Fourth quarter 2023 compared to fourth quarter 2022
- Operating income increased by 4 per cent to SEK 882 million. Net interest income rose, mainly due to higher market interest rates. Fund commissions and net currency-related income were also higher, while net brokerage income decreased as a result of lower trading activity. Other income decreased
- Operating expenses increased by 12 per cent to SEK 306 million, mainly due to higher personnel costs and other expenses
- Costs for the full year amounted to SEK 1,148 million, which was slightly below the cost cap of SEK 1,160 million for the full year, as previously announced. The cost increase for 2024 is estimated at 9.5 (11) per cent
- Operating profit amounted to SEK 580 million, an increase of 1 per cent
- Profit for the period was SEK 499 million, an increase of 1 per cent
- Earnings per share before dilution amounted to SEK 3.18, an increase of 1 per cent
- The Board of Directors proposes a dividend of SEK 11.50 per share (7.50), corresponding to 91 per cent of the profit for 2023
Events during the quarter
- Gunnar Olsson was appointed as Acting CEO after the management suitability assessment of Knut Frängsmyr was withdrawn
- Avanza received the Swedish Quality Index's award for most satisfied customers in the savings category for the 14th year in a row
- Two new fixed income funds were launched - Avanza Ränta Global and Avanza Ränta Kort
- Avanza's emission reduction targets were verified and approved by Science Based Target initiative
- Philip Scholtzé was recruited to the position of Savings Economist and will begin on 1 February
Quote from Gunnar Olsson, acting CEO Avanza
"We are presenting a strong report for the quarter, but also for the year as a whole, which produced the highest income generation in Avanza's history. At the end of the year we saw signs that optimism is returning to the stock market after signals that interest rates have peaked. Let's hope that better times are ahead. Our customers have continued to save - according to the latest data from the third quarter, our customers accounted for no less than 33% of the net inflow to the savings market."
| Q4 | Q3 | Change | Q4 | Change | Jan-Dec | Jan-Dec | Change | |
| 2023 | 2023 | % | 2022 | % | 2023 | 2022 | % | |
| Operating income, SEK m | 882 | 854 | 3 | 847 | 4 | 3,437 | 2,973 | 16 |
| Operating expenses, SEK m | -306 | -266 | 15 | -273 | 12 | -1,148 | -1,031 | 11 |
| Operating profit, SEK m | 580 | 588 | -1 | 573 | 1 | 2,292 | 1,940 | 18 |
| Profit for the period, SEK m | 499 | 510 | -2 | 494 | 1 | 1,982 | 1,666 | 19 |
| Earnings per share before dilution, SEK | 3.18 | 3.25 | -2 | 3.16 | 1 | 12.64 | 10.69 | 18 |
| Operating margin, % | 66 | 69 | -3 | 68 | -2 | 67 | 65 | 1 |
| Return on shareholders' equity, % | 36 | 41 | -5 | 42 | -6 | 38 | 36 | 2 |
| Net inflow, SEK m | 18,100 | 21,200 | -15 | -7,450 | - | 72,300 | 23,600 | 207 |
| No. of new customers (net) | 27,900 | 31,300 | -11 | 12,700 | 120 | 124,400 | 116,600 | 7 |
| No. of customers at the end of the period | 1,901,100 | 1,873,200 | 1 | 1,776,700 | 7 | 1,901,100 | 1,776,700 | 7 |
| Savings capital at the end of the period, SEK m | 781,700 | 715,400 | 9 | 663,900 | 18 | 781,700 | 663,900 | 18 |
| Income to savings capital ratio, % | 0.47 | 0.47 | 0.00 | 0.52 | -0.05 | 0.48 | 0.42 | 0.05 |
| Costs to savings capital ratio, % | 0.16 | 0.15 | 0.02 | 0.17 | 0.00 | 0.16 | 0.15 | 0.01 |
A webcast presentation will be held by Gunnar Olsson, Acting CEO, and Anna Casselblad, CFO, on 19 January 2024 at 10.00 (CET). 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 Preliminary Financial Statement 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:
Gunnar Olsson, acting CEO
+46 (0)70 162 75 07
gunnar.olsson@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 750 billion in total savings capital. This is equivalent to 6.5 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
This information is information that Avanza Bank Holding AB is obliged to make public pursuant to the EU Market Abuse Regulation. The information was submitted for publication, through the agency of the contact persons set out above, at 2024-01-19 07:45 CET.
