Banks, Estonia, Financial Services, Investments

International Internet Magazine. Baltic States news & analytics Thursday, 19.07.2018, 22:10

Profit of LHV totals EUR 2.3 mln in July

BC, Tallinn, 09.08.2017.Print version
The consolidated net profit of the listed Estonian banking group AS LHV Group was 2.3 million euros in July 2017, and of the bigger units the bank earned 1.9 million euros and asset management 400,000 euros of profit, informs LETA/BNS.

The profit belonging to the group's shareholders was 2.1 million euros, the company told the stock exchange.


According to CEO of LHV Group Madis Toomsalu, the results in July were good. "All principal indicators of business volumes have continued to grow, this includes deposits, loans and funds," he said.


"Strong underlying trends and a favorable environment have ensured good results, and the expansion of the ATM network during summer and our constantly improving mobile bank have boosted momentum. Concurrently with growth we are also improving our business efficiency and our cost to income ratio is decreasing," he said.


"The credit quality of our portfolio remains good, we are keeping closer track of specific customers. Near term we are focusing on investments in perfecting customer experience and the pension funds have an emphasis on local Estonian investments," Toomsalu said. "Based on the first seven months of this year we are able to fulfill the financial plan," he added.


LHV Group employs 300 people and the banking services of the company are used by around 120,000 customers. The pension funds managed by LHV have about 180,000 clients.

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