- Operating income increased by 41 per cent (–21 %) to SEK 154 million (SEK 109 m) - The profit after tax increased by 66 per cent (–19 %) to SEK 73 million (SEK 44 m) - Earnings per share incresaed by 66 per cent (–19 %) to SEK 2.66 (1.60) - Net inflow totalled to SEK 4,420 million (SEK 2,000 m), corresponding to 7 per cent (6 %) of savings capital at the beginning of the year - The number of accounts increased by 9 per cent (4 %) to 304,200 (279,000 as of 31st December 2009), and the total savings capital increased by 16 per cent (9 %) to SEK 71,000 million (SEK 61,300 m as of 31st December 2009) Comments from the Managing Director “Earnings per share increased by 66 per cent during the first quarter to SEK 2.66 per share. The increase was due, in part, to a very strong stock market performance over the course of the past year and, in part, to a record-high net inflow of capital and customers,” says Nicklas Storåkers, Managing Director of Avanza Bank.” “The net inflow to Avanza Bank achieved new record levels during the first quarter, rising by 121 per cent in comparison with the corresponding period last year and totalling SEK 4,420 million. Continued healthy demand for endowment insurance-based savings also helped boost the high net inflow. Saving in occupational pensions is also growing rapidly and we gained a number of new clients during the quarter. Occupational pensions accounted for 5 per cent of the net inflow and 22 per cent of the total number of new accounts during the quarter.” “Avanza Bank’s savings capital totalled SEK 71,000 million at the end of March, which is 89 per cent up on the figure one year ago. This increase generates the potential for a healthy growth in both income and profits, because there is a strong link between growth in savings capital and growth in income. We do, however, expect significant pricing pressure to continue. Avanza Bank will be launching a number of new products and services in the remaining months of 2010, and expects them to make a substantial contribution to Avanza Bank’s competitiveness.”
