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Avanza Bank Holding |
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Interim Report January-June 2018

Second quarter 2018 compared to second quarter 2017

  • Customer growth remained positive at 23,300 (27,900) despite an unsettled market
  • Net inflow in the quarter was SEK 4,840 million (8,710). The share of net inflow from existing customers decreased
  • Operating income increased by 4 per cent, mainly due to higher fund volymes and, as a result, higher fund commissions. Brokerage income decreased due to lower turnover
  • Operating expenses increased by 17 per cent. The cost increase is a result of expanded development capacity for future growth, where a larger share than planned was devoted this spring to regulatory implementation. The cost increase in the second quarter was according to plan
  • The cost increase for 2018 will be nearly 11 per cent, compared to the previous estimate of 8-10 per cent. A decision was made to recruit 20 new employees in innovation and development this autumn to further expand the capacity of the development team. The long-term plan to maintain a yearly cost increase of 8-10 per cent remains unchanged
  • Net profit of SEK 79 million, a decrease of 11 per cent compared to previous year
  • After the end of the quarter, the Swedish Tax Agency announced that it intends to impose a retroactive tax on Avanza Pension for 2016. If the equivalent is done for 2017 and 2018, the total tax expense is estimated at SEK 5 million. Avanza will consider a possible appeal
  • For the fourth year Avanza was awarded for the best customer service in financial services in Service Score’s ranking
  • Avanza Corporate Finance was named the best advisor in the category “quality in small cap class”, according to SvD Börsplus IPO-guide
  • Sustainability aspects were implemented by Avanza’s funds

Quote from Rikard Josefson, CEO Avanza

“We at Avanza are driven by still having much to do in the savings market. While cost control is strategically important to us, we will not let it limit our development. The industry is changing faster than ever and after my first half year as CEO I feel that we need to increase capacity in order to more quickly deliver on our ambitions.”

Q2 Q1  Change Q2  Change Jan-Jun Jan-Jun  Change
2018 2018 % 2017 % 2018 2017 %
Operating income, SEK m 244 271 -10 234 4 515 478 8
Operating expenses, SEK m -153 -152 1 -131 17 -305 -255 20
Operating profit, SEK m 90 120 -25 103 -13 209 224 -6
Net profit, SEK m 79 104 -24 89 -11 183 192 -5
Earnings per share, SEK 2.64 3.45 -24 2.97 -11 6.10 6.43 -5
Operating margin, % 37 44 -7 44 -7 41 47 -6
Net inflow, SEK m 4,840 7,960 -39 8,710 -44 12,800 17,300 -26
No. new customers (net) 23,300 42,400 -45 27,900 -16 65,700 66,200 -1
Savings capital at the end of the period, SEK m  307,100  288,700 6  270,300 14   307,100   270,300 14

This information is information that Avanza Bank Holding AB (publ) is obliged to make public pursuant to the EU Market Abuse Regulation and the Securities Markets Act. The information was submitted for publication, through the agency of the contact person set out below, at 08.15 (CEST) on 12 July 2018.

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.