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Avanza
Avanza Bank Holding |
  SEK |  %   SEK

Preliminary Financial Statement 2019

Fourth quarter 2019 compared to fourth quarter 2018

  • Customer growth was 37,300 (28,600), an increase of 30 per cent
  • Net inflow in the quarter was SEK 6,820 million (6,360), an increase of 7 per cent
  • Operating income increased by 23 per cent. All revenue lines improved, but mainly net interest income and fund commissions
  • Operating expenses increased by 16 per cent, excluding Försäkringsaktiebolaget Avanza Pension’s fine of SEK 35 million in the fourth quarter 2018 and write-down of SEK 8.3 million of a leased asset in the fourth quarter 2019. The write-down relates to the consolidation of Avanza’s offices under one roof in Stockholm. Underlying costs increased mainly due to higher personnel costs
  • The cost increase for the full-year was 10.6 per cent, excluding the above-mentioned write-down of SEK 8.3 million and the SEK 35 million fine, in line with the previously communicated budgeted figure of 10.5 per cent. In 2020, the cost increase is estimated at around 10 per cent, within range of the long-term projection of an annual cost increase of 9-12 per cent. The cost increase for 2020 includes neither the write-down of SEK 8.3 million in 2019 nor the extraordinary costs associated with the move, which are estimated at SEK 11 million in 2020
  • Net profit amounted to SEK 121 million. Excluding the fine in 2018 and the write-down of SEK 8.3 million in the fourth quarter 2019, net profit increased by 36 per cent
  • The Board of Directors proposes a dividend of SEK 2.30 (2.10) per share, corresponding to 79 percent of net profit for the year
  • Avanza was awarded Sweden’s most satisfied customers in the savings category for the tenth consecutive year by the Swedish Quality Index (SQI)
  • Launched Avanza USA, Sweden’s cheapest US mutual fund for private investors
  • Avanza was named Bank of the Year 2019 by the magazine Privata Affärer for the second year in a row

Quote from Rikard Josefson, CEO Avanza
“Operating profit for 2019 was record-high, and after several years of investment in development and growth we reached our target to have income increase faster than costs. Thanks to my fantastic colleagues, we also won the Swedish Quality Index’s (SQI) award for Sweden’s most satisfied savings customers for the tenth year in a row. Now we are looking ahead to 2020 and taking the opportunity to launch new long-term targets – obviously while maintaining a focus on customer satisfaction but also savings capital.”


Q4Q3ChangeQ4ChangeJan-DecJan-DecChange
20192019%2018%20192018%
Operating income, SEK m3293135267231,1931,04914
Operating expenses, SEK m-187-14826-190-1-666-6296
Operating profit, SEK m140163-14768352041824
Net profit, SEK m121138-126010244734928
Earnings per share before dilution, SEK0.790.91-130.40992.942.3227
Operating margin, %4352-9291444404









Net inflow, SEK m6,8209,940-316,360732,60027,60018
No. of new customers (net)37,30036,800228,60030139,300126,50010
Savings capital at the end of the period, SEK m407,700377,1008300,00036407,700300,00036

A webcast presentation will be held by Rikard Josefson, CEO, and Birgitta Hagenfeldt, CFO, on 21 January 2020 at 10.00 (CEST). The presentation will be held in English and there will be opportunities to ask questions. The presentation can be followed at investors.avanza.se. Phone number for participants:

  • Sweden: +46 (0)8 566 426 51
  • UK: +44 33 330 008 04
  • US: +1 63 191 314 22
  • Confirmation code: 27674885#

This Preliminary Financial Statement 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:
Rikard Josefson, CEO
+46 70 206 69 55
rikard.josefson@avanza.se

Birgitta Hagenfeldt, CFO and Deputy CEO
+46 73 661 80 04
birgitta.hagenfeldt@avanza.se

Sofia Svavar, Head of Investor Relations
+46 8 409 420 17
sofia.svavar@avanza.se

Avanza is a digital platform for savings and investments, founded in 1999. The Parent Company, Avanza Bank Holding AB (publ), is listed on the Stockholm Stock Exchange. Avanza’s customer promise is a better return on your savings than with any other bank or pension provider in Sweden. Services include saving in shares, funds, savings accounts, mortgages and a strong pension offering. Avanza has more than 950,000 customers with over SEK 400 billion in total savings capital. This is equivalent to 4.3 per cent of the Swedish savings market. Avanza is largest in terms of number of transactions among Swedish banks on the Stockholm Stock Exchange including First North. During the last ten years Avanza has won SKI’s (Swedish Quality Index) award, “Year’s Most Satisfied Savings Customers”. For more information visit: investors.avanza.se