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
8725
Attachments
Submission date and time
20.04.2021 08:00:00
Content of announcement in Estonian
Title
LHV Groupi 2021. aasta I kvartali auditeerimata majandustulemused
Message
2021. aasta I kvartalis teenis AS LHV Group kokku 11,4 miljonit eurot konsolideeritud puhaskasumit. Pank teenis kvartaliga 11,8 miljonit eurot puhaskasumit, sealhulgas 2,2 miljonit Ühendkuningriigi filiaaliga seotud klientide teenindamisest. Varahaldus teenis 0,6 miljonit eurot puhaskahjumit ning kindlustus 0,3 miljonit eurot puhaskahjumit. Grupi omakapitali tootluseks kujunes I kvartalis 18,2%. LHV Groupi esimese kvartali puhaskasum oli 3,9 miljoni euro ehk 53% võrra suurem kui I kvartalis aasta tagasi ning 6,6 miljoni ehk 37% võrra väiksem kui 2020. aasta IV kvartalis, mil grupi kasum sisaldas ka pensionifondide juhtimisega seotud edukustasu. I kvartali lõpuks edestab LHV veebruaris avaldatud 2021. aasta finantsplaani 0,9 miljoni euroga. Konsolideerimisgrupi varade maht kasvas märtsi lõpuks 5,68 miljardi euroni. Grupi konsolideeritud laenuportfelli maht kasvas kvartaliga 96 miljoni euro võrra (+4%; +353 miljonit eurot IV kvartalis) 2,3 miljardi euroni ja hoiuste maht 614 miljoni euro võrra (+15%; +904 miljonit IV kvartalis) 4,73 miljardi euroni. Hoiuste kasvust tuli 595 miljonit eurot finantsvahendajate arvelt ja 54 miljonit eurot tavaklientidelt, hoiuseplatvormide osa vähenes 35 miljoni euro võrra. LHV juhitud fondide koondmaht kasvas kvartaliga 50 miljoni euro võrra (+3%; +41 miljonit eurot IV kvartalis) 1,59 miljardi euroni. Kasumiaruanne, tuhandetes eurodes I kv 2021 IV kv 2020 3 kuud 2021 3 kuud 2020 ------------------------------------------------------------------------------- Neto intressitulu 20 371 19 893 20 371 16 324 ------------------------------------------------------------------------------- Neto teenustasutulu 8 640 14 183 8 640 6 508 ------------------------------------------------------------------------------- Neto finantstulud -375 1 316 -375 -389 ------------------------------------------------------------------------------- Tulu kindlustustegevusest 89 0 89 0 ------------------------------------------------------------------------------- Muud tegevustulud 40 57 40 36 ------------------------------------------------------------------------------- Tulud kokku 28 765 35 449 28 765 22 478 ------------------------------------------------------------------------------- Personalikulu -7 253 -6 368 -7 253 -5 769 ------------------------------------------------------------------------------- Kontorikulud -463 -239 -463 -278 ------------------------------------------------------------------------------- IT kulud -1 005 -964 -1 005 -729 ------------------------------------------------------------------------------- Turunduskulud -532 -475 -532 -473 ------------------------------------------------------------------------------- Muud tegevuskulud -4 507 -3 381 -4 507 -3 926 ------------------------------------------------------------------------------- Kulud kokku -13 760 -11 427 -13 760 -11 175 ------------------------------------------------------------------------------- Kasum enne allahindlusi 15 005 24 023 15 005 11 303 ------------------------------------------------------------------------------- Laenude allahindlus -1 601 -2 243 -1 601 -1 011 ------------------------------------------------------------------------------- Tulumaksukulu -1 988 -3 741 -1 988 -2 809 ------------------------------------------------------------------------------- Puhaskasum 11 416 18 039 11 416 7 483 ------------------------------------------------------------------------------- Vähemusosaluse osa 373 200 373 404 ------------------------------------------------------------------------------- Emaettevõtte aktsionäride osa kasumist 11 043 17 840 11 043 7 079 Bilanss, tuhandetes eurodes märts.21 dets.20 märts.20 --------------------------------------------------------------------- Raha ja raha ekvivalendid 3 193 146 2 393 537 1 284 182 --------------------------------------------------------------------- Finantsvarad 149 739 330 055 231 321 --------------------------------------------------------------------- Laenud klientidele 2 322 518 2 225 681 1 746 205 --------------------------------------------------------------------- Laenude allahindlus -18 170 -16 858 -7 296 --------------------------------------------------------------------- Nõuded klientide vastu 5 185 9 388 2 780 --------------------------------------------------------------------- Muud varad 30 005 29 604 30 148 --------------------------------------------------------------------- Varad kokku 5 682 423 4 971 407 3 287 341 --------------------------------------------------------------------- Nõudmiseni hoiused 4 272 474 3 635 166 2 357 463 --------------------------------------------------------------------- Tähtajalised hoiused 461 369 484 604 595 948 --------------------------------------------------------------------- Saadud laenud 508 801 468 585 25 687 --------------------------------------------------------------------- Võlgnevused klientidele 5 242 644 4 588 355 2 979 098 --------------------------------------------------------------------- Muud kohustused 74 544 27 776 26 093 --------------------------------------------------------------------- Allutatud laenud 110 000 110 000 75 000 --------------------------------------------------------------------- Kohustused kokku 5 427 188 4 726 131 3 080 191 --------------------------------------------------------------------- Omakapital 255 235 245 276 207 150 --------------------------------------------------------------------- sh vähemusosaluse osa 6 756 8 483 4 190 --------------------------------------------------------------------- Kohustused ja omakapital kokku 5 682 423 4 971 407 3 287 341 ? Kasumlikkuse suhtarvud I kv 2021 IV kv 2020 3 kuud 2021 3 kuud 2020 ---------------------------------------------------------------------------- Omakapitali tootlus 18,2% 31,3% 18,2% 14,0% ---------------------------------------------------------------------------- Kulude ja tulude suhe (C/I) 47,8% 32,2% 47,8% 49,7% ---------------------------------------------------------------------------- Riskikulumäär 0,3% 0,4% 0,3% 0,2% LHV laenuportfellis kasvasid ettevõtete laenud I kvartaliga 68 ja jaelaenud 28 miljoni euro võrra. Aastaga on LHV Groupi laenuportfell kasvanud 565 miljoni euro ehk 33% võrra. Kiirest kasvust hoolimata ei ole tehtud järeleandmisi krediidikvaliteedis, mis püsib hea, laenuvõtjatele on rahalisi puhvreid aidanud tagada riigipoolsed palgatoetused ja pankade poolt pakutud maksepuhkused. Eelmisel aastal väljastatud maksepuhkused on enamuses õigeaegselt lõppenud, algse 350 miljoni euro pealt on puhkusel laenude maht I kvartali lõpuks langenud 60 miljoni euroni. Ka tänavu on riik viiruse tõkestamiseks piiranguid seadnud, samas on kliendid alates veebruarist taotlenud uusi maksepuhkuseid vaid 11 miljoni euro ulatuses. LHV on võtnud eesmärgiks toetada kliimaeesmärkide täitmist. Kõige kliimasäästlikumate sõidukite soetamise soosimiseks langetasime märtsis elektrisõidukite liisingu intressimäära 1,95%-ni. Sama intressimäär kehtib ka rohelisele kodulaenule. Tegemist on LHV kõige soodsamate intressimääradega. Investeerimisaktiivsuse elavdamiseks langetas LHV veebruaris välisväärtpaberite teenustasusid. Esimesena tõime turule pensioni investeerimiskonto ehk PIK-i, millega on pensionikogujatel võimalik ise investeerida II samba süsteemi sees. Aprilli keskpaigaks on PIK-i sõminud 2000 investorit. Muudest kvartali jooksul olulistest sündmustest registreeriti veebruaris Ühendkuningriigi ettevõtete registris LHV Groupi tütarettevõtte LHV UK Limited. LHV Kindlustus alustas kvartali jooksul esimeste kodukindlustuse lepingute sõlmimist ning võttis üle Euronicsi tehnikaseadmete müügiga seotud pikendatud garantii kindlustuslepingud. LHV pangakaartidele lisandus võimalus näha oma PIN- koodi digitaalselt ja võimalus eraklientidele lülitada deebetkaardil sisse püsiannetuse funktsioon, millega saab iga kaardimaksega toetada heategevust. Pensionifondid näitasid positiivset tootlust, ehkki madalama aktsiariski tõttu jäid aktiivselt juhitud fondid alla indeksfondidele. Oma osa on selles ka septembris väljuvate klientide jaoks vajaliku likviidsuse hoidmisel aktiivselt juhitud fondides. Märtsi lõpu seisuga sai selgeks ka septembris II sambast lahkuvate klientide arv ja nende varade maht, mis jäid madalamaks tehtud prognoosidest. LHV Groupi juhataja Madis Toomsalu kommentaar: "LHV on aastat alustanud tugevalt. Oleme jätkanud Eesti majanduse finantseerimist, teinud esimesi edusamme Ühendkuningriigi panga loomisel, mis eeldab regulatiivse loa saamist, oleme suurendanud hoogsalt klientide arvu, tugevdanud oma teenuste pakkumisi ning saanud taaskord parima teenindusega panga tunnustuse. Oleme suurendanud oma turuosa nii laenuturul kui ka kasvatanud enda turuliidri rolli investeerimisteenuste vallas. Märksõnadeks on aktiivsus ja tahe aidata kaasa Eesti kapitali kasvule. LHV on jätkanud klientide finantseerimist ka piirangute ajal. Jaanuaris-veebruaris oli Eesti ettevõtetele väljastatud laenude puhul LHV turuosa üle 50%. Eluasemelaenude puhul oli vastav näitaja 12%. Huvi investeerimise vastu jätkab kasvu, kui kvartali jooksul sõlmisid kliendid ligi 16 000 uut investeerimislepingut ja lisandus üle 8000 varadega kliendi. Investeerimisteenuste osas panustasime kasvu kõige terviklikuma tooteportfelli, investeerimishariduse laialdase pakkumise, parima Balti maaklerteenuse ning soodsaimate teenustasude abil. LHV turuväärtus on aastaga kasvanud rohkem kui 400 miljoni euro võrra. On äärmiselt hea meel, et kasvamine Eesti suurimaks börsiettevõtteks ning sellega seotud väärtuse kasv jaguneb 13 000 aktsionäri vahel, kelleks on Eesti inimesed ja ettevõtted." AS-i LHV Group aruanded on saadaval aadressil: https://investor.lhv.ee/aruanded. Kvartalitulemuste tutvustamiseks korraldab LHV Group veebiseminaride keskkonna Zoom kaudu investorkohtumise. Virtuaalne investorkohtumine toimub enne turu avanemist 20. aprillil kell 9.00. Esitlus tehakse eesti keeles. Palume registreeruda aadressil https://lhvbank.zoom.us/webinar/register/WN_EL2t_a7xSaGyQX9PBfitlw. LHV Group on suurim kodumaine finantskontsern ja kapitali pakkuja Eestis. LHV Groupi peamised tütarettevõtted on LHV Pank, LHV Varahaldus ja LHV Kindlustus. LHV-s töötab üle 560 inimese. LHV pangateenuseid kasutab ligi 274 000 klienti ja LHV hallatavatel pensionifondidel on ligi 177 000 aktiivset klienti. LHV Ühendkuningriigi filiaal pakub panganduse taristut enam kui 150 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 Q1 2021
Message
In the first quarter of 2021, AS LHV Group altogether earned EUR 11.4 million in consolidated net profit. Within the quarter, the bank earned EUR 11.8 million in net profit, including EUR 2.2 million from servicing clients related to the UK branch. Varahaldus generated EUR 0.6 million in net loss, and Kindlustus generated EUR 0.3 million in net loss. The Group's return on equity in Q1 was 18.2%. Year-on-year, the net profit of LHV Group was EUR 3.9 million (53%) higher in Q1, and EUR 6.6 million (37%) lower than in Q4 2020, when the profit of the Group also included the success fee related to managing pension funds. By the end of Q1, LHV is ahead of the financial plan for 2021, published in February, by EUR 0.9 million. By the end of March, the consolidation group's volume of assets increased to EUR 5.68 billion. Within the quarter, the volume of the Group's consolidated loan portfolio grew by EUR 96 million (+4%; + EUR 353 million in Q4) to EUR 2.3 billion, and deposits increased by EUR 614 million (+15%; + EUR 904 million in Q4) to EUR 4.73 billion. In terms of growth of deposits, EUR 595 million came on account of financial intermediaries and EUR 54 million from regular clients, the proportion of deposit platforms decreased by EUR 35 million. The total volume of funds managed by LHV increased by EUR 50 million (+3%; + EUR 41 million in Q4), to EUR 1.59 billion. Income statement, EUR thousand Q1-2021 Q4-2020 3 months 2021 3 months 2020 ------------------------------------------------------------------------------- Net interest income 20 371 19 893 20 371 16 324 ------------------------------------------------------------------------------- Net fee and commission income 8 640 14 183 8 640 6 508 ------------------------------------------------------------------------------- Net gains from financial assets -375 1 316 -375 -389 ------------------------------------------------------------------------------- Income from insurance activities 89 0 89 0 ------------------------------------------------------------------------------- Other income 40 57 40 36 ------------------------------------------------------------------------------- Total revenue 28 765 35 449 28 765 22 478 ------------------------------------------------------------------------------- Staff costs -7 253 -6 368 -7 253 -5 769 ------------------------------------------------------------------------------- Office rent and expenses -463 -239 -463 -278 ------------------------------------------------------------------------------- IT expenses -1 005 -964 -1 005 -729 ------------------------------------------------------------------------------- Marketing expenses -532 -475 -532 -473 ------------------------------------------------------------------------------- Other operating expenses -4 507 -3 381 -4 507 -3 926 ------------------------------------------------------------------------------- Total operating expenses -13 760 -11 427 -13 760 -11 175 ------------------------------------------------------------------------------- Earnings before impairment losses 15 005 24 023 15 005 11 303 ------------------------------------------------------------------------------- Impairment losses on loans and advances -1 601 -2 243 -1 601 -1 011 ------------------------------------------------------------------------------- Income tax -1 988 -3 741 -1 988 -2 809 ------------------------------------------------------------------------------- Net profit 11 416 18 039 11 416 7 483 ------------------------------------------------------------------------------- Profit attributable to non- controlling interest 373 200 373 404 ------------------------------------------------------------------------------- Profit attributable to share holders of the parent 11 043 17 840 11 043 7 079 Balance sheet, EUR thousand Mar 2021 Dec 2020 Mar 2020 ---------------------------------------------------------------------------- Cash and cash equivalents 3 193 146 2 393 537 1 284 182 ---------------------------------------------------------------------------- Financial assets 149 739 330 055 231 321 ---------------------------------------------------------------------------- Loans granted 2 322 518 2 225 681 1 746 205 ---------------------------------------------------------------------------- Loan impairments -18 170 -16 858 -7 296 ---------------------------------------------------------------------------- Receivables from customers 5 185 9 388 2 780 ---------------------------------------------------------------------------- Other assets 30 005 29 604 30 148 ---------------------------------------------------------------------------- Total assets 5 682 423 4 971 407 3 287 341 ---------------------------------------------------------------------------- Demand deposits 4 272 474 3 635 166 2 357 463 ---------------------------------------------------------------------------- Term deposits 461 369 484 604 595 948 ---------------------------------------------------------------------------- Loans received 508 801 468 585 25 687 ---------------------------------------------------------------------------- Loans received and deposits from customers 5 242 644 4 588 355 2 979 098 ---------------------------------------------------------------------------- Other liabilities 74 544 27 776 26 093 ---------------------------------------------------------------------------- Subordinated loans 110 000 110 000 75 000 ---------------------------------------------------------------------------- Total liabilities 5 427 188 4 726 131 3 080 191 ---------------------------------------------------------------------------- Equity 255 235 245 276 207 150 ---------------------------------------------------------------------------- Minority interest 6 756 8 483 4 190 ---------------------------------------------------------------------------- Total liabilities and equity 5 682 423 4 971 407 3 287 341 Profitability ratios Q1-2021 Q4-2020 3 months 2021 3 months 2020 ------------------------------------------------------------------------------- Return on equity 18,2% 31,3% 18,2% 14,0% ------------------------------------------------------------------------------- Cost / Income ratio 47,8% 32,2% 47,8% 49,7% ------------------------------------------------------------------------------- Net gains from financial assets 0,3% 0,4% 0,3% 0,2% In the LHV loan portfolio, corporate loans increased by EUR 68 million, and retail loans by EUR 28 million within the first quarter. Within a year, LHV Group's loan portfolio has increased by EUR 565 million, i.e., by 33%. Regardless of the quick growth, no compromises have been made in credit quality which remains good; wage subsidies by the State and grace periods offered by banks have enable to ensure monetary buffers for borrowers. The grace periods granted last year have mostly ended on time; the volume of loans subject to grace periods has decreased from the original EUR 350 million to EUR 60 million by the end of Q1. This year as well, the State has established restrictions to impede the virus; at the same time, since February, clients have applied for new grace periods only in the extent of EUR 11 million. LHV has undertaken to support the fulfilment of climate goals. To facilitate the purchase of the most climate-friendly vehicles, we reduced the interest rate of leasing electric vehicles to 1.95% in March. The same interest rate also applies to the green home loan. These are the most favourable interest rates in LHV. To stimulate investment activity, LHV reduced the services fees for foreign securities in February. Firstly, we introduced the Pension Investment Account, or PIA, to the market which pension savers can use to make investments themselves within the II pillar system. By mid-April, 2000 investors had signed up for a PIA. Among other important events in the quarter, LHV Group's subsidiary LHV UK Limited was registered in the United Kingdom Companies House in February. Within the quarter, LHV Kindlustus started concluding the first home insurance contracts, and took over extended warranty insurance contracts related to the sale of technological devices by Euronics. LHV bank cards were added the possibility to see one's PIN digitally, and the possibility for private clients to enable the permanent donation function on the debit card, which enables to contribute to charity with every card payment. Pension funds showed a positive rate of return, although actively managed funds were bested by index funds due to lower equity risk. One part of this relates to maintaining the necessary liquidity in actively managed funds for clients leaving in September. By the end of March, the number of clients leaving the II pillar in September and their volume of assets became clear; these remained lower than estimated. Comment by Madis Toomsalu, CEO of LHV Group: "LHV has started out strong this year. We have continued to finance the Estonian economy, made the first successful steps in establishing a bank in the United Kingdom which requires obtaining a regulatory permit; we have vigorously increased our number of clients, strengthened the offers of our services, and once again received recognition for being the bank with the best service. We have increased our market share in the loan market and grown our role as market leader in the field of investment services. The keywords are activity and the will to contribute to the growth of Estonian capital. LHV has continued to finance clients during the restrictions, as well. In January and February, LHV's market share in granting loans to Estonian companies was over 50%. For home loans, the respective indicator was 12%. Interest in investing continues to grow, when during the quarter, clients concluded nearly 16,000 new investment contracts, and over 8,000 clients with assets were added. In terms of investment services, we contributed to growth with the most complete product portfolio, widely offering investment education, with the best broker service in the Baltics, and with the most favourable service fees. LHV's market value has increased by over EUR 400 million within the year. I am extremely glad that growing to become the largest listed company in Estonia and the related increase in value is divided between 13,000 shareholders who are Estonian people and companies." AS LHV Group reports are available at: https://investor.lhv.ee/en/reports (https://investor.lhv.ee/en/reports/). In order to introduce the quarterly results, LHV Group will be organising an investor meeting via the Zoom webinar environment. The virtual investor meeting will take place on 20 April at 9:00 before the market opens. The presentation will be in Estonian. We kindly ask you to register at the address https://lhvbank.zoom.us/webinar/register/WN_EL2t_a7xSaGyQX9PBfitlw. LHV Group is the largest domestic financial group and capital provider in Estonia. LHV Group's key subsidiaries are LHV Pank, LHV Varahaldus, and LHV Kindlustus. LHV employs over 560 people. LHV's banking services are used by nearly 274,000 clients, and pension funds managed by LHV have nearly 177,000 active clients. LHV's UK branch offers banking infrastructure to 150 international financial services companies, via which LHV's payment services reach clients around the world. Priit Rum LHV Communication Manager Phone: +372 502 0786 Email: [email protected] (mailto:[email protected])