Comments from the Managing Director
”The number of accounts grew by 26 per cent during the year and net inflow amounted to SEK 9,570 million. This means that we met our long term goals. The foundation for growth is that Avanza Bank has Sweden’s most satisfied savers, which also appeared in the Swedish Quality Index survey. Customer satisfaction is our focus and we believe that it is also the reason why we were named both the Bank of the Year and Life Insurance Company of the year in 2010,” says Avanza Bank’s Nicklas Storåkers, Managing Director of Avanza Bank.
”Earnings per share increased 18 per cent during the year. During the fourth quarter pre-tax profit increased by 19 per cent before valueadjustment of the holdings of shares in the Exchange Burgundy. In addition to the underlying growth obviously a strong stock market and higher interest margins contributed positively.”
”The popular savings product endowment insurance accounted for most of Avanza Bank’s net inflow. During the fourth quarter, net inflow are seasonally weak and amounted to SEK 1,130 million. Demand for the endowment insurance product continues to be very high and during the first two weeks in January 2011 the net inflow was SEK 1,530 million, compared with SEK 1,330 million in the same period last year.”
”We continue forward in 2011, as usual, with the ambition to take many small, quick steps on the Swedish savings market. We see good growth opportunities and will this year launch new products. In addition, net interest margins are expected to strengthen our revenue base. Since we have not succeeded in recruiting at the pace we wanted in the IT and web development in 2010, expenses have increased less than the 25 per cent we previously thought. This means that some recruiting will be implemented in 2011 instead. The expenses increase is therefore estimated to be in the top of the range of 15–20 per cent, which is the long-term goal. Conditions are considered as good in 2011 to achieve the long-term goal of 15–20 per cent profit growth.”
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