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Estonia’s LHV nets 2 mln euros in October 2018

BC, Tallinn, 13.11.2018.Print version
The net profit of the listed Estonian financial group AS LHV Group in October 2018 totaled two mln euros, of which the profit of AS LHV Pank made up 1.4 mln euros and the profit of asset management arm AS LHV Varahaldus 700,000 euros, informs LETA/BNS.

"In October, we continued with a rapid growth of our loan portfolio. Amounting to 38 mln euros, this result was best ever. The growth was derived from both loans to businesses as well as home loans and was in part due to already signed but not yet paid out loan agreements," Madis Toomsalu, CEO of LHV Group, told the stock exchange.


The company's management said that funds managed by LHV withstood the stock market correction reasonably well. "Our portfolio remains strong; there have been no new additions to the list of customers under more thorough surveillance. Interest income is strong and growing," Toomsalu said.


Pursuant to the Estonian Financial Supervision Authority's assessment, the supervisory board of LHV Group decided to set new capital requirements: the total CAD target ratio was set at 15.5% and Tier 1 ratio at 12.1%, which include buffers set by LHV Group.


The company also announced in October a new LHV subordinated bonds issue. The subscription period of the bonds will start on November 14.

 

 






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