The figure was, however, 37 percent (€6.6 million) down on the last quarter of 2020, when performance fees related to the management of pension funds was factored into profits reported.

The bank's net profits totaled €11.8 million during Q1 2021, LHV informed the stock exchange, and incorporated €2.2 million euros from servicing clients relating to the U.K. branch.

The company's asset management arm, LHV Varahaldus, finished up the period with a net loss of €0.6 million, while insurer LHV Kindlustus, part of the same group, reported a net loss of €0.3 million.

LHV was nonetheless ahead of its financial plan for 2021, published in February, to the tune of €0.9 million, at the end of the quarter, the bank says.

LHV quarterly report quick facts:

• Return on equity for Q1 2021: 18.2 percent.
• Consolidation group's assets volume rose to €5.68 billion.
• Consolidated loan portfolio grew by €96 million (4 percent) to €2.3 billion.
• Deposits rose by €614 million (15 percent) to €4.73 billion, the bulk of it from financial intermediaries.
• Proportion of deposit platforms decreased by €35 million.
• Total volume of funds managed by LHV increased by €50 million, or 3 percent, during the quarter, to €1.59 billion.
• In the final quarter of 2020, the volume of funds rose by €41 million.

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