Avanza Bank Holding AB (publ): Interim Report January–March 2022

2022-04-25 07:45:00

First quarter 2022 compared to first quarter 2021

  • Operating income decreased by 20 per cent to SEK 768 million. Mainly net brokerage income and currency-related income decreased due to lower trading activity. Other income, net interest income and fund commissions increased
  • Operating expenses increased by 23 per cent to SEK 249 million, mainly due to higher personnel costs and other expenses. A reversal of a write-down of SEK 10 million was reported in the first quarter 2021. Excluding this reversal, expenses rose by 17 per cent. As previously announced, the full-year costs are estimated at between SEK 1,050 million and SEK 1,070 million. The costs to savings capital ratio was 13 basis points
  • Operating profit amounted to SEK 521 million, a decrease of 31 per cent
  • Profit for the period was SEK 443 million, a decrease of 30 per cent
  • The Annual General Meeting in March resolved to re-elect all board members except for Viktor Fritzén, who declined re-election. After the end of the quarter, Mattias Miksche announced his resignation effective immediately. Linda Hellström and Sofia Sundström were elected as new board members. The dividend proposal of SEK 9.20 per share, corresponding to 70 per cent of profit for 2021, was approved

Events during the quarter

  • Avanza Fastighet by Norhammar, one of the cheapest actively managed real estate funds on the market, was launched
  • ”Pension Chase” was launched to make it easier for customers to find and consolidate their occupational pensions with Avanza
  • During the quarter, fund fees of SEK 19 million related to 2021 were refunded to Start customers
  • Due to the replacement of the backoffice system during the Easter holiday, there will be a few days delay in the publishing of the monthly statistics, in order to ensure the new routines

Quote from Rikard Josefson, CEO Avanza
“The first quarter was overshadowed by Russia’s horrific invasion of Ukraine. This, along with rising inflation and rate hikes, has impacted the capital markets. The uncertainty that has arisen is reflected in customer activity, which has been more cautious. Our focus during the quarter was on supporting and being there for our customers at the same time that we have continued to improve the customer experience.”


Q1Q4ChangeQ1Change
 20222021%2021%
Operating income, SEK m768824–7957–20
Operating expenses, SEK m–249–253–2–20223
Operating profit, SEK m521571–9756–31
Profit for the period, SEK m443483–8632–30
Earnings per share before dilution, SEK2.853.11–84.08–30
Operating margin, %6869–179–11
Return on shareholders' equity, %3641–574–38
      
Net inflow, SEK m16,60017,900–730,500–46
No. of new customers (net)60,10071,800–16152,800–61
No. of customers at the end of the period1,720,2001,660,10041,433,20020
Savings capital at the end of the period, SEK m740,900809,600–8653,90013
Income to savings capital ratio, %0.400.43–0.030.63–0.23
Costs to savings capital ratio, %0.130.130.000.130.00

A webcast presentation will be held by Rikard Josefson, CEO, and Anna Casselblad, CFO, on 25 April 2022 at 10.00 (CEST). The presentation will be held in English and there will be opportunities to ask questions. The presentation can be followed at avanza.se/ir. Phone number for participants:

  • Sweden: +46 (0)8 566 426 51
  • UK: +44 33 330 008 04
  • US: +1 63 191 314 22
  • Confirmation code: 45680440#

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 (0)70 206 69 55
rikard.josefson@avanza.se

Anna Casselblad, CFO
+46 (0)8 409 420 11
anna.casselblad@avanza.se

Sofia Svavar, Chief Communications & IR Officer
+46 (0)8 409 420 17
sofia.svavar@avanza.se

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, mortgages, and a strong pension offering. Avanza has more than 1.7 million customers with over SEK 700 billion in total savings capital. This is equivalent to 7.0 per cent of the Swedish savings market. Avanza is largest in terms of number of transactions among Swedish banks on the Stockholm Stock Exchange. During the last twelve years Avanza has won SKI’s (Swedish Quality Index) award, “Year’s Most Satisfied Savings Customers”. For more information visit: avanza.se/ir

MFN