3%; + EUR 65 million in Q2) and consolidated deposits increased by EUR 129 million to EUR 3.22 billion (+4%; + EUR 134 million in Q2). At the same time, deposits related to payment institutions increased by EUR 57 million, while deposits related to deposit platforms decreased by EUR 137 million. The total volume of funds managed by LHV increased by EUR 56 million in Q3, to EUR 1.5 billion (+4%; + EUR 96 million in Q2). Within the quarter, LHV added more than 11,000 bank clients, with the bank's total number of clients surpassing 235,000. The number of active clients of the II pension pillar increased by more than 4000 in the quarter. In Q3, all pension funds managed by LHV Varahaldus had a positive rate of return; at that, funds with a higher equity risk showed the best rate of return. In Q3, the best rate of return was provided by LHV Pension Fund Roheline, its rate of return for the three months being 20.4%. AS LHV Group's consolidated net profit in the first 9 months of 2020 was EUR 21.8 million, which is EUR 1.1 million higher than the result of the first 9 months of 2019. AS LHV Pank earned EUR 21.6 million and AS LHV Varahaldus EUR 1.3 million as net profit in 9 months. Since, in terms of consolidated profit, LHV is ahead of the current financial plan by EUR 8.3 million, the company will publish an updated financial plan in October 2020. Comment by Madis Toomsalu, Managing Director of the LHV Group: "For LHV, the third quarter was active and effective. We have continued with an open credit policy and with activities directed at the future. Our credit portfolio remains high quality. Our clients have used the grace periods granted largely as a precaution for ensuring liquidity. September was a great example of this: in relation to grace periods, of the loans in the amount of EUR 54 million that were supposed to end, payments in the extent of only EUR 6 million were postponed. The EUR 52 million growth of our loan portfolio was characterised by an decline in demand, rather than supply. However, looking at the volume of billions of euros that are proposed as a political response to the estimated economic downturn, Estonian companies should prepare for the next economic upturn. The real world is indeed more complicated, since an economic downturn will lead to a decrease in investments with a leveraged effect; also, in order to benefit, different subsidies and loans received must be placed in a yielding manner. Still, considering the political measures and the measures of central banks, a considerable amount of funds will reach the real economy through money markets. Whether this is all good or reasonable should be left for discussions of economic theory, but in case of today's investment decisions, mathematics should not be ignored. In the short term, the main virtue is still liquidity, and such a recommendation for making investments is directed at companies with a sufficient cash balance or good access to financing. Likewise, it is important to carefully contemplate the sustainability of such investments as well as their suitability for the future. Among the more important events, the international business magazine Euromoney picked LHV as the best bank in Estonia for the third year in a row. In August, we were the first bank to introduce a virtual ISIC card intended for students, we added the contactless payment opportunity for users of Fitbit and Garmin devices, and we introduced a home credit card together with Alexela. From September, we started providing full service payment acquiring, which is a simple and beneficial opportunity for merchants to offer their clients the payment methods they require. In September, we finished the public offering of LHV's subordinated bonds. Since the initial issue volume of EUR 25 million was oversubscribed by 3.4 times, we increased the issue volume within the maximum permitted volume, to EUR 35 million. After the quarter, at the beginning of October, we finalised the transaction in the course of which we acquired Danske's credit portfolio related to Estonian companies, apartment associations and the public sector. The final volume of the transaction worked out to EUR 273 million. As a result of the transaction, LHV Pank's loan portfolio grew by EUR 254 million, and surpassed the EUR 2 billion line for the first time. We are still applying for an activity licence for the non-life insurance undertaking LHV Kindlustus. We hope to receive the activity licence from the Financial Supervision Authority around the turn of the year. At the same time, we are engaged in preparing information systems, recruiting people, and preparing the introduction of products to the market. In terms of profit, we are ahead of the current financial plan published in April by EUR 8.3 million. The estimated crisis has been easier than forecast before, and the granted grace periods gave our clients the opportunity to build the necessary reserves. This is why the formed provisions have been EUR 6.4 million lower than planned. For this reason, we will be updating LHV Group's financial plan for the current year in October." +----------------------------------+-------+-------+-------------+-------------+ |Income statement, EUR thousand |Q3-2020|Q2-2020|9 months 2020|9 months 2019| +----------------------------------+-------+-------+-------------+-------------+ | Net interest income | 16 731| 15 545| 48 599| 34 119| +----------------------------------+-------+-------+-------------+-------------+ | Net fee and commission income | 6 472| 6 188| 19 168| 19 250| +----------------------------------+-------+-------+-------------+-------------+ | Net gains from financial assets| 335| 322| 268| 500| +----------------------------------+-------+-------+-------------+-------------+ | Other income | 44| -16| 64| 26| +----------------------------------+-------+-------+-------------+-------------+ |Total revenue | 23 582| 22 039| 68 098| 53 895| +----------------------------------+-------+-------+-------------+-------------+ | Staff costs | -5 630| -6 146| -17 546| -14 029| +----------------------------------+-------+-------+-------------+-------------+ | Office rent and expenses | -45| -236| -559| -682| +----------------------------------+-------+-------+-------------+-------------+ | IT expenses | -868| -782| -2 379| -1 909| +----------------------------------+-------+-------+-------------+-------------+ | Marketing expenses | -557| -315| -1 347| -1 646| +----------------------------------+-------+-------+-------------+-------------+ | Other operating expenses | -3 613| -3 183| -10 717| -9 641| +----------------------------------+-------+-------+-------------+-------------+ |Total operating expenses |-10 713|-10 661| -32 548| -27 908| +----------------------------------+-------+-------+-------------+-------------+ |EBIT | 12 869| 11 378| 35 550| 25 987| +----------------------------------+-------+-------+-------------+-------------+ |Earnings before impairment losses | 12 869| 11 378| 35 550| 25 987| +----------------------------------+-------+-------+-------------+-------------+ | Impairment losses on loans and | | | | | |advances | 27| -7 672| -8 655| -1 663| +----------------------------------+-------+-------+-------------+-------------+ | Income tax | -2 122| -156| -5 086| -3 664| +----------------------------------+-------+-------+-------------+-------------+ |Net profit | 10 774| 3 550| 21 808| 20 660| +----------------------------------+-------+-------+-------------+-------------+ | Profit attributable to non- | | | | | |controlling interest | 677| 615| 1 697| 1 583| +----------------------------------+-------+-------+-------------+-------------+ | Profit attributable to share | | | | | |holders of the parent | 10 096| 2 935| 20 111| 19 078| +----------------------------------+-------+-------+-------------+-------------+ +---------------------------------------------+---------+---------+---------+ |Balance sheet, EUR thousand |Sept 2020|Jun 2020 |Sept 2019| +---------------------------------------------+---------+---------+---------+ | Cash and cash equivalents |1 753 730|1 438 793|1 468 510| +---------------------------------------------+---------+---------+---------+ | Financial assets | 430 661| 423 117| 124 035| +---------------------------------------------+---------+---------+---------+ | Loans granted |1 870 335|1 818 644|1 233 626| +---------------------------------------------+---------+---------+---------+ | Loan impairments | -14 512| -14 608| -11 561| +---------------------------------------------+---------+---------+---------+ | Receivables from customers | 2 443| 3 039| 33 491| +---------------------------------------------+---------+---------+---------+ | Other assets | 29 216| 28 527| 28 700| +---------------------------------------------+---------+---------+---------+ |Total assets |4 071 872|3 697 512|2 374 714| +---------------------------------------------+---------+---------+---------+ | Demand deposits |2 756 352|2 512 196|2 005 227| +---------------------------------------------+---------+---------+---------+ | Term deposits | 459 132| 574 739| 529 442| +---------------------------------------------+---------+---------+---------+ | Loans received | 471 554| 271 553| 28 640| +---------------------------------------------+---------+---------+---------+ | Loans received and deposits from customers|3 687 038|3 358 488|2 563 309| +---------------------------------------------+---------+---------+---------+ | Other liabilities | 35 252| 35 702| 39 524| +---------------------------------------------+---------+---------+---------+ | Subordinated loans | 125 000| 90 000| 75 000| +---------------------------------------------+---------+---------+---------+ |Total liabilities |3 847 290|3 484 190|2 677 833| +---------------------------------------------+---------+---------+---------+ |Equity | 224 582| 213 322| 198 967| +---------------------------------------------+---------+---------+---------+ | Minority interest | 5 921| 5 243| 4 505| +---------------------------------------------+---------+---------+---------+ |Total liabilities and equity |4 071 872|3 697 512|2 374 714| +---------------------------------------------+---------+---------+---------+ AS LHV Group reports are available at https://investor.lhv.ee/en/reports. In order to introduce the quarterly results, LHV Group will be organising an investor meeting which will be conducted in the webinar form through the Zoom environment. The virtual investor meeting will take place on 20 October at 18:00. The presentation will be in Estonian. You can register at https://lhvbank.zoom.us/meeting/register/tJAvcOqrrTMqG9HWPYShAMC3PcuZAXYksDS2. 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 490 people. LHV's banking services are used by more than 235,000 clients, and pension funds managed by LHV have more than 183,000 active clients. LHV's UK branch offers banking infrastructure to 130 international financial services companies, via which LHV's payment services reach clients around the world. Priit Rum Communication Manager Phone: +372 502 0786 Email: [email protected] (mailto:[email protected])