Avanza Bank Holding AB (publ): Interim Report January–June 2024
Second quarter 2024 compared to second quarter 2023
- Operating income increased by 11 per cent to SEK 929 million, mainly as a result of higher brokerage and currency-related income and fund commissions. Other income decreased mainly due to SEK 15.3 million in customer compensations related to interest on ISK. Operating income rose by 13 per cent excluding customer compensations
- Operating expenses increased by 19 per cent to SEK 341 million, mainly as a result of higher personnel costs and an administrative fine from IMY of SEK 15 million, as previously communicated. Excluding the administrative fine from IMY, operating expenses increased by 13 per cent
- Operating profit amounted to SEK 588 million, an increase of 8 per cent. Excluding the administrative fine from IMY and customer compensations totalling SEK 30 million, operating profit amounted to SEK 618 million, an increase of 13 per cent
- Profit for the period was SEK 506 million, an increase of 7 per cent
- Earnings per share before dilution amounted to SEK 3.22, an increase of 7 per cent
Events during the quarter
- Fredrik Broman was recruited as Chief Technology Officer and a member of Group management. He takes up his new post on 19 August. Additionally, Karin Åge has taken over as Chief Human Resource Officer and Erik Gjötterberg as Chief Business Development Officer, both joining Group Management
- Improved analysis opportunities were launched on the platform with more report data and historical performance indicators as well as the option of advanced technical analysis
- The option to hold shares in pension accounts which are under payout is now available for Private Banking and Pro
- Avanza ranked as Sweden’s most highly regarded company in the finance industry and the eighth most highly regarded company in any category in Verian’s Reputation Index 2024
Quote from Gustaf Unger, CEO Avanza
”We have the wind in our sails with many popular launches during the quarter and prestigious awards. Customer activity was strong initially, but slowed in the second half of the quarter with the stock market trending sideways and low volatility. One-off effects negatively impacted operating profit by SEK 30 million in total, while trading income, net interest income and the fund margin were stable compared to the first quarter”.
| Q2 | Q1 | Change | Q2 | Change | Jan-Jun | Jan-Jun | Change | |
| 2024 | 2024 | % | 2023 | % | 2024 | 2023 | % | |
| Operating income, SEK m | 929 | 951 | –2 | 833 | 11 | 1,879 | 1,701 | 10 |
| Operating expenses, SEK m | –341 | –303 | 12 | –287 | 19 | –644 | –577 | 12 |
| Operating profit, SEK m | 588 | 647 | –9 | 546 | 8 | 1,235 | 1,125 | 10 |
| Profit for the period, SEK m | 506 | 555 | –9 | 472 | 7 | 1,061 | 973 | 9 |
| Earnings per share before dilution, SEK | 3.22 | 3.53 | –9 | 3.02 | 7 | 6.75 | 6.21 | 9 |
| Operating margin, % | 63 | 68 | –5 | 66 | –2 | 66 | 66 | 0 |
| Return on shareholders' equity, % | 35 | 36 | –1 | 37 | –2 | 37 | 39 | –2 |
| Net inflow, SEK m | 17,200 | 22,000 | –22 | 16,100 | 7 | 39,200 | 33,100 | 18 |
| No. of new customers (net) | 33,700 | 49,800 | –32 | 24,000 | 40 | 83,500 | 65,200 | 28 |
| No. of customers at the end of the period | 1,984,500 | 1,950,800 | 2 | 1,841,900 | 8 | 1,984,500 | 1,841,900 | 8 |
| Savings capital at the end of the period, SEK m | 893,700 | 858,900 | 4 | 736,900 | 21 | 893,700 | 736,900 | 21 |
| Income to savings capital ratio, % | 0.42 | 0.46 | –0.04 | 0.46 | –0.03 | 0.44 | 0.48 | –0.04 |
| Costs to savings capital ratio, % | 0.16 | 0.15 | 0.01 | 0.16 | 0.00 | 0.15 | 0.16 | –0.01 |
A webcast presentation will be held by Gustaf Unger, CEO, and Anna Casselblad, CFO, on 12 July 2024 at 10.00 (CEST). The presentation will be held in English and there will be opportunities to ask questions. The presentation can be followed at avanza.se/ir. Further information and registration for participation is available at investors.avanza.se/en/ir/calendar/upcoming-events.
This Interim report is published in Swedish and English. In the event of any difference between the English version and the Swedish original, the Swedish version shall prevail.
For further information please contact:
Gustaf Unger, CEO
+46 (0)72 142 96 53
gustaf.unger@avanza.se
Anna Casselblad, CFO
+46 (0)8 409 420 11
anna.casselblad@avanza.se
Sofia Svavar, Chief Communications & IR Officer
+46 (0)8 409 420 17
sofia.svavar@avanza.se
Avanza is a digital platform for savings and investments, founded in 1999. The Parent Company, Avanza Bank Holding AB (publ), is listed on the Stockholm Stock Exchange. Avanza’s customer promise is that you as a customer will have more left in your own pockets than with any other bank or pension company. Services include saving in shares, funds, savings accounts, mortgages, and a strong pension offering. Avanza has over 1.9 million customers with over SEK 800 billion in total savings capital. This is equivalent to 7.5 per cent of the Swedish savings market. Avanza is largest in terms of number of transactions among Swedish banks on the Stockholm Stock Exchange. During the last 14 years Avanza has won SKI’s (Swedish Quality Index) award, “Year’s Most Satisfied Savings Customers”. For more information visit: avanza.se/ir
