· Operating income increased by 67.0% (29.5%) to SEK 336.6 million (SEK 201.5 m).
· The profit after tax was SEK 134.1 million (SEK 75.3 m).
· Earnings per share increased to SEK 4.88 (SEK 2.76).
· Net deposits totalled SEK 4,450 million (SEK 3,600 m), corresponding to 14.9% (22.2%) of the total value of custodian accounts at the beginning of the year.
Comments from the Managing Director
“Our customers should feel that they have chosen Sweden’s best bank for savings. If Avanza is to achieve this position, we must constantly develop better and better savings products. This spring Avanza launched the market’s first occupational pension with absolutely no fixed charges, along with Avanza Zero – the no-fee index fund. During the third quarter, we launched Placera Nu, which is Sweden’s only web magazine focusing on savings and investments. And we will be introducing more completely new savings concepts later in the autumn, too,” says Nicklas Storåkers, Managing Director of Avanza.
“The expansion of Avanza is yielding clear results in the form of more new customers. And it is absolutely critical to our long-term growth that there is a in-depth confidence in us amongst Swedish savers, so it’s enormously flattering to find that in a recent major survey, Avanza was declared to be Sweden’s third most respected company, after IKEA and TetraPak.”
“The downward adjustment of the stock market during the late spring and early summer calmed the market down, and as a result, net deposits were low in Q3. The inflow of customers has, however, been good, and net deposits revived once more towards the end of September. We believe that the vigorous trend will see out the rest of the year.”
