In December, the European Central Bank (ECB) presented AS LHV Group with the outcome of Supervisory Review and Evaluation Process (SREP) for capital adequacy calculation.

In an environment of continuously high capital requirements and falling interest rates, AS LHV Pank, a subsidiary of AS LHV Group, seeks to streamline its operations. Resulting from automation of processes through technological innovation, reduction of management levels and consolidation of responsibilities, during Q1 of 2025, LHV Pank plans to reduce positions in the company by up to 60.

The public offer of subordinated bonds of AS LHV Group (LHV Group) closed on Tuesday, 12 November 2024. Altogether 2,293 unique investors participated in the offering, subscribing bonds for a total amount of EUR 49.64 million. Thus, the issue volume of EUR 20 million was oversubscribed 2.5 times.

LHV’s loan portfolio and other business volumes continued to grow strongly in October, thereby balancing the impact of faster than planned falling interest rates on interest income.

AS LHV Group (hereinafter LHV) hereby announces a public offering of LHV’s subordinated bonds. The offering is conducted on the basis of the prospectus affirmed by the Estonian Financial Supervision and Resolution Authority (FSA) on 28 October 2024, that has been disclosed on the date of this announcement on the web pages of LHV and the FSA. The public offering of the subordinated bonds will be carried out in Estonia, Latvia and Lithuania.

To give an overview of the 2024 Q3 and nine month financial results, LHV Group organised an investor meeting webinar on 22 October. An overview of the company's progress was given by Madis Toomsalu, Chairman of the Management Board of LHV Group and Meelis Paakspuu, CFO of LHV Group.

Q3 of 2024 for LHV was marked by strong loan portfolio growth and the highest business volumes so far.

Andres Kitter, Chief Technology Officer and a member of the executive committee and board of LHV Bank Limited, a subsidiary of LHV Group operating in the United Kingdom, will step down from his position at the end of this year.

AS LHV Pank and AS TBB Pank completed the transaction whereby the LHV Group's subsidiary acquired a part of TBB Pank's loan portfolio.

AS LHV Group has decided the company’s Financial Calendar for the 2025 financial year.

As the financial results of AS LHV Group are ahead of the financial plan disclosed in February due to faster than forecast loan portfolio growth and higher interest levels, the company will publish an updated financial plan for 2024.

In August, LHV’s lending continued at a faster than planned pace, which had a positive impact on the company’s profit number. The consolidated loan portfolio of AS LHV Group increased by EUR 87 million over the month. Deposits increased by EUR 254 million on a consolidated basis. The volume of the funds managed by LHV grew by EUR 4 million in August. Payments related to financial intermediaries amounted to 6.1 million per month.

The Harju County Court has decided to fully cancel the EUR 300,000 fine decision, that the Financial Intelligence Unit made in the beginning of May, and to end the proceedings against AS LHV Pank due to the absence of signs of misdemeanor. The Financial Intelligence Unit has 15 days to appeal the Harju County Court’s order.

The subsidiary of AS LHV Group, AS LHV Pank, and AS TBB Pank have entered into an agreement for the partial acquisition of AS TBB Pank's loan portfolio.

LHV’s loan portfolios and other business volumes continued to grow in July. AS LHV Group’s consolidated loan portfolio increased by EUR 103 million over the month. Consolidated deposits showed an increase of EUR 185 million. The volume of funds managed by LHV increased by EUR 25 million in July. A total of 6.4 million payments associated with financial intermediaries were made over the month.

To give an overview of the 2024 Q2 and six month financial results, LHV Group organised an investor meeting webinar on 23 July. An overview of the company's progress was given by Madis Toomsalu, Chairman of the Management Board of LHV Group and Meelis Paakspuu, CFO of LHV Group.

For LHV Group, Q2 of 2024 was marked by strong growth in its loan portfolio, which was also reflected in a strong financial result.

Based on the proposition from the Nomination Committee, the Supervisory Board of AS LHV Group decided to elect Kadri Haldre to be the new Management Board member and Chief Risk Officer of LHV Group. She will join the Management Board as of 18 November 2024 for a five-year term.

May was a productive month for all LHV Group companies, having been affected by the faster-than planned growth of the loan portfolio.

AS LHV Group announces its decision to prematurely redeem the additional Tier 1 temporary write-down notes issued on 26 June 2019, registered with ISIN code EE3300111780 (hereinafter: AT1 Bonds). The early redemption will be carried out in accordance with the terms and conditions of AT1 Bonds, which permit full or partial early redemption after 26 June 2024, provided that investors are notified at least 30 days in advance and with the prior consent of the financial supervisory authority. The European Central Bank has granted its consent for the early redemption of the AT1 Bonds on 21 May 2024.