Correction: LHV Group unaudited financial results for Q2 and 6 months of 2025
--- The corrected Estonian interim report has been added in the revised version ---
In Q2 of 2025, LHV Group was able to earn higher net profit and increase business volumes against the background of lower interest rates. The loan portfolio of LHV Group reached 5 billion euros.
In Q2 2025, LHV Group earned a net profit of 30.8 million euros, which was 1.6 million euros more than in the previous quarter (+6% increase). The return on equity attributable to the shareholders of the Group was 17.4% in Q2.
All subsidiaries of the Group were profitable in the quarter. LHV Pank earned a net profit of 29.7 million euros, LHV Bank Ltd 0.1 million euros, LHV Varahaldus 0.5 million euros and LHV Kindlustus 1.1 million euros.
On a consolidated basis, LHV Group earned 73.9 million euros in revenue in Q1 2025, i.e. 7% less than in the previous quarter and 14% less than a year ago. Of the revenue of Q2 of this year, net interest income accounted for 57.6 million euros, and net fee and commission income for 15.6 million euros of total net income. Expenditure totalled 40.5 million euros, being 8% more than in the previous quarter and 11% more than a year ago. Due to the improvement of the macroeconomic situation, the previous provisions were undervalued in the amount of 4.2 million euros in the second quarter, which finally had a positive effect at the level of net profit.
As at the end of June, LHV Group consolidated assets amounted to 9.38 billion euros, which was 10% more than in the previous quarter and 28% more than in the same period last year. The consolidated loan portfolio increased by 269 million euros or 6% to 5.0 billion euros over the quarter (the loan portfolio increased by 1.1 billion euros or 28% year-on-year). Consolidated deposits of LHV Group increased by 760 million euros, i.e. by 12%, to 7.36 billion euros. The volume of funds managed by LHV increased by 3.7 million euros, to 1.56 billion euros. The number of payments made by clients who are financial intermediaries was 19.9 million in the second quarter, which was slightly less than in the previous quarter.
LHV Group's consolidated net revenue for the 6 months of 2025 amounted to 153.3 million euros, which is 16.5 million euros or 10% less compared to the same period last year. Expenditure totalled 78.1 million euros, which was 7.8 million euros or 11% more. The Group's 6-month consolidated net profit was 59.9 million euros, being a decrease of 19.4 million euros, or 24%, compared to the previous year. In six months, LHV Pank earned a net profit of 54.9 million euros, LHV Bank Ltd 2.3 million euros, LHV Varahaldus 0.6 million euros and LHV Kindlustus 1.7 million euros. LHV Group's ROE for the first half of the year was 17.0%.
Based on the first half of the year, LHV Group outperforms the financial forecast at the level of net income by 2.0 million euros and at the level of net profit by 2.3 million euros.
Income statement, EUR Th
Q2 2025
Q1 2025
Q2 2024adjusted
Net interest income
57,643
62,010
70,424
Net fee and commission income
15,579
14,071
14,352
Net financial income
-380
2,747
-37
Net insurance income
1,065
597
421
Other operating income and expense
0
-4
638
Total net income
73,907
79,421
85,798
Staff costs
-22,901
-22,655
-20,420
Office expenses
-679
-659
-874
IT costs
-4,017
-3,576
-3,267
Marketing expenses
-1,526
-1,258
-796
Other operating expenses
-11,387
-9,394
