First quarter 2024 compared to first quarter 2023
- Operating income increased by 10 per cent to SEK 951 million. Net interest income rose, mainly due to higher market interest rates. Fund commissions and net currency-related income were also higher. Net brokerage income and other income decreased
- Operating expenses increased by 5 per cent to SEK 303 million, mainly due to higher personnel costs
- Operating profit amounted to SEK 647 million, an increase of 12 per cent
- Profit for the period was SEK 555 million, an increase of 11 per cent
- Earnings per share before dilution amounted to SEK 3.53, an increase of 10 per cent
- The Annual General Meeting on 11 April resolved to re-elect the Chairman of the Board and all board members with the exception of Catharina Eklöf, Hans Toll and Sofia Sundström, who declined re-election. John Hedberg was elected as Deputy Chairman of the Board. Julia Haglind and Lisa Åberg were elected as new board members. It was resolved to pay a dividend of SEK 11.50 per share, as proposed, corresponding to 91 per cent of profit for 2023
Events during the quarter
- Gustaf Unger was appointed and took over as CEO of Avanza
- The option to place orders via Nasdaq's Nordic@Mid Darkpool directly through the platform was added. Trading via darkpools had previously been available mainly to institutional customers
- Avanza ranked in the top 100 on Equileap's gender equality list of companies in 27 countries
Quote from Gustaf Unger, CEO Avanza
"We begin the second quarter with a positive sentiment and with a strong quarter behind us. The stock market performed well in several markets in the first quarter, leading to increased customer activity and continued high net inflows of SEK 22 billion. All in all, this gave us our second strongest quarterly result ever. We have also launched many popular features for our customers".
| Q1 | Q4 | Change | Q1 | Change | ||
| 2024 | 2023 | % | 2023 | % | ||
| Operating income, SEK m | 951 | 882 | 8 | 868 | 10 | |
| Operating expenses, SEK m | -303 | -306 | -1 | -289 | 5 | |
| Operating profit, SEK m | 647 | 580 | 12 | 579 | 12 | |
| Profit for the period, SEK m | 555 | 499 | 11 | 501 | 11 | |
| Earnings per share before dilution, SEK | 3.53 | 3.18 | 11 | 3.20 | 10 | |
| Operating margin, % | 68 | 66 | 2 | 67 | 1 | |
| Return on shareholders' equity, % | 36 | 36 | 0 | 38 | -2 | |
| Net inflow, SEK m | 22,000 | 18,100 | 22 | 17,000 | 29 | |
| No. of new customers (net) | 49,800 | 27,900 | 79 | 41,100 | 21 | |
| No. of customers at the end of the period | 1,950,800 | 1,901,100 | 3 | 1,817,800 | 7 | |
| Savings capital at the end of the period, SEK m | 858,900 | 781,700 | 10 | 715,700 | 20 | |
| Income to savings capital ratio, % | 0.46 | 0.47 | -0.01 | 0.50 | -0.04 | |
| Costs to savings capital ratio, % | 0.15 | 0.16 | -0.02 | 0.17 | -0.02 |
A webcast presentation will be held by Gustaf Unger, CEO, and Anna Casselblad, CFO, on 19 April 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 7.1 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 2024-04-19 07:45 CEST.
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Gustaf Unger, CEO
