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LHV Groupi 2020. aasta II kvartali ja 6 kuu auditeerimata majandustulemused
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Poolaastaaruanne
Teate ID
8162
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Esitamise kuupäev ja aeg
14.07.2020 10:14:16
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Parandus: LHV Groupi 2020. aasta II kvartali ja 6 kuu auditeerimata majandustulemused
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* Parandatud viga vahearuande leheküljel 18 finantseisundi aruande kohustuste osas * 2020. aasta II kvartalis teenis AS LHV Group konsolideeritult kokku 3,6 miljonit eurot puhaskasumit. AS LHV Pank teenis 2,8 miljonit eurot puhaskasumit ja AS LHV Varahaldus 1 miljonit eurot puhaskasumit. Võrreldes aasta esimese kvartaliga vähenes konsolideerimisgrupi puhaskasum 3,9 miljoni euro ehk 53% võrra ning võrreldes 2019. aasta II kvartaliga 4,1 miljoni euro võrra ehk 54%. Grupi omakapitali tootluseks kujunes 5,7%. Muus osas eduka kvartali tulemusi mõjutasid eelkõige koroonaviirusest tingitud eriolukorra tõttu tehtud laenude allahindlused summas 7,7 miljonit eurot. LHV Groupi varade maht suurenes II kvartalis 3,7 miljardi euroni. Grupi konsolideeritud laenuportfell kasvas kvartaliga 65 miljoni euro võrra 1,8 miljardi euroni (+4%; +52 miljonit eurot I kvartalis) ning konsolideeritud hoiused suurenesid 134 miljoni euro võrra 3,09 miljardi euroni (+5%; +252 miljonit eurot I kvartalis). Seejuures tulenes kasv eelkõige tavaklientide hoiustest. LHV poolt juhitud fondide koondmaht kasvas II kvartalis 96 miljoni euro võrra 1,44 miljardi euroni (+7%; -30 miljonit eurot I kvartalis). AS-i LHV Group 2020. aasta 6 kuu konsolideeritud puhaskasum oli 11,0 miljonit eurot, mis jäi 1,6 miljoni võrra väiksemaks 2019. aasta 6 kuu tulemusest. AS LHV Pank teenis 6 kuuga puhaskasumit 10,9 miljonit eurot ja AS LHV Varahaldus 0,4 miljonit eurot. LHV Groupi juhataja Madis Toomsalu kommentaar: "Teise kvartali tulemusi mõjutas globaalseks kujunenud tervise- ja majanduskriis. Samas tõestas keeruline aeg, et tegutsedes pikaajalise vaate nimel, on lõpptulemus ikkagi meie endi mõjutada. LHV juhindub pikaajalisest kasvuambitsioonist ja seetõttu saame ka möödunud kvartalit pidada tugevaks. Ehkki ärimahtude kasv oli II kvartalis keskmisel tasemel ning laenukahjumid ootuspäraselt kõrgemad, siis Danske ettevõtete ja omavalitsuste portfelli soetamine, pandikirjade emissiooni õnnestumine, kapitali kaasamine, LHV Kindlustuse tegevusloa taotluse esitamine, dollarimaksete võimaldamine panga klientidele ja rohelise LHV tegevusplaani tutvustamine olid tegevused, mis kannavad meid siit kasumlikult ja jätkusuutlikult veel kaugele edasi. Panga klientide hulk kasvab, kvartali jooksul lisandus koguni 8000 uut pangaklienti. Oleme jätkanud avatud ja kohaliku krediidipoliitikaga, vaadates laenutaotlusi läbi kliendipõhiselt. Meie laenuportfell suurenes kvartali jooksul 65 miljoni euro võrra. Olemasolevatele klientidele võimaldasime maksepuhkusi kokku summas 350 miljonit eurot. Suuresti on kliendid maksepuhkuseid kasutanud ettevaatusbinõuna likviidsuse tagamiseks, mistõttu on meie ootus, et maksepuhkuste lõppemisel asutakse laenusid taas graafikujärgselt tagasi maksma. Ärimahtude kasvu tagamiseks sõlmisime lepingu Danske ettevõtete ja avaliku sektori laenuportfelli ostmiseks. Lepingu sõlmimise hetkel oli portfelli suurus 312 miljonit eurot, kuid tehingu hetkeks oktoobri alguses see veidi väheneb. Kokkuleppitud ostuhinna allahindlus on 19 miljonit eurot. Tehingu toimumine eeldab veel Konkurentsiametilt loa saamist. Juuni alguses lõppes LHV esimene pandivõlakirjade emissioon, mille mahuks kujunes 250 miljonit eurot, perioodiks 5 aastat ja intressimääraks 0,12% aastas. Emissioonis osales 31 institutsionaalset investorit üle Euroopa. Pandikirjade reitinguks kujunes Aa1. Pandivõlakirjad on reaalne võimalus finantseerimise kaasamiseks, mis on oluline pidades silmas panga kiiret kasvu ja efektiivsust intressikuludes. Kaasasime ka investoritelt 15 miljonit eurot omavahenditesse kuuluvate võlakirjade kaudu. Ülejäänud aasta täiendavad kapitali kaasamised sõltuvad sellest, kui kiiresti kasvab meie laenuportfell ja kui palju on vaja teha laenude allahindlusi. Peame kapitali kaasamise otsused tegema lähikuudel. Kvartali jooksul esitasime Finantsinspektsioonile LHV Kindlustuse tegevusloa taotluse. Samuti tutvustasime avalikkusele LHV rohelisi projekte ja tegevusi meie kliimamõju vähendamiseks. Kui esimeses kvartalis sai rääkida aktsiaturgude järsust langusest, siis teist kvartalit iseloomustas turgude tugev taastumine. Teises kvartalis olid positiivse tootlusega ka kõik LHV Varahalduse hallatavad pensionifondid, seejuures parimat tootlust näitasid just suure aktsiariskiga fondid. Aktiivsete pensioniklientide hulk on mõnevõrra tõusnud 1200 võrra liginedes 179 tuhandele kliendile." Kasumiaruanne, tuhandetes eurodes II kv 2020 I kv 2020 6 kuud 2020 6 kuud 2019 ------------------------------------------------------------------------------- Neto intressitulu 15 545 16 323 31 868 22 573 ------------------------------------------------------------------------------- Neto teenustasutulu 6 188 6 507 12 696 12 838 ------------------------------------------------------------------------------- Neto finantstulud 322 -389 -68 381 ------------------------------------------------------------------------------- Muud tegevustulud -16 36 20 -7 ------------------------------------------------------------------------------- Tulud kokku 22 039 22 477 44 516 35 784 ------------------------------------------------------------------------------- Personalikulu -6 146 -5 770 -11 916 -9 436 ------------------------------------------------------------------------------- Kontorikulud -236 -278 -514 -453 ------------------------------------------------------------------------------- IT kulud -782 -729 -1 511 -1 268 ------------------------------------------------------------------------------- Turunduskulud -315 -475 -790 -1 175 ------------------------------------------------------------------------------- Muud tegevuskulud -3 183 -3 922 -7 104 -6 176 ------------------------------------------------------------------------------- Kulud kokku -10 661 -11 174 -21 835 -18 508 ------------------------------------------------------------------------------- Ärikasum 11 378 11 303 22 681 17 276 ------------------------------------------------------------------------------- Kasum enne allahindlusi 11 378 11 303 22 681 17 276 ------------------------------------------------------------------------------- Laenude allahindlus -7 672 -1 011 -8 683 -1 649 ------------------------------------------------------------------------------- Tulumaksukulu -156 -2 809 -2 964 -2 963 ------------------------------------------------------------------------------- Aruandeperioodi puhaskasum jätkuvatelt tegevustelt 3 550 7 484 11 034 12 665 ------------------------------------------------------------------------------- Kasum/-kahjum lõpetatud tegevustelt 0 0 0 0 ------------------------------------------------------------------------------- Puhaskasum 3 550 7 484 11 034 12 665 ------------------------------------------------------------------------------- Vähemusosaluse osa 615 404 1 019 877 ------------------------------------------------------------------------------- Emaettevõtte aktsionäride osa kasumist 2 935 7 079 10 014 11 788 Bilanss, tuhandetes eurodes juuni.20 märts.20 juuni.19 --------------------------------------------------------------------- Raha ja raha ekvivalendid 1 438 793 1 284 182 1 099 009 --------------------------------------------------------------------- Finantsvarad 423 117 231 321 119 462 --------------------------------------------------------------------- Laenud klientidele 1 818 644 1 746 205 1 129 661 --------------------------------------------------------------------- Laenude allahindlus -14 608 -7 296 -11 757 --------------------------------------------------------------------- Nõuded klientide vastu 3 039 2 780 9 503 --------------------------------------------------------------------- Muud varad 28 527 30 148 28 835 --------------------------------------------------------------------- Varad kokku 3 697 512 3 287 341 2 374 714 --------------------------------------------------------------------- Nõudmiseni hoiused 2 512 196 2 357 463 1 672 003 --------------------------------------------------------------------- Tähtajalised hoiused 574 739 595 948 411 384 --------------------------------------------------------------------- Saadud laenud 271 553 25 687 28 591 --------------------------------------------------------------------- Võlgnevused klientidele 3 358 488 2 979 098 2 111 977 --------------------------------------------------------------------- Muud kohustused 35 702 26 093 23 197 --------------------------------------------------------------------- Allutatud laenud 90 000 75 000 75 000 --------------------------------------------------------------------- Kohustused kokku 3 484 190 3 080 191 2 210 175 --------------------------------------------------------------------- Omakapital 213 322 207 150 164 539 --------------------------------------------------------------------- sh vähemusosaluse osa 5 243 4 190 3 799 --------------------------------------------------------------------- Kohustused ja omakapital kokku 3 697 512 3 287 341 2 374 714 Kvartalitulemuste tutvustamiseks korraldab LHV Group investorkohtumise, mis viiakse läbi vebinari vormis veebiseminaride keskkonna Zoom kaudu. Virtuaalne investorkohtumine toimub 14. juulil kell 18.00. Esitlus tehakse eesti keeles. Registreeruda saab aadressil https://lhvbank.zoom.us/webinar/register/WN_4DU53nSARLSXw2KTJFrZDQ. LHV Group on suurim kodumaine finantskontsern ja kapitali pakkuja Eestis. LHV Groupi peamised tütarettevõtted on LHV Pank ja LHV Varahaldus. LHV-s töötab ligi 470 inimest. LHV pangateenuseid kasutab ligi 224 000 klienti ja LHV hallatavatel pensionifondidel on ligi 179 000 aktiivset klienti. LHV Ühendkuningriigi filiaal pakub panganduse taristut enam kui 120 rahvusvahelisele finantsteenuste ettevõttele, mille kaudu jõuavad LHV makseteenused klientideni üle terve maailma. Priit Rum LHV kommunikatsioonijuht Telefon: 502 0786 Email: [email protected] (mailto:[email protected])
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Correction: LHV Group unaudited results for Q2 and 6 months of 2020
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* Correction on page 18 of the Interim Report regarding liabilities and equity in Statement of financial position * In the second quarter of 2020, AS LHV Group earned EUR 3.6 million in consolidated net profit. AS LHV Pank earned EUR 2.8 million and AS LHV Varahaldus EUR 1 million as net profit. Compared to the first quarter of this year, the net profit of the consolidation group decreased by EUR 3.9 million or by 53%. Compared to the second quarter of 2019, net profit remained lower by EUR 4.1 million or 54%. The return on equity of LHV Group was 5.7% in the second quarter. The results of otherwise successful quarter were influenced primarily by the loan impairments in the amount of EUR 7.7 million made because of the emergency situation and effects of COVID-19. In Q2, the volume of assets of LHV Group grew to EUR 3.7 billion. During the quarter the Group's consolidated loan portfolio increased by EUR 65 million to EUR 1.8 billion (+4%; +52 million euros in Q1). Consolidated deposits increased by EUR 134 million to EUR 3.09 billion (+5%; +252 million euros in Q1). Most of deposit growth came from regular customers. The total volume of funds managed by LHV grew by EUR 96 million in the second quarter and reached EUR 1.44 billion (+7%; -30 million euros in Q1). In the first 6 months of 2020, the consolidated net profit of AS LHV Group was EUR 11.0 million, that was EUR 1.6 million lower than the first half-year of 2019. In 6 months, AS LHV Pank earned EUR 10.9 million and AS LHV Varahaldus EUR 0.4 million as net profit. Comments by Madis Toomsalu, CEO of LHV Group: "Second quarter results were affected by the global health and economic crisis. Nonetheless, difficult times proved that as long as we are pursuing a long-term vision, we have the opportunity to shape the end result. LHV is governed by our long-term growth ambitions and that is why we reckon the past quarter to be a strong one. Even though the growth in business volumes remained moderate and loan losses were higher, the acquisition of the Danske corporate and local government portfolio, the successful issue of covered bonds, engagement of capital, submission of the application for authorisation of LHV Insurance, facilitation of USD payments and introduction of the green LHV action plan constitute activities which are bound to take us beyond the horizon in a profitable and sustainable manner. The customer base of the bank is growing, 8,000 new bank customers added during the quarter. We have continued pursuing our open and local credit policy, reviewing all loan applications on a customer-by-customer basis. Our loan portfolio grew by EUR 65 million in Q2. At the same time, we granted grace periods to our existing customers in the total amount of EUR 350 million. Predominantly, customers use the grace periods as a precautionary measure for ensuring liquidity. We therefore expect the scheduled repayments to resume after expiry of the grace periods. To secure a growth in business volumes, we signed an agreement to purchase the Danske corporate loan and public sector loan portfolio. At the moment of the conclusion of the contract, the portfolio amounted to EUR 312 million, but this volume will somewhat decrease by October, when the transaction is scheduled to be completed. The agreed discount of EUR 19 million will be retained. For the completion of the transaction the permission of the Competition Authority is required. In the beginning of June, LHV's first issue of covered bonds was concluded. The amount of the issue was EUR 250 million, for a period of 5 years and at an annual interest rate of 0.12%. 31 institutional investors from Europe participated in the issue. The covered bonds received a rating of Aa1. Covered bonds provide alternative means for engaging financing, important considering the bank's quick growth and efficiency in interest expenses. We also engaged a further EUR 15 million from investors via bonds included in own funds. Additional capital engagements of the year will depend on the rate of growth of the loan portfolio and the need for further write-down of loans. The decisions regarding capital engagements must be made within the next few months. During the quarter, we filed the application for authorisation of LHV Insurance with the Financial Supervision Authority, as well as disclosed LHV's green projects and activities to reduce our impact on climate. While Q1 was characterised by a sharp drop in stock markets, the markets showed a strong recovery in Q2. All pension funds managed by LHV Asset Management showed a positive yield in Q2, while the funds with the greatest stock market risk also generated the highest yield. The number of active pension fund clients has somewhat risen and is now close to 179 thousand, adding 1,200 customers in Q2." Income statement, EUR thousand Q2-2020 Q1-2020 6 months 2020 6 months 2019 ------------------------------------------------------------------------------- Net interest income 15 545 16 323 31 868 22 573 ------------------------------------------------------------------------------- Net fee and commission income 6 188 6 507 12 696 12 838 ------------------------------------------------------------------------------- Net gains from financial assets 322 -389 -68 381 ------------------------------------------------------------------------------- Other income -16 36 20 -7 ------------------------------------------------------------------------------- Total revenue 22 039 22 477 44 516 35 784 ------------------------------------------------------------------------------- Staff costs -6 146 -5 770 -11 916 -9 436 ------------------------------------------------------------------------------- Office rent and expenses -236 -278 -514 -453 ------------------------------------------------------------------------------- IT expenses -782 -729 -1 511 -1 268 ------------------------------------------------------------------------------- Marketing expenses -315 -475 -790 -1 175 ------------------------------------------------------------------------------- Other operating expenses -3 183 -3 922 -7 104 -6 176 ------------------------------------------------------------------------------- Total operating expenses -10 661 -11 174 -21 835 -18 508 ------------------------------------------------------------------------------- EBIT 11 378 11 303 22 681 17 276 ------------------------------------------------------------------------------- Earnings before impairment losses 11 378 11 303 22 681 17 276 ------------------------------------------------------------------------------- Impairment losses on loans and advances -7 672 -1 011 -8 683 -1 649 ------------------------------------------------------------------------------- Income tax -156 -2 809 -2 964 -2 963 ------------------------------------------------------------------------------- Net profit for the reporting period from continued operations 3 550 7 484 11 034 12 665 ------------------------------------------------------------------------------- Profit/-loss from discontinued operations 0 0 0 0 ------------------------------------------------------------------------------- Net profit 3 550 7 484 11 034 12 665 ------------------------------------------------------------------------------- Profit attributable to non- controlling interest 615 404 1 019 877 ------------------------------------------------------------------------------- Profit attributable to share holders of the parent 2 935 7 079 10 014 11 788 Balance sheet, EUR thousand Jun 2020 Mar 2020 Jun 2019 ---------------------------------------------------------------------------- Cash and cash equivalents 1 438 793 1 284 182 1 099 009 ---------------------------------------------------------------------------- Financial assets 423 117 231 321 119 462 ---------------------------------------------------------------------------- Loans granted 1 818 644 1 746 205 1 129 661 ---------------------------------------------------------------------------- Loan impairments -14 608 -7 296 -11 757 ---------------------------------------------------------------------------- Receivables from customers 3 039 2 780 9 503 ---------------------------------------------------------------------------- Other assets 28 527 30 148 28 835 ---------------------------------------------------------------------------- Total assets 3 697 512 3 287 341 2 374 714 ---------------------------------------------------------------------------- Demand deposits 2 512 196 2 357 463 1 672 003 ---------------------------------------------------------------------------- Term deposits 574 739 595 948 411 384 ---------------------------------------------------------------------------- Loans received 271 553 25 687 28 591 ---------------------------------------------------------------------------- Loans received and deposits from customers 3 358 488 2 979 098 2 111 977 ---------------------------------------------------------------------------- Other liabilities 35 702 26 093 23 197 ---------------------------------------------------------------------------- Subordinated loans 90 000 75 000 75 000 ---------------------------------------------------------------------------- Total liabilities 3 484 190 3 080 191 2 210 175 ---------------------------------------------------------------------------- Equity 213 322 207 150 164 539 ---------------------------------------------------------------------------- Minority interest 5 243 4 190 3 799 ---------------------------------------------------------------------------- Total liabilities and equity 3 697 512 3 287 341 2 374 714 LHV is organizing an investor meeting to introduce quarterly results, which this time will be conducted in the form of a webinar via video communication platform Zoom. The virtual investor meeting will take place on 14 July at 18:00. The presentation will be made in Estonian. Registration is open via the link https://lhvbank.zoom.us/webinar/register/WN_4DU53nSARLSXw2KTJFrZDQ. LHV Group is the largest domestic financial group and capital provider in Estonia. LHV Group's key subsidiaries are LHV Pank and LHV Varahaldus. LHV employs about 470 people. LHV's banking services are used by about 224,000 clients, and pension funds managed by LHV have about 179,000 active clients. Additionally, LHV's UK branch offers banking infrastructure to more than 120 financial service providers, that in turn intermediate LHV's payment services to their customers around the world. Priit Rum Communication Manager Phone: +372 502 0786 Email: [email protected] (https://www.globenewswire.com/Tracker?data=66u- wFDuRnqZSDtCe- YTtXxWITawskvj416CSr3psHdPd85lrnWV7GscubrWIRHxWUrz7UU_qLDCxoGeEZaB7Q==)