LHV Group — Earnings Release 2024

Jun 18, 2024

LHV Group

Strong results from all group companies

Financial results, EURt	13 months	May 24	YTD24	YTD23		FP YTD A YTD FP
Total net income, incl.		29,281	144,831	116,957	129,334	+15,497
Net interest income		24.169	117.381	97,056	103,219	+14,162
Net fee and commission income		5.497	26,187	19,753	25,370	+816
Total operating expenses		13.094	60,943	51,364	58,465	+2,477
Earnings before impairment		16,186	83,888	65,593	70,869	+13,019
Impairment losses		1.400	4,910	-1,543	7,538	-2,628
Income tax expense		2,281	9,977	9,955	9,467	+510
Net profit, incl.		12,504	69,001	57,181	53,864	+15,138
attr. to shareholders		12,408	68,773	56.480	53.702	+15,071
Business volumes, EURm	13 months	May 24	YTD24	YTD23	FP YTD	A YTD FP
Deposits from customers		6,120	6,120	5,044	6,128	-8
Loans (net)		3,833	3,833	3,259	3,666	+167
Assets under management		1,522	1,522	1,444	1,553	-31
Fin. intermediaries' payments, thous. pcs		6,092	29,929	16,477	23,379	+6,549
Key figures	13 months	May 24	YTD24	YTD23	FP YTD	A YTD FP
Cost / income ratio (C/I)		44.7%	42.1%	43.9%	45.2%	3.1 pp -
Net interest margin (NIM)		3.8%	3.8%	3.8%	3.4%	+ 0.5 pp
pre-tax ROE*		30.1%	33.3%	36.5%	27.1%	+ 6.2 pp
ROE*		25.5%	29.2%	31.0%	23.1%	+ 6.0 pp

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Growing loan portfolio drives profitability

Financial results, EURt	13 months	May 24	YTD24	YTD23		FP YTD A YTD FP
Total net income, incl.		23,025	115,479	101,426	102,146	+13,333
Net interest income		20,625	101,423	90,327	87,299	+14,124
Net fee and commission income		2,908	13,204	10,988	14,384	-1,181
Total operating expenses		8,224	38,863	33,650	37,402	+1,461
Earnings before impairment		14,800	76,616	67,776	64,744	+11,872
Impairment losses		1,292	4,715	-1,742	7,456	-2,741
Income tax expense		1,939	10,546	8,688	8,320	+2,226
Net profit		11,569	61,355	60,830	48,968	+12,387
Business volumes, EURm	13 months	May 24	YTD24	YTD23	FP YTD	A YTD FP
Deposits from customers		5,797	5,797	5,123	5,748	+49
incl. banking services' deposits		1,054	1,054	1,137	1,000	+54
Loans (net)		3,698	3,698	3,269	3,512	+186
Key figures	13 months	May 24	YTD24	YTD23	FP YTD	A YTD FP
Cost / income ratio (C/I)		35.7%	33.7%	33.2%	36.6%	3.0 pp -
Net interest margin (NIM)		3.5%	3.5%	3.5%	3.0%	0.5 pp +

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Historically fastest growth in the loan portfolio

Financial results, EURt	13 months	May 24	YTD24	YTD23		FP YTD A YTD FP
Total net income, incl.		3,779	19,530	9,722	19,505	+26
Net interest income		3,099	15,286	7,666	17,390	-2,104
Net fee and commission income		669	4,148	2,108	2,115	+2,033
Other net income		11	તેની	-52	0	496
Total operating expenses		3,368	14,827	11,213	13,278	+1,549
Earnings before impairment		411	4,703	-1,491	6,226	-1,524
Impairment losses		109	195	19	82	+113
Income tax expense		0	-1,930	0	0	-1,930
Net profit		302	6,437	-1,510	6,144	+293
Business volumes, EURm	13 months	May 24	YTD24	YTD23	FP YTD	A YTD FP
Deposits from customers		464	464	0	478	-14
Loans (net)		135	135	29	154	-19
Key figures	13 months	May 24	YTD24	YTD23	FP YTD	A YTD FP
Cost / income ratio (C/I)		89.1%	75.9%	115.3%	68.1%	+ 7.8 pp
Net interest margin (NIM)		6.9%	8.1%	34.1%	9.1%	0.9 pp

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All LHV pension funds with positive returns

Financial results, EURt	13 months	May 24	YTD24	YTD23	FP YTD	A YTD FP
Total net income		752	3,690	3,607	3,726	-36
Total operating expenses		રૂડિત જિલ્લામાં આવેલું એક ગામનાં લોકોનો મુખ્ય વ્યવસાય ખેતી, ખેતમજૂરી તેમ જ પશુપાલન છે. આ ગામમાં મુખ્યત્વે ખેત	2,933	2,939	3,054	-121
EBIT		213	757	668	672	+85
Net financial income		124	419	92	242	+178
Income tax expense		0	801	488	801	-0
Net profit		337	375	272	113	+263
Business volumes	13 months	May 24	YTD24	YTD23	FP YTD	A YTD FP
Assets under management, EURm		1,522	1,522	1,444	1,553	-31
Active customers of PII funds (thous.)		119	119	129	121	-2
Key figures	13 months	May 24	YTD24	YTD23	FP YTD	A YTD FP
Cost / income ratio (C/I)		61.5%	71.4%	79.5%	77.0%	5.6 pp

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A month with stable results

uuenda

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Madis Toomsalu madis.toomsalu@lhv.ee

Meelis Paakspuu meelis.paakspuu@lhv.ee