Banks, Estonia, Financial Services

Of the major units of LHV, the bank netted 1.9 mln euros and the asset management arm 0.5 mln euros. Profit attributable to the shareholders of the parent company totaled 2.2 mln euros, the company told the stock exchange.

"In addition to the usual income, the strong May results of LHV were supported by growth in brokerage income. Total assets of the bank exceeded 1 bln euros, with the volume of non-group deposits increasing by 51 mln euros during the month," Madis Toomsalu, CEO of AS LHV Group, said.

When it comes to the credit portfolio, both corporate loans and private loans were issued at a record pace. However, the net volume of the portfolio grew by seven mln euros, less than usual, as a result of sizable one-off repayments of loans.

"The growth story of LHV was illustrated by the addition of 800 new customers with salary receipts in LHV. In the future our newly installed ATM-s in Viimsi, Rakvere and Viljandi together with the opening of accounts by means of video identification will boost the ongoing growth in client numbers," the CEO said.

Toomsalu added that while the current result puts LHV ahead of the financial plan, such performance is due to very low impairment losses, which are not forecast to remain on such a low level during the whole year. "Based on the five months, we are able to fulfill the financial plan," he said.