Comments from the Managing Director
”The profit increased by 44 per cent during the third quarter and we believe that Avanza Bank overall, has every chance of achieving our long-term goal of a 15-20 per cent growth in profits in 2011. We can also see good potential for growth in the years ahead but we intend, during the fourth quarter, to review the rate of cost increases as part of our response to external turbulence and as we look ahead to 2012”, says Nicklas Storåkers, Managing Director of Avanza Bank.
”The net inflow during the quarter improved by 13 per cent in comparison with the corresponding period in 2010, with demand particularly strong for Sparkonto+ which doubled its savings capital during the quarter. We are not satisfied with that and the fourth quarter will see the launch of new products that we expect to make an immediate contribution by strenghten the net inflow still further.”
”In many ways, a weak market results in Avanza Bank gaining even more new customers, as savers pay increasingly close attention to the amount they are paying in fees, which benefits Avanza Bank because we offer the market’s lowest fees. The new year will also see the launch of the new investment savings account, which is expected to prompt more Swedes to review their savings, but the biggest long-term growth potential lies in the adoption of extended statutory augmentation of transfer rights for pension savings. Swedish savers have almost twice as much in saving for their pensions as they have in direct equity and investment fund savings, and the expansion in transfer rights will enable our customers to transfer their pension savings to us. A law proposal on transfer rights is expected in early 2012.”
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
The information contained in this report comprises information both that Avanza Bank Holding AB (publ.) is obliged to provide and that it has chosen to provide in accordance with the provisions of the Swedish Securities Market Act and the Swedish Financial Instruments Trading Act. The information has been released to the market for publication at 08.15 (CET) on 13th October 2011.