Comments from the Managing Director
”The net inflow to Avanza Bank totalled in excess of SEK 7,000 million during the first half of the year, corresponding to an increase of 57 per cent in comparison with the equivalent period last year. The net inflow increased by 6 per cent during the second quarter to SEK 2,640 million. A total of 43,700 new accounts were also gained during the first half of the year, setting another new record. Earnings per share increased by 35 per cent during the first half of the year and by 12 per cent during the second quarter”, says Nicklas Storåkers, Managing Director of Avanza Bank.
“The stock market has now levelled off in the wake of the steep rises from the very low levels seen in early 2009, and the savings market is expected to demonstrate a calmer growth rate in the months to come. Avanza Bank’s share of the Swedish market’s net inflow market was, however, many times greater than our share of the existing savings capital market during the first quarter and we calculate that this performance was replicated during the second quarter, which means that we are rapidly taking market shares from other players. We will be implementing a number of major product launches during the third and fourth quarters and expect them to substantially boost Avanza Bank’s competitiveness. Higher interest rates being considered to improve net interest income on deposits. As a result, and even if the growth rate in savings market becomes somewhat calmer in the months ahead, we anyway calculate that the preconditions for achieving our long-term growth goal of 15–20 per cent per annum are excellent.”
For additional information:
Nicklas Storåkers, Managing Director of Avanza Bank, tel: +46 (0)70 861 80 01
Birgitta Hagenfeldt, CFO of Avanza Bank, tel: +46 (0)73 661 80 04