Avanza Bank Holding AB (publ): Preliminary Financial Statement 2022
January 20, 2023 at 01:46 am EST
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Fourth quarter 2022 compared to fourth quarter 2021
Operating income increased by 3 per cent to SEK 847 million. Net interest income increased due to higher market interest rates. Net brokerage income and net currency-related income decreased as a result of lower trading activity. Fund commissions were lower as well
Operating expenses increased by 8 per cent to SEK 273 million, mainly due to higher other expenses and personnel costs
Costs for the full year amounted to SEK 1,031 million, which was lower than the previous guidance of between SEK 1,050 million and SEK 1,070 million. Costs for 2023 are estimated at a maximum of SEK 1,160 million
Operating profit amounted to SEK 573 million, in line with the fourth quarter last year
Profit for the period was SEK 494 million, an increase of 2 per cent
Earnings per share before dilution amounted to SEK 3.16, an increase of 2 per cent
The Board of Directors proposes a dividend of SEK 7.50 per share (9.20), corresponding to 70 per cent of the profit for 2022
Events during the quarter
Avanza was awarded Sweden’s most satisfied customers in the savings category for the thirteenth consecutive year by the Swedish Quality Index
The Pension Chase was named Transfer Service of the Year by the business magazine Privata Affärer
Placera Forum was relaunched. A popular service for people who want to discuss stocks
A total of SEK 53 million is paid to customers regarding stock lending for 2022, of which SEK 27.5 million pertains to the fourth quarter. With the Start offering for funds, SEK 20 million will be refunded to customers for the full-year 2022
Quote from Rikard Josefson, CEO Avanza “Avanza is reporting a strong profit and good performance on targets despite tough times and a drop in customer activity. Profit was the second highest in Avanza’s history. Net interest income benefited from rising market interest rates, although the effect of additional policy rate hikes diminishes when we share more with our customers. Costs came in lower than expected and we have set a cap for 2023. Without a weaker krona and inflation, this cap would be lower.”
Q4
Q3
Change
Q4
Change
Jan-Dec
Jan-Dec
Change
2022
2022
%
2021
%
2022
2021
%
Operating income, SEK m
847
740
14
824
3
2,973
3,301
–10
Operating expenses, SEK m
–273
–238
15
–253
8
–1,031
–864
19
Operating profit, SEK m
573
502
14
571
0
1,940
2,437
–20
Profit for the period, SEK m
494
433
14
483
2
1,666
2,047
–19
Earnings per share before dilution, SEK
3.16
2.78
14
3.11
2
10.69
13.19
–19
Operating margin, %
68
68
0
69
–2
65
74
–9
Return on shareholders’ equity, %
42
42
1
41
1
36
50
–14
Net inflow, SEK m
–7,450
6,030
–
17,900
–
23,600
89,800
–74
No. of new customers (net)
12,700
24,100
–47
71,800
–82
116,600
379,800
–69
No. of customers at the end of the period
1,776,700
1,764,000
1
1,660,100
7
1,776,700
1,660,100
7
Savings capital at the end of the period, SEK m
663,900
639,900
4
809,600
–18
663,900
809,600
–18
Income to savings capital ratio, %
0.52
0.46
0.06
0.43
0.09
0.42
0.47
–0.05
Costs to savings capital ratio, %
0.17
0.15
0.02
0.13
0.04
0.15
0.12
0.02
A webcast presentation will be held by Rikard Josefson, CEO, and Anna Casselblad, CFO, on 20 January 2023 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. Further information and registration for participation is available at investors.avanza.se/en/ir/calendar/upcoming-events.
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 that you as a customer will have more left in your own pockets than with any other bank or pension company. 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 600 billion in total savings capital. This is equivalent to over 6 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 thirteen years Avanza has won SKI’s (Swedish Quality Index) award, “Year’s Most Satisfied Savings Customers”. For more information visit: avanza.se/ir
Avanza Bank Holding AB is a Sweden-based company engaged in the financial services sector. The Company offers a platform for savings and investments. Avanza Bank Holding is the Parent Company of the Avanza Group. The operational activities are conducted by its subsidiaries: Avanza Bank AB (publ), Forsakringsaktiebolaget Placera Media Stockholm AB and Avanza Fonder AB. The Company offers a broad range of savings products, as pension offering and mortgages. Customers are offered to save in Swedish and foreign securities and in savings accounts, with no fixed account charges and a low brokerage fee. The Company primarily targets individual investors, but also offers services for professional investors and corporate customers, such as entrepreneurs, asset managers and those who want occupational pension.