Q2 2026 overview of Baltic-listed banks

The banks listed on the Baltic stock exchange — Artea Bank, LHV Group and Coop Pank — have already published their financial results for the second quarter of 2026, which were compared and commented on by PLY Markets. These insights were also featured by Verslo žinios in its Baltic stock market reviews.

Impairments weighed on the net profits of Artea Bank and LHV Group in the second quarter of 2026.

• “Artea Bank’s result for the second quarter of this year was almost half of what it was a year earlier. Net profit amounted to €7.8M, compared with €14.2M in the same period last year. However, this decline was primarily driven not by cash expenses but by the impairment of fund rights and goodwill, which amounted to approximately €10M.”
• Speaking of LHV Group, “the bank recorded a €4M loan impairment reversal in the second quarter of last year, it recognized €5.8M in impairment losses this year. This created an almost €10M swing between the two quarters, contributing to a 20% YoY decline in LHV Group’s net profit to €24.7M.”

Profit before impairment expenses increased.

Profit before impairment expenses grew the fastest at Coop Pank and the slowest at LHV Group: “Artea Bank’s profit before impairment expenses in the second quarter of 2026 was 12% higher than a year earlier, remained broadly in line with the first quarter of this year, and reached €20.6M. For comparison, LHV Group’s profit before impairment expenses grew at a slower pace, increasing by 6% YoY, while Coop Pank reported faster growth of 19% YoY.“

In the second quarter of 2026, banks’ net interest income increased. “For LHV Group, Q2 2026 marked the first quarter in which net interest income returned to growth, increasing 8% YoY. Meanwhile, Coop Pank maintained the positive momentum seen since the beginning of the year, with net interest income rising 15% YoY in the second quarter.“ “Artea Bank’s results supported from slightly higher interest income, with net interest income rising by 8% YoY this quarter, matching the growth rate reported by LHV Group.“

Valuation metrics: Coop Pank stands out.

PLY Markets also compared the valuation metrics of Artea Bank, LHV Group, and Coop Pank. As Artea Bank’s net profit declined, its P/E ratio increased, placing it slightly above LHV Group, while the gap compared with Coop Pank is even wider. Based on the P/BV ratio, Artea Bank has the lowest valuation, although it remains broadly similar to Coop Pank, whereas LHV Group continues to trade at a significantly higher P/BV multiple. LHV Group’s valuation premium is partly supported by its higher ROE, although Coop Pank’s ROE is now close behind despite trading at lower valuation multiples. Meanwhile, Artea Bank’s ROE remains significantly lower than that of both LHV Group and Coop Pank.