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LHV Group Interim / Quarterly Report 2022

Feb 15, 2022

Interim / Quarterly Report

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Financial results, EURt	13 months	$Jan-22$	YTD22	YTD21	FP YTD	Δ YTD FP
Total revenue, incl.		11,678	11,678	9,542	13,073	$-1,395$
Net interest income		8,675	8,675	6,717	8,816	$-140$
Net fee and commission income		3,284	3,284	3,030	4,155	$-871$
Total operating expenses		5,878	5,878	4,311	5,858	$+20$
Earnings before impairment		5,800	5,800	5,232	7,214	$-1,415$
Impairment losses on loans		49	49	830	728	$-679$
Income tax		831	831	621	1,009	$-178$
Net profit, incl.		4,919	4,919	3,781	5,477	$-558$
attr. to shareholders		4,767	4,767	3,619	5,308	$-541$
Business volumes, EURm	13 months	Jan-22	YTD22	YTD21	FP YTD	Δ YTD FP
Deposits from customers		5,850	5,850	4,431	5,426	$+424$
Loans (net)		2,720	2,720	2,261	2,698	$+22$
Assets under management		1,305	1,305	1,590	1,318	$-13$
Fin. intermediaries' payments, thous. pcs		2,232	2,232	2,166
Key figures	13 months	Jan-22	YTD22	YTD21	FP YTD	Δ YTD FP
Cost / income ratio (C/I)		50.3%	50.3%	45.2%	44.8%	$+5.5$ pp
Net interest margin (NIM)		1.5%	1.5%	1.5%	1.6%	$-0.1$ pp
pre-tax ROE*		20.9%	20.9%	21.1%	23.0%	$-2.0$ pp
ROE*		17.9%	17.9%	18.2%	20.0%	$-2.0$ pp
ROA		0.8%	0.8%	0.9%	1.0%	$-0.1$ pp

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Financial results, EURt	13 months	Jan-22	YTD22	YTD21	FP YTD	Δ YTD FP
Total revenue, incl.		11,090	11,090	8,806	12,138	$-1,048$
Net interest income		8,731	8,731	6,843	8,870	$-139$
Net fee and commission income		2,494	2,494	2,226	3,206	$-712$
Total operating expenses		4,812	4,812	3,627	4,476	$+336$
Earnings before impairment		6,278	6,278	5,179	7,662	$-1,384$
Impairment losses on loans		49	49	830	728	$-679$
Income tax		791	791	586	969	$-178$
Net profit		5,438	5,438	3,763	5,966	$-528$

Business volumes, EURm	13 months	$Jan-22$	YTD22	YTD21	FP YTD	Δ YTD FP
Deposits from customers		5,892	5,892	4,453	5,469	$+423$
Loans (net)		2,720	2,720	2,261	2,698	$+22$
Key figures	13 months	Jan-22	YTD ₂₂	YTD21	FP YTD	Δ YTD FP
Cost / income ratio (C/I)		43.4%	43.4%	41.2%	36.9%	$+6.5$ pp
Net interest margin (NIM)		1.5%	1.5%	1.6%	1.6%	$-0.1$ pp

The number of bank customers $\bullet$ increased by 5,800. Customer activity modest in January, affecting net fee and commission income
Loan portfolio increased by 43 $\bullet$ EURm, of which 30 EURm came from corporate and 13 EURm from retail loans. Credit quality remains good
Deposits increased by 45 EURm, $\bullet$ the most substantial change in deposits resulted from an increase of 34 EURm in private individuals' deposits
LHV Pank was declared the bank $\bullet$ with the best service in Estonia by Dive for the sixth time

Financial results, EURt	13 months	$Jan-22$	YTD22	YTD21	FP YTD	Δ YTD FP
Total revenue		635	635	807	633	$+2$
Total expenses		531	531	565	600	-69
Operating profit		104	104	241	33	$+71$
Net financial income		$-137$	$-137$	63	44	$-180$
Net profit		$-32$	$-32$	304	77	$-109$

Business volumes	13 months	$Jan-22$	YTD22	YTD21		FP YTD A YTD FP
Assets under management, EURm		1,305	1,305	1,590	1,318	$-13$
Active customers of PII funds, thous.		135	135	180	135	$+0$
Key figures	13 months	$Jan-22$	YTD22	YTD21	FP YTD	Δ YTD FP
Cost / income ratio (C/I)		106.4%	106.4%	65.0%	88.6%	$+17.8$ pp

Financial results, EURt	13 months	Jan-22	YTD22	YTD21	FP YTD	Δ YTD FP
Total revenue, incl.		0	0	$-2$	158	$-158$
Net earned premiums		395	395	$-2$	363	$+32$
Net incurred losses		364	364	$\overline{0}$	175	$+189$
Total expenses		198	198	115	200	$-1$
Earnings before taxes		$-198$	$-198$	$-117$	-41	$-156$
Net profit		$-198$	$-198$	$-117$	$-41$	$-156$
Business volumes	13 months	Jan-22	YTD22	YTD21	FP YTD	Δ YTD FP
Gross written premium, EURt		521	521	4	733	$-212$
No of Customers (thous.)		145	145	$\overline{0}$	na	na
Key figures	13 months	Jan-22	YTD22	YTD21	FP YTD	Δ YTD FP
Net loss ratio		92.1%	92.1%	na	48.3%	$+43.8$ pp
Net expense ratio		57.6%	57.6%	na	63.3%	$-5.7$ pp