LHV Group remained in a downward trend at the beginning of 2026. In the first quarter, the company earned €19.7M in net profit – €9.5M less (-32% YoY) than a year ago, and overall the weakest first-quarter net profit result since 2023.

Net profit

The bank’s main source of income – interest income – remained stable in the first quarter of this year (+1.3% YoY). However, costs were higher than a year ago, so net interest income declined by 4%. Still, compared with the end of 2025, net interest income at the start of 2026 remained at a similar level – above €59M.

Net interest income

This quarter, the results were particularly negatively affected by a surge in administrative and other operating expenses, which increased by nearly €5M (+33% YoY) compared with the same period last year. Staff costs also continued to rise this year by €3M (+14%).

Staff, administrative and other operating expenses

Last year, first-quarter results were under strong pressure from impairment losses on loans and financial instruments, whereas this year impairment were €4M lower.

The loan portfolio grew by €120M (+2% QoQ) during the first quarter of 2026 and reached €5.59bn. A year earlier, during the same period, the growth in loans issued by the bank was faster – €177M (+4% QoQ).