Comments from the Managing Director
”Earnings per share during the last year have increased by 30 per cent to SEK 9.63 per share. We are rapidly gaining new market shares and the net inflow during the past year totalled SEK 11,000 million, exceeding our long-term goal. This, coupled with a strong stock market performance, has seen the savings capital increase by 35 per cent in a single year. Costs are, as previously stated, expected to increase by around 25 per cent in 2010, while the cost increase next year is expected to return to between 15 and 20 per cent per year. Taken as a whole, this generates excellent potential for a continued growth in profits”, says Nicklas Storåkers, Managing Director of Avanza Bank.
“Both the net inflow and activity levels amongst customers were low during the summer in the wake of the turbulence suffered in the financial markets this past spring. The brokerage income decreased with 9 per cent compared to the same quarter in 2009 and by 20 per cent compared to the second quarter. The net inflow during the third quarter decreased by 52 per cent to SEK 1,370 million. Customer interest and activity revived in September. The net inflow during September totalled SEK 640 million and SEK 460 million during the first ten days of October.”
“In September, we launched a scheme giving our customers the opportunity to open savings accounts in other banks and credit market companies, via Avanza Bank. This allows the customer to invest more money with state deposit guarantees than via any other bank, and at a better interest rate than any major bank. The scheme has attracted considerable interest and 1,900 accounts with total deposits of SEK 240 million have been opened since the launch. We are conducting discussions with several other institutions and our aim is to increase the range of external savings accounts on offer. We will also be launching other products during the fourth quarter and expect them to boost our competitiveness.”
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