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
9108
Attachments
Submission date and time
19.10.2021 08:00:00
Content of announcement in Estonian
Title
LHV Groupi 2021. aasta III kvartali ja 9 kuu auditeerimata majandustulemused
Message
AS LHV Group teenis 2021. aasta III kvartalis 16,6 miljonit eurot puhaskasumit. Seejuures teenis AS LHV Pank 17,1 miljonit eurot puhaskasumit, sellest 3,3 miljonit eurot Ühendkuningriigi filiaaliga seotud klientide teenindamisest. AS LHV Varahaldus teenis kvartaliga 0,6 miljonit eurot puhaskasumit ja AS LHV Kindlustus 0,2 miljonit eurot puhaskahjumit. Grupi omakapitali tootlus (ROE) oli III kvartalis 24,3%. Võrreldes käesoleva aasta II kvartaliga kasvas grupi puhaskasum 3,7 miljoni euro võrra (+28%) ja võrreldes aastatagusega 5,8 miljoni euro võrra (+54%). LHV Groupi varade maht suurenes III kvartalis 6,5 miljardi euroni ehk 11%. Grupi konsolideeritud hoiused suurenesid kvartaliga 535 miljoni euro võrra 5,46 miljardi euroni (+11%; +188 miljonit eurot II kvartalis). Konsolideeritud laenuportfell kasvas kvartaliga 148 miljoni euro võrra 2,55 miljardi euroni (+6%; +97 miljonit eurot II kvartalis). LHV poolt juhitud fondide koondmaht kahanes pensionireformi mõjul 336 miljoni euro võrra 1,28 miljardi euroni (- 21%; +33 miljonit eurot II kvartalis). Finantsvahendajatest klientidega seotud töödeldud maksete arv ulatus III kvartalis 5,9 miljoni makseni (-2% võrreldes 6,1 miljoni maksega II kvartalis). AS-i LHV Group 2021. aasta 9 kuu konsolideeritud puhaskasum oli 40,9 miljonit eurot, mis on 19,1 miljoni euro ehk 88% võrra suurem kui 2020. aasta 9 kuu tulemus. AS LHV Pank teenis 9 kuuga 45,4 miljonit eurot puhaskasumit (sellest 8,5 miljonit eurot ÜK filiaaliga seotud klientide teenindamisest), AS LHV Varahaldus 2,3 miljonit eurot puhaskahjumit ja AS LHV Kindlustus 0,6 miljonit eurot puhaskahjumit. Kasumiaruanne, tuhandetes eurodes III kv 2021 II kv 2021 9 kuud 2021 9 kuud 2020 ------------------------------------------------------------------------------- Neto intressitulu 25 857 22 927 69 156 48 599 ------------------------------------------------------------------------------- Neto teenustasutulu 9 546 9 098 27 284 19 168 ------------------------------------------------------------------------------- Neto finantstulud 50 292 -34 268 ------------------------------------------------------------------------------- Tulu kindlustustegevusest 435 419 943 0 ------------------------------------------------------------------------------- Muud tegevustulud 216 97 353 64 ------------------------------------------------------------------------------- Tulud kokku 36 103 32 834 97 702 68 098 ------------------------------------------------------------------------------- Personalikulu -7 424 -8 006 -22 683 -17 546 ------------------------------------------------------------------------------- Kontorikulud -536 -384 -1 383 -559 ------------------------------------------------------------------------------- IT kulud -1 138 -993 -3 136 -2 379 ------------------------------------------------------------------------------- Turunduskulud -634 -549 -1 715 -1 347 ------------------------------------------------------------------------------- Muud tegevuskulud -5 518 -7 993 -18 018 -10 717 ------------------------------------------------------------------------------- Kulud kokku -15 251 -17 925 -46 936 -32 548 ------------------------------------------------------------------------------- Kasum enne allahindlusi 20 852 14 910 50 766 35 550 ------------------------------------------------------------------------------- Laenude allahindlus -1 444 791 -2 254 -8 655 ------------------------------------------------------------------------------- Tulumaksukulu -2 819 -2 785 -7 591 -5 086 ------------------------------------------------------------------------------- Puhaskasum 16 589 12 916 40 921 21 808 ------------------------------------------------------------------------------- Vähemusosaluse osa 636 507 1 516 1 697 ------------------------------------------------------------------------------- Emaettevõtte aktsionäride osa kasumist 15 953 12 409 39 405 20 111 Bilanss, tuhandetes eurodes sept.21 juuni.21 sept.20 --------------------------------------------------------------------- Raha ja raha ekvivalendid 3 769 432 3 341 694 1 753 730 --------------------------------------------------------------------- Finantsvarad 138 800 86 614 430 661 --------------------------------------------------------------------- Laenud klientidele 2 566 887 2 418 634 1 870 335 --------------------------------------------------------------------- Laenude allahindlus -18 024 -17 298 -14 512 --------------------------------------------------------------------- Nõuded klientide vastu 6 240 5 319 2 443 --------------------------------------------------------------------- Muud varad 32 279 26 704 29 216 --------------------------------------------------------------------- Varad kokku 6 495 615 5 861 667 4 071 872 --------------------------------------------------------------------- Nõudmiseni hoiused 5 198 733 4 658 731 2 756 352 --------------------------------------------------------------------- Tähtajalised hoiused 257 838 262 762 459 132 --------------------------------------------------------------------- Saadud laenud 563 203 505 867 471 554 --------------------------------------------------------------------- Võlgnevused klientidele 6 019 774 5 427 361 3 687 038 --------------------------------------------------------------------- Muud kohustused 86 519 62 264 35 252 --------------------------------------------------------------------- Allutatud laenud 110 000 110 000 125 000 --------------------------------------------------------------------- Kohustused kokku 6 216 294 5 599 625 3 847 290 --------------------------------------------------------------------- Omakapital 279 321 262 043 224 582 --------------------------------------------------------------------- sh vähemusosaluse osa 7 899 7 263 5 921 --------------------------------------------------------------------- Kohustused ja omakapital kokku 6 495 615 5 861 667 4 071 872 Kasumlikkuse suhtarvud III kv 2021 II kv 2021 9 kuud 2021 9 kuud 2020 ------------------------------------------------------------------------------ Omakapitali tootlus 24,3% 19,7% 20,7% 12,8% ------------------------------------------------------------------------------ Kulude ja tulude suhe (C/I) 42,2% 54,6% 48,0% 47,8% ------------------------------------------------------------------------------ Riskikulumäär 0,2% -0,1% 0,1% 0,7% ? Kvartalitulemust mõjutasid kõrge klientide aktiivsus ja panga ärimahtude kasv, samas pensionireformist tingitud fondide mahu vähenemine. Grupi omakapitali tootlus on planeeritust parem ja vastab pikaajalisele eesmärgile. Puhaskasumi osas edestab LHV Group uuendatud finantsplaani 1,7 miljoni euro võrra. Aastaga on grupi hoiuste maht kasvanud 2,2 miljardi euro võrra (+70%) ja laenud 693 miljoni euro võrra (+37%). LHV juhitud fondide maht on sama ajaga vähenenud 212 miljoni euro võrra (-14%). Finantsvahendajatega seotud maksete arv on kasvanud 7,4 miljoni võrra (+70%). III kvartali hoiuste kasvust tulenes 230 miljonit eurot maksevahendajatega seotud hoiustest, eraklientide hoiused kasvasid 110 miljoni euro võrra ja ettevõtete hoiused kasvasid 209 miljoni euro võrra, hoiuseplatvormide hoiused vähenesid 14 miljoni euro võrra. Krediidiportfelli kvaliteet on endiselt väga hea, kogu laenamist finantseeritakse hoiustest. Laenude allahindlused on kiirema majanduskasvu tõttu plaanitust väiksemad. Laenude kasvust 108 miljonit eurot tulenes ettevõtetele antud laenudest, eraklientide laenuportfell kasvas 40 miljoni euro võrra. Kvartaliga kasvas LHV pangaklientide hulk rohkem kui 16 300 võrra 302 000 kliendini. Aastaga on panga klientide arv suurenenud 28%. Laenumahtude kasvuga sama oluline on investeerimisaktiivsuse jätkuv tõus. LHV on suutnud oma turuliidri rolli suurendada. Kvartali jooksul sõlmiti ligi 9900 uut investeerimislepingut. Olulisematest teenuseuuendustest tõi LHV Pank III kvartalis turule pensioni investeerimiskonto lahenduse (PIK), kasvukontoga kodulaenu sissemakse kogumise võimaluse ja ettevõttele konto avamise võimaluse elektroonilisel teel. Varahalduse II pensionisamba aktiivsete klientide arv vähenes eelmise kvartaliga võrreldes 36 000 inimese võrra ja on nüüd 139 000. Sellegi poolest oli pensionireformi mõju varem oodatust tagasihoidlikum ning suuremad pensionireformiga kaasnevad kulud jäid II kvartalisse. Suurimate aktiivselt juhitud LHV pensionifondide M, L ja XL tootlus oli kvartalis vastavalt 1,1%, 1,3% ja 0,7%. Väljamaksete järel on aktiivselt juhitud pensionifondides varasemast kõrgem ja pikaajalisele eesmärgile lähedasem alternatiivsete varaklasside osakaal. LHV Kindlustuse klientide arv on kasvanud 139 tuhandeni ning klientide rahulolu kahjukäsitlusega püsib kõrgel tasemel. Kindlustuse tootevalik täienes eluruumi kindlustusega äriklientide jaoks. Seoses tarbimise hoogustumisega kasvasid kolmandas kvartalis müügimahud pikendatud garantii ja seadmekindlustuse müügis. Üldiselt vastavad kindlustuse trendid planeeritule. Ühendkuningriigi krediidiasutuse litsentsi taotlemisel on käimas järelevalvelise äriplaani lõpetamine ning likviidsuse- ja kapitali adekvaatsuse hindamine koos dokumentatsiooni ettevalmistamisega. Äritegevuse laiendamiseks toimub aktiivne värbamine, seejuures on LHV otsustanud mehitada kaks IT-meeskonda Leedsi linna. Kvartali muudest olulistest sündmustest väljastas reitinguagentuur Moody's LHV Group'ile reitingu Baa3 positiivse väljavaatega. Selle järel emiteeris grupp 100 miljoni euro ulatuses tagamata võlakirju. Võlakirjad emiteeriti regulatiivsete nõuete täitmiseks. Augustis viis LHV Group lõpule investeeringu Ühendkuningriigi panka Bank North. 4,455 miljoni naela eest omandas LHV ettevõttes 9,9% osaluse. LHV aktsionäride arv on kasvanud 17 500 investorini. Septembri lõpus kaasas LHV Group 25,3 miljoni euro ulatuses uut aktsiakapitali, mis lisandub bilanssi oktoobris. Emissioon võimaldab tagada edasist kasvu nii rahvusvaheliselt kui ka Eestis. LHV Groupi juhataja Madis Toomsalu kommentaar: "Tugev kvartal näitas, et oleme suutnud oma kasvu hoida ning seda järjest kõrgemast võrdlusbaasist hoolimata, olles Eesti pangandusturul suuruselt kolmas pangandusgrupp. Augustis jõudis LHV Groupi turuväärtus enam kui miljardi euroni ja sellega täitsime investoritele neli aastat tagasi esitletud finantsvisiooni. Nagu lubatud, on meie ettevõtte väärtuse kasv tuginenud nii äri kasvule Eestis, finantstehnoloogia ekspordile, erakorralistele tehingutele kui ka uute äriliinide arendamisele. Eesmärkide täitmine aitab suhestuda uutesse, kuivõrd meie ambitsioonid on ajaga vaid suurenenud. Jätkuvalt on meil võimalik täiustada finantsvahendajatele suunatud toodete hulka ning seeläbi kõnetada laiemat hulka kliente erinevates Euroopa riikides. Eestis oleme eesmärgiks seadnud kasvada kümne aastaga Eesti suurimaks pangaks ning viie aastaga jõuda suuruselt teiseks. Eesmärkide täitmiseks on LHV-l olemas suurepärased inimesed ning nende loodud süsteemid, mida järjepidevalt edasi arendame. On hea meel näha, et tööturul osatakse meid tööandjana kõrgelt hinnata." AS-i LHV Group aruanded on saadaval aadressil: https://investor.lhv.ee/aruanded (https://www.globenewswire.com/Tracker?data=l3v4wjIC_dEz8tbdunNgbbQNRcL5J3jKejmY 2--3pWCCagVTW8gW-mvk4HiHas_TjaH3fKLicM9-ayQCaLOMqZzEhVjtrnycnl6WQcSRDUxxHMkvxvDD NaMl6QAw6L-C). Kvartalitulemuste tutvustamiseks korraldab LHV Group veebiseminaride keskkonna Zoom kaudu investorkohtumise. Virtuaalne investorkohtumine toimub 19. oktoobril enne turu avanemist kell 9.00. Esitlus tehakse eesti keeles. Palume registreeruda aadressil https://lhvbank.zoom.us/webinar/register/WN_r1qxQT6rTfScrUdLiEawcA. 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 630 inimese. LHV pangateenuseid kasutab ligi 302 000 klienti ja LHV hallatavatel pensionifondidel on ligi 139 000 aktiivset klienti. LHV Ühendkuningriigi filiaal pakub panganduse taristut enam kui 180 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 nine months of 2021
Message
In Q3 of 2021, AS LHV Group earned EUR 16.6 million in net profit. In this regard, AS LHV Pank earned EUR 17.1 million in net profit, with EUR 3.3 million coming from the servicing of clients associated with the United Kingdom branch. During the quarter, AS LHV Varahaldus generated EUR 0.6 million in net profit, and AS LHV Kindlustus generated EUR 0.2 million in net loss. The Group's return on equity in Q3 was 24.3%. Compared to Q2 of this year, the net profit of the Group grew by EUR 3.7 million (+28%), and compared to the year before, by EUR 5.8 million (+54%). In Q3, LHV Group's volume of assets increased to EUR 6.5 billion, i.e. 11% over the quarter. The Group's consolidated deposits increased by EUR 535 million to EUR 5.46 billion over the quarter (+11%; EUR +188 million in Q2). Compared to the previous quarter, the consolidated loan portfolio increased by EUR 148 million to EUR 2.55 billion (+6%; EUR +97 million in Q2). The total volume of funds managed by LHV decreased by EUR 336 million due to pension reform, namely to EUR 1.28 billion (-21%; EUR +33 million in Q2). The number of processed payments associated with financial intermediaries amounted to EUR 5.9 million in Q3 (-2% compared to 6.1 million payments in Q2). AS LHV Group's consolidated net profit in the first nine months of 2021 was EUR 40.9 million, which is EUR 19.1 million, or 88% higher than the result of the first nine months of 2020. Over the nine months, AS LHV Pank earned EUR 45.4 million in net profit (of which EUR 8.5 million related to the servicing of clients associated with the UK branch), AS LHV Varahaldus EUR 2.3 million in net loss, and AS LHV Kindlustus EUR 0.6 million in net loss. Income statement, EUR thousand Q3-2021 Q2-2021 9 months 2021 9 months 2020 ------------------------------------------------------------------------------- Net interest income 25 857 22 927 69 156 48 599 ------------------------------------------------------------------------------- Net fee and commission income 9 546 9 098 27 284 19 168 ------------------------------------------------------------------------------- Net gains from financial assets 50 292 -34 268 ------------------------------------------------------------------------------- income from insurance activities 435 419 943 0 ------------------------------------------------------------------------------- Other income 216 97 353 64 ------------------------------------------------------------------------------- Total revenue 36 103 32 834 97 702 68 098 ------------------------------------------------------------------------------- Staff costs -7 424 -8 006 -22 683 -17 546 ------------------------------------------------------------------------------- Office rent and expenses -536 -384 -1 383 -559 ------------------------------------------------------------------------------- IT expenses -1 138 -993 -3 136 -2 379 ------------------------------------------------------------------------------- Marketing expenses -634 -549 -1 715 -1 347 ------------------------------------------------------------------------------- Other operating expenses -5 518 -7 993 -18 018 -10 717 ------------------------------------------------------------------------------- Total operating expenses -15 251 -17 925 -46 936 -32 548 ------------------------------------------------------------------------------- Earnings before impairment losses 20 852 14 910 50 766 35 550 ------------------------------------------------------------------------------- Impairment losses on loans and advances -1 444 791 -2 254 -8 655 ------------------------------------------------------------------------------- Income tax -2 819 -2 785 -7 591 -5 086 ------------------------------------------------------------------------------- Net profit 16 589 12 916 40 921 21 808 ------------------------------------------------------------------------------- Profit attributable to non- controlling interest 636 507 1 516 1 697 ------------------------------------------------------------------------------- Profit attributable to share holders of the parent 15 953 12 409 39 405 20 111 Balance sheet, EUR thousand Sept 2021 Jun 2021 Sept 2020 ---------------------------------------------------------------------------- Cash and cash equivalents 3 769 432 3 341 694 1 753 730 ---------------------------------------------------------------------------- Financial assets 138 800 86 614 430 661 ---------------------------------------------------------------------------- Loans granted 2 566 887 2 418 634 1 870 335 ---------------------------------------------------------------------------- Loan impairments -18 024 -17 298 -14 512 ---------------------------------------------------------------------------- Receivables from customers 6 240 5 319 2 443 ---------------------------------------------------------------------------- Other assets 32 279 26 704 29 216 ---------------------------------------------------------------------------- Total assets 6 495 615 5 861 667 4 071 872 ---------------------------------------------------------------------------- Demand deposits 5 198 733 4 658 731 2 756 352 ---------------------------------------------------------------------------- Term deposits 257 838 262 762 459 132 ---------------------------------------------------------------------------- Loans received 563 203 505 867 471 554 ---------------------------------------------------------------------------- Loans received and deposits from customers 6 019 774 5 427 361 3 687 038 ---------------------------------------------------------------------------- Other liabilities 86 519 62 264 35 252 ---------------------------------------------------------------------------- Subordinated loans 110 000 110 000 125 000 ---------------------------------------------------------------------------- Total liabilities 6 216 294 5 599 625 3 847 290 ---------------------------------------------------------------------------- Equity 279 321 262 043 224 582 ---------------------------------------------------------------------------- Minority interest 7 899 7 263 5 921 ---------------------------------------------------------------------------- Total liabilities and equity 6 495 615 5 861 667 4 071 872 ? Profitability ratios Q3-2021 Q2-2021 9 months 2021 9 months 2020 ------------------------------------------------------------------------------- Return on equity 24,3% 19,7% 20,7% 12,8% ------------------------------------------------------------------------------- Cost / Income ratio 42,2% 54,6% 48,0% 47,8% ------------------------------------------------------------------------------- Net gains from financial assets 0,2% -0,1% 0,1% 0,7% The quarterly result was influenced by high client activity and growth in the bank's business volumes, as well as the volume of funds decreased due to the pension reform. The Group's return on equity is better than planned and corresponds to long-term target. With regard to net profit, LHV Group is outperforming the updated financial plan by EUR 1.7 million. Over the year, the Group's volume of deposits has increased by EUR 2.2 billion (+70%) and loans by EUR 693 million (+37%). The volume of the funds managed by LHV has decreased by EUR 212 million (-14%). The number of payments made by financial intermediaries has increased by EUR 7.4 million (+70%). Of the increase in deposits in Q3, EUR 230 million came from deposits related to payment intermediaries, the deposits of private clients increased by EUR 110 million, and the deposits of companies increased by EUR 209 million, deposits from platforms decreased by EUR 14 million. The quality of the credit portfolio is still very good, all lending is financed by deposits. The discounts on loans are smaller than expected due to faster growth. The increase of EUR 108 million was due to loans granted to companies, and the loan portfolio of private clients increased by EUR 40 million. Over the quarter, the number of LHV bank clients increased more than 16,300 to 302,000 clients. Over the year, the number of the bank's clients has increased by 28%. Just as important as the increase in credit volumes is the continued rise in investment activities. LHV has managed to empower its market leader role. During the quarter, nearly 9900 new investment agreements were concluded. Among the most important service innovations in Q3, LHV Pank launched a pension investment account solution, the possibility to save for a home loan deposit with the Growth Account, and the option to open an account for a company electronically. Compared to the previous quarter, the number of active II pension pillar clients in Asset Management decreased by 36,000, amounting to 139,000 now. Nevertheless, the impact of the pension reform was more modest than expected, with the largest pension reform costs remaining in Q2. The rate of return of the largest actively managed LHV pension funds M, L, and XL was 1.1%, 1.3%, and 0.7%, respectively. Following payouts, the proportion of alternative asset classes in actively managed pension funds is higher than before and closer to the long-term target. The number of LHV Kindlustus clients has increased to 139,000 and client satisfaction with claims processing continues to remain high. The insurance product range was extended to include the insurance of residential premises for business clients. In connection with the boost in consumption, sales volumes increased in the sales of extended warranty and equipment insurance in Q3. In general, the insurance trends are in line with the expected development. The application for a UK credit institution's licence is subject to the completion of a supervisory business plan and an assessment of liquidity and capital adequacy, accompanied by the preparation of documentation. Active recruitment is ongoing to expand the business, and LHV has decided to staff two IT teams in Leeds. Of the other significant events during the quarter, the rating agency Moody's has provided LHV Group with a rating of Baa3 with a positive outlook. Then, the Group issued EUR 100 million in unsecured bonds. The bonds were issued to meet regulatory requirements. In August, LHV Group finished its investment in Bank North of the United Kingdom. For GBP 4.455 million, LHV acquired a 9.9% share in the company. The number of the shareholders of LHV has increased to 17,500 investors. At the end of September, LHV Group raised EUR 25.3 million in new share capital, which will be added to the balance sheet in October. The issue of securities will support further growth both internationally and in Estonia. Comment by Madis Toomsalu, the Managing Director of LHV Group: "The strong quarter shows that we have been able to maintain our growth despite an increasingly high benchmark, while being the third largest banking group in the Estonian banking market. In August, LHV Group's market value reached more than EUR 1 billion, fulfilling the financial vision we presented to investors four years ago. As promised, the growth in the value of our enterprise has been driven by business growth in Estonia, financial technology exports, exceptional transactions, and the development of new business lines. Meeting the objectives will help us embrace new ones, as our ambitions have only increased over time. We will continue to be able to improve the range of products for financial intermediaries and, thereby, reach a wider range of clients in various European countries. In Estonia, we have set the goal of becoming the largest bank in Estonia in ten years and the second largest in five years. To achieve these goals, LHV has excellent people in place and the systems they have established, which we are constantly developing. I am glad to see that we are highly valued in the labour market as an employer." To access the reports of AS LHV Group, please visit the website at https://investor.lhv.ee/en/reports/. In order to introduce the quarterly results, LHV Group will organise an investor meeting via the Zoom webinar environment. The virtual investor meeting will take place on 19 October at 9.00, before the market opens. The presentation will be made in Estonian. We kindly ask you to register at the following address: https://lhvbank.zoom.us/webinar/register/WN_r1qxQT6rTfScrUdLiEawcA. 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 630 people. LHV's banking services are used by nearly 302,000 clients, and pension funds managed by LHV have nearly 139,000 active clients. LHV's UK branch offers banking infrastructure to 180 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])