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Avanza
Avanza Bank Holding |
  SEK |  %   SEK

Interim Report, 1st January – 30th June 2007

• Operating income increased by 10.1 per cent (95.9%) to SEK 274.6 million (SEK 249.4 m)
• The profit after tax was SEK 110.2 million (SEK 100.2 m)
• Earnings per share increased to SEK 4.01 (SEK 3.65)
• The number of accounts increased by 13.0 per cent (11.3%) to 146,900 (130,000 as of 31st December 2006) and the total savings capital increased by 15.0 per cent (17.1%) to SEK 49,700 million (SEK 43,200 million as of 31st December 2006)
• On 11th July 2007, Avanza concluded an agreement to acquire Ikanobanken’s investment fund and pension savings operations for a maximum of SEK 8.5 million. The operations comprise 18,300 accounts with a total savings capital of SEK 690 million

Comments from the Managing Director
“Avanza gained 16,900 new accounts during the first six months of the year. This is an increase of over 40 per cent on the corresponding period in 2006 and more than we gained during the whole of 2005. Avanza’s growth is accelerating as a direct effect of both active additional selling and our expansion into new target groups. Widespread interest in endowment insurance has also contributed to this success,” says Nicklas Storåkers, Managing Director of Avanza.

“Operating income increased by 10 per cent, which fell short of our long-term goals. The shortfall was due, in part, to brokerage coming under pricing pressure, but this effect is expected to level off during the latter half of the year. Non-brokerage income accounted for 53 per cent of total operating income during the first half of the year and corresponded to 117 per cent of costs. Cost increases are also under tight control, totalling 12 per cent during the first six months of the year.

“Avanza will be offering a range of new products and services this autumn for both active savers and those who need more support for their investments. Later in the year, Avanza will also be involved, for the first time ever, when three million savers are given freedom of choice in the context of collective agreement-based occupational pension plans later this year, and this too, is an area in which we can offer the lowest fees. We will also be working intensively, throughout the autumn, to further raise the tempo of our work as we move towards 2008.

“The acquisition of Ikanobanken’s investment fund operations confirms Avanza’s position as Sweden’s biggest player in the on-line savings sector. We are, furthermore, convinced that the transfer to Avanza will be a positive experience for these customers. Not only will Avanza will be offering equivalent or lower fees, but the number of funds from which the customers can choose will increase from four to over 800.”

For additional information, please contact Nicklas Storåkers, Managing Director of Avanza, tel: +46 70 861 80 01.

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