Interim report January - September 2011

Interim report January - September 2011


  · Operating income increased by 19 per cent (23 %) to SEK 538 million
(SEK 454 m)
  · The profit after tax increased by 16 per cent (24 %) to SEK 236
million (SEK 203 m)
  · Earnings per share incresaed by 14 per cent (23 %) to SEK 8.34
(7.32)
  · Net savings totalled SEK 6,340 million (SEK 8,430 m), corresponding
to 8 per cent (14 %) of the total savings capital at the beginning of
the year
  · The number of accounts increased by 15 per cent (20 %) to 403,500
(352,200 as of 31st December 2010), and the total savings capital
decreased by 14 per cent (+22 %) to SEK 70,300 million (SEK 82,000 m as
of 31st December 2010)

Third quarter

  · Operating income increased by 32 per cent (8 %) to SEK 182 million
(SEK 138 m)
  · The profit after tax increased by 44 per cent (3 %) to SEK 88
million (SEK 61 m)
  · Earnings per share incresaed by 42 per cent (2 %) to SEK 3.10 (2.19)
  · Martin Tiveus takes over as Managing Director tomorrow Friday, 14th
October 2011.
The resigning Managing Director, Nicklas Storåkers, will continue as a
Member of the Board

 
Comments from the Managing Director
”The profit increased by 44 per cent during the third quarter and we
believe that Avanza Bank overall, has every chance of achieving our
long-term goal of a 15-20 per cent growth in profits in 2011. We can
also see good potential for growth in the years ahead but we intend,
during the fourth quarter, to review the rate of cost increases as part
of our response to external turbulence and as we look ahead to 2012”,
says Nicklas Storåkers, Managing Director of Avanza Bank.
”The net inflow during the quarter improved by 13 per cent in comparison
with the corresponding period in 2010, with demand particularly strong
for Sparkonto+ which doubled its savings capital during the quarter. We
are not satisfied with that and the fourth quarter will see the launch
of new products that we expect to make an immediate contribution by
strenghten the net inflow still further.”
”In many ways, a weak market results in Avanza Bank gaining even more
new customers, as savers pay increasingly close attention to the amount
they are paying in fees, which benefits Avanza Bank because we offer the
market's lowest fees. The new year will also see the launch of the new
investment savings account, which is expected to prompt more Swedes to
review their savings, but the biggest long-term growth potential lies in
the adoption of extended statutory augmentation of transfer rights for
pension savings. Swedish savers have almost twice as much in saving for
their pensions as they have in direct equity and investment fund
savings, and the expansion in transfer rights will enable our customers
to transfer their pension savings to us. A law proposal on transfer
rights is expected in early 2012.”
 
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

 
The information contained in this report comprises information both that
Avanza Bank Holding AB (publ.) is obliged to provide and that it has
chosen to provide in accordance with the provisions of the Swedish
Securities Market Act and the Swedish Financial Instruments Trading Act.
The information has been released to the market for publication at 08.15
(CET) on 13th October 2011.