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Friday, 19.04.2024, 07:51
Estonian LHV earns 5.1 mln euros of profit in Q1
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In the first quarter, the LHV Group earned from ongoing activities a total of 9 million euros in consolidated net income, or 9% more than in the previous quarter. Expenses were 1% higher than in the previous quarter, or 5.4 million euros. Loan write-downs of EUR 0.7 million were made.
The group's first quarter return on equity was 34% on an annual basis. LHV Group Manager Erkki Raasuke said that the exponential growth of profits was caused by the sale of the Finnish business in early January. This is one-off revenue, which should be taken into account when comparing results.
A year ago, in the first quarter, LHV Group net profit was 1.7 million euros.
LHV Group deposits increased by 7% in the first quarter of this year to 489 million euros, and the volume of loans by 3% to 327 million euros. Investment fund assets increased by 4% to 525 million euros.
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