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 toSEK 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 ofSEK 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 totallingSEK 30 million , operating profit amounted toSEK 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
”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
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
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 (0)72 142 96 53
gustaf.unger@avanza.se
+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.
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