Banks, Deposits, Estonia, Financial Services, Loan

The group's banking arm AS LHV Pank earned 1.8 mln euros and the asset management arm AS LHV Varahaldus 700,000 euros of profit, the company told the stock exchange.

"Our results in July were strong, 2,300 new customers joined the bank. All major business volumes are growing. Revenues of major business units are all higher than in the financial plan, costs are lower than planned. Credit quality remains good, only a few customers are under more thorough surveillance," CEO Madis Toomsalu said.

According to Toomsalu, the group has earned 1.3 mln euros more profit than forecast in the financial plan updated in May.

The bank's loan portfolio grew 7 mln euros in July with support from retail loans. Deposits grew 65 mln euros, of which deposits of financial intermediaries totaled 32 mln euros. The deposits of private customers grew by 7 mln euros in July.

LHV Group is the largest domestic financial group and capital provider in Estonia.