Estonian bank LHV Grupp’s profits fell 28 percent on year to the first quarter of 2025 (Q1 2025), the bank reported.
LHV earned a net profit of €29.2 million in Q1 2025.
Outgoing LHV Grupp CEO Madis Toomsalu told “Aktuaalne kaamera” there are three main factors behind the profit decline.
He said: “Interest rates themselves are falling, we’re essentially talking about the Euribor, effectively controlled by the central bank.
“Second, starting this year, banks are paying significantly more in advance income tax – 18 percent of profits go to taxes.
Read more: ERR.EE
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