Interim Report January – June 2010

  • Operating income increased by 31 per cent (–10 %) to SEK 316 million (SEK 242 m)
  • The profit after tax increased by 35 per cent (6 %) to SEK 142 million (SEK 105 m)
  • Earnings per share incresaed by 35 per cent (4 %) to SEK 5.13 (3.81)
  • Net inflow totalled to SEK 7,060 million (SEK 4,500 m), corresponding to 12 per cent
    (13 %) of savings capital at the beginning of the year
  • The number of accounts increased by 16 per cent (11 %) to 322,700 (279,000 as of 31st December 2009), and the total savings capital increased by 13 per cent (36 %) to SEK 69,000 million (SEK 61,300 m as of 31st December 2009)

  Second quarter

  • Operating income increased by 21 per cent (2 %) to SEK 161 million (SEK 133 m)
  • The profit after tax increased by 11 per cent (36 %) to SEK 68 million (SEK 61 m)
  • Earnings per share increased by 12 per cent (32 %) to SEK 2.47 per share (SEK 2.21)

 
Comments from the Managing Director
”The net inflow to Avanza Bank totalled in excess of SEK 7,000 million during the first half of the year, corresponding to an increase of 57 per cent in comparison with the equivalent period last year. The net inflow increased by 6 per cent during the second quarter to SEK 2,640 million. A total of 43,700 new accounts were also gained during the first half of the year, setting another new record. Earnings per share increased by 35 per cent during the first half of the year and by 12 per cent during the second quarter”, says Nicklas Storåkers, Managing Director of Avanza Bank.

“The stock market has now levelled off in the wake of the steep rises from the very low levels seen in early 2009, and the savings market is expected to demonstrate a calmer growth rate in the months to come. Avanza Bank’s share of the Swedish market’s net inflow market was, however, many times greater than our share of the existing savings capital market during the first quarter and we calculate that this performance was replicated during the second quarter, which means that we are rapidly taking market shares from other players. We will be implementing a number of major product launches during the third and fourth quarters and expect them to substantially boost Avanza Bank’s competitiveness. Higher interest rates being considered to improve net interest income on deposits. As a result, and even if the growth rate in savings market becomes somewhat calmer in the months ahead, we anyway calculate that the preconditions for achieving our long-term growth goal of 15–20 per cent per annum are excellent.”

 

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

About Us

Avanza is an Internet bank founded in 1999. The Parent Company, Avanza Bank Holding AB (publ), is listed on the Stockholm Stock Exchange. Avanza’s customer promise is a better return on your savings than with any other bank or insurance company in Sweden – due to low fees. Services include saving in shares, funds, savings accounts and a strong pension offering. Avanza has more than 500,000 customers and more than SEK 200 billion in total savings capital. This is equivalent to 3.0 percent of the Swedish savings market. Avanza is the leader in terms of number of transactions and turnover for Swedish banks on the Stockholm Stock Exchange including First North. During the last six years Avanza has won SKI’s (Swedish Quality Index) award, “Year’s Most Satisfied Savings Customers”. For more information visit: http://www.avanza.com.

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