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Preliminary Financial Statement 2017

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Fourth quarter 2017 compared to fourth quarter 2016

  • Customer growth was 42,500 (29,300), a new quarterly record
  • Net inflow in the quarter was SEK 3,550 million, a decrease of 43 per cent and mainly due to a few large individual withdrawals amounting to SEK 2,200 million 
  • Operating income increased by 11 per cent, a result of higher fund commissions and other income. Other income increased mainly due to higher income from Corporate Finance and higher currency-related income
  • Operating expenses increased by 23 per cent, mainly due to an increased number of employees and higher other costs. The cost increase is to a large extent attributable to expanded development capacity for further growth
  • Net profit of SEK 98 million, a decrease of 3 per cent
  • The full-year cost increase was 20 per cent, in line with previous forecast. Costs are now expected to return to a yearly growth rate of 8-10 per cent
  • The Board of Directors proposes a dividend of SEK 10.50 (10.50) per share
  • Avanza launched Sweden’s lowest mortgage rate with no requirement of other engagement
  • Avanza was awarded Sweden’s most satisfied customers in the savings category for the eighth consecutive year by the Swedish Quality Index (SQI)
  • Savings capital in Avanza Auto passed SEK 1 billion
  • The long-term target of a market share of at least 9 per cent of the total net inflow to the Swedish savings market was adjusted upwards to a market share of at least 10 per cent
  • Avanza’s new CEO Rikard Josefson assumed his position on 6 November

Quote from Rikard Josefson, CEO Avanza

“I have never in all my years seen such passion for the customer and willingness to always, down to the smallest detail, try to improve Avanza’s offering. Our strong culture has always been and will always be critical to Avanza’s success.”

Q4 Q3  Change Q4  Change  Jan-Dec  Jan-Dec Change
2017 2017 % 2016 % 2017 2016 %
Operating income, SEK m 274 229 20 247 11 985 919 7
Operating expenses, SEK m –160 –125 28 –130 23 –544 –453 20
Operating profit, SEK m 114 104 9 117 –3 441 465 –5
Net profit, SEK m 98 89 11 101 –3 379 399 –5
Earnings per share, SEK 3.27 2.97 10 3.39 –4 12.66 13.45 –6
Operating margin, % 41 45 –4 47 –6 45 51 –6
Net inflow, SEK m 3,550 5,900 –40 6,210 –43 26,800 26,500 1
No. new customers (net) 42,500 31,200 36 29,300 45 140,000 103,000 36
Savings capital at the end of the period, SEK m  273,400  272,000 1  231,000 18  273,400  231,000 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 (CET) on 18 January 2018.

This Preliminary Financial Statement 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.

For further information please contact:

Rikard Josefson, CEO
+46 70 206 69 55
rikard.josefson@avanza.se

Birgitta Hagenfeldt, CFO and Deputy CEO
+46 73 661 80 04
birgitta.hagenfeldt@avanza.se

Sofia Svavar, Head of Investor Relations
+46 8 409 420 17
sofia.svavar@avanza.se

Avanza is a digital platform for savings and investments, 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 pension provider in Sweden – due to low fees. Services include saving in shares, funds, savings accounts and a strong pension offering. Avanza has over 700,000 customers with more than SEK 270 billion in total savings capital. This is equivalent to 3.6 per cent of the Swedish savings market. Avanza is largest in terms of number of transactions among Swedish banks on the Stockholm Stock Exchange including First North. During the last eight years Avanza has won SQI’s (Swedish Quality Index) award, “Year’s Most Satisfied Savings Customers”. For more information visit: http://investors.avanza.se/en

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Interim report Q4 Avanza Preliminary Financial Statement 2017

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I have never in all my years seen such passion for the customer and willingness to always, down to the smallest detail, try to improve Avanza’s offering. Our strong culture has always been and will always be critical to Avanza’s success.
Rikard Josefson, CEO Avanza