Estonia, Financial Services

Quarter over quarter, the net profit of the consolidation group was smaller by 1.7 mln euros. However, it increased by 0.7 mln euros compared with the first quarter of 2018.

LHV Group paid 2.3 mln euros in income tax in the first quarter. The group's equity ratio was 12.2%. Total revenue for the period grew 6% year over year to 17.3 mln euros.

During the quarter, the group's consolidated net loan portfolio increased by 72 mln euros to 991 mln euros. Consolidated deposits increased by 145 mln euros to 1.567 bn euros. At the same time, the deposits related to payment intermediaries increased by EUR 33 mln and those of the regular customers by 112 mln euros.

The volume of funds managed by LHV increased by 43 mln euros over the quarter to 1.257 bn euros.

"In the first quarter, the growth of our business volumes has been broad-based, while also showing an all-time rapid pace. The number of the bank’s customers grew by 9,500, with more than 3,600 customers joining us in March. The number of salary receipts, customers with assets, payments, use of bankcards, investment contracts is higher than ever. LHV's loan portfolio reached one billion euros and customer deposits thrived. The total number of LHV's exceeded the threshold of 170,000," Madis Toomsalu, CEO of LHV Group, said.

The most important highlights of the quarter were the launch of the entrepreneur account and outgoing instant payments, as well as the acquisition of the Verso loan portfolio in the amount of 13.2 mln euros.

LHV Group's key subsidiaries are LHV Pank and LHV Varahaldus. More than 171,000 customers use the banking services of LHV and the group employs about 400 people. Pension funds managed by LHV have over 177,000 active clients.