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 ofSEK 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 betweenSEK 1,050 million andSEK 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 ofSEK 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
“The first quarter was overshadowed by Russia’s horrific invasion of
Q1 | Q4 | Change | Q1 | Change | ||
2022 | 2021 | % | 2021 | % | ||
Operating income, SEK m | 768 | 824 | –7 | 957 | –20 | |
Operating expenses, SEK m | –249 | –253 | –2 | –202 | 23 | |
Operating profit, SEK m | 521 | 571 | –9 | 756 | –31 | |
Profit for the period, SEK m | 443 | 483 | –8 | 632 | –30 | |
Earnings per share before dilution, SEK | 2.85 | 3.11 | –8 | 4.08 | –30 | |
Operating margin, % | 68 | 69 | –1 | 79 | –11 | |
Return on shareholders' equity, % | 36 | 41 | –5 | 74 | –38 | |
Net inflow, SEK m | 16,600 | 17,900 | –7 | 30,500 | –46 | |
No. of new customers (net) | 60,100 | 71,800 | –16 | 152,800 | –61 | |
No. of customers at the end of the period | 1,720,200 | 1,660,100 | 4 | 1,433,200 | 20 | |
Savings capital at the end of the period, SEK m | 740,900 | 809,600 | –8 | 653,900 | 13 | |
Income to savings capital ratio, % | 0.40 | 0.43 | –0.03 | 0.63 | –0.23 | |
Costs to savings capital ratio, % | 0.13 | 0.13 | 0.00 | 0.13 | 0.00 |
A webcast presentation will be held by
Sweden : +46 (0)8 566 426 51UK : +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:
+46 (0)70 206 69 55
rikard.josefson@avanza.se
+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.
© Modular Finance, source