AVANZA BANK HOLDING AB Second quarter 2020 compared to second quarter 2019
- Customer growth was 53,000 (31,500), an increase of 68 per cent
- Net inflow in the quarter was
SEK 19,400 million (8,270), an increase of 134 per cent - Operating income increased by 85 per cent. All revenue lines improved. Net brokerage income increased by 148 per cent. Currency-related income and revenues from Avanza Markets, within other income, increased by 175 per cent and 43 per cent respectively. Net interest income increased mainly as a result of improved returns on surplus liquidity and larger lending volumes
- Operating expenses increased by 12 per cent, mainly due to more staff and consequently higher personnel costs
- The cost increase for the full year is, as communicated earlier, estimated as 12 per cent, which is within the long-term guidance of an annual cost increase of 9-12 per cent
- Net profit amounted to
SEK 281 million , an increase of 178 per cent Anna Casselblad was appointed new CFO and member of Group Management. She will take on her new role in the spring of 2021
- “My sustainability label” was launched for funds to facilitate sustainable savings
- Avanza 75 received a
Lipper Fund Award for best fund in the category Mixed Asset SEK Aggressive for the second consecutive year - Avanza ranked highest among banks and number six overall in
Sweden in Kantar Sifo’s reputation index for 2020 - In a unique collaboration with TIN Fonder, Avanza launched its first actively managed fund, Avanza World Tech by TIN with focus on Technology, Health and Sustainability
- Avanza announced that customers with endowment insurance will be able, beginning this autumn, to get an extra return through securities lending
Quote from
“The trend toward increased interest in savings has strengthened. Especially in the times of crisis it is obvious how important it is to have adequate savings. For Avanza, this has contributed to continued strong customer growth, where we are already in line with 2019 as a whole. Our aim to create the best platform for savings and investments is what has gotten us where we are today. Even if activity slows going forward, I am convinced that we continued to raise our lowest level during the quarter.”
| Q2 | Q1 | Change | Q2 | Change | Jan-Jun | Jan-Jun | Change | |
| 2020 | 2020 | % | 2019 | % | 2020 | 2019 | % | |
| Operating income, SEK m | 526 | 542 | –3 | 284 | 85 | 1,067 | 552 | 93 |
| Operating expenses, SEK m | –185 | –179 | 4 | –166 | 12 | –364 | –330 | 10 |
| Operating profit, SEK m | 333 | 361 | –8 | 117 | 184 | 694 | 217 | 219 |
| Net profit, SEK m | 281 | 305 | –8 | 101 | 178 | 585 | 188 | 211 |
| Earnings per share before dilution, SEK | 1.83 | 1.98 | –8 | 0.67 | 173 | 3.81 | 1.24 | 206 |
| Operating margin, % | 63 | 67 | –3 | 41 | 22 | 65 | 39 | 26 |
| Net inflow, SEK m | 19,400 | 21,900 | –11 | 8,270 | 134 | 41,300 | 15,800 | 161 |
| No. of new customers (net) | 53,000 | 86,100 | –38 | 31,500 | 68 | 139,100 | 65,200 | 113 |
| Savings capital at the end of the period, SEK m | 444,600 | 368,200 | 21 | 359,300 | 24 | 444,600 | 359,300 | 24 |
A webcast presentation will be held by
Sweden : +46 (0)8 566 426 51UK : +44 33 330 008 04- US: +1 63 191 314 22
- Confirmation code: 98215329#
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:
+46 70 206 69 55
rikard.josefson@avanza.se
Birgitta Hagenfeldt, CFO and Deputy CEO
+46 73 661 80 04
birgitta.hagenfeldt@avanza.se
Sofia Svavar, Head of Investor Relations
+46 8 409 420 17
sofia.svavar@avanza.se
Avanza is a digital platform for savings and investments, founded in 1999.
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