- Operating income decreased by 21 per cent (+2%) to SEK 109 million (SEK 138 m)
- The profit after tax decreased by 19 per cent (–4%) to SEK 44 million (SEK 54 m)
- Earnings per share decreased by 19 per cent (–3%) to SEK 1.60 (SEK 1.98)
- Net savings totalled SEK 2,000 million (SEK 2,790 m), corresponding to 6 per cent (6%) of the savings capital at the beginning of the year
- The number of accounts increased by 4 per cent (+18%) to 236,000 (226,000 as of 31st December 2008) and the total savings capital increased by 9 per cent (–3%) to SEK 37,600 million (SEK 34,600 m as of 31st December 2008)
Comments from the Managing Director
“The strong inflow of new customers continued during the first quarter. Over 10,000 new accounts have been opened since the beginning of the year and the total number of accounts has consequently increased over the last twelve months by 21 per cent. Net savings totalled SEK 2,000 million during the first quarter, and our growth is consequently well in line with our long-term goals,” says Nicklas Storåkers, Managing Director of Avanza Bank.
”Income decreased by 21 per cent, but this figure should be viewed in relation to the 36 per cent fall experienced by the stock market over the past year. The fact that our income has fallen by considerably less than that of the stock market is due to the healthy underlying growth in new accounts. At the same time, we have also successfully exceeded our cost-cutting goal of 10-15 per cent by implementing an 18 per cent cut for the quarter.
”The positive stock market performance in recent weeks has had a noticeable effect. In early April, we set a record in terms of the number of visitors to our site, and levels of trading activity, new accounts and net savings have all increased substantially in recent times. And we will be implementing a major product launch in early May.”
For additional information, please contact:
Nicklas Storåkers, Managing Director of Avanza Bank, tel: +46 70 861 80 01
Birgitta Hagenfeldt, CFO of Avanza Bank, tel: +46 73 661 80 04
