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
9469
Attachments
Submission date and time
19.04.2022 08:00:00
Content of announcement in Estonian
Title
LHV Groupi 2022. aasta I kvartali auditeerimata majandustulemused
Message
2022. aasta I kvartalis teenis AS LHV Group konsolideeritult kokku 12,4 miljonit eurot puhaskasumit. AS LHV Pank teenis kvartaliga 14,9 miljonit eurot puhaskasumit, sealhulgas 2,7 miljonit eurot Ühendkuningriigi filiaaliga seotud klientide teenindamisest. AS LHV Varahaldus teenis I kvartalis 0,6 miljonit eurot puhaskahjumit ning AS LHV Kindlustus 0,5 miljonit eurot puhaskahjumit. LHV UK Limitedi kahjumiks kujunes 1,6 miljonit eurot. Grupi omakapitali tootluseks kujunes I kvartalis 14,7%. Esimese kvartali puhaskasum oli 1 miljoni euro võrra suurem kui I kvartalis aasta tagasi (+8%) ning 7 miljoni võrra väiksem kui 2021. aasta IV kvartalis (- 36%), mil teeniti ka pensionifondide juhtimisega seotud edukustasu. Grupi konsolideeritud tulud olid I kvartalis 34,8 miljonit eurot ehk 6 miljonit eurot suuremad kui aasta tagasi (+21%), kuid 7,9 miljonit eurot väiksemad kui IV kvartalis (-18%). Samas on grupi I kvartali kulud kasvanud aastaga 5,1 miljoni euro võrra (+37%) ja võrreldes IV kvartaliga 0,6 miljoni euro võrra (+3%). LHV Groupi konsolideeritud varade maht oli märtsi lõpu seisuga 6,52 miljardit eurot. Grupi konsolideeritud hoiused vähenesid I kvartalis 397 miljoni euro võrra 5,41 miljardi euroni (-7%; +351 miljonit eurot IV kvartalis). Hoiuste vähenemise põhjuseks on maksevahendajate hoiuste planeeritud vähenemine ligikaudu 400 miljoni euro võrra. Konsolideeritud laenuportfelli maht kasvas kvartaliga 75 miljoni euro võrra (+3%; +128 miljonit eurot IV kvartalis). Seejuures kasvasid laenud ettevõtetele 32 miljoni euro võrra ja laenud jaeklientidele 43 miljoni euro võrra. LHV poolt juhitud fondide koondmaht suurenes kvartaliga 13 miljoni euro võrra 1,36 miljardi euroni (+1%; +65 miljonit eurot IV kvartalis). Finantsvahendajatest klientidega seotud töödeldud maksete arv ulatus I kvartalis 6,6 miljoni makseni (-10% võrreldes 7,3 miljoni maksega IV kvartalis). I kvartali lõpuks jäi LHV veebruaris avaldatud 2022. aasta finantsplaanist kasumi osas maha 2,6 miljoni euroga. Kasumiaruanne, tuhandetes eurodes I kv 2022 I kv 2021 3 kuud 2022 3 kuud 2021 ------------------------------------------------------------------------------- Neto intressitulu 25 787 20 371 25 787 20 371 ------------------------------------------------------------------------------- Neto teenustasutulu 10 346 8 729 10 346 8 729 ------------------------------------------------------------------------------- Neto finantstulud -1 314 -375 -1 314 -375 ------------------------------------------------------------------------------- Muud tegevustulud -35 39 -35 39 ------------------------------------------------------------------------------- Tulud kokku 34 784 28 765 34 784 28 765 ------------------------------------------------------------------------------- Personalikulu -10 249 -7 253 -10 249 -7 253 ------------------------------------------------------------------------------- Kontorikulud -522 -463 -522 -463 ------------------------------------------------------------------------------- IT kulud -1 649 -1 005 -1 649 -1 005 ------------------------------------------------------------------------------- Turunduskulud -957 -532 -957 -532 ------------------------------------------------------------------------------- Muud tegevuskulud -5 487 -4 507 -5 487 -4 507 ------------------------------------------------------------------------------- Kulud kokku -18 866 -13 760 -18 866 -13 760 ------------------------------------------------------------------------------- Ärikasum 15 919 15 005 15 919 15 005 ------------------------------------------------------------------------------- Kasum enne allahindlusi 15 919 15 005 15 919 15 005 ------------------------------------------------------------------------------- Laenude allahindlus -735 -1 601 -735 -1 601 ------------------------------------------------------------------------------- Tulumaksukulu -2 801 -1 988 -2 801 -1 988 ------------------------------------------------------------------------------- Puhaskasum 12 383 11 416 12 383 11 416 ------------------------------------------------------------------------------- Vähemusosaluse osa 503 373 503 373 ------------------------------------------------------------------------------- Emaettevõtte aktsionäride osa kasumist 11 880 11 043 11 880 11 043 Bilanss, tuhandetes eurodes märts.22 dets.21 märts.21 --------------------------------------------------------------------- Raha ja raha ekvivalendid 3 247 918 3 987 312 3 193 146 --------------------------------------------------------------------- Finantsvarad 475 843 135 856 149 739 --------------------------------------------------------------------- Laenud klientidele 2 771 767 2 696 210 2 322 518 --------------------------------------------------------------------- Laenude allahindlus -19 244 -19 049 -18 170 --------------------------------------------------------------------- Nõuded klientide vastu 6 531 9 746 5 185 --------------------------------------------------------------------- Muud varad 33 604 34 856 30 005 --------------------------------------------------------------------- Varad kokku 6 516 418 6 844 930 5 682 423 --------------------------------------------------------------------- Nõudmiseni hoiused 5 247 061 5 648 013 4 272 474 --------------------------------------------------------------------- Tähtajalised hoiused 163 314 159 607 461 369 --------------------------------------------------------------------- Saadud laenud 546 215 546 280 508 801 --------------------------------------------------------------------- Võlgnevused klientidele 5 956 590 6 353 899 5 242 644 --------------------------------------------------------------------- Muud kohustused 113 510 55 852 73 668 --------------------------------------------------------------------- Allutatud laenud 110 374 110 378 110 876 --------------------------------------------------------------------- Kohustused kokku 6 180 474 6 520 130 5 427 188 --------------------------------------------------------------------- Omakapital 335 944 324 801 255 235 --------------------------------------------------------------------- sh vähemusosaluse osa 6 787 8 384 6 756 --------------------------------------------------------------------- Kohustused ja omakapital kokku 6 516 418 6 844 930 5 682 423 Aasta alguse tulemusi mõjutasid Vene-Ukraina sõjaga seotud klientide madalam aktiivsus, 500 000 euro suurune annetus Eesti Pagulasabile ja ka spetsiifilise asjaoluna likviidsusportfelli võlakirjade väärtuse allahindlus 1,4 miljoni euro võrra. Pank tegutses aasta alguses aktiivselt. LHV-ga liitus kvartali jooksul üle 16 000 uue pangakliendi (+5%). Kvartali jooksul tõi pank turule uue virtuaalse pangakaardi, mis lisab klientide jaoks kiirust ja mugavust maksete tegemisel. Krüptovaradega kauplemine lisandus ka internetipanka ning kaubeldavaid vääringuid tuli juurde. Kodulaenu puhul uuendati tingimusi lasterikastele peredele, kes saavad märtsist taotleda KredExi käendusel kodulaenu 5% omafinantseeringuga. Märtsi lõpus avas LHV uue kliendikontori Pärnus Graf Zeppelini hoones. Seega on pangal nüüd Eestis kolm kontorit. Taaskord hinnati LHV teenindust Eesti pankadest parimaks, ühtlasi tunnistati LHV CV-Online'i küsitluse kohaselt ka Eesti parimaks tööandjaks. Pingelise rahvusvahelise olukorra tingimustes on pank asunud rakendama rahvusvahelisi sanktsioone. See tõi kaasa piiranguid mõnedele klientidele. Ühtlasi on Eestisse saabunud põgenikel huvi pangakontode avamise vastu. LHV on nende jaoks lihtsustanud kontoavamise protsessi. Ühtlasi kaotanud teenustasu maksetelt Ukrainasse. Sõja mõjud pole laenuportfelli jõudnud, selle kvaliteet tervikuna on püsinud tugevana ja maksetähtaja ületanud laenude osakaal on väga madal. Varahalduse poolt aktiivselt juhitud fondide jaoks oli I kvartal edukas, kuivõrd tegemist oli turu parimate fondidega, pensionifondide M, L ja XL tootluseks kujunes kvartalis vastavalt 2,0%, 3,8% ja 2,3%. Samas keerulisem kvartal alandas pensionifondide Indeks ja Roheline osaku väärtust vastavalt 3,6% ja 5,0%. Aktiivsete II samba klientide arv langes kvartaliga 3000 kliendi võrra (-2%), turuosa püsib samal tasemel. Kindlustuse klientide arv suurenes kvartaliga 3000 võrra (+2%). Järjest on kasvanud kindlustusvahendajate huvi ning kasvamas on ka ärimahud. Klientide mugavuse huvides lisati kindlustuslepingud LHV internetipanka ja mobiiliäppi. Klientide rahulolu kahjukäsitlusega püsib kõrgel 97% tasemel. Kindlustuse tulemit mõjutas aga negatiivselt jätkuvalt suur COVID kahjude arv reisikindlustuses. Muudest olulisemates I kvartali sündmustest omandas AS LHV Group maksete vastuvõtmise platvormi EveryPay. Tehing aitab LHV-l kasvada strateegiliselt olulises maksete valdkonnas nii Eestis kui ka rahvusvaheliselt. I kvartali jooksul esitas LHV UK Limited UK regulaatorile ka pangalitsentsi taotluse, millele loodetakse heakskiit saada veel käesoleval aastal. Ühendkuningriigis jätkub inimeste värbamine ja ettevalmistuste tegemine. AS LHV Group tegi teatavaks ka, et plaanib UK äriliini etteulatuvaks kapitaliseerimiseks kapitali kaasamist käesoleval aastal. Ühtlasi on AS LHV Group taotlemas Finantsinspektsioonilt finantsvaldusettevõtja tegevusluba, mis on hetkel menetluses. LHV Groupi juhataja Madis Toomsalu kommentaar: "Esimest kvartalit ilmestas sõja mõju ja keeruline rahvusvaheline olukord. Klientide aktiivsus mõnevõrra langes, kuid tuulisest ilmast hoolimata jääme klientide jaoks avatuks. Eesti avatud majandus liigub Euroopa trendide osas võimendatult. Inflatsioon on kiirem ning oht majanduslanguseks reaalne. Stagflatsiooni tõenäosus on kasvanud, eelkõige sõltub tulemus ettevõtete võimest hakkama saada palgakasvu ootustega. Siiski on inflatsiooniline keskkond koos intressimäärade tõusuga tähendanud pankadele reeglina ka tulude ja kasumikasvu. LHV-d kannab edasi meie eesmärk ehitada häid ja kandvaid pikaajalisi suhteid klientide, LHV-s töötavate inimeste ja aktsionäridega. On hea meel, et suudame kõigi puhul professionaalset suhet ja väärtustatud tunnet pakkuda. Usun, et suudame aasta kokkuvõttes oma plaanitud tulemused saavutada. Meil on olemas selge väljavaade tulude kasvuks teisel poolaastal. Selle kinnituseks plaanime veel käesoleval aastal kaasata uut kapitali. Ehkki konkreetsed tingimused selles osas on veel otsustamata. Kapitali vajame peamiselt UK äritegevuse kapitaliseerimiseks. Samamoodi plaanime teha esialgsest investeeringust väiksema jätkuinvesteeringu Bank Northi, eeldusel, et ettevõte suudab kapitali kaasata ka teistelt investoritelt." 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 19. aprillil kell 9.00. Esitlus tehakse eesti keeles. Palume registreeruda aadressil https://lhvbank.zoom.us/webinar/register/WN_TuuISGl1R8KAY9jCEPBqfw . 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 700 inimese. LHV pangateenuseid kasutab märtsi lõpu seisuga 337 000 klienti, LHV hallatavatel pensionifondidel on 135 000 aktiivset klienti ja LHV Kindlustusega on kaitstud 147 000 klienti. LHV Ühendkuningriigi filiaal pakub panganduse taristut enam kui 200 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 2022
Message
In Q1 2022, AS LHV Group earned a total of EUR 12.4 million in consolidated net profit. Within the quarter, AS LHV Bank earned EUR 14.9 million in net profit, including EUR 2.7 million from servicing clients related to the United Kingdom branch. During Q1, AS LHV Varahaldus generated EUR 0.6 million in net loss, and AS LHV Kindlustus generated EUR 0.5 million in net loss. LHV UK Limited had a loss of EUR 1.6 million. The Group's return on equity in Q1 was 14.7%. The net profit for Q1 was EUR 1 million higher than Q1 a year ago (+8%), and EUR 7 million lower than in 2021 Q4 (-36%), when the profit also included the success fee related to managing pension funds. The Group's consolidated revenue in Q1 was EUR 34.8 million, i.e. EUR 6 million more than a year earlier (+21%) and EUR 7.9 million less than in Q4 (-18%). At the same time, the Group's expenses for Q1 increased by EUR 5.1 million (+37%) year-on-year and by EUR 0.6 million (+3%) compared to Q4. LHV Group's consolidated assets stood at EUR 6.52 billion as at the end of March. The Group's consolidated deposits decreased by EUR 397 million to EUR 5.41 billion over Q1 (+7%; +EUR 351 million in Q4). The decrease in deposits is due to a planned reduction of around EUR 400 million in deposits from payment intermediaries. The volume of the consolidated loan portfolio increased by EUR 75 million over the quarter (+3%; +EUR 128 million in Q4). Corporate loans increased by EUR 32 million and retail loans by EUR 43 million. The total volume of funds managed by LHV increased by EUR 13 million to EUR 1.36 billion (+1%; +EUR 65 million in Q4). The number of processed payments from financial intermediaries amounted to 6.6 million in Q1 (-10% compared to 7.3 million payments in Q4). By the end of Q1, LHV was behind in its financial plan for 2022, published in February, by EUR 2.6 million in profit. Income statement, EUR thousand Q1-2022 Q1-2021 3 months 2022 3 months 2021 ------------------------------------------------------------------------------- Net interest income 25 787 20 371 25 787 20 371 ------------------------------------------------------------------------------- Net fee and commission income 10 346 8 729 10 346 8 729 ------------------------------------------------------------------------------- Net gains from financial assets -1 314 -375 -1 314 -375 ------------------------------------------------------------------------------- Other income -35 39 -35 39 ------------------------------------------------------------------------------- Total revenue 34 784 28 765 34 784 28 765 ------------------------------------------------------------------------------- Staff costs -10 249 -7 253 -10 249 -7 253 ------------------------------------------------------------------------------- Office rent and expenses -522 -463 -522 -463 ------------------------------------------------------------------------------- IT expenses -1 649 -1 005 -1 649 -1 005 ------------------------------------------------------------------------------- Marketing expenses -957 -532 -957 -532 ------------------------------------------------------------------------------- Other operating expenses -5 487 -4 507 -5 487 -4 507 ------------------------------------------------------------------------------- Total operating expenses -18 866 -13 760 -18 866 -13 760 ------------------------------------------------------------------------------- EBIT 15 919 15 005 15 919 15 005 ------------------------------------------------------------------------------- Earnings before impairment losses 15 919 15 005 15 919 15 005 ------------------------------------------------------------------------------- Impairment losses on loans and advances -735 -1 601 -735 -1 601 ------------------------------------------------------------------------------- Income tax -2 801 -1 988 -2 801 -1 988 ------------------------------------------------------------------------------- Net profit 12 383 11 416 12 383 11 416 ------------------------------------------------------------------------------- Profit attributable to non- controlling interest 503 373 503 373 ------------------------------------------------------------------------------- Profit attributable to share holders of the parent 11 880 11 043 11 880 11 043 Balance sheet, EUR thousand Mar 2022 Dec 2021 Mar 2021 ---------------------------------------------------------------------------- Cash and cash equivalents 3 247 918 3 987 312 3 193 146 ---------------------------------------------------------------------------- Financial assets 475 843 135 856 149 739 ---------------------------------------------------------------------------- Loans granted 2 771 767 2 696 210 2 322 518 ---------------------------------------------------------------------------- Loan impairments -19 244 -19 049 -18 170 ---------------------------------------------------------------------------- Receivables from customers 6 531 9 746 5 185 ---------------------------------------------------------------------------- Other assets 33 604 34 856 30 005 ---------------------------------------------------------------------------- Total assets 6 516 418 6 844 930 5 682 423 ---------------------------------------------------------------------------- Demand deposits 5 247 061 5 648 013 4 272 474 ---------------------------------------------------------------------------- Term deposits 163 314 159 607 461 369 ---------------------------------------------------------------------------- Loans received 546 215 546 280 508 801 ---------------------------------------------------------------------------- Loans received and deposits from customers 5 956 590 6 353 899 5 242 644 ---------------------------------------------------------------------------- Other liabilities 113 510 55 852 73 668 ---------------------------------------------------------------------------- Subordinated loans 110 374 110 378 110 876 ---------------------------------------------------------------------------- Total liabilities 6 180 474 6 520 130 5 427 188 ---------------------------------------------------------------------------- Equity 335 944 324 801 255 235 ---------------------------------------------------------------------------- Minority interest 6 787 8 384 6 756 ---------------------------------------------------------------------------- Total liabilities and equity 6 516 418 6 844 930 5 682 423 The results at the beginning of the year were impacted by lower activity from clients related to the Russian-Ukrainian war, a donation of EUR 500,000 to the Estonian Refugee Council and also, as a specific item, a EUR 1.4 million negative revaluation on the value of bonds in the liquidity portfolio. The Bank was active at the beginning of the year. More than 16,000 new bank clients joined LHV during the quarter (+5%). During the quarter, the bank launched a new virtual bank card, which will add speed and convenience to client payments. Cryptocurrency trading was added to the Internet Bank, and more tradable currencies were added. Regarding home loans, the conditions for families with many children were renewed from March, they can apply for a home loan with 5% co-financing with a guarantee from KredEx. At the end of March, LHV opened a new client office in the Graf Zeppelin building, in Pärnu. The bank now has three offices in Estonia. Once again, LHV's service was rated the best among Estonian banks, and it was also voted the best employer in Estonia in a CV- Online survey. In the context of a tense international situation, LHV has begun to apply international sanctions. This has led to restrictions for some clients. Refugees who have arrived in Estonia are also interested in opening bank accounts. LHV has simplified the account opening process for them. We have also abolished the service fee on payments to Ukraine. The impact of the war has not been felt in the loan portfolio, which has remained strong overall and the share of overdue loans is very low. Q1 was successful for the funds actively managed by Asset Management, as these were the best performing funds on the market, with the rate of return of M, L and XL pension funds being 2.0%, 3.8% and 2.3%, respectively, in the quarter. However, the quarter presented more of a challenge for the pension funds Index and Green, as their share values fell by 3.6% and 5.0%, respectively. The number of active Pillar II clients fell by 3,000 (-2%) over the quarter, while market share remained at the same level. The number of insurance clients increased by 3,000 (+2%) over the quarter. There has been a steady increase in the interest of insurance intermediaries, and business volumes are growing. For the convenience of clients, insurance contracts were added to the LHV Internet Bank and mobile app. Client satisfaction with claims handling remains at a high 97% level. However, the insurance surplus continued to be negatively impacted by the high number of COVID losses in travel insurance. In other significant events in Q1, AS LHV Group acquired EveryPay, a platform for accepting payments. The transaction will help LHV to grow in the strategically important area of payments, both in Estonia and internationally. During Q1, LHV UK Limited also submitted an application for a banking licence to the UK regulator, which is expected to be approved later this year. In the UK, recruitment and preparations continue. AS LHV Group also announced that it plans to raise capital this year for the upfront capitalisation of its UK business line. AS LHV Group is also in the process of applying to the Financial Supervision Authority for a financial holding company licence, which is currently pending. Comment by Madis Toomsalu, the CEO of LHV Group: "The first quarter was dominated by the impact of the war and the difficult international situation. Client activity fell somewhat, but despite the stormy weather we remain open to clients. Estonia's open economy is moving in an amplified way with European trends. Inflation is higher and the risk of recession is real. The likelihood of stagflation has increased, with the outcome depending mainly on the ability of companies to cope with wage growth expectations. However, the inflationary environment, combined with rising interest rates, has typically meant higher revenues and profits for banks. LHV is carried forward by our ambition to build good and lasting long-term relationships with our clients, the people who work for LHV, and our shareholders. It is a pleasure to be able to provide a professional relationship and a sense of value to all. I believe that we will be able to achieve our planned results for the year as a whole. We have a clear outlook for revenue growth in the second half of the year. To confirm this, we plan to raise new capital later this year. Although the specific conditions in this respect have yet to be decided. The capital we need is mainly to capitalise our UK business. Similarly, we plan to make a smaller follow-up investment in Bank North, assuming the company is able to raise capital from other investors." AS LHV Group reports are available 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 April, at 9:00, before the market opens. The presentation will be in Estonian. We kindly ask you to register at the following address: https://lhvbank.zoom.us/webinar/register/WN_TuuISGl1R8KAY9jCEPBqfw. 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 700 people. As at the end of March, LHV's banking services are being used by 337,000 clients, the pension funds managed by LHV have 135,000 active clients, and LHV Kindlustus is protecting a total of 147,000 clients. LHV's UK branch offers banking infrastructure to 200 international financial services companies, via which LHV's payment services reach clients around the world. Priit Rum LHV Communication Manager Phone: +372 502 0786 E-mail: [email protected] (mailto:[email protected])