Interim report January–September 2007
Financial development January–September
• Revenues increased by 21 percent to SEK 592.2 million
• Profit increased by 10 percent to SEK 181.1 million
• Profit per share increased by 10 percent to SEK 1.10
• Profit before tax increased by 12 percent to SEK 257.2 million
Financial development for the third quarter
• Revenues increased by 43 percent to SEK 197.9 million
• Profit increased by 57 percent to SEK 56.4 million
• Profit per share increased by 57 percent to SEK 0.34
• Profit before tax increased by 59 percent to SEK 81.1 million
Business development
• Number of accounts increased by 24 percent* to 174,500
• Assets in deposits increased by 30 percent* to SEK 57.5 billion
• Number of trades per day increased by 17 percent* to 36,100
• Assets in deposits for mutual funds increased by 52 percent* to
SEK 6.9 billion
• Assets in deposits for Nordnet Pension increased by 127 percent* to SEK 6.6 billion
• Cash deposits increased by 28 percent* to SEK 7.7 billion and lending increased by 34 percent* to SEK 4.0 billion
• Launch of banking services begun, cooperation with ICA Banken launched, decision made to start up Nordnet Poland in 2008
* In comparison with September 30, 2006
CEO’s comment
The third quarter was significantly stronger compared to the third quarter 2006. Profits so far this year is on a record level. My forecast is that 2007 will show a new record profit and a new record in the number of new accounts.
We say – Save smarter! And we mean it. We are revolutionizing savings with maximum freedom of choice and with the best possible terms. Besides that, it is equally important for us to make it fun and simple to manage your savings. Our website makes it fun and we try to make our site addicitive. We make it simple by giving you smart services like for example; switching mutual funds the same day, an integrated PPM service, simple to choose mutual funds with Nordnet Top 3, a bank account number connected to the Nordnet account for quick deposit transfers the same day and interest the same day without any float.
More and more people “save smarter”. Currently, we grow by about 25 percent new accounts a year and today we have 174,500 accounts in six markets. The total population in these markets is 107 million, so we have taken only a small part of the market. And since our offering, apart from not only share trading but also savings in mutual funds and pension savings, is introduced on more of our markets, our growth potential is increasing. The launch of banking services in Sweden have begun, which means that soon many will not need another bank apart from Nordnet. ICA Banken is an exciting example of our efforts within Partners and this cooperation should significantly affect our account growth during 2008. Poland will be the new market for Nordnet during 2008. With a population of 39 million Poland is an exciting market with one of Europe’s fastest growing stock markets. As a consequence of our strength-ened growth potential, we increase our growth target for 2008 to no lower than 30% account growth, equivalent to about 55,000 new accounts.
Save smarter!
Klas Danielsson