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
Half-yearly financial report
Unique data record identifier
9681
Attachments
Submission date and time
19.07.2022 08:00:00
Content of announcement in Estonian
Title
LHV Groupi 2022. aasta II kvartali ja 6 kuu auditeerimata majandustulemused
Message
AS LHV Group teenis 2022. aasta II kvartalis 14,0 miljonit eurot konsolideeritud puhaskasumit. Pank teenis kvartaliga 16,9 miljonit eurot puhaskasumit, sellest 2,1 miljonit eurot Ühendkuningriigi filiaaliga seotud klientide teenindamisest. Vahahaldus teenis kvartaliga 234 tuhat eurot puhaskahjumit ja kindlustus 235 tuhat eurot puhaskahjumit. LHV UK Limitedi kahjumiks kujunes 2,1 miljonit eurot. Grupi omakapitali tootlus oli II kvartalis 15,3%. Teise kvartali puhaskasum oli 1,1 miljoni euro võrra suurem kui samal ajal 2021. aastal (+8%) ja 1,6 miljoni euro võrra suurem kui käesoleva aasta I kvartalis (+13%). Grupi konsolideeritud tulud olid II kvartalis 37,9 miljonit eurot ehk 5 miljoni võrra suuremad kui aasta varem (+15%) ja edestasid 3,1 miljoni võrra I kvartali tulemust (+9%). Grupi kulud moodustasid II kvartalis 21,1 miljonit eurot, mida oli 3,2 miljonit eelmise aastaga võrreldes rohkem (+18%) ja 2,2 miljonit enam kui I kvartalis (+12%). LHV Groupi varade maht oli II kvartali lõpus 6,53 miljardit eurot. Grupi konsolideeritud hoiused vähenesid kvartaliga 44 miljoni euro võrra 5,37 miljardi euroni (-1%; -397 miljonit eurot I kvartalis). Konsolideeritud laenuportfell kasvas kvartaliga 172 miljoni euro võrra 2,92 miljardi euroni (+6%; +75 miljonit eurot I kv). LHV poolt juhitud fondide koondmaht vähenes II kvartalis 103 miljoni euro võrra 1,26 miljardi euroni (-8%; +13 miljonit eurot I kvartalis). Finantsvahendajate maksete arv ulatus II kvartalis 6,4 miljoni makseni (-2% võrreldes 6,6 miljoni maksega I kvartalis). AS-i LHV Group 2022. aasta 6 kuu konsolideeritud puhaskasum ulatus 26,4 miljoni euroni, mis on aastatagusega võrreldes 2,0 miljoni euro võrra ehk 8% suurem. AS LHV Pank teenis 6 kuuga 31,8 miljonit eurot puhaskasumit, sealhulgas 4,8 miljonit Ühendkuningriigi filiaaliga seotud klientide teenindamisest. AS LHV Varahaldus teenis 6 kuuga 0,9 miljonit eurot puhaskahjumit ja AS LHV Kindlustus 0,7 miljonit eurot puhaskahjumit. LHV UK Limitedi kahjumiks kujunes poolaastas 3,7 miljonit eurot. II kvartali lõpuks jääb LHV Group kehtivast finantsplaanist maha puhaskasumi osas 3,5 miljoni euroga. Finantsplaan püsib. Kasumiaruanne, tuhandetes | | | | eurodes |II kv 2022|II kv 2021|6 kuud 2022|6 kuud 2021 ---------------------------------+----------+----------+-----------+----------- Neto intressitulu | 27 184| 22 928| 52 971| 43 299 ---------------------------------+----------+----------+-----------+----------- Neto teenustasutulu | 11 004| 9 518| 21 351| 18 248 ---------------------------------+----------+----------+-----------+----------- Neto finantstulud | -343| 292| -1 657| -83 ---------------------------------+----------+----------+-----------+----------- Muud tegevustulud | 57| 43| 22| 82 ---------------------------------+----------+----------+-----------+----------- Tulud kokku | 37 903| 32 780| 72 687| 61 545 ---------------------------------+----------+----------+-----------+----------- Personalikulu | -11 746| -8 007| -21 995| -15 259 ---------------------------------+----------+----------+-----------+----------- Kontorikulud | -923| -384| -1 446| -847 ---------------------------------+----------+----------+-----------+----------- IT kulud | -1 561| -993| -3 210| -1 998 ---------------------------------+----------+----------+-----------+----------- Turunduskulud | -655| -549| -1 612| -1 081 ---------------------------------+----------+----------+-----------+----------- Muud tegevuskulud | -6 195| -7 940| -11 682| -12 447 ---------------------------------+----------+----------+-----------+----------- Kulud kokku | -21 079| -17 872| -39 945| -31 632 ---------------------------------+----------+----------+-----------+----------- Ärikasum | 16 823| 14 909| 32 741| 29 914 ---------------------------------+----------+----------+-----------+----------- Kasum enne allahindlusi | 16 823| 14 909| 32 741| 29 914 ---------------------------------+----------+----------+-----------+----------- Laenude ja võlakirjade | | | | allahindlused | 341| 791| -394| -810 ---------------------------------+----------+----------+-----------+----------- Tulumaksukulu | -3 177| -2 785| -5 978| -4 773 ---------------------------------+----------+----------+-----------+----------- Puhaskasum | 13 987| 12 915| 26 370| 24 331 ---------------------------------+----------+----------+-----------+----------- Vähemusosaluse osa | 444| 507| 946| 880 ---------------------------------+----------+----------+-----------+----------- Emaettevõtte aktsionäride osa| | | | kasumist | 13 543| 12 408| 25 423| 23 451 Bilanss, tuhandetes eurodes |juuni.22 |märts.22 |juuni.21 --------------------------------------------+---------+---------+--------- Raha ja raha ekvivalendid |3 054 953|3 247 918|3 341 694 --------------------------------------------+---------+---------+--------- Finantsvarad | 492 539| 475 843| 86 614 --------------------------------------------+---------+---------+--------- Laenud klientidele |2 943 373|2 771 767|2 418 634 --------------------------------------------+---------+---------+--------- Laenude allahindlus | -18 838| -19 244| -17 298 --------------------------------------------+---------+---------+--------- Nõuded klientide vastu | 9 183| 6 531| 5 319 --------------------------------------------+---------+---------+--------- Muud varad | 49 646| 33 604| 26 704 --------------------------------------------+---------+---------+--------- Varad kokku |6 530 857|6 516 418|5 861 667 --------------------------------------------+---------+---------+--------- Nõudmiseni hoiused |5 218 411|5 247 061|4 658 731 --------------------------------------------+---------+---------+--------- Tähtajalised hoiused | 148 154| 163 314| 262 762 --------------------------------------------+---------+---------+--------- Saadud laenud | 497 048| 546 215| 505 867 --------------------------------------------+---------+---------+--------- Võlgnevused klientidele ja saadud laenud|5 863 613|5 956 590|5 427 361 --------------------------------------------+---------+---------+--------- Muud kohustused | 172 082| 113 510| 61 207 --------------------------------------------+---------+---------+--------- Allutatud laenud | 110 368| 110 374| 111 057 --------------------------------------------+---------+---------+--------- Kohustused kokku |6 146 064|6 180 474|5 599 625 --------------------------------------------+---------+---------+--------- Omakapital | 384 793| 335 944| 262 043 --------------------------------------------+---------+---------+--------- sh vähemusosaluse osa | 7 231| 6 787| 7 263 --------------------------------------------+---------+---------+--------- Kohustused ja omakapital kokku |6 530 857|6 516 418|5 861 667 LHV Groupi kvartalitulemusi mõjutasid ärimahtude kasv ning heitlik majanduskeskkond. Lisaks tavapärasele tegevusele, oli kvartal grupi jaoks aktiivne: grupp kaasas investoritelt 35 miljonit eurot uut kapitali, liitis uue tütarettevõtte EveryPay AS-i, mis võimaldab edaspidi arendada tooteportfelli, ning arendas tegevusi Ühendkuningriigis, kus toimub plaanipärane pangalitsentsi taotlemine ja organisatsiooni arendamine, LHV UK juhtkond on nüüd täielikult paigas. Panga jaoks jätkus laenuportfelli ja ärimahtude kasv. Pangaklientide arv kasvas enam kui 13 000 võrra (+4%). Tavaklientide aktiivsus taastus sõjaeelsele tasemele, maksevahendajate vaates on toimunud stabiliseerumine. Hoiustest vähenesid maksevahendajate hoiused, kuid suurenesid tavaklientide omad. Laenudest kasvasid ettevõtete laenud 93 miljoni euro võrra ja jaelaenud 79 miljoni euro võrra. Laenuportfelli kvaliteet tervikuna on püsinud tugevana ja maksetähtaja ületanud laenude osakaal on jätkuvalt väga madal. Panga intressitulud vastavad finantsplaanile, kuid teenustasutulusid on teenitud plaanitust vähem, samas on tulud suurenemas. Panga kulusid on tõstnud sanktsioonide rakendamiseks suurendatud ressursid. Varahalduse tulemusi iseloomustasid keerulised olud turgudel. Suurimad aktiivselt juhitud LHV pensionifondid edestasid tootluse poolest küll kõiki konkurente, ent kvartaliga kujunes fondide M, L ja XL languseks vastavalt 1,8%, 4,0% ja 5,3%. Kui võtta arvesse ka II sambast klientide lahkumine, vähenes fondide maht kvartaliga 8%. Samas on LHV Varahaldusel õnnestunud kvartaliga suurendada turuosa Eesti pensioniturul. Aktiivseid II samba pensionikliente on LHV-l 131 tuhat. LHV Kindlustuse ärimahtude kiire kasv jätkub ja finantstulemused paranevad, mida toetavad planeeritust paremad tulemused kindlustusvahendajate ja veebimüügi kanalites. Kindlustusklientide arv on kasvanud 149 tuhandeni, samas on klientide rahulolu kahjukäsitlusega endiselt kõrgel 97% tasemel. Kindlustuse kulud on hilisemate värbamiste tõttu plaanist väiksemad, ent tulemit mõjutab negatiivselt kasvav kahjude arv reisikindlustuses. LHV Groupi juhataja Madis Toomsalu kommentaar: ?Vastuoluline majanduskeskkond on vähendanud tarbijate kindlustunnet, aga ka ettevõtete investeerimisplaane. LHV erinevatele ärivaldkondadele on see avaldanud erinevat mõju. Näeme turuosa suurenemisest tingitud kvaliteetset laenuportfellide kasvu, väljaspool virtuaalvääringu teenuste pakkujaid maksete mahtude kasvu ning erakliendi pigem aktiivset käitumist, samas on aktiivsus madalam investeerimisteenustes, kasvanud on ka meie regulatiivsed kulud. Vastuolulises keskkonnas püsib LHV klientidele avatuna. Eestis oleme jätkuvalt keskendunud kvaliteetsele ettevõtete ja eraisikute laenuportfellile, tugevale investeerimispakkumisele koos pensionifondidega ning kindlustusele. Rahvusvaheliselt näeme oma senise finantsvahendajatele mõeldud tooteportfelliga võimalust laiendada ka e-kaubanduse valdkonda, oleme selleks Ühendkuningriigis tegemas ettevalmistusi. See koos laenutegevuse suurema algusega jääb uue aasta esimesse poolde ning vajame selleks eelnevalt pangalitsentsi. Inflatsiooniline keskkond koos intressimäärade tõusuga on enamasti tähendanud pankadele tulude kasvu. Kõrge on püsinud ka investorite usaldus LHV vastu, mida näitas juuni alguses ellu viidud edukas aktsiaemissioon. LHV suurimateks tugevusteks on kiirus ja kohanemisvõime. Usun, et nende põhimõtete najal saame läbi ka keerulisest keskkonnast, seejuures oma ambitsioonikaid eesmärke ohverdamata." 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. juulil kell 9.00. Esitlus tehakse eesti keeles. Palume registreeruda aadressil https://lhvbank.zoom.us/webinar/register/WN_Q- ezAL2yRii0hFZxt0NOpA. LHV Group on suurim kodumaine finantskontsern ja kapitali pakkuja Eestis. LHV Groupi peamised tütarettevõtted on LHV Pank, LHV Varahaldus ja LHV Kindlustus. Grupi ettevõtetes töötab üle 800 inimese. LHV pangateenuseid kasutab juuni seisuga 350 000 klienti, LHV hallatavatel pensionifondidel on 131 000 aktiivset klienti ja LHV Kindlustusega on kaitstud 149 000 klienti. LHV Ühendkuningriigi filiaal pakub panganduse taristut enam kui 200 rahvusvahelisele finantsteenuste ettevõttele, mille kaudu jõuavad LHV makseteenused klientideni üle terve maailma. Marthi Lepik LHV kommunikatsioonispetsialist Telefon: 5666 2944 E-post: [email protected] (mailto:[email protected])
Content of announcement in English
Title
LHV Group unaudited results for Q2 and 6 months of 2022
Message
AS LHV Group generated a consolidated net profit of EUR 14.0 million in Q2 of 2022. Within the quarter, the Bank earned EUR 16.9 million in net profit, of which EUR 2.1 million was from servicing clients related to the United Kingdom branch. Within the quarter, Vahahaldus incurred a net loss of EUR 234,000 and Kindlustus incurred a net loss of EUR 235,000. LHV UK Limited incurred a loss of EUR 2.1 million. The Group's return on equity in Q2 was 15.3%. Net profit for Q2 was EUR 1.1 million higher than in the same period in 2021 (+8%) and EUR 1.6 million higher than in Q1 of this year (+13%). The Group's consolidated revenues in Q2 were EUR 37.9 million, or EUR 5 million more than a year earlier (+15%) and EUR 3.1 million ahead of the Q1 result (+9%). The Group's expenses amounted to EUR 21.1 million in Q2, which was EUR 3.2 million more than in the previous year (+18%) and EUR 2.2 million more than in Q1 (+12%). At the end of Q2, LHV Group had EUR 6.53 billion in assets. The Group's consolidated deposits decreased by EUR 44 million over the quarter to EUR 5.37 billion (-1%; EUR -397 million in Q1). Compared to the previous quarter, the consolidated loan portfolio increased by EUR 172 million to EUR 2.92 billion (+6%; EUR +75 million in Q1). The total volume of funds managed by LHV decreased by EUR 103 million to EUR 1.26 billion in Q2 (-8%; EUR +13 million in Q1). The number of processed payments related to financial intermediaries amounted to 6.4 million in Q2 (-2% compared to 6.6 million payments in Q1). Consolidated net profit of AS LHV Group for the first 6 months of 2022 amounted to EUR 26.4 million, an increase of EUR 2.0 million, or 8%, year-on-year. In the first 6 months of the year, AS LHV Pank generated a net profit of EUR 31.8 million, including EUR 4.8 million from servicing clients related to the United Kingdom branch. AS LHV Varahaldus incurred a net loss of EUR 900,000 in the first 6 months and AS LHV Kindlustus incurred a net loss of EUR 700,000. LHV UK Limited incurred a loss of EUR 3.7 million for the half-year. By the end of Q2, LHV Group will be EUR 3.5 million behind the current financial plan in terms of net profit. The financial plan stands. Income statement, EUR thousand |Q2-2022|Q2-2021|6 months 2022|6 months 2021 -----------------------------------+-------+-------+-------------+------------- Net interest income | 27 184| 22 928| 52 971| 43 299 -----------------------------------+-------+-------+-------------+------------- Net fee and commission income | 11 004| 9 518| 21 351| 18 248 -----------------------------------+-------+-------+-------------+------------- Net gains from financial assets| -343| 292| -1 657| -83 -----------------------------------+-------+-------+-------------+------------- Other income | 57| 43| 22| 82 -----------------------------------+-------+-------+-------------+------------- Total revenue | 37 903| 32 780| 72 687| 61 545 -----------------------------------+-------+-------+-------------+------------- Staff costs |-11 746| -8 007| -21 995| -15 259 -----------------------------------+-------+-------+-------------+------------- Office rent and expenses | -923| -384| -1 446| -847 -----------------------------------+-------+-------+-------------+------------- IT expenses | -1 561| -993| -3 210| -1 998 -----------------------------------+-------+-------+-------------+------------- Marketing expenses | -655| -549| -1 612| -1 081 -----------------------------------+-------+-------+-------------+------------- Other operating expenses | -6 195| -7 940| -11 682| -12 447 -----------------------------------+-------+-------+-------------+------------- Total operating expenses |-21 079|-17 872| -39 945| -31 632 -----------------------------------+-------+-------+-------------+------------- EBIT | 16 823| 14 909| 32 741| 29 914 -----------------------------------+-------+-------+-------------+------------- Earnings before impairment losses | 16 823| 14 909| 32 741| 29 914 -----------------------------------+-------+-------+-------------+------------- Impairment losses on loans, | | | | bonds and advances | 341| 791| -394| -810 -----------------------------------+-------+-------+-------------+------------- Income tax | -3 177| -2 785| -5 978| -4 773 -----------------------------------+-------+-------+-------------+------------- Net profit | 13 987| 12 915| 26 370| 24 331 -----------------------------------+-------+-------+-------------+------------- Profit attributable to non- | | | | controlling interest | 444| 507| 946| 880 -----------------------------------+-------+-------+-------------+------------- Profit attributable to | | | | shareholders of the parent | 13 543| 12 408| 25 423| 23 451 Balance sheet, EUR thousand |Jun 2022 |Mar 2022 |Jun 2021 ----------------------------------------------+---------+---------+--------- Cash and cash equivalents |3 054 953|3 247 918|3 341 694 ----------------------------------------------+---------+---------+--------- Financial assets | 492 539| 475 843| 86 614 ----------------------------------------------+---------+---------+--------- Loans granted |2 943 373|2 771 767|2 418 634 ----------------------------------------------+---------+---------+--------- Loan impairments | -18 838| -19 244| -17 298 ----------------------------------------------+---------+---------+--------- Receivables from customers | 9 183| 6 531| 5 319 ----------------------------------------------+---------+---------+--------- Other assets | 49 646| 33 604| 26 704 ----------------------------------------------+---------+---------+--------- Total assets |6 530 857|6 516 418|5 861 667 ----------------------------------------------+---------+---------+--------- Demand deposits |5 218 411|5 247 061|4 658 731 ----------------------------------------------+---------+---------+--------- Term deposits | 148 154| 163 314| 262 762 ----------------------------------------------+---------+---------+--------- Loans received | 497 048| 546 215| 505 867 ----------------------------------------------+---------+---------+--------- Loans received and deposits from customers|5 863 613|5 956 590|5 427 361 ----------------------------------------------+---------+---------+--------- Other liabilities | 172 082| 113 510| 61 207 ----------------------------------------------+---------+---------+--------- Subordinated loans | 110 368| 110 374| 111 057 ----------------------------------------------+---------+---------+--------- Total liabilities |6 146 064|6 180 474|5 599 625 ----------------------------------------------+---------+---------+--------- Equity | 384 793| 335 944| 262 043 ----------------------------------------------+---------+---------+--------- Minority interest | 7 231| 6 787| 7 263 ----------------------------------------------+---------+---------+--------- Total liabilities and equity |6 530 857|6 516 418|5 861 667 LHV Group's quarterly results were impacted by growth in business volumes and a volatile economic environment. In addition to business as usual, the quarter was an active one for the Group: it raised EUR 35 million in new capital from investors, acquired a new subsidiary, EveryPay AS, which will enable the further development of the product portfolio, and developed operations in the United Kingdom, where the application for a banking licence and the development of the organisation are proceeding as planned, with the management for LHV UK now fully in place. For the Bank, loan portfolio and business volumes continued to grow. The number of banking clients increased by more than 13,000 (+4%). Regular client activity has returned to pre-war levels, while payment institutions have stabilised. Deposits from payment institutions decreased, but deposits from regular clients increased. Among loans, corporate loans increased by EUR 93 million and retail loans by EUR 79 million. The quality of the loan portfolio as a whole has remained strong and the share of overdue loans remains very low. The Bank's interest income is in line with the financial plan, but fee and commission income has been lower than planned, while revenues are increasing. The Bank's costs have been boosted by increased resources to implement sanctions. The performance of Varahaldus was characterised by challenging market conditions. The largest actively managed LHV pension funds outperformed all their competitors, but over the quarter, the M, L, and XL funds were down 1.8%, 4.0%, and 5.3%, respectively. If the withdrawal of clients from the II pillar is also taken into account, the volume of funds decreased by 8% over the quarter. At the same time, LHV Varahaldus has managed to increase its market share in the Estonian pension market during the quarter. LHV has 131,000 active II pillar pension clients. The business volumes of LHV Kindlustus will continue to grow rapidly and financial results will improve, supported by better-than-planned results in insurance intermediaries and online sales channels. The number of clients of Kindlustus has grown to 149,000, while client satisfaction with claim settlement services remains high at 97%. The costs of Kindlustus are lower than planned due to later recruitments, but the result is negatively affected by a growing number of claims in travel insurance. Comment by Madis Toomsalu, the CEO of LHV Group: "The inconsistent economic environment has reduced consumer confidence, as well as business investment plans. This has had different effects on different areas of LHV's business. We are seeing growth in high-quality loan portfolios driven by increased market share, an increase in payment volumes outside of virtual currency services, and rather active private client behaviour, while activity is lower in investment services, and our regulatory costs have also increased. In a contradictory environment, LHV remains open to its clients. In Estonia, we have continued to focus on a high-quality corporate and retail loan portfolio, a strong investment proposition with pension funds and insurance. Internationally, we see an opportunity to expand into e-commerce with our existing product portfolio for financial intermediaries, and we are preparing for this in the United Kingdom. This, together with the increased start of lending activities, will take place in the first half of the new year and we will need a bank licence in advance. The inflationary environment, combined with rising interest rates, has mostly meant higher revenues for banks. Investor confidence in LHV has also remained high, as demonstrated by the successful share issue in early June. LHV's greatest strengths are speed and adaptability. I believe that these principles will enable us to get through a difficult environment without sacrificing any of our ambitious goals." 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 before the market opens on 19 July at 9.00. The presentation will be in Estonian. We kindly ask you to register at the following address: https://lhvbank.zoom.us/webinar/register/WN_Q-ezAL2yRii0hFZxt0NOpA. 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. The Group employs more than 800 people. As of June, LHV's banking services are being used by 350,000 clients, the pension funds managed by LHV have 131,000 active clients, and LHV Kindlustus protects a total of 149,000 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. Marthi Lepik LHV Communications Specialist Phone: +372 5666 2944 E-mail: [email protected] (mailto:[email protected])