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Second quarter 2018 compared to second quarter 2017
· Customer growth remained positive at 23,300 (27,900) despite an unsettled market
· Net inflow in the quarter was SEK 4,840 million (8,710). The share of net inflow from existing customers decreased
· Operating income increased by 4 per cent, mainly due to higher fund volymes and, as a result, higher fund commissions. Brokerage income decreased due to lower turnover
· Operating expenses increased by 17 per cent. The cost increase is a result of expanded development capacity for future growth, where a larger share than planned was devoted this spring to regulatory implementation. The cost increase in the second quarter was according to plan
· The cost increase for 2018 will be nearly 11 per cent, compared to the previous estimate of 8-10 per cent. A decision was made to recruit 20 new employees in innovation and development this autumn to further expand the capacity of the development team. The long-term plan to maintain a yearly cost increase of 8-10 per cent remains unchanged
· Net profit of SEK 79 million, a decrease of 11 per cent compared to previous year
· After the end of the quarter, the Swedish Tax Agency announced that it intends to impose a retroactive tax on Avanza Pension for 2016. If the equivalent is done for 2017 and 2018, the total tax expense is estimated at SEK 5 million. Avanza will consider a possible appeal
· For the fourth year Avanza was awarded for the best customer service in financial services in Service Score's ranking
· Avanza Corporate Finance was named the best advisor in the category "quality in small cap class", according to SvD Börsplus IPO-guide
· Sustainability aspects were implemented by Avanza's funds
Quote from Rikard Josefson, CEO Avanza
"We at Avanza are driven by still having much to do in the savings market. While cost control is strategically important to us, we will not let it limit our development. The industry is changing faster than ever and after my first half year as CEO I feel that we need to increase capacity in order to more quickly deliver on our ambitions."
Q2 Q1 Change Q2 Change Jan Jan Change
2018 2018 % 2017 % 2018 2017 %
Operating 244 271 -10 234 4 515 478 8
Operating -153 -152 1 -131 17 -305 -255 20
Operating 90 120 -25 103 -13 209 224 -6
Net 79 104 -24 89 -11 183 192 -5
Earnings 2.64 3.45 -24 2.97 -11 6.10 6.43 -5
Operating 37 44 -7 44 -7 41 47 -6
Net 4,840 7,960 -39 8,710 -44 12,800 17,300 -26
No. new 23,300 42,400 -45 27,900 -16 65,700 66,200 -1
Savings 307,100 288,700 6 270,300 14 307,1 270,3 14
the 0 0
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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 12 July 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.
For further information please contact:
Rikard Josefson, CEO
+46 70 206 69 55
Birgitta Hagenfeldt, CFO and Deputy CEO
+46 73 661 80 04
Sofia Svavar, Head of Investor Relations
+46 8 409 420 17
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. Services include saving in shares, funds, savings accounts and a strong pension offering. Avanza has more than 750,000 customers with over SEK 300 billion in total savings capital. This is equivalent to 3.7 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 SKI's (Swedish Quality Index) award, "Year's Most Satisfied Savings Customers". For more information visit: investors.avanza.se/en
Ekstern link: http://news.cision.com/avanza/r/interim-report-january-june-2018,c2573703
Ekstern link: http://mb.cision.com/Main/350/2573703/877079.pdf
Nyheten er levert av Cision.