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LHV Group results in November 2022

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In november, AS LHV Group generated a consolidated net profit of EUR 8.1
million. AS LHV Pank generated EUR 10.0 million in net profit, of which EUR 1.9
million was from servicing clients related to the United Kingdom branch. In
November, AS LHV Varahaldus earned EUR 259,000 in net profit. AS LHV Kindlustus
generated a net loss of EUR 127,000 and LHV UK Limited generated a net loss of
EUR 1.8 million.

LHV's consolidated loan portfolio increased by EUR 28 million over the month. Of
this, the increase in retail loans amounted to EUR 15 million, and corporate
loans increased by around EUR 13 million. Consolidated deposits decreased by EUR
21 million in November, while deposits of financial intermediaries decreased by
EUR 37 million. The volume of funds managed by LHV increased by EUR 42 million
over the month. In November, 2.6 million payments from financial intermediary
clients were processed.

November was a strong month for LHV, especially in terms of the results of the
bank and asset management. Client activity remained normal, but the increase of
the loan portfolio and changes in the interest environment increased interest
income.

The bank gained 4,500 clients in November, with the number of clients who use
settlements increasing by 3,900. The quality of the LHV Pank loan portfolio
remained good. In November, LHV significantly increased the interest rates
offered to depositors - the interest for a one-year fixed-term deposit is now
2%. In the course of the month, the service provider commenced updating of the
LHV ATM network: users will be provided with the newest technology in Estonia,
with better accessibility than before.

Pension funds M, L and XL, which are actively managed by LHV Varahaldus,
continue to be the only pension funds with a positive rate of return on the
market in terms of the current year. The rate of return of these funds in
November was 1.3%, 2.1%, and 2.9%, respectively. The operating revenues of
Varahaldus were in line with the plan in November, while costs and profitability
run slightly behind. The number of active pension clients increased by 500. In
the past four months, the number of clients leaving the II pillar remained
modest; as a result, the volume of funds will decrease by EUR 1.5 million in
May.

LHV Kindlustus, which got a new Chairman of the Management Board in November,
continued to increase the volume of insurance contracts in the course of the
month. A total of 14,700 insurance contracts were concluded, with a volume of
EUR 2.5 million. Loss events were compensated for in a total amount of EUR 0.8
million. The earned insurance premiums are ahead of the financial plan, and
client satisfaction with claims handling remains high.

November was an active month in the United Kingdom business line. The number of
payments made by clients increased. LHV UK Limited is about to start loan
activities and continues preparations to obtain the banking licence.

In November, LHV Group issued AT1 bonds to comply with MREL conditions. EUR 15
million of the EUR 20 million raised were passed on to LHV Pank.

The strong results of the month helped to reduce the Group's gap from the
financial plan in terms of net profit to EUR 3.1 million. On the background of
higher-than-planned interest rates, fulfilling the financial plan depends on the
quality of the credit portfolio remaining consistent in the final month of the
year.

To access the reports of LHV Group, please visit the website at
https://investor.lhv.ee/en/reports/.

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 880 people. As at the end of November,
LHV's banking services are being used by 374,000 clients, the pension funds
managed by LHV have 131,000 active clients, and LHV Kindlustus protects a total
of 150,000 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 Head of Communications
Phone: 502 0786
E-mail: [email protected]
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