International Internet Magazine. Baltic States news & analytics
Wednesday, 04.12.2013, 18:46
LHV Bank earned a loss of EUR 0.9 mln in H1
The bank earned 2.8 million euros in net revenue on interest rates in the first half of the year, net revenue from service fees amounted to 1.3 million euros and financial revenue amounted to 0.2 million euros.
Net revenue generated in the first half of 2012 amounted to 4.3 million euros while spending amounted to 4.7 million euros and provisions on loans amounted to 0.5 million euros.
As of end of the first half of 2012, LHV’s balance sheet volume amounted to 283 million euros – 23% more than in the beginning of the year.
The volume of bank’s savings deposits grew 23% to 257 million euros by the end of the first six months of the year. The volume of the loans portfolio grew to 83 million euros by the end of the first half of the year and bonds portfolio amounted to 109 million euros – 24% and 44%, respectively, in comparison with the beginning of the year.
CEO of LHV Bank Erki Kilu stated that the financial results of the first half of the year corresponded with the projections drawn previously.
During the year 2011, LHV earned a loss of 6.6 million euros and it has been projected that the bank will end 2012 with a loss as well.