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Avanza
Avanza Bank Holding |
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Avanza Bank Holding |
  SEK |  %   SEK

Interim Report January-September 2018

 · Regulatorisk information

Third quarter 2018 compared to third quarter 2017

  • Customer growth was strong and 32,200 (31,200) new customers were added
  • Net inflow improved by 42 per cent to SEK 8,380 million (5,900)
  • Operating income increased by 18 per cent mainly due to higher fund commissions, although all income streams improved
  • Operating expenses rose by 9 per cent mainly due to increased personnel costs as a result of larger development efforts. Full-year costs are still expected to grow by nearly 11 per cent compared to 2017
  • Tax on profit for the period was affected by the Swedish Tax Agency’s decision in the third quarter to impose a retroactive tax on Avanza related to intermediary commissions in Försäkringsaktiebolaget Avanza Pension, as announced in the interim report for the second quarter. This resulted in an increased tax cost of SEK 6 million for the quarter, of which SEK 2 million relates to the current year. The decision will not be appealed
  • Net profit amounted to SEK 106 million, an increase of 20 per cent
  • Avanza Global, the world’s cheapest global index fund, was launched
  • Avanza ranked as the most reputable bank in Nordic Brands’ survey
  • Avanza climbed from 26th to 10th place on Lynxeye’s list of Sweden’s most purposeful brands
  • In early October, the margin loan was improved to allow customers to borrow up to SEK 50,000 at 0% interest

Quote from Rikard Josefson, CEO Avanza

“A bullish stock market, coupled with new product launches, improved the net inflow and strengthened customer growth in the quarter. The number of new fund owners at Avanza was high. Quarterly operating profit reached a record level despite that – or presumably because – we continue to revolutionise the market with cheaper, better and simpler products and now have free offers in every product area.”

Q3 Q2 Change Q3 Change Jan-Sep Jan-Sep Change
2018 2018 % 2017 % 2018 2017 %
Operating income, SEK m¹ 267 244 10 227 18 782 705 11
Operating expenses, SEK m¹ –135 –153 –12 –123 9 –440 –378 16
Operating profit, SEK m 132 90 47 104 27 342 327 4
Net profit, SEK m 106 79 34 89 20 289 280 3
Earnings per share, SEK 3.54 2.64 34 2.97 19 9.63 9.40 3
Operating margin, %¹ 49 37 13 46 4 44 46 –3
Net inflow, SEK m 8,380 4,840 73 5,900 42 21,200 23,200 –9
No. of new customers (net) 32,200 23,300 38 31,200 3 97,900 97,500 0
Savings capital at the end of the period, SEK m² 331,000 307,100 8 281,000 18 331,000 281,000 18

This information is information that Avanza Bank Holding AB (publ) is obliged to make public pursuant to the EU Market Abuse Regulation and the Securities Markets Act. The information was submitted for publication, through the agency of the contact person set out below, at 08.15 (CEST) on 18 October 2018.

This Interim Report is published in Swedish and English. In the event of any difference between the English version and the Swedish original, the Swedish version shall prevail.