Record result for Nordnet during the second quarter
Nordnet today publishes its interim report for the period January-June 2020. The full report is available at www.nordnetab.com
- This is the best financial result in Nordnet's history, and we have reached new record levels for trading activity, number of customers and savings capital. I would like to extend a big thank you to all customers and employees who have made this possible. The trust of the private savers is something we earn every day, and we will continue to work hard updating our interfaces, launching new products, and offering high service and stability, says Lars-Åke Norling, CEO of Nordnet.
Nordnet had revenues of SEK 650 million during the quarter, which is 75 percent higher than the same period last year. With a cost level that has decreased by 3 percent to SEK 281 million, Nordnet reports a record profit before tax of SEK 369 million.
Nordnet now has 1,070,000 customers, and the customer growth the past twelve months is 25 percent. The savings capital amounts to SEK 425 billion, and net savings during the quarter were SEK 13.4 billion. Nordnet's total lending is now SEK 16.2 billion, where volumes in mortgages have grown by 24 percent in the past year.
- Our ambition is to build the world's best platform for savings and investments. That goes for both how our digital store is structured as well as what is on the shelves. During the quarter, we strengthened our fund offering by implementing ESG data for ETFs, which makes it possible to save sustainably in exchange traded funds. Also, at the end of June, we launched four international index funds in our own name, says Lars-Åke Norling, CEO of Nordnet.
Highlights during the quarter
- 66,800 new customers during the quarter, and now totally 1 070 000 savers with Nordnet
- Customer growth of 25 percent the past 12 months
- Record-high trading activity – 14.5 million trades during the quarter
- High net savings and rising stock markets leads to a new ATH for savings capital, 425 BSEK
- Launch of four international index funds and sustainability data for ETFs
Financial results in brief, April-June 2020 (April-June 2019)
- Operating income increased by 75 percent, amounting to SEK 650.3 million (371.2)
- Operating profit increased by 349 percent to SEK 369.1 million (82.1)
- Profit after tax rose by 311 percent to SEK 301.9 million (73.4)
- The number of new customers increased by 66,800 during the quarter
- Net savings amounted to SEK 13.4 billion (2.4)
For more information, please contact:
Johan Tidestad, Chief Communications Officer
+46 708 875 775, email@example.com
Nordnet is a digital bank for savings and investments and we operate in Sweden, Norway, Denmark and Finland. With user-friendliness, availability, a broad offering and low prices, we give our customers the opportunity to achieve their savings ambitions. Visit us at www.nordnetab.com, www.nordnet.se, www.nordnet.no, www.nordnet.dk or www.nordnet.fi.