Interim Report January - September 2010

Interim Report January - September 2010


  · Operating income increased by 23 per cent (-4 %) to SEK 454 million
(SEK 370 m)
  · The profit after tax increased by 24 per cent (12 %) to SEK 203
million (SEK 164 m)
  · Earnings per share incresaed by 23 per cent (11 %) to SEK 7.32
(5.96)
  · Net inflow totalled to SEK 8,430 million (SEK 7,380 m),
corresponding to 14 per cent (21 %) of savings capital at the beginning
of the year
  · The number of accounts increased by 20 per cent (15 %) to 335,300
(279,000 as of 31st December 2009), and the total savings capital
increased by 22 per cent (60 %) to SEK 74,600 million (SEK 61,300 m as
of 31st December 2009)

Third quarter

  · Operating income increased by 8 per cent (9 %) to SEK 138 million
(SEK 128 m)
  · The profit after tax increased by 3 per cent (26 %) to SEK 61
million (SEK 59 m)
  · Earnings per share increased by 2 per cent (26 %) to SEK 2.19 per
share (SEK 2.15)

Comments from the Managing Director

”Earnings per share during the last year have increased by 30 per cent
to SEK 9.63 per share. We are rapidly gaining new market shares and the
net inflow during the past year totalled SEK 11,000 million, exceeding
our long-term goal. This, coupled with a strong stock market
performance, has seen the savings capital increase by 35 per cent in a
single year. Costs are, as previously stated, expected to increase by
around 25 per cent in 2010, while the cost increase next year is
expected to return to between 15 and 20 per cent per year. Taken as a
whole, this generates excellent potential for a continued growth in
profits”, says Nicklas Storåkers, Managing Director of Avanza Bank.

“Both the net inflow and activity levels amongst customers were low
during the summer in the wake of the turbulence suffered in the
financial markets this past spring. The brokerage income decreased with
9 per cent compared to the same quarter in 2009 and by 20 per cent
compared to the second quarter. The net inflow during the third quarter
decreased by 52 per cent to SEK 1,370 million. Customer interest and
activity revived in September. The net inflow during September totalled
SEK 640 million and SEK 460 million during the first ten days of
October.”

“In September, we launched a scheme giving our customers the opportunity
to open savings accounts in other banks and credit market companies, via
Avanza Bank. This allows the customer to invest more money with state
deposit guarantees than via any other bank, and at a better interest
rate than any major bank. The scheme has attracted considerable interest
and 1,900 accounts with total deposits of SEK 240 million have been
opened since the launch. We are conducting discussions with several
other institutions and our aim is to increase the range of external
savings accounts on offer. We will also be launching other products
during the fourth quarter and expect them to boost our competitiveness.”

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